St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-17
FINANCIAL.
New York.

NEW YORK Sept. 16-The stock market
today was still subject to heavy liquidation.
which was supplemented here and there by
the efforts of the bears. There was no ma
terial decline in the general list. The exc
cution of stop orders for the last two days
has been the principal source of weakness
in the market, and it is hoped that they are
now pretty well cleaned up. The professional
element however. is still enlisted on the
bear side, principally because of the unfavor-
able nature of the surface conditions, includ-
Ing the cholera, the continued selling for
foreign account, the probability of further
gold exports, as well as dearer money. and
also because of the apathy OF the investing
public.
Today the fuotuation in sugar was con
tlnued during The forenoon, and the apparent
attitude of the manlpulators of this stock
gave much encouragement to the short
sellers in the railroad list, but only Reading
was the subject of any particular pressure
AT the opening there was rather urgent de-
mand from the shorts which was stimulated
by higher figures from London and buying
orders by the foreign houses i'll several of
their favorites. With the execution of some
weakness in Northern Pacific preferred and
some wide and rap id fluctuations in Manhat-
tan. there was little of interest i'll the market.
and it began to take its old appearance of
dizziness and stagnation, which even the
raid on Reading failed to check. The cholera
news was, on the whole, rather encouraging
and late in the day the shorts again covered
freely. The market closed quiet but firm to
strong with most stocks at the best prices of
the day, aud with all at better figures than
Yesterday.
The Post says There were some signs in
today's stock market that Wall streets fit OF
childishness over the cholera had about run
its course. There was no scare today, and,
indeed. if the word is understood as rational
people usually understand it there has never
been any. Nobody IN or out of Wall street
has at any time experienced genuine alarm
over the prospects Of Il New York epidemic.
The whole scare of this week has been one
of the most silly nightmares into which pro-
fessioual Wall street loves to plunge: the
nightmare, quite true to real life, being more
or less dreadful in prcportions as the patient
had previously gratifed his appetite for in
digestible speculative stocks.
Bradstreets Wall street review for the
week says:
Speculation has again exhibited lis sensi-
bility to disorganizing influence of the chol-
era scare. 1t would, perhaps. be more cor
rect to say that the market had drifted into a
condition which invited liquidation. and that
the announcement of cholera cases i'll this
city only fastened process which was al
ready inevitable. The decline or fortnight
ago Inundated the greater part of the public
interest in the market which. indeed. was
somewhat tOp-heavy. particularly in the in
dustrial shares Since that time the trading
had been almost in the hands of the profes-
-sionals, q large section of whom were in
cllned 10 operate Oh the bear side. 1t is
True up u w dlleTuOOu the Gre
alton of q short interest in various
stocks seemed to afford opportunities to the
bulls, and resulted in several vigorous raj
lies. on encouraged covering of short con-
tracts.
The disquieting announcement made by
the board of health of this city was, however,
used TO the utmost by the bears and was fol
lowed on Thursday by the circulation of eX-
aggerated rumors. The liquidation. however.
was quite severe. and the decline produced
extended throughout the entire list 1t is
noticeable however, that the most strik-
ing losses occurred in those stocks
in which the bold plungers had been
most active. This with the manifested
exaggeration that has been suffered to pre-
vail about the whole matter. tend to produce
a reaction of speculative feeling and to rem
der more confident views both as to the situa
ton and its effect upon values. AT the same
time, ii is noticeable that conservative inter
ests view the situation as one i'll which eau
ton is advisable, since, even though the
scare may prove to be unnecessary, its effects
might include interruption of general bust
ness and of railroad traffic. The rumors of
a disposition to institute guarantees al in
terror points have particularly disquieting
influence