The Wichita daily eagle., 1894-07-24

NEW YORK. July 2a.-The moving infu-
encr of the share So, p,eulation today was
the disclosure in regard TO the AIchisop,
Topeka and Santa Re hallway Company.
resulting from Expert Little's examira-
ilon OF the comPauy's accounts Accord
Ing 10 bis statement the income OF the
company since the last reorg .nization in
1859 has been Over-stated some s. GOO, coo
10y reason of the fact that rebates allowed
to shippers were not properly charged on
the books. Ii seems shat over ., co.. 600 OF
these Rebates have been adjusted, leaving
something less than -, ,OO0, 600 still unset
tied and carried as floating debt. While
The, rebate system WAS lnaugurated 10y
President Maxwell, it was continued uu-
der President Reinhart, who had, as occa-
sion permitted, lessened the amounts 10y
charging them off TO operating expenses.
The appointment of receivers necessarily
resulted IN the bringing 10 light OF the
facts as well as causing IA discOntinuance
OF the rebate system. lu tue LOnfon
market today both stocks aud bonds OF the
company were depressed by tie news and
the publication in London of tue state
ment OF Robert Fleming, representative
here of the foreign security holders, that
Llttlz's report showed an earning capacity
=
under the proposed plan of reorganization
had not the effect of restoring tue shaken
confidence OF the Foreigners III the property
and not alone Were the stock and bonds
sold abroad. but both London and the con-
tlnent cabled selling orders in this market
and started the decline here. Atchi-Ou
stock here had reached such a low point
that serious decline would wipe il out al
together. II did break -. bringing il
down 10 3, the closing price Ueing at "A rally
OF q. The bonds We're the heavier loser.
the tours selling down l. To Z and
closing at 1s and the seconds declining
253s, 10 20, with a final recovery TO % :.
The effect Of the Atchison discovery on
the general stock market was disastrous
and there was heavy selling of the shares
OF other companies under suspicion OF pur-
suing similar bookkeeping devices. A
good deal OF long stock was brought out
and he bears hammered the stocks IN turn
which gave evidence of weakness The
course OF prices was practically downward,
all the forenoon and mp TO delivery hour,
at which time Missouri Pacific had decliu-
ed rs; Distilling ~, ST, Paul and union
PacInc !: ;, Northwest, Rock Island, North
ern Pacific pfd and Denver aud Rio
Grande pfd -, Burlington aud Quincy
and United States Leather pfd !, aud the
rest of the list a smaller fraction.
At 2:l5 o'clock there was some covering
"a oHOAS NouN' ats 'IN eA4C Ao"SA idhSO va
values induced purchasers for the long
account, which combined TO bring about u
recovery Of 1s@ll4 per cent.
This rally Was maintained to the close
except ia few Instances, Burlington and
Quincy, St. Paul, Rock Island. Missouri
Pacific. DistiIling aud Lead receding :,
Sugar was an exception To The rest OF tue
market and lead in the transactions,
mOnopolizlng more thon one-half of the
entire business, Opening "a higher at
lOj the stock Ieceded u 10255. rose to 1885,
broke 10 l0l :. and than about ll:3O, took
sharp upward turn 10 1851, on good
buying induced by reports that the tariff
bl,l was likely to fail, leaving the McKIuley
bill! ia force. In the final dealing "a react ion
of Is took place but the tone of the market
/ at the close was strong.
The bOud market was weak during the
day aud closed rather heavy.