The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-07-09
SATURDAY, July 9

The Stock Market this morning was weak aud
dull. Reading Railroad sold at 68f; the price Of
this stock is supposed to be affected as much by
the present strike of the miners as by the tight
ness of the money market. The shipments this
week are very small-only about 10000 tons.
Everything looks "blue' on Change, the present
uncertainty regarding the policy, Of Mr.. Fessen-
den tending TO limit operations.
By some il Is asserted the policy Of the ne
Secretary will be towards still greater imitation
through the issue Of greenbacks; but those in
better position TO know, as confidently assert,
that he is contemplating, IL he has not already
done so, a call upon the Banks for a temporary
Loan, and the caution and recent statements Of
the Banks in the large cities seem TO give color to
the latter idea. For our own part we have belief
in contraction and retrenchment rather than in
imitation and extravaganza
In the Board the market was dull except for
the better class of securities, which were bid for
at higher prices. Wyoming Valley Canal, 500
80, rise of within few days. U. s. 5-2os
were better; l041 bid. Gold 263, decline.
No Second Board to-day.
The following is from the New York Times Of
this morning -
"The abatement in the pressure for money
since yesterdays report is very slight and con-
fined to the Stock Exchange borrowers, who have
reduced their wants by cash sales and the refusal
of new orders except for cash. The rates of dis
count on good paper are advancing, and where it
is connected with advances on produce. either on
the spot or TO arrive, or on foreign merchandise
to be held in store for higher prices, the
rates are very hear and the scrutiny Of sig
natures more than usually close. While some
leaders may not distrust the continued high
premium on gold and exchange whereby
these speculations are to be maintained
nearly all are disposed to look to the contIn-
gency OF breakdown, and 10 calculate the
chances Of even q greater scarcity Of green
backs in the seaboard money markets than
has wrought the present change In the rates Of
interest and the customary workings Of the As
sociated Bank movement The immediate CON-
dition Of things is 80 wholly anomalous, that
cautious money lenders and prudent traders are
equally at q loss how to act--the first, TO know
what paper, If based on speculation, will be good
few months hence the last, how far 10 provide
their fall stocks of merchandise, at the going
figures, which their customers may refuse TO buy.
"The rapidly advancing rates OF Exchange ON
London, and the growing disposition among our
own people 70 economize the. consumption OF
foreign merchandise, or to follow up prices with
the rise In gold, are contributingto large engage
ments for the re-export OF sugars, teas, coffee,
fine woods, and numerous other articles OF
foreign growth and manufacture. The overstocks
in this and other Atlantic markets of foreign
merchandise, resulting from the false calculation
of anticipating the new and higher tariff, are
opinion being found almost exclusively with
the parties who have ventured upon sHch heIvy
mpOrtations, and find IL extremely dithcult
to save themselves from enormous losses
on the rise of gold, with all tho
fnesse of obtaining temporary advances
upon their stocks of goods In the open Money
market, in the hope that the consumers will ulti-
matey be forced 70 pay the advance Ia prices.
Other parties are very sensibly relieving them
selves by sales from bond for re-exportation, on
the high rates of exchange, or by reshipping di-
rect for other and better markets. The export
list of last week included considerable amount
of certain staple foreign merchandise, and the
engagements for the present week are understood
TO be much larger. The process will have 70 80 On
for some time before there is the slightest pro1a
bility of short supplies for the fall trade
in the American markets. The inclination
TO curtail consumption is increased by every
advance in gold, and by each turn OF the
Money Market upon the holders and spectators
| in foreign merchandise and staple domestic pro-
| duce, who are aiming to force a corresponding
advance in prices. The credits Of some Of these
parties and their factors, who have come under
acceptance for them, have already fallen izGl5
per cent, per annum.