New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-05-12

Race
wihsrs%n Tor consumption here $1,000 80
Rr.hppsd to foreign P1rts ........... 3@t9a .o,oo
Trsip ported other domestic ports..... ll962-2oRlOo
Leaves stock IN house May s7s2il5s
s SOL !" wsso".s May ISL
Sock IN wureh, May sss66l3
OF the nearly eight millions Of merchandise nov in
bond, only little over three millions consist OF dry
goods
The first indications of the effect Of war in Europe
upon the English Money Market are developed IN
the news brought by the Galway steamer Adelaide,
and by the Persia, which advise US of an a6yauce in
the interest minimum Of the Bank of England to -
y cent. The commercial reports at the same time
speak Of Increased demand for money and there is
everywhere visible great deal of anxiety and I'M
ossiness. The london Tunes publishes an elaborate
and very well written article upon the prospects Of
tn. money market, which first shows conclusively,
tina, to use its own words, facts potent to every
body to indicate the publicity of steady demand
for money!" and then concludes by judcious and
soothing paragraph that after all, there is very little
occasion for alarm. The Bank of England for several
weeks has been losing coin. The shipments of
silver to India have been large, and the
engagements following upon the heels of the seven
million loan, still larger. Russia, Austria, Prus-
ala Sardinia and France are soon to be IN the mar
ket fer heavy loans, and altogether there Is evidently
TO be lively competition for the surplus capital OF
Europe-springing not from the development OF
trade, but from the and extravagant enterprise
Of Governments which are about TO employ few
millions OF men in learning the art of war. The Bank
OF England foreseeug the consequences Of this new
paper issue of this shaping of events, which must
draw largely upon the money resources of England,
advances the discount rate This in oil probability,
proving insufficient, will presently lead to another al
vance, and in this way it must continue until
il sufiees to check the drain of com, and
renders capital in England no more accessible than
Hpon the Continent. In January, 1884, money was
quoted easy in London at cent In March, war
was declared by England and France against Russia,
and in June following the Bank Of Eng land, in
cesson of rapid advances had raised the rate of dis
count to 81 y cent. This may be no just criterion
for the pre- time, the circumstances being differ
.nt; but il sufficient to show the natural effect of
extei sve war preparations upon the money market.
The collapse in credits, which followed the crisis
Of 1851, places the commercial world upon
different footing from that which it occupied in
1854; but there is It'll enough iii the new move
m.nts for the employment of capital to give us
tbe assurance Of higher prices for its use.
The col sequence Of mate rial advance in the inter-
est sales in England cannot fail To have some
spond,ng effect here. The advance in Foreign Ex-
change and the increased exports OF coin foreshadow
this clearly. Under such circumstances, the measure
Of prudence the part of our Banks is to commence
gradually contraction of discount lines, aud this,
we aye inclined to believe, will be the general move
nent-at least until the influences Of this war dis
turbance are removed from the field of mere coniec
tu,e and are felt TO b. favorable to the prosperity of
the country.
The London Times Of the 2eth April thus notices
the Money market Of the previous day:
The Bank of England to-day advanced their Of discount
cent 1t tad stod cen, since the 9Th Vi DeceHbF
ts ana is now rsi.s !, = esrt .,.A ,,. commence.
in.nc this morning IL The s'ost EshsHs and before
che end the day upward ct twenty additional failure. gao n
tls whole Of which viii fall upon the various dcslcs. Subse
soy Shs.s sSsu @ S ho.@ o yrsT.y
The npo that Denmark hs. sraheS her anti German Eel ne
significant combustion o. three Of The PncP~ naval Power, Of
tbs Sn.rcemrn Of the market; the further revelations.
sardng conditions arranged with Russia exercised
- ana srse number Of failures having immediately
csd confusion ensued ana prevailed for oOnsidefa
srsoOsl Poyemeu, then took P.ce until sn.sctcn. were
nsde the alteration Bank rate Of discount but the
symp'ous Of the market tor he pas lew week lawns
fully prepared marty oue Tor tbi. step Podeea ne
exact stsesa Up - yesterday n'Gnt u vac aGSss s1s =,
Later hour number further failures created renewal
cf ssesEose and Cae 60 fsN sssip oeeurrsd 70 oSl A.
ecoouIt o the reI- Boursc bring rather ess adverse hsn
those ot csy the final bargains s Late II the
sy rTsstd ths; the Auans have not Vet crossed the
sno dvus also Published from Ths CoEfahonEo ~
sNis'cnce "a hc oeeisVe aud defensive between
fsncc and Russ and shut the attached
70 tbs fets siateaeE that fAIce had not armed aud
lid 81 intend o.
The applications fS discount The Banks today although not
nans without Summation S,er the raising Of the In
ve Opa ssrts ,hs charge fully tha Of the bark
nj bng he scnts minimum bills IL dSys
I'd per cent, th Of "a dsys all other Description. bre
:. t,eei - special ftssstion-
Altar Otrrrd Quincy c.. have raised their Allowance
81 ar ecu, sos sash diasrd. q PEI irve days
I'd per cent dsyS. All thu Join, stock banks
~. rdysuced their Tor deposits g. y PER cent being
,,rssl per cent below the Bank OF Ensiars minimum
TIE London Skippmg and Meyoasfale Gazette
states IN VI the whole number of failures announced up
70 the y9th was about ~. II says;
mi. h. ?, ~anced renewed ,AciiemrH iArsshou' n