Wilmington journal., 1873-01-03
r. e v [ f. w
OF TIE
WILMINGTON MARKETS,
FOR THE
THE WEEK ENDING: THUR ~
January =, 1873.

IttE WEEk.-Ihe volume OF biiS1
ness has been unusually small this
week i'll nearly all branches of the
wholesale trade. The week has. how
ever, been broken by therecurrence of
Christmas and "New Years." which
was kept as a close holiday here.
Business is usually dull at this season
Of the year, merchants, manufacturers
and others being generally engaged i'll
closing UP their accounts and ascer-
tanning the results of the operations
of the year, and as rule little dspo-
sitlon is manifested to enter into new
operations at present.
AS the New Year approaches the
prospect for more comfortable
| working of the money markets of the
country growsb better. Money has been
stringent for st long that borrowers
have had time to shape their business
as to require less accommodation,
while the disbursements throughout
the country for cotton, grain, tobacco
and naval stores have placed money in
the hands of the producing classes,
with which they can pay their debts
and thus put merchants into a condi-
tion where they will not be under the
necessity of borrowing so much. -
From this time forward money will be
flowing from fine country into the
financial centers, thus increasing the
supply. There is always a large
amount of interest and dividends due
on the National and State debts, as
well as those of municipal and corpo-
January, which seeks reinvestment,
and although the money markets are
rendered close by the preparations to
up when this money is paid out
After the first of January, therefore
we. may expect less stringency, but
that We shall have anything like the
summer ease in money is scarcely tC
be expected.
From tn Financial CHroniclc we
take the following
In Europe there has been no materia
change in financial affairs during the
past week, but the Bank of England
has gained largely in its specie ant
bullion, although it has made no fur
ther change in its rate of discount
, which remains at 5 per cent. In New
York Foreign Exchange has advanced
almost to a point which leaves mar
. gin of profit on exports OF specie
T,.is is caused by our unprecedented,
large importations of foreign merchan
5 disc during the year, and by the pre-
payment Of the interest on Unite,
States bonds by the Government,
considerable part of which is on bond
, held in Europe, and thus swells tn
q balance against this country.
This advance in foreign exchang
cornteracts the tendency to the decIin
in the gold premium, which the il,
creased supply coming out OF tn
treasury would naturally produce
This strength Of the gold premium, i
turn, keeps up prices of governmer
securities.
The New York bank statement fo
the week ending last Saturday, did nc
indicate any Immediate relief in til
). stringency of the money market, b,
there were some favorable feature
<. such as q contraction in loans
ST, ,S09, 600, and IN increase in specie
}. 81 ,O53, 400. These were offset by l.
ultcilOl telltitIS oI ~
D.: and decrease in deposits of 50, ,487
900. The banks held only $685., 175
0. reserve III excess of the legal reluir
. ment of 25 per cent. of demand liabl]
Il. ties. This week there have been lars
shipments of currency to the We
Ii. from New York, but to compensate f
this, there have been cOnsiderah
IL. receipts from other places, and Il
specie part of the reserve is being III
H. terially increased by the disbursement
of the government, SO that the stat
h. ment next Saturday viii probably she
a condition more favorable to an ca
Ff' money market in the future.
. The special features of the marx
and the changes in prices for the lea
ing articles for the week ending tod
IL are as follows:
COTTON-The market this We
~ opened firm, but buyers appeared
luetant to come up to quotations, a
% there being scarcity Of good grad
as there was last week, the transactit
20 were not large. The market has ma
tanned it's firmness however. Buy
l3 have restricted transactions as far
possible by offering figures too low
c sellers views, but have been for