Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-24

AVN AkAA
There never was q time in the history
of New York when so many vessels lay
in the harbor awaiting cargoeS. On
Saturday last the number reached 8T2,
of all grades and for all destinations.
OF these 56 were steamers, lO2 ships,
431 banks, 81 briggs and l52 schooners.
About one-half the steamers were the
regular line steamers between this and
European ports, and the rest were
freight vessels waiting for cargoes.
The ships and banks were mostly
British, German, Norwegian and
Swedish. Since Saturday the num-
Der has been increased rather than
diminished, the arrivals being more
numerous than the departures. Stress
of weather has had something
to do in producing this situa-
ton Of affairs; but in the
main it is due to The stagnation in
trade, especially in the grain and pro
vision markets. The depression in
the -four market is unexampled, the
business being of the most limited aud
unsatisfactory character. All expec-
tations of relief have been disappoint-
ed; but while thesupplyhas increased
Notwithstanding the urgency for
freights, there has been no increase in
the demand. The result is that the
market is completely demoralized and
prices are only to be regarded as nom
inai. In the grain trade the market
has been active and excited, during
the last fortnight, but far from
healthy. The fluctuations have been
great and sudden. The business was
generally confined to dealing in OPP
tions. and little was purchased for ex-
port. Even at the lowest figures ia
which prices dropped there was no de-
mand, the English limits being re-
duced. The supply Of -four in this
market is now not less than 100000
barrels, and Of grain about IS, 900
million bushels. In the matter OF
provisions also prices have declined
without leading to much business. In
view Of this anomalous state of affairs
a Herald reporter yesterday made in
quiry among the shipping merchants
in order to ascertain the cause Of the
unnecessary stagnation.
1T is because of the Swedish and
Norwegian vessels" said a young man
with a pen behind his ear, at the Mar
thine exchange. 80 many have been
coming here for freights of late that
the trade has been utterly ruined"
As this did not seem reasonable.
and was far from satisfactory, the re-
porter continued his inquiries.
THE whole trouble is that a few
men control the Market said a mem.
Der of the exchange, land as there is
no demand at the present ruinous
rates, shippers cannot get cargoes.'
This is the view generally held by
merchants in South, William, Pearl
and Broad streets, and wherever hi
went the reporter received the SAINT
explanation almost in the same words
In a few cases ii was urged that th,
freight charges were too high, but the
weight Of opinion was as indicated.
The present stagnation is WHOLLY
attributable to the action of the spec
ulators in wheat and provisions, sale
Mr.. Edge, Of Funch, Edge & Co. 81
am glad the Herald is instituting in
quiries into the matter, for its aid i
necessary to rescue the business com
munity from the grasp Of these gam
blers. A few men in Wall street nov
hold the foreign trade Of the countr
at their mercy. When they saw golt
coming over here they thought the,
could dictate the prices of American
exports in breadstuffs. The supposed
wants Of the people of Europe was tn.
basis Of their action; but they viii
find the European supply good 70
some time to come. These speculator
show hat they know nothing of tn
law of consumption. Such a move
ment as that in which they have bee
engaged during the last two month
can affect only poor people, and poo
people when they can get what the
want do without. Ifthey cannot hav
wheat they content themselves wit
rice. England is now bringing in
mense quantities of rice from Ind
because of the fictitious prices of Aou
and provisions. The English are ais
drawing a supply Of ~breadstuffs frol
the river Platte, which until recent
we supplied with -four. Adelaide an
other parts Of the Australian colon
are also coming into competition wit
us, and although America is able I
supply the world, it is to be feared j
the future we will not be allowed to d
Thn nrlinn Of thncn Wnn sirnl