Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-21
A BETTECG TONE IN THE PRODUCE
TRADE.
From the New York World, Nov. Is.

From the New York World, Nov. Is.
There is better tone in trade, and
probably the worst effects of the panic
upoo trade and manufactures have
been suffered. The freer movement of
domestic staples, although at low prices,
has enabled collections to be made to
some extent, and importers, taking ad-
vantage of the current low rates of ex-
change, which in a measure compen-
stated for losses in other branches of
their business, have been liberal buyers,
as means of making remittances to
their creditors in Europe This action
naturally had reassOring effect, and,
by contributing to some reaction in
cotton, breadstuffs and provisions, i'm
parted a degree of confdecce and spirit
to the market. Cotton has recovered
nearly two cents a pound from the low
est point, and this improvement con
tributed greatly to revive the feeling
of Southern planters and remove from
their minds the idea that they were ut
terly bankrupt. The advance in wheat
has been nearly ten cents from the
lowest point, in corn about eight cents,
and in oats about 6 cents lard and ba-
con are fully ! cent per pound higher.
and leading grains of flour are up so
cents barrel. The furry over the af-
fair of the Virginius stimulated the de-
porters of that staple by causing a ma
terial recovery from the late decline in
prices. 1t is thus shown that staples
have a palpaple and certain value.
Banks and capitalists are no longer IN
willing to lend money against them as
security, and commission housed are no
longer eager to sell them, lest they
should melt and disappear.
The panic has produced one effect
upon our supplies Of breadstuffs which
can onl be relieved with the return OF
spring and the reopening of inland nav,
lgatiOn. 1t came at a critical moment
in the movement of the crop of cereals
and competent authority estimates
that at least 100000 bushels of grain
now remain in the hand of growers OF
IN Western warehouses, which but fol
the arrangement in domestic ex'
changes would have reached the
StdUOdIu DtlOIC UuG ClOSt
of inland navigation this autumn
There were on Saturday in the great
warehouses of this city and Brooklyn
only about 5,250,000 bushels of grain
against S,500,000 bushels at the CORES
ponding date last year, and besides this
deficiency the crops of corn and oats OF
and near the seaboard this year wer,
not nearly so good as last. 1t is evi
dent, therefore, that the great trunl
railways will be employed to their ut
most capacity in bringing forward tn
supplies necessary to meet this def
cheney, and afford the requisite trans
portation for the perishable products o
the West.
If Congress shall be content with tn
revival of trade, and not attempt to in
augurate another period of inhatio,
and reckless speculation to be followe
by even greater disaster, the latent en-
ergies of our people and their rea
wealth will soon re-estabhsh the bust
ness Of the country; but with incapa
HES in charge of the public finances
and a reckless, jobbing, Radical Cor
gress tinkering trade for the next 81
or eight months, mercantile safet
must continue to lie in prudence an
strength.