The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-22
STOCK PRICES RECOVER
EARLY BREAK FOLLOWED BY AC-
TIVE AND CONFIDENT BUYING.
Nearly All Stocks Show Substantial
Gains-The Local Business Week
II Begun I'm Good Form.
At New York yesterday money on call

At New York yesterday money on call
was steady at 2021z per cent.
Prime mercantile paper, 3%Q4h per cent.
Sterling exchange was firm. with actual
business in bankers bills at s4S72s for de-
mand and s4s31z@4 1895 for sixty days;
posted rates. s4.S4Q4.s41s and Sass; CONNER
cial bills. siS2A@4.SsA.
Silver certificates were 64laG651zc; bar sill
Yer. 6s1sc; Mexican dollars. $40. Bar sill
yer at London was g Lied an ounce.
The complete recovery of the New York
stock market from the rather alarming
weakness shown during the early hours of
the trading yesterday morning was an as
founding demonstration of recuperative
force. The speculative liquidation at the
opening was so violent as to give an ap-
pearance of semi decentralization in the
market and the selling was evidently forced
by the wiping out of margins and the I'M
covering Of stop-loss orders. Yet before
: the day closed the general level of prices
had risen above Saturday and the last hour
showed an urgent and confident buying
movement the floor. The early weak
ness was the logical sequence of
the course of the market y last
~ eek and the general apprehension
that further reaction was inevitable In
a market in which extensive long accounts
exist this means that brokers, in order to
protect themselves, call for additional Sc
curity from their customers for the ex-
tension of margins. This discloses many
persons who are unwilling or unable 20
supply further margins and who order the
sale OF their holdings. either to take what
profits are left or TO save losses. This
purely technical influence in the market
was reinforced this morning by the feeling
OF depression. common to all the securities
markets of the world, over the approach
ing death Of Queen Victoria. The death of
the Queen is not likely to have a direct
influence on values OF securities, either here
or abroad, but capital. always apprehen-
sive over a change IN the order of things
expressed itself by the selling of securi-
ties In the opening break in prices such
declines were witnessed as 2as in st. Paul.
81 in PENNSYLVANIA, in Northern Pacific.
ga in Amalgamated Copper, from 1 to 3
points In the steel stocks and l to points
in the principal active stocks all through
the list The first element in the rally was
the unwieldy short interest which stood
eagerly waiting to take profits by buying
stocks at the decline There an In
nueutial section of the market, also. which
refused 10 yield TO the depression. Mis-
souri Pacific began with a gain of only
Il and marked up to a level
substantially above Saturdays and held
T1rOuE0OuI
dealings IL rose buoyantly to 90z4, which
was 5il above the early low point The
traders followed the movement in the be-
lief that the last buying of the stock
came from sources which have been
credited for some time past with plans
for taking over and consolidating the
Southwestern railroad systems That whole
group was firm throughout the day and
the Wabash issues shared quite fully in
the strength of Missouri Pacific. Wabash
common rose rs. the preferred AZ and the
debentures "a. The character of the buy
ing in other parts of the list gave the
traders ground for the superstition that a
renewed absorption OF stocks was going
on by the powerful banking and financial
interests which were buyers OF important
stocks before the many recent rumors of
vast consolidation gained currency This
caused fight among the shorts and in at
tempting 10 get back stocks sold earlier
they caused prices 10 advance very gem
orally above Saturdays level. In st. Paul
the rally was AZ points, in Amalgamated
Copper 54 In the local fractions from %.
TO 80. in Peoples Gas, IN Sugar and To-
bacco from 2is TO "a in Northern Pacific
81. IN Union Pacific and Pennsylvania pa
each. and In large number Of the active
stocks from 70 points. The steel stocks
we're not Is promi1ent In the rally a. the