Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-05-28
THE BBEADSTUFFS CRISIS.
Chicago Overloaded 60 the Tune Of
$4,000, OOO-A Big CrRsIs Looked for
Soon.

Chicago Overloaded 60 the Tune OF
$4,000, OOO-A Big Crash Looked for
Soon.
New York Bulletin, May IS.
A cloud hangs over Chicago. The
spectators there are carrying some
100000 of grain. They are holding
it for prices much above the New York
and Liverpool markets; and yet they
are compelled to protect themselves by
taking everything that comes from the
interior at the high prices they have
tctltlously established, thereby aug
mentlng their load from day to day.
The effect of this is injurious IN many
ways. The amount of Western pro-
duce coming to the East is so cur
tailed that it does not suffice to pro-
vide for the maturing obligations Of
the West to the East, and the
cash resources of the Western banks
are thereby being raidned 10 provide
for paymentsjthat would otherwise be
settled through exchange. This con-
dition of things must be regarded as
solving great problem which is thus
stated by the Chicago Tribune of last
Saturday:
The financial situation in our city
and the Northwest furnishes problems
which few, if any, of our bankers pre-
tend to be able fully to solve. That
business thus far has disappointed ex-
pectations, is patent to most men, for
the channels of trade show much great
er stagnation than even the most con-
servative anticipated. 1t was thought
that our abundant products and the
plethora Of money all over the country
would force an active spring business,
and while our wholesale merchants
have done a fair trade, 1t is safe to say
that their anticipations, also, have not
been realized.
The abundance Of Western products
and the general ease Of money would
undoubtedly have produced the salts
factory condition Of business which our
Chicago contemporary says has been
expected, had it not been for the mis-
chievous obstacles raised by the grain
spectators. There is no one section
Of the country that had such good rea-
son to expect comparative exemption
from the later effects Of the panic as
had the West; but the operations of
these spectators have prevented the
Western trade from realizing this i'm
munity, and we, in common with that
section, are suffering the mischieVous
consequences in the loss Of the Western
trade. Fortunately, this unnatural
state OF things cannot last much longer.
There Is a limit to the resources Of the
spectators and to the extent to which
the Chicago banks can or viii back
them, and a few days at most may
be expected to bring a elimination,
with a general breaking down among
the men who have assumed large risks
so recklessly. 1t is out Of the ques-
ton to suppose that the New York
market will yield, when Chicago is so
entirely in her power; there is, there
fore, but one end to the thing, and that
a speedy one.
CHICAGO TRIBUNE, MAY 20.
The leading produce markets were
steadier yesterday, though far from
being settled. The storm Of Monday
had blown over, leaving its effects in
the shape of heavy loss, but no rain, so
far as ascertained. Theloss chiefly fell
on parties in the country, and consist
ed Of small blocks Of cash, numerously
and widely distributed. Country ope-
ratOrs have had so much faith in the
future, alike OF pork, wheat and corn,
that they have bought largely for fu-
ture delivery, but each man purchases
were protected by margins, and, when
those margins were exhausted, they
were sold out. Commission men here
have lost, IN a fewcases, in consequence
Of not being abletO sell OrethemarkeU
got below the limit OF exhaust; but city
operators, as a rule, were on the short
side, and hence made money BY the re-
cent decline. The shipping movement
was fair in wheat, but very little stuff
of any kind was bought yesterday for
that for which freight-roOm
was engaged having been bought sew
eral weeks previously. Itcould scarce
II be expected that much would be
done IN the shape Of buying for export.
Some capitalists were looking around,
but they decided 10 wait a little while,
thinking it probable that the markets
would settle down to a still lower point,
where they could operate at a profit.
THE EXPORT PROSPECT.
New York Herald, May ..
The resumption Of canal navigation
usually carries with 1t the expectation
Of renewed activity in theezpOrt move
ment Of breadstufis, but with prices
lower in the principal Euro
pean marts than they are here, the
present year forms an exception to the
rule, and no considerable stimulus to
the outflow Of cereals is expected, save
in the event Of a decline in prices at
the points Of shipment to such a figure