The daily morning journal and courier., 1901-01-22
EtnaMCrul.
THE STOCK MARKET.
An Astonishing Demonstration of Re

An Astonishing Demonstration of Re-
 cuperntive Force.
 New York, Jan. 21-The complete re-
 covery of the stock market from the
 rather alarming weakness shown dur
 ing the early hours of the trading this
 morning was an astounding demonstra-
 tior of recuperative force. The specu-
 lative liquidation at the opening was so violent as to give an appearance of
 mi-demoralization in the market, and
 the selling was evidently forced by the | wiping out of margins and the uncov 1 ering of stop loss 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
 that a further reaction was inevitable. In market in which extensive long ac-
 counts exist this means that brokers, in
 order to protect themselves, call for ad-
 ditional security from their customers
 for the extension of margins, The con-
 sequence always Is an unwillingness or
 an inability on the part of many per
 sons to supply further margins and an
 order to sell 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
 11,o h 1, vol nf pr1prg This
 purely technical influence in the market
 was reinforced this morning by the feel
 ing of depression, common to all the se-
 curities markets of the world, over the approaching death of Queen Victoria. The death of the queen is not likely to have direct influence on values of se
 curities, either here or abroad. But the naturally conservative nature of capital is always apprehensive over change in the order of things, and expressed it. self by the selling of securities.
 In the opening break In prices such declines were witnessed at 3% in St. Paul, 31a in Pennsylvania, in North ern Pacific, 3A in Amalgamated Copper from 1 to 3 points in the steel stocks and 1 to points In the principal active stocks all through the list The first element in the rally was the short in- terest, which stood eagerly waiting to take profits by buying stocks at the de- cline. There was an influential section of the market also which refused to | yield to the depression. Missouri Pa | oific gave way only A and was immedi- | ately marked up to a level substantially | above Saturday and held there through out the day. In the late dealings it rose buoyantly to 90%, which was 51b ! above the early low point.
 The traders followed the movement 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 consoli- dating the southwestern railroad sys- tenn. That whole group was firm the day and the Wabash is- sues shared quite fully in the strength of Missouri Pacific. Wabash common rose 2M, the preferred 4h and the de- bentures fl. The character of the buy ing in other parts of the list gave the traders ground for the supposition that ] renewed absorption of stocks was go- E, ing 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 a fright among the shorts and in attempting to get back stocks sold earlier they caused prices to advance very generally above level. In St. Paul the rally was IA points in Amalgamated Cop per 5&, in the local fractions from 2% 70 3s4 in Peoples Gas, Sugar and To- 1acco, from 21h to 2&, in Northern Pa life 3A. in Union Pacific and Pennsyl- 5ania 2h each and in a large number If the active stocks from 1 to points The steel stocks were not as prominent l n the rally as the rest of the market z tnd Pressed Steel Car extended it's loss :. o 5A points after the general market 8 lad turned upwards. The closing was I irm and at about the best prices of the ! lay. !