Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-03-04

has been characterized by extreme weak
ness and q rapid decline ondour and wheat.
Since the first of the week, the market
fully bore ont the indications .neted II J,Ir
last OF better export demand and better
prices; shipping flour and wheat both be-
coming active on the spot at an advance,
and future flour upon the basis OF spot
prices, while there was considerable future
inquiry for wheat, the offerings being all
taken al current rates for the two first days
of the week. AT this point export activity
dropped on without warning. Iu oo.r.'ss IN
creased rapidly, and the market broke Zoe
per day on flour, and 2n3c per day on
wheat for three successive days; without
Serving to Stimulate demand sufficiently to
check the decline or steady the market, UNI
til, 1t tie very close, sellers ofwheat refused
to eoncede further, prefering to store.
During this time, however, the freight mar
ket eased back from the high rates which
stopped export and precipitated the decline
early in the week, and brought few ship
pers back ints the market for wheat, and
gave it firI1ier tone at the close; but flOuf
seems to be still on the downward incline
without any general export demand:
Thus the more sanglne expectations of
cur dealers, noted at the close of last week,
have been suddenly dissipated by a lack of
increased export demand, while the re-
ceipts are so heavy and the shipments from
the interior reported so large, that some are
beginning to lose faith in the future of a
market tie PROSPECTS of which have been
considered so flattering by many and safe
by all. The opinion is beginning to be ex-
pressed, even that the prices ruling during
| the winter have been the result in great
part of a speculative feeling on tile part Of
both dealers and producers, and that stock
has been held for better prices, until the
season is so far advanced as to leave more
wheat still to come forward than will find
outlet during the balance of the season at
present prices. There is consequently a
weaker feeling and more uncertainty as to
| the future of the market than has been ex-
| perienced FOR some time, if not during the
| winter: and it Is feared that the feeling will
spread unless export demand shall materi-
ally increase before long, and that holders
of wheat on margins will become anxious
to realize and break the market by antici-
pating decline.
1t is stated and believed that the interior,
as well as the principal markets, are full Of
wheat, and thai there is large balance
back in the hands of farmers, and that il
will be liable to be pressed upon the mar
ket before long. These appear to be the
sentiments gaining in the trade at the close
of the week, and without indOrsing them,
we are compelled to admit that they may
be well founded.
Still it does not vet seemth the demand
from Europe has been over-estimated, for
the enormous deficit reported there last fall
and accepted has never been disputed; and
that demand must Increase from that source
seems almost certain. We have before
noted that the mild winter has enabled the
northern ports of Russia to ship during the
past TIN ee months, which is net usual, and
that this accounts for the lack of active de-
mand here for export since the close of nav
igation; and exporters may be using this tC
depress the market here, preparatory to the
opening of navigation, when it is quite pos
sible that they may be compelled to come
on this market for much larger supplies
The fact that they have been able to get
along with so little from us during the win
ter shows that they must have drawn upoI
other sources of supply more freely thar
usual, and that there will be less to come
from them in the spring, for the stocks il
the importing markets of Europe are no
large, nor have shippers purchases sine
fall been in anticipation of future wants L
any extent. Consequently we cannot We
see cause to abandon the position which
we have maintained all the season, tina
our whole crop of breadStuffs will be want
ed at remunerative prices, although We d.
not assume to predict the future of tbs
market. Ii must be admitted, however
that it stands just now in a more preca
rious position than it has for some months
or even since the panic; and it is plain tina
if present receipts continue, the marke
cannot hold up unless export demand shall
materially increase, and soon. In the pre-
sent temper of the trade the market cannO
be sustained till the opening of navigation
We have thus given the position, withOu
venturing conclusion, for the chances ar
about evenly divided between n steady o
better market, and lower one for the i'm
mediate future.