The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-17
GOULD STEPPED TN
STAYED RAID ON MISSOURI PA
CIFIC BY OFFERING TO CASH
COUPONS.
SAVED THE GENERAL LIST.
ENTIRE MARKET SHARED IN THE
REACTION THAT FOLLOWED
THE STATEMENT.
CLOSE WAS AT ABOUT THE BEST.
Bond Prices Irregular on Transac-
lions Which Included Wide
Variety of Speculative Issues.

NEW YORK, March 16-The opening of the
STOCK market gave promise Of a repetition OF
yesterdays course OF events, the strong buy
Ing movement in the Vanderbilt properties
which gave animation and strength to the
whole market, being renewed at the opening.
The bears were face to face with rather
serious situation, and they opened I'D their
campaign to check the advance by pressure
on the granger shares, using the reports of
an unfavorable tenor regarding crop prospects
ana the poor traffic prospects ON account of
snow DIockades on country roads in the
Northwest as material in the raid. The
grangers were in consequence somewhat de-
pressed, and dealings in them fell off. But
the bear faction found a far more effective
instrument in Missouri Pacific which was
made the center of attack. There waV no
mlstaking the persistency and purpose with
winch reports were kept in circulation cal
culated to damage the credit of this COM
pany. They were to the effect that 1t would
De unable to meet interest charges accrung
at an early date, and would in consequence
go into the hands of a receiver. Under the
influence or these rumors the stock fell con-
tlnuously, the decline covering 3% per cent
and stock touching Is, the lowest price on
record. The consolidated 6 per cent bonds of
the road were offered at so and the colIat-
eral 5s at 30, against the preceding transac-
tons at SO and IS, respectively. The col
lateral 5s later sold at 63. This weakness ex-
ercised decided reactionary influence on the
whole list. Wabash preferred displayed most
active sympathy with Missouri Pacific being
unusually active and showing drop of ~
with a final rally of *. The general market
also sympathiZed in the decline in Missouri
Pacific, the decline being an average of q
Lackawanna, in opposition to the current of
the market and Of the coalers, which were
heavy, rose IL to 1917. There was a very
notaole railing off In volume of trading on
the decline. There was, however, liquida-
ton in Missouri Pacific, many stop orders be-
Ing uncovered. The continued drop finally
ELECTED a formal statement from President
George Gould to the effect that rumors of a
recelvership were absolutely without founda-
ton.
II any of the bondholders wish to cash
their April coupons now continued Mr.
Gould, Il will pay the coupons at their face
value charging the 6 per cent interest on
the money thus advanced" Mr.. Gould added.
In my opinion, the attack on the stock and
the reports of receivership are the result of
a. desire to cover short sales in other stocks.
Inc operators on the short side of the mar
Ket cannot make money now, for the country
mas started on the march Of improvement"
upon the publication of this statement a.
recovery promptly set in In Missouri Pacific
and eventually all the loss Of the earlier mart
OF the day was recovered, the general mar
ket also responding to the Improvement the
maj prices being in many cases the best of
the day.
The course Of the industrial shares was
largely Independent of that of the general
list Sugar was depressed a fraction at the
opening but very strong buying movement
set In on the strength Of estimates of profits
possible under the proposed Dingley tariff.
The price sagged to 111%. ex-dividend, but
rose later to 1875. The Rubber shares were
strong throughout on Boston purchases the
common rising 1% and the preferred TX.
The bond market moved irregularIy on mod
crate transactions, which included a wide
variety or issues. The undertone of the mar
ket, however, was firm, and important gains
were registered in some cases. Wabash sec
onds were notably heavy and broke 2 per
cent, Iron Mountain 5s fell off ~ per cent
on rumors affecting the interest disburse-
ments, but subsequently recovered the frac-
ton. The sales were 81 400, Co., Governments
were neglected but weak in tone The sales
were $4,000
The total sales Of stocks today were 229 675
shares, including Tobacco, $500; Sugar. So
400; Burlington & Quincy, {, 800; Canada South
ern, $500; c., c., C. & St L. g. 200: Chesa-
peake & Ohio, 4000 Manhattan 1900; Mis-
souri, Pacific, $500; New York Central. 400.
Omaha, $500; Reading, $500; St. Paul, 9 500:
Wabash preferred, $500; Western Union ZOO
The following were the fluctuations of the
leading railway and industrial shares fur
nished by C. H. F. Smith & Co, members
New York stock exchange and Chicago board
Of trade.