Loudon free press. (Loudon, Tenn.) 1852-1855, 1853-07-29
From the London Shipping Gazette, of July 1.

heCteO OF UIe UFUH 1hUHet.-AHS uePiSSo
ion in the Wheat trade last week has las we an
ticipated would be the case) proved of shor
duration; we were, however, hardly prepared
for so important an advance as has since taker
place. The upward movement has been caused
principally by an unexpected and extensive
demand for Wheat for export to the Continent;
whether this will continue is now the question
The quantity taken has been very considerable;
indeed, the greater part of the cargoes from the
Black Sea and Mediterranean arrived off the
coast or near at hand have been eagerly brought
up for French and Belgian account, and the
rise on other qualities has amounted to IS Is a
quarter in the short space of 10 days. The eff
feet which many thought would be likely to be
produced on the trade by the supply which was
know to be on passage from ports east of Glib
raltar cannot, therefore now be looked for; and
though it is scarcely probable that the advance
will 60 on at the same rate, still it is doubtful
under existing circumstances, whether purchas-
ers will be enabled to buy cheaper.
Previous to the commencement of the export
demand it had become evident that consump-
ton had kept pace with supplies. The enor-
mously large arrivals from abroad in May disap-
peared in an unusually short time, and before
! the middle of the month of June, the temporary
pressure occasoned by the simultaneous re-
ceipts of the spring shipments from the Baltic
and Black Sea had in great measure passed
away; indeed, prices had already rallied Is to IS
per quarter at many of the large consuming
towns before the new drain on our stocks began.
| We have on former occasions given it as our
| opinion that the unfavorable result of the last
harvest in this country and in France would be
sure to manifest itself sooner or later, and this
belief induced US to expect rise. We think
that this would have occurred even if there had
been nothing else to favor an upward movement:
when, therefore, other circumstances transpired
to lead to the same conclusion-such as bad
seed time, inauspicious weather in the spring
and early part Of the summer, and lastly, the
! possibility of war between Russia and Turkey
we look upon an advance to some extent as GER
tain.
How high prices Of Wheat might be driven
up if the export demand should continue, it is
| impossible to forsee, while, on the other hand
there is nothing in the present position of affairs
to lead to the conclusion that quotations can
! give way materially. Business in wheat com
menced rater quietly at Market,lane on Monday
There was small show of samples on the Es-
sex and Kent stands, but the millers were very
reluctant to pay any advance. A few of the
best lots were selected at prices about Is per
quarter above those of that day week, while the
improvement on the general rise was scarcely
quotable.
The large transactions which subsequently
took place in Foreign Wheat caused factors to
raise their pretentions on Wednesday, and this
morning quotations are at least 2s(G3s 2 quar-
ter higher than they were in the beginning of
| the week. The arrivals of Wheat from abroad
have been moderate, and importers have mani
tested no anxiety to realise from on board ship.
Meanwhile, many of the parcels in grainery
have been withdrawn from the market. Late
on Monday sales on rather large scale were
made at an advance on the rates of that day
week of Is per quarter. ! further rise of Is per
quarter has been insisted on since then, which
has tended to check sales. Still, fair amount
of business was done on Wednesday as well as
this morning at the enhancement named.
the great feature has, however, been the sales
of floating cargoes; indeed it is very long time
since we have witnessed transactions of such
magnitude as have taken place this week.
Nearly all the wheat which has been offered from
the Baltic ports, at anything like reasonable
terms, has been placed, besides which the sales
of Black Sea Wheat have been very large.
To give some idea of the rise, we may state
that Polish Odessa, which might have been
bought in the early part of last week at 37s to
38s, sold freely on Monday at 4Os to Ais, on
Tuesday at 42s Cd, and since then continued
purchases, almost wholly the foreign account,
have caused prices to rise at AS to 45s p quar-
ter cost and freight. Lower Baltic Wheat has
brought 46s to AIS per quarter free on board.
Quotations of town-made Flour have not thus
far been put up, but some of the country mllerS
have raised their pretentions Is to IS per sack
In American Flour an immense business has
been done, and the rise since this day week
must be estimated at fully Is per barrel On
Monday alone, $4,000 to 10000 brls. were taken
on French account. In Indian Corn little has
been done, and, Notwithstanding the great rise
in Wheat, prices have remained much the same
as before.