Omaha daily bee., 1901-01-22
or srocKs AND noSDs
stocks Open n Tribe weak, but rally
AstOniphtuUIy.

NEW YORK, Jan 2l.-The complete re-
covery of the stock market from the rather
alarming weakness shown during the early
hours of the trading this morning was an
astounding demonstration OF recuperattve
force. The speculative liquidation at the
opening was so violent as to give an ap-
pearance Of semi in the
market and the selling was evidently forced
by the wiping out Of margins and the un-
covering OF stop loss orders. Yet before the
dav closed the general level Of prices had
risen above Saturday and the last hour
movement on the floor. The early weak
ness was the logical sequence of the course
apprehension that n further reaction was
inevitable. In n market In which extensive
long accounts exist this means that brokers
In order to protect themselves call for adj
ditional security from their customers for
the extension Of margins. This discloses
many persons who are unwilling or unable
to supply further margins and VINO order the
sale OF their holdings either to take what
profits are left or to save losses.
The professional bear operators are able
to Judge pretty shrewdly OF the probable
vol ume Of such orders. This purely techni-
cal influence was reinforced this morning
by the feeling of depression common to all
the securities markets of the world. over
the approaching death OF Queen Victoria.
The death Of the queen is not likely TO
have a direct Influence on values OF Sc
curities either here or abroad, but capital,
always apprehensive over change In the
order 9f things, Expressed itself by selling
prices such declines were Witnessed as 3as
In st. Paul. 3is in Pennsylvania. 3 in North
ern Pacific. 5% in Amagamated Copper,
from | to points In the steel stocks and
to 2 points in the principal active stocks
all through the list.
unwieldy short interest which stood eagerly
waiting to take profits by buying stocks at
the decline. There WAS an influential sec
tion of the market also which refused to
yield to the depression. Missouri Pacific
gave way only =. and was immediately
Saturday hold tbprp thrnuphoIt tho
day. In the late dealings IL rose buoyantly
to 9os4, which was 51s above the, early low
point The traders followed the move
ment in the belief that the largest 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. The whole
group was firm Throughout the day and
the Wabash Issues shared quite fully In the
strength of Missouri Pacific. Wabash COM
mon rose 2Ts, the preferred 4Is and the de-
bentures "A. The character of the buying
In other parts of the list gave the traders
absorption of stocks was going on by the
powerful banking and financial interests
which were buyers of important stocks be-
fore the many recent ruinors OF vast con-
solidation gained currency. This caused n
fright amongst the shorts and In attempting
to get back stocks sold earlier they caused
prices to advance very generally above
Saturdays level. In st. Paul the rally was
4l4 points. In Amalgamated Copper 50, in
the local fractions from pa to 3A.. In
Peoples Gas, In Sugar and Tobacco, from
! 2lh to pa each and in n large number OF
the active stocks from l to points. The
steel stocks were not as prominent In the
rally as the rest of the market and Pressed
| Steel Car extended its loss TO 5h points
| after the general market had turned up
ward. The closing was firm and at about
| the best prices of the day. The recupera-
tive power manifested by. the market has
upset many preconceivcd ideas OF the fur
| ther extent of the decline in prices.
| Further exports OF gold are generally ex-
pected this week, but the available funds
nre so abundant as to give confidence In
| continued ease of money.
| Railroad bonds were easier until the
| large demand developed for Wabash de.
bentures. when they became irregular
Total sales. par value. s5,4Oo,OOO. U. s
| last call
The following the closing prices or
The New York Stock exchange.