New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-04-26
THE BUSINESS OUTLOOK.

BreadstuffS seem to have touched bottom last
week. After a continuous decline in prices
lasting for more than two months, the lowest
noint this season was reached on Tuesday last,
and there has since been considerable recovery
Wheat had fallen about 20 cents, from
ST. 5691 in January to 81 % on Tuesday last
for No. red winter, but recovered to 81 33l2
on Friday, and closed at 81 81 to 81 81 on Sat
urday, Corn had fallen 10 cents per hushe,
from G2s4 in January, but closed on Saturday
at "a to ssh cents. Similar changes appeared
In prices of other grains, and there Is still WIDE
difference of opinion as to the future of the
market, many heavy operators believing that
the rally last week was only temporary, ana
that prices will soon fall much lower, while
others hold that the statistical position makes
rapid advance i'll prices certain. Tho reports
from foreign markets do not seem to warrant
the conclusion that the demand has been sup
nled 40 far that the estimated surplus of wheat
In this country will not be all required before
the crop year ends, and it Is perhaps significant
that the recovery ofprices last week was accom-
nonied and III part caused by strong purchases
for export. At least for the present, point
seems to have been reached at which the for
eion BUYERS are willing to take our surplus
grain. There are some symptoms, however, OF
n disposition among English buyers to resist by
concert of action the combination OF American
holders and the marked success which tho walt
ing policy has attained thus far may prompt
resort to it still further. The one thing certain
il that the price of wheat, as it could never have
been pusbed above 81 80 this year, In the fnce
of the enormous yield and tho increase of
acreage sown for the next crop, except by the
expectation of great scarcity abroad and an I'M
Drecedented foreign demand, cannot now be
maintained ut the present figures unless that
scarcity and demand result III large purchases
and exports
The movement of grain during the week end
ing April 10 was enormous because the clear
ancc of q great number of vessels which have
been awaiting open navigation occurred In that
week, but tho shipments during the week
ending April II we're much smaller, amounting
TO less than 1 100000 bushels of wheat and
9. 300. 900 bushels of corn. The movement on
the canal has been arrested by bad break, but
the repairs will be completed and the canal
again opened on Tuesday. The exports from
the United States ports and Montreal, for the
week ending April II, were 100000 bushels
larger, as to wheat, than those of the CORE
bushels larger az to corn. During the last four
weeks, the exports Of wheat have been 90 per
cent larger than those Of the four weeks pre-
ccding, but still greater increase will be re-
ouired to sustain prices after navigation opens.
1t is worthy of notice that the greatly increased
exports of corn, especially to continental ports,
apparently indicate that this grain is being
largely purchased for use instead of wheat, Oh
account of the high price of the latter. During
the last nine weeks, the exports Of corn have
amounted to 81, 987,767 bushels, against only
1927, 722 during the corresponding weeks
last year.
Whatever may be the future changes in prices
of breadstuffs, it does not seem probable that
the lowest figures Of the season have yet been
reached for iron, cotton and many other pro-
ducts, in which the decline still continues.
While No. foundry iron Is quoted at $50 to
S32 per ton, quantities are offered at still lower
prices, and the EglintOn imported iron Ia offered
| at S24 per ton. The quotation for steel rails is
1859 to $40 per ton, and for iron rails $50,
though the mills, being still occupied with
| orders are not obliged as yet to meet these
| prices. There is q general indispOsitiOn to
hasten purchases, because further decline in
prices Of all kinds of iron is deemed probable,
and the manufacturers and dealers begin,
though too late for their own interest, to re-
coRnize the fact that the capacity for produc-
ton is fully equal to the consumption, that 1T
Is not possible to maintain prices above those
Of which foreign iron can be supplied. Whom
there is assurance that prices have reached bot
tom large increase in the demand may reason