The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-22
MARKET CLOSED
WITH SHARP RALLY
Complete Recovery From Weakness
of Early Hours,
URGENT BUYING IN FORCE.
Genera, LcYcl OF Prices I;os, Consid-
crabIy Above Saturday, Ciosin.
Firm AT Best Prices Tor
the Day.
URGENT BUYING IN FORCE.
lRr Associated rress. !

NEW YORK. Jan 21.-Thc complete re-
CoTcr'y OF the stock market from the
rather alarming weakness shown during
the carly hours OF the trading this morn
ing was an astounding demonstration of
recuncratiVc force.
The speculative liquidation at the OPEN
ing WAS - rlolent as TO give an appear
llCe OF semi cation in the mar
kct, and the selling was evidently forced
by The wiping out of margins ana the u'l-
covering of Stop-lcw; orders. Yet before
the day closed The general level OF prices
had risen above Saturday. and the last
hour OF the market showed an urgent and
confident buying movement in force
The early weakness was the logical
sequence OF the course of the market last
week and the general apprehension tina t
a further reaction was inevitable. In n
market in which extensive long accounts
exist this means that brokers. III order
IL protect themselves. call for additional
security from their customers for the eX-
tension OF margins. This discloses many
persons who are unwilling or unablc to
supply further margins. and who ORDER
The sale OF their holdings. either 10 take
what profits are lett or to save losses.
The prof cSSional bear operators are Aoic
TO judge pretty Shrewdiy OF the amount
of such orders. This influence in the
market this morning was reinforced by
the feeling OF depression, common to all
The securities markets OF the world over
the approaching death OF Queen Victoria.
The Death O! the Queen is not likely TO
have a direct influence on values OF Sc
curitieS either here or abroad. but capt.
tai. always apprehcnsive over anything
out of the regular order OF things, cN-
pressed itself by selling securities IN me
opening prices such declines We're wit
messed as :!&s in St. Paul, FL in St. Paul
preferred, ~ III Amalgamated Copper,
from / To points IN steel stocks ana
l. TO / u points III active stocks all through
the list.
waiting TO take stocks at the decline.
Missouri Pacific gave way only a. ana
was Immediately marked up TO level
substantially about Saturday. and held
there throughout the day. In the late
dealings it rose 10 90M. which was Jl2
moved the movement in the belief that
the largest buying of stocks came from
sources which have been credited Tor some
time past with plans for taking over. and
consolidating the Southwestern railway
systems That whole group was iirn
throughout the day, and Wabash issues
shared quite fully in the strength OF Mis-
souri, Pacific. Wabash rose rs ana the
dcbentureS 4
The character of tie buying in other
parts of the list gave the traders ground
Tor the supposition that a renewed 40
Sorbtion OF stocks was going Oh by the
powerful banking and financial interests
which were buyers of important stocks
before Tie many recent rulnorS OF vast
consultations gained currency ms
caused a fright amongst the shorts ana
i'm attnInp1ins to get back stocks sold
carrier they caused prices to advance
very generally 3;bove Saturdays level. In
81 PAM the rally wasI in Amalgamated
Copper AK. in the local fractions from ~
to s:.. in Peoples Gas, in Sugar and To-
bacco from ~ 10 2a4, in Northern Paciiic
:I,. in Union Pacific and Pennsylvania "a
each. and in a large number of the active
.-tprl- from / to = points.
The steel stocks We're not as prominent
IN the rally as the rest OF the market dnd
I-csead Steel Car extended its loss to ia
points after the general market had
tmrned inward. The closing was firm at
about the best prices OF the day A.
I,rge demand developed for Wabash de-
TEXTURES when they became Irregular;
Total sales. par ralue SJ.4o5e0o. United
States refunding rs advanced IS per cent.
To-day's total stock sales were l'13o'eo
shares.