New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-24

WHAT WAS DONE ~ STOCKS

HpiIdy, July Up. n
OF more real importance than the specu!aun
In the Industrial shares. over-shadowng though
It did the operations in the railway list. wen
the movements in the general stock market n
day. In only two railway stocks were the trans
actions Of sufficient magnitude t. impart acty
ity, three Industrial stocks absorbing two-thlri,
OF the entire volume Of trading. But the fuct
uations in the general list possessed a s!gns
canoe that has been lacking for days. specus
ton received a new element in the astonishing
disclosures officially reported by the expert ac
countant who examined the books and accounts
Of the Atchison. Topeka and santa Fe Railroad
The announcement that f0r 4 period Of four and
haif years the income Of The company had been
OverSta ted by more than S1.eJDOJO was sufficiently
startling in Itself but the worst phase o. "a.
matter lies IN the long cOnceament Of the facs
BY the officers Of the road and the audacity Il
the attempt TO launch a scheme Of reorganzaion
while security were In Ignorance. As
half Of these secret open accounts" for rebates
are said to have been already adjusted. innO
cence may not be the apology OF managers a..
though such innocence We're little better than
,urpiiufe The fresh shock given 10 European
confidence in American railway management By
these disgra ceful revelations was promptly re-
hected in foreign sales in this market whenever
they could be made without excessive injury
prices. And while the engagements Of gold .'
export tomorrow were moderate. the advance u
the foreign exchanges viii douOtless permit sas
Of bills necessary 10 the Withdrawn Oh muca
larger sums for Saturdays French steamer
The sentimental effect Of the Atchson disclosures
must Of necessity be 10 arouse suspicion Of ne
financial methods Of companies similarly siua,l
and 1t may be imagined that the reorgahzaua
Of all insolvent properties must now await
thorough exploration II accounts ere security
holders will extend support 10 the most res9e''
able Of reconstruction committees n.
The stock market to-day showed beyond ciS
4r6F NJ ~
Missouri Pacific assumed prominence ana aV
sales 10 23A closed down nearly , per cent a
24la Union Pacific fell to "a and at ende;;
IA per cent lower. Northern Pacific preterres
declined from 1873 TO 12& dl3is and Philadelpna
and Reading lost y per cent al 1914. Ine
Changers were affected specially by me repo'
Of June earnings Of the Chicago and NcI'n-
western and the decrease Of near.y s6OON" u
the gross earnings OF 81. Paul for the frs; TWO
weeks Of July. 81. Paul declined l>s per cen,
to SIS tand recovered only the fTacuo IAN, a..
record breaking depression in wheat coh'''ous'
ia ,hs decline in the railway list.
IN American Sugar Refining speculation was %
an enormous scale. After an early decLne i, ~.
iO3l. n lOlil the price rose 10 lO0i20 lOtA.. NJ
tional Lead advanced lis per cent ana DlsIHAs
and cattle Feeding lost the same amount Inese
movements were the renecuon o. OPlN'0.sss
Guided by manipulation. as 10 the effect on US
Seal nroperties of the growing prospect OF an
abandonment OF all new tariff legislation JAM
hing naturally reaches rs acme IN sugar anu =.
innnltv Of fluctuations Is propaDiy ~" d. ~ ~
OF Wa shingtOn legislative phases -, -
was The one prominent stock which closed vi"
any strength.
THE DAY IN THE BOND MARKET
Al the Stock Exchange Government reglsse..s
4 per cent Cherokee certificates OF indeoIsu.e,,
sold at l0i but the closing bid was feeoste.
IS Bids FOR the coupon United states - va
advanced !. per cent. but the bids ior tAe -
were reduced the like fraction. Following "'
the final quotations: 10000