Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-11-07
REVIEW
OF THE
WILMINGTON MARKETS.
FOR THE
WEEK ENDING THURSDAY.
November q, 1878.
REVIEW

COMMERCIAL EPITOME.-Fi
nancial affairs are slowly but surel
working into better shape, but we ar
still unable to record much improve
ment in the commercial situation. =
Confidence, which received so rude
shock last month, is still more or les
impaired, and until it has been full,
re 5tored and the pressure for money
becomes less, it is vain to hope for /;
revival of trade Business men are
generally disinclned to enter into new
engagements beyond their actual Re
quirements, and i'll the absence Of a.;
speculative feeling the trade continues
to be confined to legitimate operations.
| There is still visible more or less EN-.
barrassment in commercial circles here
consequent upon the small transac-
tions, the high rates OF interest, and
the difficulty il making collections.
| Affairs at the North show but little
| Improvement, and the commercial
journals there, though they are in
clined to speak encouragingly of the
future, anticipate further trouble, and
in order that our readers may know
their views, we extract the following
from standard commercial authorities.
The Baltimore Gazette of late date
says:
1.-The late panic has seriously en-
barrassed all the various industries of
the country, and at 70 time since it's
commencement has the aspect of the
situation be en- more serious and threat
enins than at present. The gravity of
the position of affairs is conceded on
all sides, and it must be admitted that
the prospect for the coming winter is
gloomy one, especially for the labor
ing classes, many thousands of whom
have already been thrown out of en-
ployment in the manufacturing dis
trlcts. The financial embarrassments
OF the great manufacturing firm OF A.
& ". Sprague, of Providence, Rhode
Island, with the particulars Of which
the Journals are filled, the suspension
Of Hoyt, Sprague & Co., of New York,
rumors of trouble with another great
dry goods house at New York, together
with some less important mercantile
failures, has served to heighten the
prevailing distrust and depression, in
consequence Of which trade languishes
and values continue to recede.
The foreign and direct naval
store trade of the past month
from this port exhibits very
satisfactory increase over the CORES
ponding month of 1872. and for the
month was 1929 casks spirits turpen-
tine, 80, 0o4 barrels rosin, POO barrels
tar, against ,, 100 casks spirits turpen-
tine, 22,3yS barrels rosin, and 100
barrels tar for the same month OF 1872.
Owing to the financial troubles there
has not been SO large - demand for
naval stores from the domestic trade.
bnt the exports SHOW only small
decline over last wear. The I. were as
follows: ,3t7 casks spirits turpentine,
1,ol7 barrels crude turpentire, 1874
barrels rosin, against 1915 casks
spirits turpentlne, ,0}j barrels crude
tnrpentine, 20, S21 barrels rosin for the
same month last year. The exports
of cotton both foreign and domestic,
for the month show Il decrea< in ex-
ports OF 1900 bales. This decrease
IS not owing +" ny failing oil Of the
receipts, or the cotton business Of the
port, bnt to the lateness with which
Lilt St-tScll tBillhtllct1u.
The naval store trade OF the week
has not exhibited Il very encouraging
aspect. and there was a decline in all
the leading articles. The future out
look shows no improvement, and
affairs must continue to show no
future improvement as long as there is
such scarcity of money. At the
Exchange" this week the attendance
&c rN,,x ,
was some buyers and'spots" were active;
futures We're in no demand, and
sales were restricted to the wants of
exporters. ROsIN opened steady but
later, gave way and declined, and
closed dull. SPIRITS TURpENTlSE,
allie rcsin, opened firm, but
subsequently declined and closes
with very little improvement notice
able. CRUDE TrRrENrISE
Has ruled quiet and uniform, with no
variations or fluctuations of prices.
TAE-In the early part of the week
mand prevail ng, with quick sales at
eeded and declined, and to-day closes
with very little improvement percepti-
bic. DRy GooDs-Trade continues
the part OF iobbers IS to reduce stocks,
and to t,iis end unusual Inducements
are offered to cash buyers. The mills
East and West have generally stopped
or reduced their working time, and the
production OF Cotton and Wooden fab
RIGS being ta,is ctlrtaiied, holders feel
confident i'll values being sustained,
but the s:tringency in the money mar
ket is such that they would sell for
cash at IL larger discount than usual
Leading articles of domestic goods
are well sustained, but anything of
fanaiful nature, and especially foreign
dress goods, can be bought at reduced
prices. Wooden goods are selling to
fair extent at pretty full prices. There
are few changes in prices, but those
few are in the direction OF decline.
GRAIN-Has ruled without change.
PRovIsIoNs-Have declined TO- cent
on all Western productions. MONEY
There is some little improvement in
the general tone of the market and in
the supply of currency. The Banks
are able to discount to a moderate ex-
tent for depositors, but are more than
usually exacting in regard to the class
Of paper they take.
The special features of the week and
the changes of prices of the principal
articles of produce and merchandise
are reviewed as follows:
The situation, is however, no. with
out its encouraging features, for we
are now evidently undergoing the
work of retrenchment, which is the
condition precedent 20 renewed bust
ness prosperity.
Commenting upon this subject the
New York Shipping List says:
In the natural course of the laws of
trade and finance there must be rally
from the existing depression. That
there have been comparatively few
failures is proof of what we have all
along asserted, that the country is
solvent; and while the force of this
fact may have been overestimated III
staving off a commercial revulsion, il
is certainly a mitigating circumstances,
and the recovery will consequently be
easier. 1t is admitted by all that the