The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-10-22
From ths NetO YOrk Fs,omeial ChrVniels.
The Yniue OF BrenslntufTa.

The Value OF Breadstuns.
The comparative tirmness of the
breadstuf llnarket, after harvest OF
such great abundance, is matter OF
general surprise. Even the West itself
is somewhat dubious as to the sound
ness of the market, and reports state
that western bankers are becoming
afraid of discounting grain paper at the
current high prices of produce. There
are, however, substantial causes for a
much higher range OF prices than was
expected few weeks ago; but being
chiefly connected with the condition of
foreign markets, they do not readily
acquire their full force among the gem
eral public on this slde..
One or two facts require to be appre-
ciated in order that the position of the
grain trade may be understood. The
foreign markets, after Two years OF
short or ops, were exceedingly bare OF
stocks; which has caused very active
demand for grain in the early season.
This is also true TO an important extent
of our own marker. For months past
domestic Inillers have been running on
the smallest possible supplies in expec-
tation of a fall in prices, and stocks at
all the grain centers were reduced to an
unusually low point before harvest.
Here, therefore, as abroad, there has
been large early demand for con-
sumption. 1n the next place, The for
eign crops fall below the early hopes, t,
so thai the markets are suffering under
restriction. These are the causes
which have produced the recent ad-
vance In wheat in the British markets.
The London correspondent of the FL
ndnciuL and CORlnIercidL Chronicle thus
enuInerates the principal causes which
have produced the late change in the
tone of the wheat trade:
Firstly, the small supplies of old
wheat in the hands of the farmers;
secondly, the limited stocks held by the
millerS; thirdly, the circumstance that
the wheat crop In this country proves,
so far as we are able to judge, below an
average, and greatly under the expecta-
tiOns which had been formed regarding
IL at the period OF bloomingi and 4,
fourthIy, the deficiency of the French
harvest, and the purchases of French
buyers here, as well as in Germany
and Eastern Europe. These circum-
stances fully justify the existing posi-
tion of the trade, which, during the
present week, has for the most part,
continued firm with an upward ten
denoy in prices"
The shortness of the British supply Is
indicated by the fact that, during the
first three weeks of September, the i'm
ports of wheat were 2,25S, 900 cwt,
against S26, 900 cwt for the same period
of last year, while the imports of hour
show an increase of about fifty per
cent.
According to the general tenor of for
eigu adviceS the wheat crop may be
considered short in the following conn
tries: Great Britain, France, Belgium,
Poland, Spain and Algeria. In South
Russia the crop Is reported fair; in
Turkey and the States bordering on
the Danube, full; in Egypt gain upon
its late reduced supplies; Hungary,
abundant, Nothing definite has yet
been heard from the countries having
their outlet on the Baltic seaboard. In
this condition OF the foreign supply, 1t
is clear that there must be an active
drain upon our supplies, and as our
surplus eau, after all, but very partial
ly make up for the deficiency in coun-
tries with such large population, IL can
scarcely be otherwise than that tEere
should be u strong counteraction to
any downward tendency in prices in
in our markets.
Nor is IL to be overlooked, while we
have unusually large crops of wheat,
rye, oats and barley, yet the corn crop
of the West falls much below that OF
last year. The receipts of corn at the
live great grain ports of the West from
August Sd to October 9th, amount TO
z 7,70l 600 bushels, against lO,544, 900
bushels for the corresponding period OF
last year. This decrease has very di-
rect bearing upon the value of wheat.
Under the circumstance of general
ly exhausted condition of stocks, there
is naturally desire to get forward a
large amount of grain before the close
of navigation, not only here but in
Europe; and 1t is not impossible that
this movement, in connection with the
disappointment at the result OF the
European harvest, may keep up prices
for time beyond what will be ulti-
mately realized.