The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-22
SHARP RALLY IN STOCKS
CLOSING WAS AT HIGHER PRICES
In PRACTICALLY THE
ENTIRE LIST
CAUGHT THE SHORTS MAPPING
In the Earlier Dealings There Was
an Appearance aof DemoraIizn-
ton, Which Suddenly Gave
Way to BuOyancy.

NEW YORK, jan 21.-The complete re-
covery of the stock market from the
rather alarming weakness shown during
the early hours of trading this morning
was astounding demonstration of recuper-
ative force. The speculative liquidation
at the opening was SO violent as TO give
an appearance Of semi demoralization in
the market, and the selling 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 risen above Saturday, and the
last hour showed an urgent and confident
buying movement on the floor. The early
weakness was the logicaf sequence of the
course of the market last week, and the
action was inevitable. In a market In
which extensive long accounts exist this
means that brokers, in order to protect
themselves, call for additional 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 OF to save losses The
professional bear operators are able to
judge pretty shrewdly Of the proba BILE
meal influence in the market was rein
forced this morning by the feeling Of
depression common to all the securities
markets of the world. over the approach
OF the queen is not likely to have direct
influence on values of securities either
mere Or abroad, but capital, always APP
prehensiVe over change in the order
OF things, expressed itself by the selling
of securities. In the opening break in
Irices, such declines We're witnessed as
Northern Pacific, 81 in Amalgagnated
copper, from l to points In the steel
stocks and L to points in the principal
actlVe stocks all through the list The
Wleldly snort interest, which stood eager
ly waiting to take profits by buying
STOCKS at the decline There was an in,
huentfal section Of the ma. ket also whicl,
refused to yield TO the depressjon Mis-
sou11 Pacific CAVES way only u. and was
immediately marker Sup to a level suh
ffttan l,a above Saturday, and held there
u lose buoyantlya to E90A which was 81
above the early 0waDpoint The traders
t 11a the mov.eHlSht in the belief that
from 9 's Sources N the stock came
for some time pastA1ith plans for tab.
ing over and consolidating the So11thy,a
ern rallroad$ systemsai' That whole group
Vas Was I'm tnrougheuss the day. and Wa
oash issued shares Jiaufte fully in the
strength of Missouri Pacific. Wahasb
6 6ebanfrG rose s rs ne Preferred AZ and the
ing IN ether parts Of the list sso rove ' tIo
traders ground foT. the supposition th ht1t
d renewed ABSORPTION of stocks was 90
fiiS on Gy the powerful banking and
1nanclal interests, which were ,1iIz$inte Of
IMPORTANT stocks before the many recant
r Io OF OF, vast consolidating gained cur
rency This caused a fright anon t r1a
shorts, and in attempting to get ha soe
stocks sold earlier they CAUSED nrices So IN
ADVANCE ADVANCE very generally above Saturio &c
level: In st. Paul the raIly was VA sa az
POINTS POM Amoalgamated Copper ~, in tba
local fractions from "a to 3S3 in panni ne
e1dds' IN Sugar and Tobacco ir1n1 tiIS
"a, IN Northern Pacific ~. in I-nian
racine and Pennsylvania 2Ap each ana IN
large number of the active stocks ~ f.o ~,
TO points. The steel stocks vace li 71nt
as as prominent in the rally as the res+ mo- %
the market, and Pressed Steel fy test ' OF
dended its loss to 81 points ,fter ~ ~
general market l1fUdatIfned -r1rjySTc ne t,ie
closing was firm and at aboIt III - INC nc
prices of the day The recu me- 4 ttTsI
power manifested by the market h! Nv,
Set many preconceived ideas of Tho f,,t'
t ther extent of the decline in nrices M u
I9er exports of gold are genera iiV e1,, = tai
ca TINS week, but the availa bic funI4i Pect-
30 ABUNDANT as to give confidence IN sc
li4ueq ease of money. III Gull
Itallroad bonds were easier INIT, a.,
ldIse demand developed for Wahs 49,. ne We
thIureS, when they became irrese,7ialr. u 1ro
ga sales par value, S. 4O5 006 o.
an rs IIeLuthdlng Is advanced * per nent
STOCK QUOTATIONS..
r. Furnished by Charles II. f. Smith T.
F!TS,ba n nrln of the New York STOCK
hsva d!s, Pioneer Press building. who
YORK Last wires to Chicago and New