Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-08-25

vast quantities of fabrics which we're shut
out from the markets for which they were
prepared ana which were not altogether
suited to ours. It caused a marked
advance in breadstuffs and cured meats -
1t III settled exchanges and helped to pro-
duce q glut of money. The customary
basis of estimating the value af merchan-
disc being disturbed. extreme fluctuations
in prices followed. Co ton declined and
advanced seven GEMS per pound. -Four
advanced and declined nearly two dollars
barrel. Wheat advanced fifty cents and
declined thirty-fve cents bushel. Pork
advanced four dollars and declined nine
dollars barrel. with other hog products
in proportion. Tobacco declined and ad-
vanced two cents per pound. The year
Just closing has witnessed severe losses,
not only among speculative operators. but
among houses which have endeavorei to
restrict themselves to the comparative
safety of commission business Specu-
lators have been injured by fluctuations
far in excess OF their most sanguinary an
Iicipations, and commission houses have
suffered through the exhaustion of appa-
rcntly liberal deposits and the impossible
ity of collecting rec;a nations."
This we regard as fair statement of
the result of observation, and of the ex
perience which, not that the year is past,
has come from a clearer and dispassion-
ate review Of the field. But the question
with Us now is not so much as to the &C
comp,ished past, as to the expectant fu
ture. The first of September may be
considered as the beginning of the new fs-
Cal and business year. It is with this that
We are vitality concerned. and in reference
to which the Financial Chronicle predicts /:
"There is every probability that the year
to come will be nearly the reverse of that
now almost pest. The Speculation may not
be able to make 50 much money, yet he
will not be in danger OF losing so much !;
while the ,mmission house, practicing
ordinary prudence, may reckon upon hav-
ing year of parative s,fety before it.
In cotton, the new relations of supply to
demand are much better understood now
than one year ag), ana variations from the
estimated supply are not likely to produce
the great fluctuations which have been
Witnessed in the past year. The excessive
stocks of breadstuffs, which were in store
q year ago, have boen partially disposed
Of, and prices are now at that happy me-
dunn which is assurance of safety. Pro-
visions Of all ki0ds have de,lIned to prices
which are lower than those which have
been current in many years; and although
the demand is large, the prospective sup
ply is so large that spocu lation for rise is
discouraged.
such are the prospects for the three
great staples, with which are nearly or re-
motely connected the great mercantile
interests of our country. Minor articles,
such as petroleum, oils, naval store s. whis-
key and tallow, are all compare lively low
and selling freely, with no apparent dan
ger that the present free supply will be
curtailed. Hay, hops, tobacco and wool
are relatively high and should be handled
with caution. There may be good rea-
sons for the prices now current, but the
over confidence. an1 mere speculative
theories will not be listened to.
"The carrying trade is promised ear
of great activity. We shall have a large
surplus of agricultural and mineral pro-
ducts, for which Europe affords almost our
only markets.. and there is every reason to
anticipate that the tonnage Gf not the
value) of our exports for the coming
business year will equal, if not surpass,
any of its predecess ors.'