New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-27
THE EXPORT TRADE CRIPPLED.
BREADsrUFFs HELD FAST IN HARBoR OWING TO THE
LACK OF FOREIGN EXCHANGE.

BREADSTUFFs HELD FAST IN HARBoR OWING TO THE
LACK OF FOREIGN EXCHANGE.
The embargo on the shipment of grain to
Europe rigid enforcement as ever, except
IN the ease of small lots that sent of yester-
day by lucky dealers who where able TO negotiate lit
Tie foreign exchange Franklin Eds0n President OF the
Produce Exchange stated to TRIBUNE reporter that
She produce arriving from the West stopped here
oompletely aud a million a million and quarter
bushels OF wheat locked up In the harbOr Tor want
Of foreign exchange @BOttoms had all been engaged
some time ago to carry it.
"Haye your efforts 10 secure the aid Of Secretary
Richardson succeededp up 10 this hour have not
even received reply to our telegram"
"what other remain of breaking the deadlock
'None bat restoration OF confidence and in green
backs We 10 be steps nearer these than we
were several DAYS ago. Everything TO be easier
and the matter will probably adjust itself before long
Heaven only knows how! Ii will come out all night
somehow. The produce all hopeful, and the
Exchange il standing up under the infection mantuy."
"what Is the effect on your customers out Westi 1T
has brought trade to complete standst out West. Our
merchants here cannot advance anything TO farmers out
there until the block is broken"
One Of the most prominent members and statistcians
OF the Produce Exchange also called upon
by the reporter, and questioned relative TO
the figures Of the grain supply and movement
lie SAID there are 2214oO0O bushels Of
grain, including wheat, corn oats barley, and rye
in store at the principal points of accumulation, at lake
and seaboarI ports in transit by lake. rail, and canal,
and In the granares. OF this amount there we're
70GO bushels OF wheat alone, and half OF that again
was passing through the canals. The railroads cannot
carry grain they require greenbacks IN payment
for TRANSFORMATION cash down. These supplies Will come
next week and the week after, and New-York will have
10 meet them great part with foreign exchange.
They can 90 nothing in Milwaukee, Chicago and West
cru cities ia foreign exchange, because they never have
baukirg capital enough to run three days when New
York fails them There is in store here, in New-York
and Brooklyn warehouses; nearly $4,000 bushels of the
same craiu ana peas and malt. Tins cauuot be moved
from the lack OF foreign exchange
"Wnl the arrival OF the heavy shipments OF bullion
recently reported help your 1T may and It NAV not
n viii depend upon the demand for gold ten days hence
But observe the rate for gold rose one cent to-day
That looks 70 me if English capitalists were com
binug u lock up COLA while this cargo is ON the way to
rnnit up to brig price, and make heavy percentage"
"Isit likely that lookup in gold will take place with
such scarcity in currencyf IL seems 10 be desper
ate venture, but succeed. These men are sharp
enough to see night through financial matter on the
instant ASA they will not make the venture without
eomprehending all the details"
Currency still remains tights" eyes, and 1t will
always remain tight unless ordinary laws of trade
arrange the matter otherwise You cannot make it
rbeap by throwing 1t upon the market now, for the
reason that Spectators seize II. The men who hold
bonds sell to Government for Igreenbacks, but then
they sell their srcenbacks at high rates They command
los in the street today Toe savings banks that sell
their bonds get the greenbacks and put them away for
run and IT, fact the $OOOOO put out by the Govern
meut very little OF il has gone into any channels that
benefit general business II Gen Grant had put
SAC 100000 on the street. would have gone just the
way
How is the feeling now among the produce men ~
e Tnere ~ a much better feeling"
Is the scarcity of foreign exchangeithe only diff
Guilty in the way Of moving the gram - e The only
very pressing one. But welfare short Of ships There has
been loss OF a million and quarter OF tonnage within
two years. without any observable by building
There unusual demand for our crops OF all sorts IN
Europe. Two hundred aud ten ships are now loading
with petroleum. or tine $500 available ships we ought
90 deduct these 40 well 900 used exclusively
in the Pacific and Eastern And of this small mar
GIN ships will be needed for the movement Of pork and
cotton as well grain. You will see at once that
freghts are gey be very high The lack Of foreign
exchange will hold grain fast here until freights are
too high allow t to be shipped. although the CONT
nent OF Europe elamors for our breadstufs"