Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-06-09
RREADSTUFFS.

The movement in breadstuffs at New
York during the week ending Saturday,
(Which includes the first of the arrivals
by canal from the Great Lakes, has been
of character to challenge attention from
beyond the limits of the trade. 1t as
sumes an importance that must affect
many interests. The New York Bulletin
states that the sales of wheat in that
market for the three days ending with
Saturday reached the large aggregate of
600, 900 bushels quantity exceeding
the receipts in the same time at the lake
ports. The Bulletin says the demand
has been manly for export, though of
course our miIlers have been liberal buy
ers; and business so largely in ex-
cess of expectations has naturally devel-
oped some speculation. There are some
unlocked for phases to the market. Liv-
erpool has shown great strength, because
she has been getting very little wheat.
The rise which took place in this market
at the middle of May brought shipments
from New York nearly to stand still. A
demand of unusual proportions has ap-
peared from the Continent, and Liverpool
is actually shipping wheat to markets
whence she has been accustomed to draw
supplies. Stocks of -four in New York
are small and the millers are fully en-
played. The consequence is that
exports equal to current receipts
involve rapid reduction of
stocks. The question, therefore, is one
of present demand and supply. The crop
accounts, except from California, are all
that could be desired. But these have no
present bearing. The impression prevails
that flour and wheat are extremely cheap.
This is not true, but it leads to specula-
ton. Prices are above the average of
years in which the yield was good. They
are higher than ruled all through the war.
The deliveries of the English farmers are
largely in excess of last year. But the
demand from the Continent, the accounts
from California, and the scarcity of the
flour seem TO have led to a rise in wheat
as marked as it was unexpected. The
New York Commercial and Financial
Chronicle argues an important effect up
on exchange from the export of bread
stuffs, 1t says:
''The exports of breadstuffs- wheat
flour in particular-during the summer
months of 1869 were unusually large,
shout two-fifths of the exports of year
in which the shipping demand was much
above the average. But we see no reason
10 doubt that the export for the coming
summer will be fully as large. The de-
mand from Europe is more general and le-
Ultimate, and less speculative now than
then; while other foreign markets which
draw supplies for us arc purchasing with
great freedom. Prices are now rather
higher in gold than last June; so that our
shipments of flour and wheat fOrthe next
three months may be estimated at S15,-
600, 900 in gold-an amount that will
seem incredible to one who has not fully |
examined the subject. But when it is
that during the summer
months of 1869 from this market alone |
we exported 600, 900 bbls flour, valued at
81, 700, 900 in gold, and S,720, 900 BUSH
els of wheat, valued at $4,000, 900 in |
gold, with supplies now coming forward |
IN excess of last year, the above estimate
If fifteen million dollars from the whole |
Atlantic seaboard will not be considered |