Wilmington journal., 1873-08-08
firm, which we give, as it will doubt
less be read with interest. It SAYS:

eve cannot yet record any signs of
recovery from the almost unprece-
dentediy long period of dullness' that
has prevailed in this market. Spin
ners continue to pursue a settled policy
of buying only from hand to mouth.
and nothing so far has been able to
tempt them from it. They have found
| it a profitable policy, and strong in
| ducements will be required before We
can expect any departure from it. The
recent adverse crop accounts from
America, that for brief period gave
heart to holders, never seriously
alarmed the trade, and later, more IA
vOrable reports seem to have dlssipa-
ted for the time being, any latent
| anxiety that existed. On this all-im
portant point they seem disposed to
wait later developments. The sup
plies for the immediate future they
consider ample, and unless something
Occurs to ieopardiZe the prospects for
the more distant FUTURE and excite a
speculative feeling, they will not look
too far ahead.
On the other hand, holders, particu
larly of American, maintain equal
sluanimity. Notwithstanding the
steadily increasing stocks, the limited
demand, and free offerings, prices have
been sparingly we'll maintained. The
better grades of American cotton have
generally been fairly salable at the
quotations. It is true that great
irregularity has prevailed, and does
yet prevail in the lower grades, but
this arises not SO much from undue
pressure to, sell as from the irregular
character of the low cotton on the mar
ket, in regard to the quantity of sand.
dust and rubbish that it contains, that
makes it hard matter for either buyer
or seller to estimate its true market
value. Holders have 50, far this sea-
son offered their stocks freely. SO
long as stocks continued to accumulate,
and the money market to remain dis
couraging, they seemed disposed to
meet the market from day to day to an
extent Sufficient to provide for their
current financial requirements. Now
we have about reached our maximum
of stocks for the season, and slip
ments from all sources of supply hav
ing fallen to low point, gradual
diminution in stock may be looked for
to set in. The. money market has re-
covered from its late stringency, and
the Bank rate being reduced to the
moderate hgure OF y per cent. carrying
cotton becomes less burden. Hold
ers, therefore, will now be in q much
stronger position to take advantage of
any change in future prospects.
The stock of cotton held by English
spinners We now estimate at 122 900
bales, against 165, 900 last year, and
21G, 900 the year before at this date.
The general cotton movement for
the week is as follows It appears that
the total receipts for the seven days
have reached ~, 255 bales against 49,
SS3 bales the previous week, and l5,-
1S1 bales three weeks since, making
the total receipts since the first of
September, 1872, 3,575,34S bales
against 2,7OS,O9 bales for the same
period of 1S71-'72, showing an increase
since September 1st, 1872, of S67, 25s
bales The exports for the week end
ing this evening reach a total of
II, S31 bales, of which 10, 2,627 We're to
Great Britain, 36 to France, and los
to rest of the Continent, while the
stocks as made up this evening are now
155, 707 bales.