Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-21

The increase, more than 100 per cent.
represents the increased demand upon the
| great trunk railways; but as this WORK
must be done at relatively low rates, il
only partially makes good TO them the loss
Of business which they suffered from the
panic, which has as yet been only partially
recovered. The small stocks at this mar
ket now and one year ago are effects. not OF
small crops, but of temporary causes.
| Last October the panic unsettled exchanges,
and at a critical period of inland naviga-
tiOn reduced the receipts of wheat at Wes-
tern markets from 100000 bushels per
week To little more than 100000 bushels.
In October, 1873, ut the same critical
period Of the season, the tonnage of the
great lakes was nearly all taken up to
transport coal TO and iron from the Lake
Superior mining ports. 1t will be observed
that the visible supply of wheat is nearly
80 per cent. greater now than at this date
last year, and all authorities agree that the
quantity in the hands OF farmers is still
very large.
From the New York Bulletin, Jan. IL.
The market for the week has been char
acterized by general dullness, and toward
the close by depression, that resulted in q
general decline in the leading staple, wheat
being the most affected.
Receipts have continued to come in
steadily. and, in the absence of the usual
export demand, have accumulated; and this
has been accomplished by the usual desire
to realize, and hence the decline, as there
was not even a local milling demand to
sustain the market; yet those able to carry
their receipts have generally held and stub
bOrnly resisted the decline, until the close
they were compelled TO give way also, and
accept even lower rates than they refused
earlier in the week. And the decline,
which, on spring wheatS, amounts to jal0c
per bushel, according to grade, does not vet
seem TO stimulate demand, the market
closing more tame and weak than during
the week.
The stagnation in the export trade has
now been prOtracted for more than a month,
and is beginning to excite some surprise
and apprehensiunS on the part of our deal
ers and receivers for the immediate future.
although il has not shaken their confidence
i'm the ultimate result, for no one doubts
that all we can supply to Europe will
eventually be wanted. But at the moment
the situation seemst 10 besOmewhat changed,
and the dullness must be accounted tor BY
one of three causes, two at least OF which
were not considered to exist; that is, that
shippers purchases during the fall were
largely speculative and ahead of their cur
rent wants, or that they are supplying them
from other sources, notably from California,
or vet that they are receiving and shipping
for immediate use contract wheat at lower
prices, and thus being able to pre-
vent scarcity on the other side,
are resolved to remain off this
market until the strong views of
our dealers are modified, and prices settle
to a lower basis before they will purchase
freely. The latter is the more probable
purpose OF exporters, which they are able
to form and maintain by reason of all the
three causes above named combined. The
price on the other side is yet 3ajc lower
than here, and shippers claim this market
musv settle sufficiently to wipe out that
difference before much export activity will |
be experienced. claiming that there is stock |
enough on the English markets TO prevent |
any present advance to our basis of values. |
Flour is about in the same position, al |
though not TO the same extent, for it did |
not keep pace with the advance in wheat, |
and hence Goes not in the decline. Nor is |
the difference so great between Our range |
of values and tpOse of Great Britain. But |
the weakness and inactivity has extended |
from wheat 10 -four, and the tend ency of
both is downward ut the close TO a point |
that will equalize values on both sides Of |
the water.