New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-13
AMERICAN WEALTH WASTED
EFFECTS OF TIE BREAK IN GOLD.

ANOMALOUS ASPECTS OF THE EXPORT TRADE
BREADsTUFYs ADVANCING IN ENGLAND. BUT
OCEAN PRErGHTs DULL AND WHEAT DECIIsIso
HERE-INIAND TRANSPORTATION INADEQUATE TO
BRING FORWARD SURPLUS PRODUCTS In TIME
FOR FOREIGN DEMAND.
The effect of the recent fall OF five per cent
in the price OF god-from 116 10 fraction above
l-upon the trado in grain provisions, and petroleum.
and the condition of tho export AID local business In
those lines with prospect Of the near future were
the subjects OF the inquiries OF TRIBUNE reporter
among leading dealers Thursday. 1t was found that
the effect OF the fall Of gold upon the price OF wheat
and consequently upon its shipments, was IN grea
measure neutralized BY the simultaneous advance in
exchange. At the time last week when gold oanisE
81 per cent per day. all exchange greatly unset
tied and rates comparatively nominal The con-
troll of the gold market by tho "cliques" compelled
importers TO pay such extravagant rates fer
borrowing gold vastly deranged the market
for exchange. As the reaction set
in upon gold, exchange became easier for importersk
who consequently came forward In the market for ex
change. Shipments have been materially affected oy
the immense arrival at lake ports, larger than ever
BEFORE which actually deferred shippers from operating
for future delivery These enormous arrivals had moro
effect in lessening shipments than the depreciation OF
gold Much sion Is felt account Of the wide
dsproporton between the surplus at the West and the
transportation facilities It, There Is deep fear
also that the available financial to move the crop
will prove Inadequate The opinion Ia generally ex-
pressed that low rates Of gold likely to continue for
no combination OF gold Spectators can contend Win
the Of products OF the West because
these demand shipment and must be forced forward
OF course the universal cry from the merchants Is for
steady rates OF exchange for the fictitious rates which
have prevailed of late give sound basis for oacua-
tons for the future.
EUROPEAN oRANARRs DEPLETED
James H. Drake of the firm Of Felt & Drake at pros
ent the largest grain exporters of the city, told the
porter the continued bad weather In England Is So
rousy affecting the already short crop OF grain In that
country. 1t delays thrashng and causes the English
wbest-which Is soft at best-to sprOut badly. Hence
the demand from that country continues almost unpre
cedened There is also call for American wheat fron
quarters where such OF things has been before
unknown It is remarkable fact that cargoes OF wheat
have shipped from America TO Italy and the house
Of Felt & Drake has received orders from Marseilee'
which has hitherto been supplied from the Black Sea-
In England granaries depleted, as English buy
ers have been holding off, thinking that tie French DO
mand was spasmodic las indeed it has been In former
years., and would fall away rapidly but they have been
finally forced into market at even higher prices IMAM
France had been paying. It ia generally believed tha'
France must come into market again. Orders have
flowed In upon exporters in greater quantities than
they thought prudent to I'LL. Messrs. Felt q
DRAKE received five orders for wheat by
Atlantic cable in a single day. In filing these
orders as there spot wheat-grain on the spot
which can delivered promptly is called spot In
the jargon Of trsdeeIporters have been obliged to
buy In the generally accepted estimate OF tho
amount OF purchases for October delivery by wheat er
porters places it high 100000 bushels The ship
pers had choice. and had to engage ocean freight
room for their shipments and sell their foreign ex-
change although they compelled to pay II per
cent for 60 days In borrowing gold to meet
this exchange, which went into the pockets
Of the gold gamblers who fixed the octo-
Der exchange at II per cent under the currest
rate. Those who did not sell in bad plight from
the fact that when gold at 49, exchange. in cur
rency was at 1894 TO l24. and when the Gould clique
relaxed their grip gold 1T fell so rapidly that export
ers we're afforded little chance to protect themselves
Those who did not succeed in the effort must have loci
fully three per cent which might have been made had
the gold clique" kept out of the market altogether
This is the anomalous result to-day Wheatis advancing
in England, while freights are dull and wheat
declining here How long this state of things will
tinue cannot be determined. Exporters are generally
disposed to cover themselves in exchange at the In.
slant. Afraid that the market may be hammered
further they very cautious and do not execute for
egn orders to the extent they would do If finances
were evenly adjusted. To effect this. foreign
bankers must be reader with future exchange, but at
present they are not disposed TO contract freely
SURPLUS PRODUCTS LOCKED UP INLAND
In almost every article OF exportable merchandise
there greater surplus this year than for years.
hanoed the demand, and to-day there are Bj vessels
loading and to load with petroleum and It's products &
this port rs at Philadelphia and 60 at Baltimore The
only thing continued Mr. Drake, that will interfere
with largely increased movement for export this Fall
and Winter rs the inability to bring the property for
ward All the possible present production is wantedhnd
would readily be sold II there ample facilities
and inland transportion There Is every
block the moving OF corn and that NewYork win ne
left with small supply OF corn at the close OF water
is called for in Europe and there is demand for vastly
more than possibly be transported "Spot wheat Is
future because of the inability to bring the latter for
ward In sufficient volume. The result will he that there
will be rush toward the close OF lake and canal navi
cation, and there will be vessel sufficient
for the receipts, they must be put in store and mate
West would afford material aid. The question with
NewYork merchants to-day relates TO cheap wheat and
Canal must be enlarged and the tolls must be abolished
or at all events, these measures are OF primary import
aDce.
Other prominent produce merchants stated that the
fall IN gold from 1l5i to about III had taken OFF abon
tive decrease i'll the rates for wheat and There
yct no increase in shipments on that account. The
dependent the change in gold but the natural
ton from recent great activity The dealers look for
market in spite OF the high rate of freghts.
CONTINENTAL PROVISION TRADE.
A. E. Kent OF the firm OF A E Kent Co.. which Last
packed hogs, doing onefourh OF the pork
packing business OF Chicago beside business in St. Louis
stated the orders from Germany and the Continent
provisions have not been thus far Oneourh large
those OF last year up to this Tine because OF the dis
astrous close of last season among German aud ConH
however. large amount OF lard in this country which
must come forward Within the last few days the prcs
Of lard In Liverpool advanced 3D. 100 To- because gold
declined five per cent. The uncertain state OF guld
confuses the plans Of shippers The relations between
the fo eign aud American provision market have NOT
had time TO settle since this depreciation OF gold
The provision trade has not yet set I'm for
tha Of fba