The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-09-30
Markets.

Markets..
LONDON MONEY MARKET Thursday Evening, Sept Ia
The Bank of England to-day have increased their rate OF
discount from per cent at which it fixed Thurs
The stop has taken the public by surprise SINCE al
though IL known that the demand during the past
week for discount at the bank well as the Withdrawals
OF gold, had been much greater even than entic
gated it assumed that the recent sales Of stock sup
posed to have been made by them intended tempo
rary to obvate the necessity for it, Within the last ten
years there has been only previous instance of
advance Of the rate in two consecutive weeks and that
was in January iS4 when the threatening Of the
Between the two periods there Il no resemblance,
for at the present moment the trade Of the country
ess there e Is aaiis enough say repetition ef the
unusual course. The Gazette returns of the last and pre-
sent week will doubtless exhibit dimnutions in the
amount Of no les unemployed and in the stock bullion
calculated to excite anxiety but for the knowledge
afforded previously to their appearance, that vigorous
tertaned that the nstament of 81 600 sterling paid
yesterday the Turkish loan will forthwith be sent in
Ave months the remaining GO 100000 win be des-
patched In similar manner. The Austria
s176,0Oo having boon received ont of $500, 900
that may be considered due and finally, the extraord
nary hrmness of the market in the face Of salts
factory harvest at home and OF an unusual surplus in
the United States and Canada has disappointed all
pecaons and led to tie transmission rof large orders
accompanied by specie, to the Danube and elsewhere.
Under these circumstance the bank had no alternative
In deciding upon further and immediate rise specially
there not the rcmotest prospect Of its sudden
quarter. Although has lately assumed
increased activity there signs OF undue specu-
laon either in the manufacturing towns the
London Stock Exchange, and the news OF the fall
of Sebastopol has impaired feeling Of confidence
the effect Of which will be much more powerful in
sustaining trade than that OF the present notification Ia
depressing IL. There Is consequently, reason Is
depart from the conviction that everything will go on
smoothly, and that IL further should be
requisite they Will not produce any disturbance. Some
persons disposed TO believe that return Ave per
bent will be adopted before the close of the year. but the
drain Of specie just witnessed has been sudden and
has so evidently resulted from combination of unusual
causes that 1t viii be against all experience IL early
reaction is not witnessed.
Consols opened this morning at the improved
prices of last evening but the market was not
strong, and partial relapse occurred before the
fresh rise in the Bank Of England rate discount
made known. Afterwards there was a further
slight decline, and heayness prevailed TO the
minaton Of business. Unexpected the measure was,
1T produced, however, nothing like agitation or
dsrust and the general transactions of the day were
not important In the stock exchange the demand for
loans was less active. The first quotations of couols
was COS to ~ for money, whence they went to 90k to 81
The notice from the Bank which rather late-the
resolution of the Court having apparently been preceded
by considerable dscusson-thcn caused fall to 30 "
and from this there alteration For the account
the latest official bargains at 90ss to a. but after
regular hours operations entered into at re-
covery Of eighth. 0mnium closed ut to 4 premi-
um, and India stock $50 10 1872 The unfunded securi
ties not much affected and India bonds we're quo,
23s 10 27s premium; Exchequer bonds, 1903 10 an
Eychcquer bills los 10 lbs premium.
Foreign securities opened with 6rmness, but subsc.
quently there general tendency 10 decline.