Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-16
NEW YORK.
European War and New York Markets.
Extraordinary Fluctuations and
Depression.

New YORK, July 15.-The day wit
messed greater excitement in financial
circles than any since the agita ton of
war between France and Prussia be-
gan. The unsettled feeling was re-
hected in the gold market, where the
volume of business done was i'm
mense and the fluctuations wide and
frequent. Before the formal opening
of the room gold reached I45-this on
private cable dispatches last night
giving 65f SOC. as the quotations Of
rents, and saying that there was great
excitement in Berlin and war was in
evitahle. A later public dispatch
gave 66f. soc. as the quotation and
prospects more peaceful, which caused
decline to 133@f3g, from which there
was rally to l4ss, the recorded price
in the room.
At this point London dispatches
were received, saying that war is in
eVitable, and that Prussia is amassiug
her forces. The French feet sailed
under sealed orders, but it is believed
to blockade the PruSsian ports. This
carried prices again up to IA.
From this there was a reaction of I4t
to l4B, when news came that all hopes
of peaceable adjustment between
France and Prussia were given up,
and that Napoleon will formally de-
clare war. This news is not fully
credited, and only advanced the price
to l4B, after which it declined to l45
to l48.
Subsequently dispatches have been
received saying that the Corps Legis-
Ia ha go a
went down to 65f 60c, which advanced
gold to l54. The excitement eontin-
ued without any abatement until the
close of the day. At one time dur
ing the afternoon an advance in
French rentes to 66f DC was reported,
which interpreted slight hopes for
peace. Upon this announcement gold
tell from I54 TO 145, and there was q
sharp rally in the prices on Stock
exchange, but at the close rentes were
quoted at 66 and falling, while the
cable kilograms speak OF the conflict
as inevitable. This caused a rise in
gold to the highest pitch, and started
downward movement in stOeks.
There is a reported specie shipment
tomorrow, to the amount of one and a
half millions, of which 81 ,20O, 900 90
by the Dale line and $3.50, ,OeO by the
Bremen. Carrying rates 3 to & per
cent. Clearances $1O7 600, 600. The
news from Europe hal a marked
effect on the produce exchange and
breadstuffs, and the market Is active
at an advanced increase of business
for export. The Stock Exchange
suffered by the announcement of
war, and for a time stocks were
thrown overheard almost without re-
gard to price. The market, at the
hight OF the excitement, looked like
1t was drifting into a panic, but the
crisis was finally averted. The de-
cline in values ranged from one to
five per cent, and business was on q
scale Of magnitude not witnessed for
q long time. Money is active at sac
on call. Discounts nominal. Ster-
ling unsettled and nominal at 93@10.
Governments are depressed by the
sales of foreign banks, and are lower,
closing dull and weak. State bonds
are dull and heavy. Old Tenpessees
664 new 6i4. Sub Treasury balance:
Gold $50, 81, ,s52i currency 81, ,439, ,O04.
NEW YORK, July 15.-Gold sold to-
night at the Fifth Avenue Hotel as
high as 1165. 1t closed at 1161.