St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-07-24
FINANCIAL.
New York.

NEW YORK. July 23.-The moving in.
fence of the share spe culatlon today
was the disclosures in regard to the
Atchison, Topeka & Santa Fee Railway
company resulting from Expert Little'S
examination OF the company'S accounts.
According 10 his statements the income
of the company since the last reorgani'
cation i'll 1889 had been OverStated
$1,000. 900. by reaSUn OF the fact that
rebates allowed TO shippers were not
properly charged OIL the books. 1t
seems that over S2,000,U00 of these re-
bates have been adjusted, leaving some
thing less than 50. O00. O00 still unsettled
and carried as floating debt. While
the rebate system was inaugurated by
President Marvel it was continued
under President Reinhart. who had as
occasion permitted lessened the amounts
by charging them of to operating eX-
penses, The appointment Of receivers
necessarily resulted III the bringing to
light OF the facts, as well as causing a
disc0ntinuance OF the rebates system.
In the London market today both stock
anu bonds OF tie company were de-
pressed by the news; and publication in
London of the statement or Robert
Fleming, representative here or the
foreign security holders. that Little's
report showed an earning capacity Suffi-
cient to provide for the fixed charges
uuder the proposed plan of reorganiZa-
ton, had not the effect of restoring the
shaken confidence of the foreigners III
the property; and not alone were
the stock aud bonds sold abroad,
but both London aud the con-
tinent CALLED selling orders i'll
| this market and started the decline
| here. AtchisOn stock here had reached
| such low point that serious decline
! would wipe it out altogether. 1t broke
| q, bringing it down to 3, the closing
| price being at rally of Il. The bonds
| were heavier losers, the fours selling
down 2 10 70 and closing at 701s, and the
! seconds 2$5 TO 20, with final. recovery
to 2019. The effect or the AtchiSon dis
coVery OIL the general stock market was
| disastrous. and there was heavy selling
of the shares of other companies under
suspicion of pursuing similar book
keeping 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 de-
clined 2as; Wisconsin Central. ~; Dis
tilling, "a ; st. Paul, Union Pacific and
Chicago Gas, rs; Northwest, Rock ISL
| ana, Northern dclnc preferred ana
Denver IL Rio Grande preferred, IA;
Burlington d Quincy, Michigan Cen
trail. c., g., Z. 81 st. Louis ami United
States Leather preferred, L per cent,
and the rest Of the list fraction. After
2:15 O'clock there was some covering oil
shorts, and the lower range of values
induced purchases for the long ac-
count, which combined 10 bring about q
recovery of 15@lH per cent.
This rally Was maintained to the close
except in a few Instances, Cleveland,
Columbus, Cincinnati IL ST. Louis re-
ceding Is and Burlington 81 Quincy,
st. Pau, Rock Island, Missouri Pa
cific, Distillng and Leads Sugar was
an exception 10 the general market and
led in the transactions, monopolzing
more than half or the entire business
Opening u higher at 103, the stock re-
ceded 10 1929. rose 10 1875, broke Il
1014 and then about IL O'clock 10 TX
sharp upward turn TO 1U51z Oh goo
buying induced by reports that til,
tariff bill was likely 10 fail. leaving The
Mckinley bill III force.
III the fua! Dealings, reaction of \