The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-01-22
HEH YORK STOCKS
An Alarming Weakness Ends
in Recovery.
BEFORE The DAY CLOSED
Early Losses Were Made Up
ins6eneral Levels.

New York, jan 1.-THE complete re-
covery of the stock market from the
rather alarming weakness shown during
the early hours OF the trading this NOM
ing was an astounding demonstration Of
recrperative force. The speculative
liquidation at the opening was 50 violent
as 10 give an appearance of semi-demor-
alization in the market. and the ceiling
was evidently forced by the wiping out
Of margins and the uncovering OF stop
loss orders. Yet before the DAY closed,
the general level of prices had Iisen
above Saturday. and the last hour show
ed an urgent and confident buying move
ment or the floor The early weakness
was the logical sequence OF the course
of me market last week and the general
apurenension that a further reaction was
inevitable IN a market IN which extern
sive long accounts exist, this means tAat
brokers, in order TO protect themselves
call for additional security from thelF
customers. for the extension OF margins
This discloses many persons VINO are IN
willing or unable to supply further mar
gins. and who ordered the sale OF their
holdings. either to take What proits are
left or TO save losses. The professional
bear. operators are able TO judge pretty
shrewdIy of the probable volume Of such
orders. This purely technical influence
IN the market was reinforced this morn
ing by the feeling Of depression, COM
mon to all the securities markets Of the
world. over the approaching deatn OF
Queen Victoria The death of the queen
Il not likely TO have a direct effect on
va luas Of securities either here or abroad
but capital always apprehensive over
change in the order of things, expressed
itself BY the selling Of securities. In me
opening break Of prices such declines
were witnessed as 3ss 4n sc. Paul 81 IN
PENNSYLVANIA, in Northern Pacific, "a
in Amalgamated Copper. from 70
points in steel stocks, and l to points
I'm the principal stocks all through the
list The first element in the rally was
the unwieldly short interest which stood
eagerly waiting TO take profits by buying
stock at the decline.
There was an influential section of the
market also which refused 10 yieid 10
the depression Missouri Pacific gave
wav only Il and was Immediately mark
ed up TO a level subs tantally above sat
urdaE. and held there throughout the
day. IN the late dealings 1t rose buoy"
antly to scsao. which was 81 above the
early low point. The traders followed
the movement in the belief that ere
largest buying of the stock came from
sources which have been credited for
some time past with plans for taking
over and consolidating the Southern
railroad systems. That whole group was
firm throughout the day. and the Wa
bash issues shared quite fully In go
strength of Missouri Pacific. Wabash
common rose rs, the preferred As, and
the debenture "A. The character of the
Of ne g
the traders ground FOR the supposition
that a renewed absorption Of stocks was
going on by the powerful banking and
financial interests which were buy ers OF
important stocks before the many re-
cent runners Of vast consolidation gained
currency This caused a fright amongst
the shorts and in attempting to get back
stocks sold earlier, they caused prices
TO advance very generally above Satur-
days level. In St Paul the rally was
II points, in Amalganated Copper -,
in the local fractions from ~ to 81,
in Peoples Gas and Sugar ana Tobacco
from 21s TO %. in Northern Pacific 3A,
IN Union Pacific and Pennsylvania "a
each. and in a large number of the ac-
tive stocks from / 10 2 points. The
steel stocks were not az prominent IN
tie rally as the rest Of the market, and
Pressed Steel Car extended its loss TO
"a points after the general market had
turned upward. The closing was firm
and at about the best prices Of the day.
The recuperatve power manifested by
the market has upset many precOn-
oeived ideas Of the further extenDs-of
the decline IN prices. Further exports
Of gold are generally expected this week.
but the available funds are so abundant
as TO give confidence IN continued ease
Of money. Closing prices OF stocks were
as follows: