Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-02
THE CHOLERA SCARE
And High Rates for Money Send
New York Stocks Downward.
INDUSTRIALS LEAD THE DECLINE
Which Extends to Nearly Everything on
the Active List.
A WEAK CLOSE AT THE LOWEST PRICES

NEW YORK, Sept 1.-The full effects OF
the cholera scare we're felt in the stock mar
ket to-day and weak margined holders OF
stocks and heavy short sellers wed 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
downward movement, which certainly did
not lack speed, was accelerated. The losses
were most notable in the industrials and
specalties and Sugar at one time showed a
net loss of 61s per cent, while among rail-
road shares the declines reached 8 per cent,
nothing on the list escaping the general
drop. The scare comes at probably the
most opportune time, for the near approach
of cool weather will soon put an end to the
danger, and while there was no evidence
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 ap-
prehension of disaster from the disease at
our doors is over AT the same time there
seems at present to be little encouragement
to make ventures on the long side, with the
depleted bank reserves, and to-day the an
nouncement was made by some of the for
Saturday. In view of these facts the mar
ket, after the decline was checked and the
bears had withdrawn their forces, failed to
display any recuperative power, though the
demand from the shorts prevented any
further decline.
The grangers, especially ST. Paul, with
New England and 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 be-
ing 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 dav, especially in
the industrIals, the banks in some cases
discriminating against them, and the money
question was again pressed home to
many borrowers by a furry in call
loans late in the day by which
rates were run up to per cent, a figure
which has not been touched in many weeks.
This naturally hastened the liquidation and
the late trading was equally as heavy and
as excited as that of the first hour. The
purchases for 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 pre-
V10uS losses ana the erect was udrQly per
ceptible in the final changes.
The industrials came in Tor the bulk of the
pressure, and, besides sugar, General Elec-
trio lost about per cent, and Cordage pre-
1erred dropped suddenly about per cent
The changes in railroad shares we're moro
moderate but Western Union yielded per
cent and most of the active railroad shares
in the neighborhooa of 2per cent. Burling-
ton, Atchison, Reading and st. Paul were
the features but New England. from its
stubborn resistance to the pressure, was
unique in contrast with the general weak
ness.
The market under the influence Of the
scarcity of funds closed active, feverish and
weak at or near the lowest prices of the day.
The final losses of note include Sugar 81
Lead 3, General Electric ~. Western Union
"a, Colorado Coal 2l, Cotton Oil 2H, and
Others of the active list generally from to 2
per cent The transactions were extremely
heavy in comparison with those of late.
Railroad bonds Jailed to respond to the
excitement in the share list, and while SYM
pa thfzing to a limited extend in the down
ward movement, showed few changes OF
note at the end of the day and these not all
in the active issues. The Reading bonds were
weak features, the firsts losing l5s and the
second / per cent on comparatively light
transactions. Atchison incomes were again
the most prominent in the trading, con-
tributing sis, coo to the days total of sl264,-
0OO, and while weak, selling ex-interest, lost
only little over / per cent. The business
was not widely distributed.
Government bonds were dull and steady.
Close of the list: