Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-05-29
WllsaiHGT1tl MARKETS,
OBSERVATION-DISCLOSURES Their

season draws to a close with results
generally unfavorable and disappoint-
ing. The new currency bill continues
to excite the attention Of business men
a al those who are most Interested in
! It's passage. From our Northern ex-
changes we see that 1t has been the
sensation Of the week in monetary Cir
ctes and in order that our readers may
be made aware of the exact meaning
we publish to-day some of its pro-
visions. The bill provides, in brief,
that the maximum issue of green
backs shall be what it now is-$3S2,
600, 900. The restriction to the issue
Of National bank notes is removed,
thus providing for an unlimited issue
of TINS kind of currency, or free bank
ing without specie redemption. The
banks are rot required to hold any re-
serve against their circulation, but
must deposit with the Treasurer of
the United States an amount of green
/ backs equal to five per cent. of their
circulation for a redemption fund, and
the reserve against deposits must.
within ninety days, be held only in the
vaults Of each bank. .One-fourth part
Of coin received for interest on bonds
deposited rs security for circulation
and government deposits must be re-
tanned by the banks. AS fast as new
issues of National bank notes are made
an amount Of greenbacks equal to %
! per cent. of such new issue shall be
Withdrawn from circulation and cancel
! ed to effect which bonds bearing IN
! tereSt at the rate of / per cent, paya-
| bic quarterly, and running ten years,
! shall be sold at public sale after ten
days notice. After the LIST of July,
I . I
notes shall be made in New York III
such bonds as above described, or in
! coin, at the option of the Secretary of
the Treasury. The principal of the
public dept shall not be increased
The effect Of this bi.l should it be-
come Il law wonid be to make banking
less profitable than it now is, and
therefore it is not probable that at
present there would be much increase
n the National bank currency, hut it
will probably he materially modified
before ii passes the House, and it is
even doubtful whether any bill can he
agreed upon IN Congress which Will
meet tn" approval of the President, on
this subject. SO that it seems unprotit-
able TO discuss the matter at present.
In its present shape the bill! plcases
nobody out OF Congress.
In, oar local financial circles, here has
been no relief from the general sing
gishness Of business during the week.
the general business situation for the
most part is unchanged Trade moves
slowly without experiencing any ma |
trrial changes and the markets ;:ener-
ally are quiet and easy. The following
article on the general business situa-
ton Is from the y. J. CoD2H1cs'ci0l /
list:
1.-The financial ana commercial situa, |
ton remains substantially unchanged. |
Although the general markets can hard |
t. De called active, the aggregate of |
trade foots up quite respectfully; for |
while the disposition of distributors of |
merchandise Is not to greatly antici-
pate actual requirements, the wants of
consumers are such as to neccssitate
pretty constant replenishment Of
stocks. There Is little OF the spirit of
speculation observable in general mer-
chandise, and this rather tends to
lie gitan TIE prevailing business
apathy. According to current advices
from Europe, however, the state OF
trade here is no worse than it is there
In Great Britain, commercial affairs
are represented as being very unsatis-
factory. In France and Germany the
complaints of business depression are
quite universal. ara so 1t Is through
ont Europe. These facts go to show,
at least partly, that the depression re-
suits from general causes, such as are
beyond the reach OF Legislative snper-
vision. 1t is now pretty evident that
the business community have but little
to hope from the present session of
Congress, bat even that IittIc is an i'm
prOvement on the ambitious currency
schemes which have misenployed thus
far the time OF ihas body. 1t las now
been sitting nearly SIX months. begin
ming work under the spu" of the panic,
and about all it has accomplished has
been to draw veto from the PreSl-
dent. To those who confidently eX-
pected something which would restore
confidence aud revive business, the
net result of the Congressional delib
erations il {, sore disappointment
Happily, however, the number of |
those who thus pin their hopes upon
the action Of Congress grows less and
less every year, not only because fire.
quent failures have given them less
respect for the average wisdom of
Congressman, but because they have
attained TO iuster ideas Of the limited |
effect of Legislation upon business af-
fairs. That effect, indeed, is mostly
negative, and SO long as Congress COLI
fines itself to impartial revenue laws
and refrains from all measures hurtful
to the currency or discriminating I'M
Justly between the leading industries
Of the country, It generally accom-
plis:Ies its nam functions as regards :
the business community. Had this
self-restraint been apparent in the de
liberations OF Congress during the
pres. session, the feeling among
business men would undoubtedly have !
been better thnn it Is now"
In our naval store trade Of the week
there has been IL decrease Ia the val
uation of both foreign and domestic
shipments, say $50, 900. The exports
to the United Kingdom and to do
nestle ports for the week, were 345
bales cotton. 2,37G casks spirits
turpentine, 1906 ibis rosin and S15
bbls tar. Of these exports the larger
portion were to coastwise ports, the
foreign shipments having been re-
stricted by the small amount of ton
mage in port. The following synopsis
is written OF tho market. ROsIN-In
the rosn market there has been Il
gradual increase of firmness as well as
price, and the market at present is Re
Rdruet aS telHS iIIoiit"ioII ~ oSiiCAS,
while buyers are availing themselves
of the present prices, doubtless antici
pating further advance. SPIRITS
TURPENTTNE- market has exhibit
ed no very radical change of price. 1t
would, however, be a neglect on our
part to pass unnoticed the firmer feel
ing which has prevailed. CRUDE TUR-
PENTlNE-The receipts continue to be
confined to a very narrow circle. The
new crop is being received very slowly
although it is safe to conjecture that
during the present month and early III
next month the receipts will increase.
TAR-The demand has been equal tn
the receipts. The market has ruled
steady and the stock is not heavy and
is principally held by exporters.
CoTToN-A further depression OF the
market is noted. Prices have suo-
10 Lo ALL irttuanopS from /