Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-03-13
The RreadstuGs Trade.

From the New York Bulletin, March TO-
The market for breadstufis for the week
has been extremely unsettled, irregular,
and, for the most part, dull and weak, with
a declining tendency; while this has, in a
few cases, been followed by a slight recOy-
cry; but in no case has there been an adj
vance without first decline, and the lat
ter has not been fully recovered at the
close.
We noted in our last the feyeriSh and
uncertain position of the wheat market,
and the apprehension that it would be
broken down by forcing on the market
stock upon which advances had been made
for Western shippers. These apprehen-
sions began to be realized at the very open
ing of this week, and decline was need
lessly precipitated, if not created,
here by some of our heaviest
receivers, who began selling out
their shippers, when there was almost
block for the moment to export outlets
from the want of ocean freights; while
other receivers acted with better judgment,
and instead Of sacrificing their shippers
property by throwing it upon the market at
a moment when it was certain to break it,
they sent it to store, and had the satisfac-
ton Of seeing the market recover so soon
as this slaughtering process was at an end,
and their judgment yindicated by the
course Of the market for the balance of the
week. We do not say that this break in
the market was caused for an Interior pur-
pose, although it is charged by other deal
ers, but that it was needless has been
shown by the subsequent course Of the
market and the judgment that dictated the
slaughter of the property of Western
shippers, demonstrated to have been very
shOrtsighted.
Upon the course of the wheat market the
balance of the export staples have hinged;
and although they have not ffuctuated so
widely as the former, yet they have been
stagnant, and ON the whole have lost al
most as much ground as wheat, while they
have not recovered any, as is the case with
wheat. The expectations, or rather indica-
tiOns, noted in our last of the shippers be
coming more free buyers before long have
not been realized in any marked degree, al
though there has been rather more inquiry,
and, no doubt, would have been more bust
ness done had not the freight market ruled
against them.
In looking over the position Of the va
rious exporting and importing markets Of
the world, we find cause for the lack Of ex-
port demand here during the last two
months, and especially the last. Between
the 1st of September and the lst Of Janua-
~ 100000 bushels Of wheat were shipped
from California, mostly for Great Britain,
and 100000 of this 100000 bushels was
shipped in the month Of September, which
would bring it into the English markets the
latter part of January and during Februa-
~. In addition, the exports of -four from
California have been very large, and about
double that of last year for the same
time; and these, too, are said to have gone
largely to Europe. This is alone suff-
cient to account for the slack demand here
for the past two months, added to the heavy
farmers deliveries in the United Kingdom
during that time, and also the more free
shipments from Northern Russia than
usual during this season. owing to the
mild winter, Of which We have spoken be-
fore, and We have the cause of the light
trade here during the winter. This all ar
CUES in favor of the future of our market,
by so much as it has served 10 depreSS it
since the beginning of the year; and it now
seems likely tina. our conjecture that ship
pers were using the advantage to depress
this market until the opening Of nayiga-
ton, when they expect heavier supplies
and weak holders will enable them to
break down the market, and they will be
able to purchase heavily and secure the
bulk Of their supplies to new crop at low
prices by taking both spots and futures
until the close of navigation, as they did
last fall.
This appears to be the situation Of the
market at the close of the week, so far as
it is affected by the export demand, and its
future course all depends upon this. Thus,
it would seem that any material further de-
cline would be a needless slaughter of val
ues, unless the necessity to realize eOmpels
it.
As noted in the Bulletin few days since,
the Bengal famine, Of which we have so
often and long ago spoken as likely TO affect
the grain markets of the world, Is now
likely to be felt on the European markets,
as the English Government is committed
to active measures for sending food for re-
lief of the starving millions of that coun-
try. This eauseiis likely to affect the mar
kets for long time; indeed. until the new
crop of rice in India shall afford relief.
Thus, the situation, although at the
not at all fiattering. appears to be
much more hopeful for the future of the
season, and if we have given correctly the
programme of the shippers, We may not
see any great improvement in demand I'M
til the opening of navigation. Then we
are almost certain to experience an active
one, and if our holders are firm it may be
at good prices, for shippers must have the
stuff. But il will be at as low prices as the
expOrterS can uOSSiblV fOrca the market and
it will no doubt be simply a question of
which can hold or hold OfTthe longer; the
demand, however, seems assured, which,
ever may secure the advantage as to prices.
The course of the market for the last day
Of the week bears out the situations as
given above, there being much better ex-