St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-02
FINANCIAL.
New York.

New YORK, Sept 1.-The full effects of
the cholera scare were felt in the stock mar
ket today. and weak margined holders of
stocks and heavy short sellers We'd with each
other for large portion of the time TO obtain
the ruling prices as they went There were
great many stop orders uncovered by the
rapidity OF the decline, and thus the down
ward movement, which certainly did not
lack speed, was accelerated.
The losses were most notable in the indus
trials and speclalties, and Sugar at one time
showed a net loss of 6ls per cent. while
among railroad shares the declines reached 3
per cent, nothing on the list escaping the
general drop. TIE scare comes at probably
the most opportune time, for the near an
proach of cool weather will soon put an end
TO the danger. and. while there was no eyi-
dence that the holdings of large Spectators
or investors had been disturbed, the stocks
sold now are undoubtedly passing into strong
hands. which will tell when the apprehen-
sion of disaster from disease at our doors is
over. At the same time there seems at pres
ent to be little encouragement TO make
ventures on the long side with the depleted
bark reserves, ana today the announcement
was made by some of the foreign houses that
they would ship gold on Saturday.
In view of these facts the market after the
decline, was checked and the bears had with
drawn their forces, failed to display any re-
Cooperative power, though the demand from
the shorts prevented any further decline
The grangers, and especially St Paul with
New England and q few other shares were
remarkably well held in the early trading,
but the pressure soon became general and
the whole market gave way, the activity
being very heavy in consideration of the
limits to which the market has of late been
confined. and the selling for both sides of
the account was extremely urgent.
There was heavy liquidation of speculative
long accounts throughout the day, especially
in the lnduStrialS, the banks in some cases
discriminating against them, but the money
question was again pressed home to many
borrowers by furry in call loans late IN the
day. by which rates were run up to per
cent, figure which has not been touched in
many weeks. This naturally fastened the
liquidation. and the late trading was equally
as heavy and as excited as that of the first
hour. The purchases Tor the short account
from time to time served to check the speed
of the decline. and even in some stocks To
rally prices little, but the progress made
was insignificant in comparison with the
previous losses. and the effect was hardly
perceptibie i'll the final changes.
The industrials came in for the bulk of the
pressure and, besides Sugar General Elec-
trio lost about per cent, anG Cordage 3 and
dropped suddenly about 5 per cent. The
changes i'll railroad shares were more moder-
ate. but Western Union yielded 3 per cent
and most of the active railroad shares in the
neighborhood of = per cent. Burlington
Atchison, Reading. and st. Paul were the
features. Dut New England from its stub
born resistance to the pressure, was unique
in contrast 10 the general weakness. The
opening losses were generally from Ia TO 5s
per cent. but Sugar was down u.s. and Man
haitian ll2 anu the last Iiamed kept pace
with the lndustsials Ill its decline ana failed
TO react at ali. The market. under the intiu-
ence of the scarcity Of funds. closed active.
feverish and weak, at or near he lowest
prices of the day. The final losses of note
include Sugar. 5A; Lead, 3; General Electric,
Az; Western Union, IA Colorado Coal sla:
Cotton Oil zip ard others of. the active list
generally freA 1 to 2 per cent. The tsan-ac