The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-26
At SANTIAGO
Caused Yesterdays Stock TO
Open SIuggiShIy.
BEARS HAMMER HARD
But Market Receivers Later
With Brisk Dealing.

New York, June 25.-The regrettabl;
loss of American soldiers In Cuba ha.
been a sentimantaIly depressing influence
At the opening OF the stock market today
Prices continued sluggish, but withou
real weakness during the first hour. The
question of differentials 20 the Canadian
Pacific was said 70 still block a settle
ment of the rate war and this contrib
| uted to the heaviness IN Northern Pacific
| The specialties on manipulation improved
substantially. Various industrials, in
GLIDING spirits and tobacco received eff
fective support, thus checking the earlier
easiness in the general railway list and
ranging traders on the long side. The
! grangers however. failed to quite reach
last nights closing. The general list
closed firm in anticipation of a successful
elimination soon of the land and sea
| operations about Santiago. The weekly
! bank statement reflected the more salts
factory situation, surplus reserves In
creasing almost $1,000, 600 bringing the
amount held by the banks above legal
| requirements up to s62, 206, go
The aspect of the wheat market contin-
ues a somewhat disturbing feature. and
uncertainties regarding the new revenue
| law in its bearing on finance, have de-
TERED the outside public from entering
the market and encouraged the bears to
extend their lines. The consensus of
opinions, however, seems to be that the
law will ultimately adjust itself satisfac-
torily although temporary embarrass-
| ments may be expected. The expected
success Of ours army of invasion, coupled
! with the continued ease of monetary
condition, the growing foreign trade bal
ance in our favor and the expected heavy
investment demand for securities owing
to the July dividend and interest pay
ments have rendered the vigorous efforts
by the bears TO create liquidation futile.
The bond market gave striking evidence
of the plethora of the money seeking in
YES tments. Prices of the giltedged in
vestments improved substantially and
heavy purchases occurred of the reorgani-
cation issues which promise a fair return
on capital invested.
In government bonds gains occurred OF
4 in the old tours registered and u each
in the new tours. Others are unchanged
BANKS EXCESS RESERVE.
New York, June 25.-The Financier says:
With a surplus reserve exceeding So 220,-
600 and with deposits increasing three
times as rapidly as loans it cannot be
said that the New York market is in a
position TO favor the moderate advance
which was looked for after definite ar
rangements had been made for the new
government loan. The balance, according
20 the statements, gained 81, 476, 800 in cash
while their loans expanded only s., 262, 800
The increase in deposits of S6,571, 400, in
view of these two changes, is about nor
NAL. AS payments of small subscriptions
of bonds are consummated, the domestic
exchange situation may be expected to
show material advance. Banks at i'm
portant western centers in their CORE
spOndence already report that the loan
subscriptions seem to be creating a scar
city of New York exchange and rates are
going higher in consequence. The policy
of the treasury in collecting as fast as
possible remittances for cash subscriptions
Is reflected in the smaller debtor bal
ances between the sub-treasury at bank
clearinks but the amounts gathered into
the treasury are not yet large enough to
offset extraordinary payments due to war
ing on the interstate commerce. but the
treasury al well. This accounts in large
part for the continued accumulation Of
idle capital at this center. 1t Is not prob
able, however. that this will continue
much longer As the state of the loan ap-
proaches the banks are bound to lose an
appreciable proportion of their excess re-
serve, but indications point to a merely
temporary disturbance Of small conse-
quence in the situation. The July divi-
dend payments, aggregating between
eighty and one hundred millions in this
city, doubtless have caused some of the
changes for the week, but these will be
reflected 20 a greater extent during the
next ten days. The low rates prevailing
in the money markets are tempting mer-
camille borrowers to supply their needs.
and great deal of expansion in loans
can be traced to this source.
MONEY ON CALI.
New York, June 25.-Money on call
steady. IL; last loan, u: prime mercaD-
tile paper, 3G4 per cent. Sterling exchange
firm, with actual business in bankers bills
at A.S5la for demand and at S4S4l4 for
sixty days. Posted rates, 4S5l4Q4S5laG
4.S1. Commercial bills SlS3. Silver Ger
N'A'-et-f-9s 'a-Oys DG4 SIN Fis aS-zs AGAlEdD
dollars, +594. Statebonds dull; railroad
bonds, strong; government bonds dull
New fours registered l241e; coupon. 1241k:
fours registered. coupon. III; twos regis
tered, Ili2; Pacific SKIES Of go 10l1s.
SPANISH FOURS LOWER.
Paris, June 25-Spanish fours closed at
34ls. a net loss Of
London, June 25.-Spanish fours closed
at 342s, a net loss Of =.
Paris. June 25.-Business on the bourse
today opened steady, but later prices re-
coded. owing TO apprehension that NJ Pey-
trail had failed to form a cabinet and the
market closed dull Receipts were heavy
and Spanish tours were easier on account
OF a report that delay had been grant
ed in the stamping OF bonds
FOREIGN STOCK MARKETS.
New 0rk. June 25.-The Evening Posts
London financial cableEram says: The
stock markets here were quiet but Arm
today Americans were fairly good. 4
Dutch : per cent loan OF about $3.50 O00
IS 10 he issued here and in Amsterdam
next week at about q. There was a fur
Their rise In Spanish foU-s today due TO
the same cause as the rise OF yesterday"
TREASURY STATEMENT
Washington. June 25-Today's statement
Of the condition Of the treasury shows:
Availa5le cash balance. SIs5.s.5,s So, gold
reserve. $ls5.s7S,Il 6.