The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-17
STOCKS AND BONDS
BEARS MAKE 4 TREMENDOUS DRIVE
AT MISSOURI PACIFIC.

| Ats Orcll-MfssOuri PaciIc Attacked
With all Manner of Reports Calculated
| to Damage the Credit of That Corpora.
| tion-President Gould Rises to the Oc-
| CASTOR and General Recovery Ensues-
Bonds Firm-London Stronger
| New York. March 16.-The opening Of
the stock make; gave every promise OF
repetition of yesterdays course of
events. the Strong buying movement in
| the Vanderbilt properties, which gave
strength to the whole market. being re-
newed az the opening. The bears were
eaca TO face with rather a serious situa-
ton, and they opened up their campaign
70 check the advance by pressure on the
| granger shares, using the reports Of an
Urfayorable tenor regarding crop pros
poets ard the poor traffic prospects on
| account OF snow blockades on country
! roads in the northwest as material in
| tie raid. The grangers were, in conse-
| quence, somewhat depressed and deal
| irgs ir them fell off. But the bear fac
| ton found a far more effective instru-
| ment in Missouri Pacific, which was
| made the centre of attack. There was
no mistaking the persistency and pur-
| pose with which reports were kept in cir
cdlstion calculated to damage the credit
| o. this company. They were TO the eff
feet that it would be unable 10 meet in
terest charges accruing al an early date,
and would in consequence go into the
hands Of a receiver. Under the influence
| OF these rumors the stock fell continuous
| ly, and declined over 80 per cent and the
stock touched 10 per cent. the lowest on
| record. The consolidated per cent
bends of the road were offered at so per
cent, and the collateral SIS at so per
cent, against the preceding transactions
at So per cent and 60 per cent, respective
~. The collateral 5's sold later at 50
per cent. This weakness exercised de-
ciied reactionary influence on the whole
list. Wabash preferred displayed most
sympathy with Missouri Pacific, being
| unusually active and showing a drop of
l12 per cent, with final rally of Is per
cent. The general market also sympa-
thiZed in the decline in Missouri Pacific,
the decline being on an average of q
Per cent. There was a very notable fall
ing off in volume of trading on the de-
cline. There was, however, heavy liq-
uidation in Missouri Pacific, LackaWan-
ma, in opposition to the current of the
market and the coalers, which were
heavy, rose ~ per cent, 10 Isl - per
cent. The continued drop finally elicit
ed formal statement from President
George Gould 10 the effect that rumors
of receivership for the Missouri Pact
fic were absolutely without foundation.
IF any of the bondholders wish to
cash their April coupons now" Mr.
Gould said. II will pay the coupons at
their face value. charging them per
cent interest on the money thus advanc-
ed. In my opinion, the attack on the
stock and the reports of receivership are
the result of desire to cover short sales
in other stocks. The operators on the
short side of the market cannot make
money now, for the country has started
on the march Of Improvement
Upon the publica ton of this statement
recovery promptly set in in Missouri
Pacific and eventually all the loss in the
early part Of the day was recovered, the
general market also responding 10 the
Improvement, the final prices being n
many cases the best of the day The
course of the industrial shares was large
ly independent Of the general list SD
gar was depressed a fraction at the OPP
ening, but very strong buying move
ment set in on the strength of estimates
of profits possible under the proposed
Dingley tariff. The price sagged 10 III
e h,.- lo-
10 1l3 IS per cent. The rubber shares
were strong throughout on Boston pur-
cEases. The total sales OF stocks ag-
gregated 235. 900 shares, and of these. SD
gar and Missouri: Pacific absorbed 1O5.-
0o0 shares.
The total sales OF stocks today were
223, 675 shares, including: American To-
bacco $500; American Sugar SO, 400: Bur-
lington and Quincy $500; Canadian
Southern 800; Chicago, Cleveland. Gin
cinnati and st. Louis $500; Chesapeake
and Ohia 1000; Manhattan Consolidated
1900; Missouri Pacific IS. 500: New York
Central $500; Omaha $500; Reading s.
900; St. Paul $500; Wabash preferred
500: Western Union 100
The bond market moves irregularly on
wide variety OF issues. The undertone
Of the market, however. was firm, and
important gains were registered in some
cases. Wabash seconds weren otably
heavy and broke . per cent. Iron Noun |
tain SIS fell off 1-2 per cent on rumors
affecting the interest disbursements, but
later recovered the fraction. The sales !
were 81, 460. 600.
Governments were neglected, but weak
in tone. The sales were $4,000.
CRETAN SCARE STILL ON.
New York. March 1.-THE Evening /
Posts London financial cablegram says: |
The stock markets opened strong to
day on the decision OF the French cham |
Der TO support the powers. Consols alone |
were l12 SIS. buyers. but the close was |
112 is. The sharp reaction followed on !
French selling and reports that Greek |
troops has crossed the frontier. mas |
much as the selling OF the foreigners |
contingent there may be truth in the re- |
ports. Americans were steady but clos |
ed under the best. Central Pacific sold |
on Amsterdam account. The financial |
press is becoming bullish on Americans. |
The general public, however. are absent |
from all the markets. There was some |
talk here today OF France taking gold |
from New York II appears that small |
parcel has already been received from |
there. but the operation was special /
one. The Paris bourse was dull and the !
Berlin market steady"
WEAK SILVER MARKET.
New York, March IS.-Cons.derable /
weakness has been apparent in The ST. /
Yer -,arEe. recently on heavy Nuuida-