Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-09-01
The Rreadstufss Trade.

The New York Shipping List of Aug. "a
says: After several weeks of depression,
during which the advance following the
outbreak of the European war was lost, a
slightly improved tone has become mani
fest in the market for breadstuffs, the re-.
suit partly of rise in the gold premium.
and partly of slight reaction in the Liver.
pool market, by which our own is largely
governed. This turn of the market, slight
though it be, has served to revive the
dropping spirits Of grain consignees and
their Western constituents, though it is
remarked that much more conservative
feeling prevails than obtained five or six
weeks ago, when it seemed to be taken for
granted that not only was all Europe to be
inflicted with failure of crops, but grim
visaged war" was likely to lead to a state of
affairs 10 the oldworld verging closely upon
famine. Subsequent events, however, have
brought much better understanding as
regards the question of supplies of the
''staff of life" The latest mail advices
lead US to infer that, notwithstanding all
spring grain, grass and root crops have
been more or less permanently injured by
the long protrscted drouth in England and
France, the yield OF wheat in the first
named country is about an average, while
in France the diminution of yield appears
to be far less serious than was apprehended
earlier in the season The new wheat In
England and France is represented as being
of fine quality, and the grain, in most
cases, sufficiently dry to admit of immedi-
ate grinding A new source of supply
having thus been created much earlier than
in ordinary seasons, strong adverse ele-
ment has been afforded, which, in con.
nection with the liberal stocks and arrivals
of foreign wheat in England, France and
Southern Europe, is sufficient to account
fer the low ruling of prices for some time
past. The supply of old homegrown
wheat In England, moreover, has not yet
become exhausted, and as the wants of the
dependent countries of Europe are well
provided for some months to come, any
important advance in prices would seem to
be rather remote. As to the crops of
Russia and other leading export countries
of Europe, our advices are so meagre that
it is at present difficult TO form correct
opinion, though it Is safe to assume that
they will have about the usual surplus to
spare for their more needy neighbors of
Western Europe. Our own wheat harvest
has been secured In exceptionally fine con-
dition, and with the remnant of last years
crop, we shall have a good average surplus
for expectation. The stocks of wheat on
this side of the Atlantic are everywhere
comparatively large, but it is unfortunate
that the bulk Of these supplies consists Of
heated and soft quality, most of which is
unfit for shipment by sailing vessels. The
stock in our market is about million and
half bushels, sgainst some half million
bushels at the corresponding period last
year. There is a similar disproportion of
stock at the primary markets, Chicago
alone holding million and a quarter of
bushels more than last year, most of which
is unsound. The improved tone of the
market the last few days will be apt to
draw supplies of new wheat in large guam
titles, and thus enable shippers to resume
operations in floating cargoes to British
outports, instead of combining their bust
ness mainly to the steamers. 1t is to be
borne in mind that ocean freights are now
at about minimum rates, and that revival
of the export trade will be very apt to lead
to sharp advance, and thus initiate in
some degree against an advance in prices.