Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-07-23
The Atchison Securities and the
London Market.
PRICE OF WHEAT AND THE RAILROADS
The Weekly Statement of the
Earnings of the Roads.
THE SUGAR CERTIFICATES


Special Dispatch 10 The Evening star
NEW YORK, July 21-stock values were
not improved by today-s trading. owing to
It's purely professions! character AMI TIE
absence CT incentive. London continues
bearish on al the securities OF the Atchison
company, and is a liberal seller in the local
market. The system of rebates recently
disclosed is responsible. In connection with
the used earnings Of the company. for
the -s.Ia!stic feeling abroad. and viii un-
doubteily result IN lower prices for both
stock and bonds. The committee in charge
OF the reorganization OF this property ar
que that the pan being based on the earn
ings reported since the committee was ap-
pointed should not bear the criticism Just
ly applicable 10 the misleading statements
made prior 10 such appointment and should
not In any way affect the success Of the re-
organization. The steady decline in the
price OF wheat and decreased earnings
proved successful arguments Cor depressing
the price OF the Granger roads within frac-
uonal limits. The room sold Union Pacific
down per cent. anu Northern Pacific pre-
ferred Ia per cent on the theory that all
bankrupt roads must sooner or later con-
form to the precedent established by Rich
mord Terminal Atchison and New Eng
land. The railroad situation is not encour-
aging, and beyond a sentimental rally fol-
lowing the passage or settlement Of the tar
IN bill, prices are not likely 10 reflect any
substantial Improvement in the immediate
future Railroad officials are constantly
quoted ss being satisfied with the progress
made In the direction OF improved business
and increased earnings, but the moLotony
of the weekly decreases is uninterrupted.
There Is perhaps a tendency toward Inn
provement but nothing more substantial
has yet developed.
The situation az Washington is too rnixed
to admit of any reliable Interpretation.
This condition was clearly reflected In the
cratic movements Of sugar certificates.
OpeEiLg at an advance OF "a per cent. the
price was given excellent support notwith-
| stardirg the open liquidation OF pool hold
ings in anticipation OF the loss OF the one
eighth differential duty. All OF the early
trading was for round amounts, and on
transactions approaching 2O09 shares the
price OF the stock was not depressed beyond
IL roint. Later, however, renewed selling
marked IL OF TO l0i Ia. a loss Of ga from
the opening. but prompt purchases at the
decline for inside account restored initial
figures. There IL no Indication OF abandon
ed hope on the part OF the larger interests.
and higher prices are promised the patient
buyer. The recent attacks on the fnanc ial
condition OF the Distiilers company, coupled
with the failure TO secure an Increased tax
| on all imported spirits. has resulted in q
general liquidation OF long stock within the
| last few days.
The market for sterling and continental
| bills opened steady. with no important bus
| mess In sight The receipts OF commercial
bills from the interior were small Some
| gold is likely to go abroad during the week.
but not In large amounts.
The afternoons market was moderately
| active and lower. Al attack on Missouri
Pacific resulted in decline OF per cent IN
| that property. which was sympathetically
concUrred in by the balance of the regular
list. Sugar was strong on probable defeat
| Of the tariff bill. crossing l04 on good buy
| ing by brokers usually in the employ of in
side interests The result Of the days trad
ing reflected fractional net losses.