Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-06-29
Breaastuffs.

We clip the following in regard to the
attitude of breadstuffs from the New York
Shipping last of the 18th: ~
The decline in wheat and flour, follow
ing the subsidence or the Ffench demand,
was nearly recovered on Wednesday and
Thursday, the principal element of strength
in the market being the continued unfayor-
able adyiees from Europe regarding the
crops. Yesterday, however, there was
another relapse. The cable. advices,
though meagre, leave little room to doubt
that the French wheat crop is hopelessly
short, or that the German and English
crops have not suffered severely from
drouth. The showers Of last week could
not have been general or very copious, az
the sable reports that the effects Of the ex-
traordinsry heat are, still felt in
France, while the water of the
Seine is SO low that grass is
growing at the foot Of the quay walls. In
England The weather is reported as being
very warm and dry, though the latest dis
patches report slight showers on Thursday
night. These reports, in connection with
the mail advices, which are quite gloomy,
have created the impression in the minds
of sellers that renewed active export de-
mand will ere long be experienced. Hence
there has been very little pressure to sell al
current figures during the last few days.
1t is rather difficult to reconcile the full
tone of the English and French markets
with the unfavorable crop reports, though
it is proverbially the policy Of the English
operators, in the face of threatened disaster
to the crops, not to attempt to discount the
E,K, a,4I h.
markets whence supplies are to be drawn.
What may be the result of the EU.
ropean harvests, it is of course too early to
foretell, but, meanwhile, it would be the
part of wisdom for American operators to
emulate the example of the English, and
look before they leap Until il is aseer-
tanned beyond doubt that there has been
partial failure of the crops on the other
side of the Atlantic, it viii be hardly worth
while to run up prices to an extreme alti-
tude and thereby create a heavy margin
for possible losses. The Chicago operators
have evidently got up full head Of steam,
the prices of wheat in that market having
for some time past ruled relatively much
higher than in ours. From the lavish way
In which they begun to buy and sell for fu-
ture delivery, we shall probably hear, ere
long, of recurrence OF those cornering
operations which have IN past seasons been
great scandal there. The Chicago specu-
lators in wheat have been comparatively
quiet during the last year, but they evi-
IDENTIFY think they see rich harvest ahead.
1t is possible they may miss their mark
Our crop accounts from the West are, for
the most part, favorable. The late rains
have been very beneficial to the agrieul-
tural interests, and the improved coadi-
ton of the spring crops, which have been
suffering from the drought, is the subject
of general remark in our exchange through
out that section of country. The harvest
promises to be fully two weeks earlier
than last year. The reaping machines are
in operation in Southern Illinois, Iowa,
Indiana and Ohio, and grain cutting is
gradually working up northward. The
agricultural department states the acreage
of wheat to be five per cent, less than last
year, with tair harvest prospects. Such 0
realization, with the large surplus wheat
still on hand, will enable us to export an
immense quantity, should circumstances
favor large outward movement.