Year: 1873

Wilmington Feeling the Effects Of the


stringcncy In Money, but Better OF
Than Any other Southern City-The


Poor Not Suffering.


WILMINGTON, Nov. 9, 1873.


or serious commercial disaster and OF actual
suffering occasioned by the late panic it is abso-
lutely certain that this city has known less than
has been experienced by any city OF equal size in
the Union. And the curious feature Of the CON-
parative insenability OF Wilmington to the throbs
which have so convulsed other cities is that here
is the chief commercial centre OF State which
supplies SO vast An amount Of staples which may
truthiuily be characterized as indispensable, not
only to the commerce Of the Union, but to the
comfortable existence Of many thousands OF people
throughout the world. As an important centre
for cotton, as the most important


DEPOT OF NAVAL STORES


in the world, and as the seat OF an immense lum-
ber interest, 1t would be reasonable to infer that
wilmington and It's sustaining back country must
be largely the creditor OF New York and it's chief
dependencies That such is not now the case is q
matter which the merchants here are less anxious
than they are willing TO rejoice over. The status
OF commercial affairs here just now may be sum-
marily stated as follows:-In naval stores there
has been shrinkage OF values sufficient to au-
thorize the statement tina! business In this i'm
portant line Of commerce here has seriously SUI.
fered; the cotton market has, as t has everywhere
else, perceptbly yielded to the financial depression
at the North; the lumber trade has also Suffered
from the same cause that has depressed the cotton
market, though 1t has been only within the last
week that any OF the sawmills naveS stopped work
while many are yet at work.


THE FINANCIAL CONDITION OF WILMINGTON
Is good far as i am permitted TO accept the
state OF the banks as indices. The three banks
with which the merchants transact their business
are perfectly sound and their solvency is not
questioned for a moment. When the financial
panic was at Its height there was little OF the
apprehension felt in other cities because II was
known that the bankers had been engagel In none
OF the speculations which involved many Southern
banking houses IN the fall OF leading banking
houses at the North. indeed one OF the city banks
here In circular recently issued makes the fol-
lowing boast This bank and its branches paid
currency for all demands during the late panic and
did not resort to the use Of certified checks or
Clearing House certificates" Satisfied that the
ONLY true method OF ascertanng the real influence
upon community OF such a financial crisis as that
which now aflicts the country was to consult prom
ineut and reliable sources OF Information, have
been at some pains to-day to do so. To Colonel DE
Rossett President OF the Chamber Of Commerce,
and a prominent member OF one of the Oldest mer-
can tile estab shments In the South, am indebted
for the general statements as to the condition of
trade given above. Captain Granger President
oAthe Bank OF New Hanover, expressed views not
dlssimilar to those OF Colonel DE Rossett lie feels
assured that wilmington IL infinitely


BETTER OFF THAN ANY OTHER SOUTHERN CITY
with whose condition he has anT acquaintance