The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-07-17
MARKET IS 0F BONDS
Rather Than Stocks, Owing to
the Stamp Law.
SPANISH TOURS ADVANCE
Wheat Crop Situation an Un-
settling Factor.
SPANISH TOURS ADVANCE

New York. July 1.-THE Wall street
market has been one Of bonds rather than
one OF stocks. but rather the specula-
tive junior issues. The new revenue law
provides q tax Of cents on the deal Of
s1co par value OF stock issues, but by a
strange omission provides no tax on the
sale Of bonds. The tax OF stock sales
has unquestionably much curtailed the
dealings by board room traders in stocks
and the activity in speculative bonds is
attributed by some observers TO the di-
version Of this speculative interest. The
reaction in the price of the bonds in the
profit-taking movement Of Wednesday on
the information OF yellow fever al San
tiago, tends to confirm this view. but it
is not unusual TO find a movement in
these junior issues preceding an advance
in stock prices. Payments of interest on
them are contingent upon earnings and
their claims must first be satisfied in the
case Of preferred stock before the junior
securities are given any earnings. There
has been, for instance, an enormous alb
sorption OF the Atchison adjustment bonds
on account of semi-official acknowledge
ment that the full per cent interest for
the year had been provided for. Very
heavy buying Of the Atchison preferred
sLOSh 4ldS lOAAO III OlLcI Eases, S-ClI
as the securities Of Texas and Pacific,
there has been similar movement,
though, for the most part, the movement
has been confined to the bonds. The mar
ket has been strangely apathetic over
the war developments and is apparently
waiting for the shaping of business and
crop prospects, without regard to military
and diplomatic movements.
In spite of q high average compared
with former years and an estimated crop
exceeding SOC. 0o0, 900 bushels of wheat, there
is hesitation on the stock market, due
In no small part to the enormous exports
and the high prices Of last year, with
which comparisons for this year will have
to be made.
SPANISH FOURS GAIN.
London, July 16.-Spanish tours closed
at 97S<, net gain Of a.
Paris. July 1s.-The Spanish fours closed
at 3ss5. Business on the bourse today was
quiet, in consequence of tie settlement.
There was Slight reaction on realiza-
tons, and money was trifie harder. Bra
lillian securities were weak. Spanish tours
opened firm, declined, recovered sharply
during the last hour and closed strong
Berlin, July 16.-International securities,
especially Mexican frsts, Spanish fours
and Americans fuctuated on the boe-sc
today, but recovered toward the close
LOANS. EXCHANGE AND BONDS.
New York, July 16.-Money on call
steady, IL per cent. Prime mercantile
paper, 33494 per cent. Sterling exchange
steady with actual business in bankers
bills at s4S5%G4 Sc for demand and s4.s4'
"A. S4S4 for sixty days. Posted rates, 1851
64S7 Commercials, 81. S312Gr4. 80; silver GER
tificates. 81; bar silver, 1915; Mexican dol
lars, ASS. Government bonds steady; Uni
ted States new tours, 123Q124; coupon, 124
Obs; tours registered 1093z llll0X; coupon,
1lOG111; seconds, 95; fives registered, 111G
112; coupon, 112Q13; Pacific sizes Of %,
$1.0112.
NEW YORK BANK STATEMENT.
New York. July 1.-THE weekly bank
statement shows the following changes:
Surplus reserve. decrease $3,979,4,5; loans,
increase $617S. 200; specie. decrease $, 49,
500; legal tenders, decrease $317, 500; depO5-
its. decrease s2S1. 100: circulation. decrease
! $S1. 500. The banks now hold S49365,S25 in
excess of the requirements of the % per
cent rule.
NEW YORK EXPORTS AND IMPORTS.
New York, July 15.-The gold and silver
movement at New York for the week ED
ing today was: Exports of gold, $4,000;
silver. sS36 645. Imports: Gold, Si0.43l; sil-
yer. $50, 779. Imports of dry goods and
general merchandise for the week were
/ sc, 222 255.