Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-05
BREADSTUFFS.
The Movements of western
Breadstu1Is.
From the New York Bulletin.I

From the New York Bulletin.l
The break in the Western bresdstuf
trade affords another illustration of th
Injurious effects of dealers attempting
carry heavy stocks during the autumn
in anticipation of better prices. On tn
24th of October, in Chicago, wheat whicl
cost the holders in the early part OF tn
season, 81 SO per bushel, or over, wa
/ quoted at 81 25 with purchasers holding
/ pack in anticipation OF further decline
/ Flour, corn, and other cereals have de
clined in corresponding ratio, causing
heavy losses to holders. There can b
no doubt that these losses might hsvl
been at least partially averted by timely
concessions earlier in the season. Bn
at the commencement Of the harvest
dealers appeared to think that they coulc
carry their stocks at the prevailing
prices, and held back in the face OF the
incoming crops. This action was chiefly
based upon the expectation of large
demand for bresdstnffs from England
and when the markets of that country
proved to be better supplied than was
anticipated, decline took place in the
West.
At the present time the Western mar
kets yield slowly to the influence Of the
reduction ia prices, aud operations are
on limited scale, and appear likely TO
remain 50, until the market has touched
bottom. Thus the nsvigable season will
probably terminate without any exten.
sive movement Of breadstuffs to the East.
There ara unusually large accumulations
OF bresdstuffs at nearly all the Western
ports. In Chicago and Milwaukee the
stocks are largely in excess of the guam
tity in store at the corresponding period
last year. AS navigation must soon
close, there Is prospect that these SUP
plies will be largely increased during the
winter, and that the capacity of Western
storehOuses will be tested to the utmost.
Grain moves slowly forward during the
winter, when the close of the canals
places shippers at the mercy Of railroad
companies.
Western dealers have yet to realize
that stocks Of grain can be carried during
the winter at lower prices in the East
than In the West, and that the detention
OF breadstUtfs from the market at this
season OF the year is ultimately injurious
to nearly all concerned. In place of hur-
rying forward as much produce as posi-
bic during the last few weeks of uayigs-
ton, it is usually held back, to be for
warded in the spring frequently without
any adyaucs iD prices. Statistics for the
crop year OF l866-67 show that about AZ
per cent. Of the supply of wheat, corn
and oats was sent East during the first
three months; "a per cent. within the
next six months, and "a per cent. within
the last three months. It thus appears
that 5S per cent. OF the Eastern supply ia
held back until after the close of navigs-
ton. The large stocks of the Western
ports show that this detention ARISES
from other causes than tho non delivery
)f grain by farmers, and is to be at
Lribut2d to the difference of views about
prices that occur st the close of the har.
vest year between Eastern buyers and
Western sellers.
Inls detention OF crops by no means
,esults In improved prices for Western
iealers. The stocks coming forward are
Usually pretty accurately estimated and
discounted in the Eastern markets, and
When the large sccumulations of grain
move forward at the commencement of
navigation 1t is usually at prices that do
lot cover the extra expenses of winter
forage, and the cost of CARRYING the
irops. The large amount OF capital
ocked up in grain during the winter
months also causes stringency in the |
money market that operates injuriously |
0 Western trade. A prompt movement |
4 as much produce as possible before |
ht close Of navigation is equally benefi- |
isl to Western desiers and consumers at |
arge,