Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-01-21
FINANCIAL AND
COMMERCIAL
DAILY RECORD OF THE EAST.
ERIN STOCK MARKETS AND
REPORT OF THE NEW
YORK STOCK EXCHANGE,
Railroad, Grain, and Produce, Wool
and Other Northumberland
Review of Trade. ......

New York, Jan. 21.-The bear party
IN the stock market found things very
much to their liking this morning, AMI
there was a reckless unloa ding of stocks
for something over half an hour after
the opening. The desire to save profits
or to prevent losses on largely extended
long accounts was the principal element
OF the weakness, but the critical condi-
ton of the queen of England had very
marked sentimental effect. Thus, while
selling of stock for London account was
a small element in the break in prices
last week, persistent decline in the pro-
cess of speculative liquidation was d.
rectly accountable for the action of the
market. The Impairment Of margins
had the effect of very general demands
from brokers for additional securitia;
from their customers The inevitable
effect of such condition of affairs >
the placing of large orders to sell stocks.
The bear party on the exchange, aware
of the fact that there We're very large
selling orders to be executed, We're al4rc
to take the market away from thos.
looking to liquidate, and afterwards 10
offer prices down with the purpose Of
uncovering stop loss orders. With h,
Hood Of selling orders for both accounts
Which We're thrown upon the market,
the prices of stocks broke in sonieWhS.
alarming manner. There were such de-
clines from Saturdays prices as ""s in
St. Paul, in Pennsylvania. 3 in North
ern Pacific, 2as in Colorado Fuel, in
Pressed Steel Car and 3A in An:a.gam-
ated Copper. A large number of tn.
prominent stocks on the list suffer-l tn
the extent Of between l and , points.
The unwie]dy proportions of the short
interest in the market again proved a
powerful supporting influence and bears
showed themselves eager to cover. The
lowest prices of the very weak stocks
We're mere mOmentary dips, with imnlc>
diate rallies. Thus there was hut
single sale of st. Paul at 142ia, and with
a few succeeding transactions tn stock
Went back to IA.
There was notable strength in Mis-
souri, Pacific throughout the furry.
After a small fractional decline it rose
rapidly 3 points above Saturday ana had
a large influence in checking t!.a weak
ness elsewhere. Amalgamatal Copper
recovered 31a, st. Paul "a, Pen1sylva-
MIA IL, Kansas and Texas preferred :,
and a large number of stocks from l to
lie, bringing prices in many instances
near to or above Saturdays level.
This substantial rally IN prices caused
the excitement. to subslue, and dealings
fell away TO 4 comparatively small vDl-
ume. The undcrtone Of the market cJn-
nued rather h"rvous, but the heavy
liquidation ceased.
After midday the Wabash securities
became buoyant. the common rising 21a.
the preferred and the debenture bonds
points.
When, later, the speculative demand
for the Wabash issues abated, sharp
losses followed which affected the gen.
eral market. st. Paul, Baltimore &
Ohio, Northern Pacific. Brooklyn Rapid
Transit, Manhattan, Metropolitan a~i
Erie first preferred were offered freely
and lost over point. The Steel stocks
were inclined to yield. The whole mar
ket was steady, but continued duh.
In the final dealings the upward
movement took on renewed vigor under
the impetus of enormous buying of Mis-
souri, Pacific. That stock rose to near
81. and the earlier losses We're COM
pletely wiped out and net gains estab-
lished varying from a fraction to oven
a point. Even st. Paul and Amalgam-
ated Copper rose buoyantly over Satur-
days level. The closing was active and
firm, near top prices.
Bonds were easier in tone.