Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-29
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS. July %, 1870.
cotton AND THE WAR.

reasons: II wal impose ecohoull On tho
contestants, they will turn naturally TO
cotton-the fabric of economy. The de-
struction and waste incident to war, will
impart an additional stimulus. Again,
cotton also enters largely into the mate
rails of wsr-clothing, knapsacks, haver-
sacks, tents, etc. Besides, the s%oftest,
coolest, easiest marching shoes we ever
measured off the weary miles in, was a
pair of canvass uppers, on trim, leather
soles. Against the causes of Increased
demand there stands but the single u
~tervailing contingency of blockade. But
blockade cannot seriously curtal the de-
mand. because an e1ectual blockade OF
magnitude sufficient to counterbalenee
the stimulus OF war is practically lmpos-
sible. France might so blockade Prassia;
but to Prussia, environed in u strait,
the strong arm Of Russia would be imme-
diatelv extended, and the combined ma
yies of France and her presumptive allies
could n0s close the ports OF Russia and
Prussia against the nsvies of those pow
ers and the s~wift-heeled ships Of England
and America. should the war DO gene
rally espoused by the leading powers OF
Europe. the fleets of England, France,
Russia, etc, would knock each other to
pieces, instead of attempting an impossl-
bic blockade OF half the world; and while
they were engaged in this sensible oeca-
nation. the vessels of a nation at peace
with all would have free access to the
general ports. Should England become
involved, the cotton of India would be-
come subject to the hazards Of war in
every embarkati0n, and this great RISK
would rebound to the advantage OF the
American product.
THE TOBACCO TRADE.
The New Orleans PicayUne Of the 9th
saws the war in Europe has, for the mo-
meut. paraIvzed the tobacco market, and
holders here are now carrying some 1000
hhds., for which they cannot find pur-
chasers. The Germans have hitherto
been our largest customers, and theclosing
of the Prussian ports viii cut OF a large
portion OF our trsdein the weed. During
the present season French buyers have
had the market almost exclusively to
themselves, and their purchases have left
an undue proportion of rich, heavy to-
baecoes. suitable for Germany, which
holders expected would be soon taken for
that country. Their hopes have been dis
appointed thus far, and the Immediate
future does not present a cheerful pros
oeet for the weed. The holders of this
commodity, as usual, are u~nshaken in
their opinion that buyers will be found
soon. and they are, therefore, not pre-
pared to make concessions.
THR NEW YORK COTTON ASSOCIATIONS.
meeting of the merchants and brokers
engaged in the cotton business in New
York was held recently, at which, it is
said, some $50, COO, 600 was represented. A
constitution was adopted, of which arti-
Gle 4 sets forth the object of the institu-
ton as follows: '"The purpose of this as
sociation shall be to provide and main
tain suitable rooms for a cotton exchange
in The city of New York, to adjust con
troyersies between the members, to es-
tablish lust and equitable principles, uni
form usages, rules and regulations, and
standards for classification, and al trans
actions connected with the cotton trade;
20 acquire, preserve and disseminate use
full information connected there With, TO
decrease the risks incident thereto, and
generally promote the inte~a ) If the
trade, and increase the facilities and the
amount of the cotton business ia tie city
of New York" The initiation fee is
fixed at 500 for each member.
PosTPoNEMENT OF THE CoMNERCIAr CON-
vENTIoN.
The Board of Trade, says the Knoxville
Press aud Herald Of Wednesday, last
evening indefinitely postponed the Com
mercial Convention, called to meet in
Knoxville, on the 10th day of August.
The hot weather of midsummer is not
favorable to enjoyment, and in postpon-
ing the Convention 10 a more pleasant
season, the Board acted wisely.
RoTHsCHILBs n II PRUssIANs.
The New York Sun says the Roths-
childs have been all of a sudden seized
with violent pains in the bones, from fear
of the resentment of the Prussians, in
consequence of the bold Alfonso Roths-
child's throwing up the Prussian Consul
late General at Paris, and going over
with all his rank and file to the side of
the enemy. Consequently there is great
CONSERVATION at Frankfort, where the
Rotehsehilds rule supreme. All the bank
ers there are fleeing from the doomed
city, and the American stock market is
wiped out, but will probably be reopened
in Amsterdam or Brussels. Cash being
needed by the Prussian government, a
wholesale restriction Of American securi-
ties must be expected, and u markets
will soon be glutted with five-twenties on
their return from Germany.
A GOOD FOR oTToN HoLDEEs.
". c. Watts q Co, in their circular,
dated Liverpool, the Sth inst, give this
encouraging information:
The supply of American cotton in and
afiOat for this port now amounts TO 409,-
Go bales. The deliveries trade and eX-
ports) for the past six weeks of all de-
scriptiOns have amounted to only 50,3iS
bales, of which 30,2g7 were American,
equal 10 sixty per cent. Al this rate our
supply Of American would be entirely eX-
hausted by the close of the first week in
October. IL is therefore evident that in
order to have even a very moderate stock
in October and November we must not
only get the entire excess in present
stocks at the American ports. but must
materially curtail consumption. At pres
ent American is without dOubt relatively
cheaper than any other description, and 4
so long as this is the case consumption
will doubtless continue on its present
large scale.
WHAT INCREASED THE PRICE OF GOLD.
The New York World, of the 26th inst,
CTuesday lastl thus explains what has
puZzledl not n few: The activity in the
money market and the advanced price Of
gold since war was declared between
France and Prussia are misunderstood by
the general public so far As their cause is
concerned. The popular notion is that
the increased activity in our money
market and the advance in the price Of
gold are caused by the withdrawal Of
European cash in the shape of gold from
this market. This Is a fallacy. The rate
of exchange below tue specie-shipping
point demonstrates beyond a question
that what is called "the balance OF trade'i
at the is in favor of the United
States. In plain terms, there are at the
more bills of exchange on
Europe for sale than the demand.
The question then arises: How is it
that we have shipped last week q, 740, 267
and this week So, l0l ,S52 in specie, making
a total Of SS,S4l ,6i9 specie exports since
this war excitement commenced, If bills
can be purchased cheaper than by ship
ping specie2 The answer is: Foreign
firms, chiefly German, who have all the
time anoat an enormous amount OF sixty
day bills Of exchange-really 4" accomnIO-
dation' bills-were called upon by their
correspondents in Europe 10 strengthen
them by immediate shipments of specie.
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