Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-02
FINANCE AhD TRADE.
OFFICE OF THE DAILY APPEAL
MEMPHIS, August 1, 1870 }

THE WEEP
Has been one OF but little excltehenf
save in cotton, which experienced some
fluctuations that, If not violent, had an
effect almost pauicky. This was espe-
ciaIIy the case on Friday, on which day
the staple declined, in view Of the news
from Liverpool ON Thursday, which WIS
70 the effect that cotton had run down 70
the same rste as ruled in that market on
Il 26th of December, 1S67-T&d for Mid
dlines-cotto then selling IN Memphis at
10 Rat from this condition (rates 17He
for Middling) the market rallied ON Sat
urdav. when the price for Middiing was
17slc-sales of 900 bales being reported.
There was a farther appreciation today,
Middlings selling at lSs@ls1o. And 50
the week closes on cotton looking mp.
Since the war hrst developed to US as a
fact fsay about the 9th JULY cotton has
stood at every shade between Use and
lslse, At which we quote 1t to-day. This,
when we consider the work Of the "besrs"
in New York, anticipating the market by
sales to deliver in September and Octo-
her at even lower rates, and the conflict
which now ravages the fairest portion of
Europe. is not difficult to understand.
We have had and printed the admissions
of English and respectable New York
journals that. to the first reason and not
altogether to the war do we w even this
huctuation; that cotton, IL LEFT TO itself
under the influences OF the crop news
(which continues to be anything but of q
hopeful characterL, would maintain Itself
steadily until September, whens with
greater degree OF accuracy, estimates for
the future might be formed. All things
considered. then, the fluctuations since
Ia gth, varying within l1sc, whiieit has
doubtless told heavily in the receipts OF
those compelled to sell, is not nj all IA
il WAS at first expected and was reasona-
bly looked for. What may follow, we
will learn when the news of the first de-
c5sive engagement shall have reached US
and present complications and threaten
tngs give way to definite news as to the
possibility of all Europe becoming EN-
byoiled. But with tha to look for, we
ara a to the value Of cotton, S@lc
better OF than when the war was first
mooted. The general course and ten
depcy of trade IS to dizziness. This, how
ever. is usual to this time Of year, as is
also the stringeney and tightness In the
money market, which we have reported
as its condition during the week.
EFFECT OF THE WAR UPON OCK AND
SECURITIES.
The London Economist furnishes a care
fully prepared statement of the deprecis-
ton in the leading national stocks be-
tween July 4th and 18th, previous to the
formal declaration Of war by France.
Since that time the depreciation has
reached at least double the amount
quoted. Next to Turkish stock, the
largest fall occurred in French Rentes,
which, on the aforementioned date, were
quoted at 72.G6, and on the latter at $3.50,
aud. taking the total amount Of the stock
so affected at two thousand five hundred
millions of dollars in gold, the total
amount OF depreciation on the 18th of
July was one hundred and eighty mil
lions of dollars. Our own securities had
fallen from 9O5s to SIS, and calculating
the total stock affected at two thousand
one hundred millions OF dollars, we have
a total depreciation of sixty-three mil
lions three hundred thousand dollars. 1t
is calculated that the total depreciation
OF Government stocks had, on the date
referred to, reached the sum of four hum
dred and ufty millions of dollars in gold;
and taking into accoun the subsequent
movement in the same direction, the cost
OF a European war, before ever a single
is fired, becomes a very formidable
affair. or course, an immense catalogue
OF railway and other shares suffered a
similar fall, and swelled the total TO a
propurtiouats degree.