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. ana 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
rapdity 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 SDeclalties. and Sugar at one time
showed net loss of 6ls per cent. while
among railroad shares the declines reached
per cent, nothing on the list escaping the
general drop. TIE scare comes at probably
the most opportune time, for the near an
pIoach of cool weather will soon put an end
to the danger. and. while there was no evil
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 10 make
ventures on the long side with the depleted
bank reserves, ana today the announcements
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 10 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 a 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
discrimin ating against them, but the money
fan
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 tn.
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
previous losses. and the effect was hardly
percepubie in the final changes
The industrials came in for the bulk of the
pressure, and, besides Sugar, General Elec-
trio lost about per cent, and Cordage 3 ana
dropped suddenly about 5 per cent The
changes i'll railrond shares were more moder-
ate. but Western Union yielded 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 80
per cent, but Sugar was down rs and Man
haitian ll2. anu the last named kept pace
with the lndustflalS Ill its decline ana failed
to react at all. The market, under the infiu-
ence Of the scarcity OF funds. closed active
feverish ard weak, at or near Inc lowest
prices of the dav. The final losses OF note
include Sugar, 5l4 Lead, 3: General Electric,
Al; Western Union, "A; Colorado Coal. 9L;
Cotton Oil pip nrd others of. the active list
nan iv frAu 4 RI, o