New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-07-12
The circular of Stoltorfoht, Frost & Co. says

The reduction Of the Of discount from to y per cent
expected aud acted upon during the last week there
for b further effect lot 70 be anticipated from the meas
ure In disappointment TO the more san
suine that t stopped short Of 2 cent reduction
bov,ver uhcn hardly be expected until crops
placed in safer position. There so many tempting oppor
up, Of placing the surplus capita SEEING emp oysnt 10 an
that produce may perhaps experiences i'm nedae oereh
sGsancing otetdly"
The weather in England is favorable for crops, and
breadstufs are, consequently, rather weak. Cotton
was buoyant and active.
In relation to the reduction Of interest from to
per cent by the Bank, The london Times says:
The measure has produced effect, the only point
previously 10 doubt being whether short delay would
not take place in order that greater reduction might
be adopted. II certain that with the prospect OF
slight temporary increase in the demand for money
consequ1 upon the loan iDstallment oil tl,0OO,0OO
which falls due Saturday, reduction to per cent
would not Immediately be received upon, and as 1t
nevertheless seemed inevitable that that rate most soon
become general, many persons were disposed 10 DeieVe
that no immediate action would take place The course
Of the Directors however, appears to have been the
best that could have been pursued, both for the Bank
and the public. The Bank will now probably benefit
from the extra demand for accommodation which Will
arise Saturday, and the public will have the advan
tage of escaping that speculative stimulus which
sudden change to the extent OF one per cent always In
wolves.
"The fund. opened this morning at decline of +,
and, although recovery soon took place, 1t was fol-
a
market resumed its tendency to buoyancy, and
prices at the close showed an improvement. Con-
sos which left of yesterday at 94l 70 ex. dividend,
were first quoted 94s 10 j. They almost immediately
returned 10 94i TO and sales then took place,
which caused fall to 94s The last official ransac-
tons were at ga 95 but after regular hours there
were selers az "a The announcement from the
Bank egardng the rate Of discount exercised 40 IN
huence. The Gsagreeable incident yesterday at the
Queens Levee Pre- duced unfayUrable effect by
revvng the dstrust TO the disposition of the pe0
Die of The United States, but it was subsequently
understood that assurances will be offered TO explain
that TO deliberate rudeness was Intended"
4 he DAILY Nescs says:
The Bank of England Directors to-day reduced
Their minimum rate OF discount from > e cent, at
VIII il has stOod since the Goth of May to Il + cent
Owing to the rapid increase in the Bank unemployed
means the impress on had become general that step
in this direction immine nt The only question
whether the directors would prefer 10 Wall week or
two longer and then lower the rate at once To y
cent. The course Low adopted by them Is, perhaps
prompted by wsh TO avoid giving any sudden stimu-
us 10 speculation. The belief remains, however. that
further reduction to e cent may be expected to
take place at any weekly board.
the funds remain very strong. Prices opened aud
closed at the full advance recently established. The
immec late result of the Bank measure was a tempo
rary decline OF cent, saee being pressed, as Usual
in realization of profits. Some of the more sanguine
Spectators appear also 10 have entertained idea
that a lowering OF the rate of discount 10 e cent
might be announced 10 day.
" In the discount market money to-day was abund
ant, ard general ease prevails Since the downward
in the rates set in business has been almost
uniformly carried out Of doors below the Bank
charges, and probably this will continue TO be the
case. The Lombard-street discount houses owing 70
the approach of the last day of the financial half
year, have for the present deferred a reduction in
their rate for money call but expected to short
ly follow the example of the joint stock banks which
to-day lowered their rate from to 81 y cent"
The administration of the Bank of France have de-
cared dividend of 1877 for the first six months of
1856, payable on the lst July.
The bark Antelope has arrived at Baltimore with over
5000 bags Of coffee and weeks later sdvices from
RIO. Coffee Yves frmer and q shade higher sock
About 10000 begs. No special change 10 prices.