Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-04-24

past week. At last Congress has take
definite action on the finances, in tn
passage by the House of the Senat
bill. This bill, which now awaits tn
signature of the President to become
law, reads as follows:
Section 1. That the maximum amour
of United States notes is hereby fxe,
at $500, 100000.
Sec. .. That SIG, 900, 900 in notes TO
circulation, in addition to such circu
lation now allowed by law, shall be is
sued to the national banking associa
| lions now organized, and which ma,
| be organized hereafter. And such in
| creased circulation shall be distributed
among the several States, as provided
| in section one of the act, entitled ''Ar
act to provide for the redemption O
the three per centum temporary LOAF
certificates, and for increase of the La
tional bank notes approved July Il
1SIG, and each national banking asso
citation, now organized or hereafter tc
be organized, shall keep and maintain
rs part of its reserve required by law,
onc-fourth part of the coin received by
it us interest on the bonds of the
United States. deposited as security
for circulating notes or government
deposits: and that hereafter only one
fourth of the reserve now prescribed
by Jaw for the national banking associ-
atoms shall consist of balances due to
an association available for the re-
demption of its circulating notes from
associations in cities of redemption,
and upon which balances no interest
shall be paid.
The commercial press, however, are
pitching into President Grant, and it
Is more than probable that he will be
50 far influenced by the press. and the
public meetings which are being held
al! through the commercial cities of
TIE north, against the passage of this
bill as u law, that he will refuse to
sign it and make it a Law. If the
President should fail to do so, the bill
will have to go back to the House. and
it may be months yet before we shall
have any settled financial basis to
work on, and trade must suffer until it
suits his pleasure to legislate other
y Use.
+. S.-Since the above las been in
typ, the telegram informs us that the
President has vetoed the imitation
bill This Just confirms what we have
written above, and now we must wait
and see what effect his veto will have
upon the business portion of the
world.
As regards our own market we see
no change in the general condition of
affairs. The financial market is easy
and money is abundant for the carry
ing on of business enterprises. The
naval stores and cotton trade of the
week shows a vast improvement. The
exports during the week of naval stores
aud cotton were as follows: 10, 30 brls
rosin. ,6o9 casks spirits turpent'n he and
,G5T bales cotton; against q 900 brls
rosin, ,294 casks spirits turpantine and
SCI bales cotton for last week. ROsIN
The rosin market las been in
fHt iced very much during the past
week by one or two buyers. who
have purchased consid. rable if not en-
tlreiy all the offerings OF strained or
common. In this way the market has
been firm and sellers have accepted
freely tie slight advances offered by
them There were large sales for the
present ana forward months at advanc-
ai figures. Toward the close the mar
Aet Is not so firm and it is written
steady at s. 20. SPIRITS TURPENTINE
oeen entirely the reverse of rosin. In
the first place there were few buyers
and the market continued dull at the
quotations. CRUDE TURPENrINE Since
1ur last the market has ruled very reg
1iar with uniformity of price and de-
nand current sufficient to take all Of
;eriug at The quotations. TAR-The
export movement having been very
arge during the week the market has
occn more firm and prices were adj
7anced to s. 10 at which price it
loses firm to day. CoTToN--The
!. pttci movement has been alter
4 teIy firm and weak but the latter feel
!.c has prevailed and the quotations
ire written nominal to-day GRAIN
Ehe gram market has been very quiet. |
C,EN--The quotations for cargoes are |
unchanged. From store
Dri, cs haze ADVANCED 8 FRACTION. OATS |
Are steady and in demand but PEAS |
ire nominal and there is not much de-
demand. DRY GoonS There has been |
, fan trade III this line. and the mar !
set is sini4e steady and firm. The evil |
lerce act:stmlllatcs that prices have |
uuchcd bottom, and there is more |
confident feeling that anything in the |
me Of cotton fabrics purchased now, |
viii not depreci tie on the buyers
Ianda, for if any further changes occur |
hey Will be in the upward direction,
II fact. We notice hat already some |
makes of fine brown sheetings are |
higher in New York. With a strong |
md an advancing market for the raw
material it will he difficult to replace
many cotton goods at prices which |
hey row sell. Seasonable dress goods
re s,lli.+g we'll. and in fact. nearly
,very ching except wo0len goods meet a
air demand, aud some WOODEN fabrics
ike leans continued in good request. |
IoNEY-In our local money market
here has been an abundant supply Of
n 1nev, but the 1ates of interest are
high and offer but little inducements
o borrowers. The Banks are in good
supply and are accommodating their
customers ut the usual rates.
The chief features of the market and
he changes of prices of produce
md merchandise for the week ending |
we're as follows
COTTON-The market the past
week has not been active for cotton,
-et prices showed an upward tenden-
" and early in the week quotations
we're advanced cent, but towards the
lose Of the week the kilograms, both
rom foraign and domestic markets. have
shown that there is general weaken
ng of prices and the market here in
has been dull and buyers
lave relaxed their energies to make
purchases. The late advance is ex
,lained by thu New York Financial
Chronicle as follows:
The upward tendency at our market !
las also been favored by great fall
ng off in receipts at the ports. For
one days past they have been more
han 25 per cent. less than for the
corresponding period of last year, and
hrough the large exports to the con-
inent. stocks on hand have been large
V reduced consequent y holders have
seen encouraged to reduce the offer
ngs on sale notwithstanding the large
movement of Bombay cotton For
uture delivery the market opened
weak, and with all the favorable cir
,umstances Of reduced receipts at the
potts, stronger accounts from ABROAD,
. rapid reduction of stocks on hand.
he passage of the Iufation bill through
"a of