New-York tribune., 1876-07-24
Del Lack and West
SATUEDAY. July 22-P. ".

The commercial situation during the week ending
with to-day presents no features that have not been
forcshadowed in this column. general decline in
the values Of nearly all of products Of The soil
a forcing Of staple dry goods to a market through
the auction rooms ruinous prices tells the whole
story of stagnaton in consumption and oyer.pro-
duction by manufacturers. Ihe Chicago Tribune Of
the 2Oth nit. contains the following:
The wheat problem IL that which now engages the at
tenon of the majority OF operators IN produce ana y s
enigma to az of them The situation IN Ne"lork II
paralyzng the wheat trade of the country and with ~
lie hope OF material Improvement long as the hos
weather continues The heat is 80 intense On the sea-
hoard and there is much moisture In the wheat, as
the result of wet harvest. that they are OBLIGED TO
spread the wheat in Newlork 10 keep It from VI.
tcrly spelling and cannot store much tlcy would
under other circumstances In the same room Hence The
graudoaers of NcwNOrk unable to take of all
the wheat on hand; ana shipments 10 lhat l0int arc
practically stopped, especially British buyers are
afraid touch the wheat because of the reports Of
don. Our own wheat is all iight but there is scarcely
any market for II, and so prices continue 70 Nc
Will probably continue 10 do so till the heated term
is m the quotations here have sunk 50 far AS 70
discourage country holders from forwarding their wheat.
There decided disposition mere 70 force prices down
to what some people call shipping value which, under
present conditions, means not lar from Soc, with
every decline here New-Iork would 20 lower The only
ent. Our warehouses keep coc and the temperature
grod order than tiat of Buffso or New-York 70 saw
nothing OF the heat encountered on the Journey IL
would be simply financial suicide for holders Of wheat
here to seud il forward now. 70 find a market IN New
York and they are not making the attempt. This ae-
counts the bicprcmium paid for carrying wheat
IN this cyit is unavoidable under the circumstances
apd, tne Old proyerb has 1t, What eant be cured
must be endured
The foregoing is undoubtedly sound in the main,
but in overlooking the largely increased competi-
tion for a market for wheat which comes from Cali
fornia Australia, and even India, its elect upon
Western farmers is likely to be to induce tlem as in
the past to withhold their crop from the market, to
their ultimate detrimcnt Already the decline in
pf ,,hao has off tgI ,artS Al
that for the 10Th, Goth. and 2lst, the agse-
gate receipts for three days at Mil
waukeo were only 13S,000 bushels, a quantity
less than the daily average for the month Of June,
and fact which yerifies the truth of remark re-
Gently made by the President, now in this city, OF
one of the most important of our Western roads, 10
the effect that the heavy decline in the price OF
wheat would be likely TO induce the farmers 10 keep
back their grain for more remuneTatiyc prices,
which in turn would restrict the receipts at the
lake ports as to very considerable docreaSein
the earnings of the railroads for weeks % come.
The stock speculation during the week has been
languid, and the market generally closes at a mate
rial decline from the prices of last Saturday IN the
face of bui,ish' feeling on tho part Of az least
majority of the operators, for no bette, reason
than that they suppose the cques will be compelled
to put prices higher in order 10 get out, forgetting
enables the leading bulls TO unload" Wall street
il queer place and sometimes inculcatcs strange
ideas 10, instance, it is among lis recent
discoveries that the possession OF reisold
mortgage bonds by railway company IS " re-
scryo% and having learned this much t IS isrhaps
stranger still that each one Of tho imp. itAouS
members of the Stock Exchange does not cieaiea
reserve" by signing an unlimited number oil p'D''
payable" and placing them in his tin box OF III 'io
vault Of somo safe deposit company, II he can pay
the rent and then call himself rich. Inc business
at the Stock Exchange has been unusually Hsn'
even for midsummer, the transactions amount
ing to tho purchase and sale ol oHy
about 339OO0 shares, OF when hOlo
than one-thrd we're done in Lake shore,
in which tho fluctuations were between o58 aGa @
1854 Ohio and Mississippi has been unusnaiy
active, and has suffered a decline OF = per eel' "
III whilo the Preferred shares on moderate uars
actions have declined much more seriously. in'
apppears to be prevailing opinion IN 'Nv 80
that notwithstanding the reported increased . eun
ings of this. road, from some u! %
couse-not yet made pubie-It Is so"s
the bad. Pacific Mail has been r,;rIv
and weak. Michigan Central has oe'h i"D''