The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-07-24
In SANTA FE SHARES
FOREIGNERS UNLOAD AND THE
WHOLE MARKET Is PANICKY.
Sugar Continues to Hold n Prominent
Place on 'Change-Wheat Weak and
Corn Firm at Indianapolis.

At New York, yesterday. money on call
was easy at l per cent
Prime mercantile paper 3d5 per cent.
Sterling exchange was firmer, with actual
business in bankers bills at $4.sSAQ4.sSss
for demand and s4s714G4s72s for sixty
days; posted rates, $4SSQ4S9; commercial
bills. $4S6bq4S6h.
Silver certificates. 64G65c; at London bar
silver sold at 2s7sd.
Total sales OF stocks amounted to 214,502
shares, including 1880 in American Sugar
and 1890 in Atchison. The moving in
fiuence of the share speculation yesterday
was the disclosures in regard to the Atch-
ison. Topeka & Santa Fe Railway Company,
resulting from expert Little's examination
of the companys accounts. According TO
his statements the income of the company
since the last reorganization, in 1882 had
been overstated some 100000 by reason of
the fact that rebates allowed to shippers
were not properly charged on the books.
1t seems that over 100000 of these rebates
have been adjusted, leaving something less
than 100000 still unsettled and carried as
floating debts. While the rebate system
was inaugurated by President Maxwell. it
was continued under President Reinhart.
who had. as occasion permitted, lessened
the amounts by charging them off TO OPP
Grating expenses. The appointment of re-
celvers necessarily resulted in the bringing
to light of the facts, as we'll as causing
discontinuance Of the rebate system. In
the London market, yesterday. both stock
and bonds OF the company were depressed
by the news, and the publication in Lon
don OF the statement of Robert Fleming.
representative here OF the foreign security
holders, that Littles report showed an
earning capacity sufficient TO provide Tor
the fixed charges under the proposed plan
OF reorganization, had not the effect of
restoring the shaken confidence OF the for
egners in the property, and not alone were
the stock and bonds sold abroad, but both
London and the continent cabled selling
the decline. Atchison stock has reached
such low point that serious decline Will
wipe ii out altogether. 1t did break Is,
S Sens at q ray Of 6 The Sonds RTe
heavier losers, the fours selling down
2. TO 20. and closing at 7Ols. and
The effect of the Atchison discovery on
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
the bears hammered the stocks in turn,
which gave evidence OF weakness. The
course of prices was practically downward
all the forenoon and up TO delivery hour,
at which time Missouri Pacific had declined
23s; Wisconsin Central, rs; Distilling. 1&;
is: Northwestern, Rock Island, Northern
Pacific preferred and Denver x Rio Grande
preferred, Ia; Burlington q Quincy, Michi-
gan Central, c., c., G. * st. l.. and United
State Leather preferred, !, and the rest of
the list a smaller fraction. After 2:15
contracts, and the lower range of value in
duced purchases for the long account
which combined to bring about a recovery
of lsQll5 per cent. This rally was main
tanned 10 the close, except in a few in
rs and Burlington & Quincy, st. Paul
ROCK Island, Missouri Pacific, Distilling
ana Lead Is. Sugar was exception to
the rest OF the market and led in the
transactions, monopolzing more than one
higher at 10S, the stock receded to 1025s
rose TO 1875 broke TO 1914. and then, about
l:5O, took a sharp upward turn TO 1861 on
good buying induced by reports that the
tarin bill was likely TO fail, leaving the Me-
hlnley Dill In force; In the final dealings
the market at the close was strong
Inc bond market was weak during the
Gay ana closed rather heavy the principal
changes being: Observation-Disclosures polls De
catuT * Springfield firsts. trust receipts, s:
AtchlSon seconds and Atchison foIr-and
a-haifs. rs; Northern Pacific thirds and
Reading frsts, preferences ~: Cbicago
Gas hrsts, Ia; Missouri, Kansas & Tex3S
nrStS and Peoria x Eastern frsts Al
yances-Union Pacific sinking fund eights
Pittsburg & Western frsfs. Iouisviifs e
Nashville unified tours, Laciede Gas fiveS
seattle, Lake Shore x Eastern frstS
trust receipts and Chicago & Alton sink
ing 1und skies, per cent. each.
bonds were dull. "'a'e
Inc following table, prepared by James e.
Berry Room is, Board of Trade, shows the
range OF quotations.: