Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-08-14
From the New York World
ACKNOWLEDGEMENTS PROSP


Within a short time prime family
flours have declined from Sl7@l9 to
Sl3GI5 per barrel, with every prospect
Of an early decline of at least two dollars
more. AT the same time the lower
grades Of -four from spring wheAts have
declined very little. A few weeks ago
the range Of prices of common superfne
state to choice st. Louis double extras
was from seven to nineteen dollars.
Yesterday while the family fiOurs had
declined four dollars a barrel, the lower
grades showed a declined Of barely seventy
FIVE cents per barrel, anG the double extra
Wisconsin fours from spring wheat, such
as "Sugar river" and similar brands,
which brought no more than thirteen
dollars a month ago, brought yesterday
within fifteen cents of that amount.
These extraordinary discrepancies in
the fluctuations Of the market are due
entirely to the changed character Of the
wheat that is coming to market, and to
the revival Of a demand from Europe.
The stock OF old -four and wheat in the
country is nearly exhausted; and for the
lower grades that remained on hand at
the middle of July there has since been
a steady export demand, which has
nearly sustained prices, Notwithstanding
the natural desire TO realize In the face
of 8 large crop. The finer grades OF
wheat were first 70 ripen, and have been
hurried to market with the result wehsve
stated.
The decline in the fine grades Of wheat
has been about u dollar per bushel.
Whether there Is to be any further de-
cline depends very much upon the ex-
port demand and the course Of gold. We
think it beyond question that throughout
the wheat growing regions of the United
! States and Canada, one Of the largest
and best conditioned crops of wheat has
been housed that ever blessed any peo-
pie. But our ~granaries are absolutely
empty. The threshing Of the new crop
has been FASTENED to supply press
ing and it is quite clear that
we are to have a large export
demand at unusually high prices but
/ probably not sustaining present quota
lions 10 this market. The prospects of
average crops in Great Britain and On
the continent are not good but with the
best hopes realized, so small are present
supplies, 50 close was the civilized world
run to a bread famine, warded off by the
/ FETCHED products of California and
/ Australia, that there is likely to be sn
early and pressing demand upon
markets. The Liverpool market is higher
now than il has been at any time in the
past year, with her imports as large,
and the strength of the market can
only be accounted for from its pres
ent needs. Russia and California prom
ise to be large exporters Of wheat; and
flour Atlantic DOTts can spare Jour or
five million bushels, it will be az imppE-
tant addition TO the supplies Of Western
Europe. We incline to the opinion that,
with gold at 81 80, common extra state
flour may be shipped freely at about a
dollar below present prices-say, seven
to eight dollars but that family h0urs,
not feeling the competition Of an export
demand, will drop to within two or thsee
dollars Of shipping grades. Good sound
No. 2 spring wheat will undoubtedly be
shipped freely at One dollar and seventy
! five cents per bushel. We have had in
the past few days a speculation in corn,
tv which prices have been advanced ten
cents per bushel, OF the same time the
stock in store has qusdrupled.
The speculation is entirely on vest
erp account. This market will take
about fifty thousand bushels Of corn per
day, at almost any price, and, il pushed,
with low prices, can take double that
quantity. Therefore, to make the pres
ent speculation pay, the receipts must
fall off fully one-half. The speculation
is based on a deficient growth Of corn at
the west last year; but her spectators
are forgetting the large growth Of corn
IN the southern and middle states-uOt
( likely, it is true, to add to our supplies in
this market before December, but check
ing at a much earlier date the demand
for western corn.
Oats are double the prices of a year
ago. The yield of the last crop was IN
dOubtedly deficient, and the new growth
comes forward slowly but 1t Is generally
conceded that q decline of ten to fifteen
cents must follow more liberal deliveries.