Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-10-31
REV he"
OF THE
WILMINGTON: MARKETS,
FOR THE
WEEK ENDING: THGfeSDAN,
Oct0ber3O. 1879.
REVIEW

. COMMERCIAL EPITOME.-Tra
/ and Commerce generally has shown
but little Improvement during tn,
week, and an active business is still
restricted by the disastrous effects O.
the late financial panic upon the N
dustry and business of the country al
large The Baltimore Gazette says
The stagnation OF trade is reactine
upon the producing classes, and from
all parts of the country We hear of the
closing of manufacturing establish
ments, the discharge OF operatives, and
the general depression of Industrial
pursuits. In this condition of things
activity in trade is not to be expected,
and we have still to report the markets
generally dull, with no immediate
prospect, SO far as we can discover, of
any speedy revival of business activity.
The financial situation is said to be
improving, though there are no vely
satisfactory indica ions of ii. currency
being still scarce, and the discount
rates for paper enormously high. The
banks are probably in better condition
than at the commencement of the
panic, but until currency payments are
tIt, bttSiutSS VIII
i ;iiva little benefit from that fact.
The New York Mipping List, COM
m nting upon the present position OF
tle banks, very justly says
So long as the banks hoard currency
/ individuals may be expected to do SO,
/ and tardy debtors will make the scar
| city T pretext for delay i'll meeting
their obligations, as they have done, to
, the manifest disadvantage of ali bust
ness interests. To the inability to
obtain current funds belonging to de
positors, more than to any other
cause, or combination of causes. IS due
the stagnation of trade and general
commercial rI;afhy all through the
present month lii" banks, and n con-
siderable portion Of the mercantile
public. have unwisciy adhered for the
policy Of inactivity, as il remedy for
the evils bT which they have been con-
'front.' Il, alter HE crisis had passed.
For bankers aud merchants to fold
their laud: ati DO nothing, simply
because it suppOss;blc that they
have heretofore been attempting to do
too much. IS about the poorest policy
Tint could be devised. The cxpedient
hit upon by tho banks Of sustaining
each other at the outset Of the panic
was Il wise and beneficial one, but they
have cluI & 10 itwith too much tenacity
after the danger has passed.
The local monetary situation is re-
garded IS more favorable, and we hear
of few Responding sentiments in re-
gard 10 the final result, but there is
gill very little evidence in mercantile
affairs Of any permanent Improvement.
In some few branches of trade within
the past few days, more activity has
been shown, but business has been
duh generally. There has been no
time within the past several months,
when our city has offered better facili-
ties for an active business than at
present. There is an ample supply of
tonnage and every drawback to an ac-
tive trade IS removed, but the great
trouble Of money. THIS We may say is
gradually becoming easier, but it will
take a long time to restore confidence
ald to correct the present deraDged
situation. Our appeal to our farmers
and producers, we are glad to see has
had some effect We are gratitied to
note the fact that planters are sending
Cotton, and their productions to mar
ket more freely, the check in the
movement few weeks since having
but aggravated financial disturbances.
TIE planters should continue to send
their cotton until they have renov-
Ell their indebtedness to the COM
mission merchants, and then, If
they are hot satisfied with the low
prices of cotton, We say 70 them 10
hold tie balance.
The naval store trade of the week
has hcen subjected TO some huctua-
tons of prices, but the tone has been
stronger and the general tendency of
prices has been upward, At the "Ex-
change" this week there has been some
attendance of buyers and sellers and
more business has been transacted
than usual. On the floor ST the ''Ex-
change" there was some trading, but
the larger portion of the transactions
OF the week .ranspirrd in the open
market ROsIS--IIas been quite ac-
tive all the week, with transactions
daily at figures which show an i'm
proved tone over last weeks quota
tons. In the forward market there
has been more doing and cultures"
were enquired for more eagerly, with
some transactions for October and
November delivery at figures which,
in themselves, show that spectators
are regaining confidence. Spots were
active all the week, with large sales,
also at higher rates. The transactions
have been much restricted, owing to
the short supply of Strained, for
which the principal demand has pre-
vailed. At the close of our writing
the latter grade is firm, with an i'm
proved feeling. SPIRITS TURrESTISE--
| Has received considerable attention,
and, although there has been some
fluctuations of prices, yet the general
tendency has been firmer, and at the
close this article may also be written
firm. CRUDE TURPESTISE-Is with
out any material change OF alterations.
, The receipts have not been equal to
, the demand, and manufacturing has
received slight check. TAR-Was
barely steady early in the week, but
later became frmer, and closes with u
stronger tone. CoTroN-Thc bottom
seems to have dropped fairly out of
the Cotton market. Each day of the
present week has witnessed decline
OF I to ! cent, and even at the close
there seems to be no improvement.
The receipts arc more liberal, and,
with only moderate exports, there is
an increase of supply. DRY GooDs-