The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-01-22
IN THE STOCK MARKET.
Stocks Showed Wonderful Recovery from
Early Weakness.
DEMONSTRATED RECUPERATIyt FORCE
Prices Rose Above saturday with an
Urgent and Confident BuYtng
Movement.

New York. January I.-The complete re-
covery Of the st ok market from the rather
alarming weakness shown during the early
hours q the trading this morning was an
astounding demonstration OF recuperative
force Tho speculative liquidation at the
opening was so violent as to give an appear
ance Of semi Generalization on the market
and the selling was evidently forced by tho
wlping GU; of margins AMI The ncovering
OF stop-loss orders Yet he.ore the day
closod the prices had risen above Saturday,
ard tie last hour showed an urgent and con
Gdent buying movement on the floor. The
carly weakness was re logical sequence of
the course OF the market last week and the
general apprehension that i further rea--
zion was Inevitable.
In a market n which extensive long &C
counts exist this means that brokers, in or
der to project themselves, call Tor additional
security from their customers for the ex-
tension OF margins. This dis loses many
persOns who are unwilling or unable to sup
ply further margins ana wno order the sale
OF their holdings, e.lher to lake what profits
are left or to save losses. The professional
her operators are able 20 Judge pretty
ahCewdly Of the probable volume of such
orders. This purely technical influence III
tho market was rein orcsd tnis morning ov
the leeing OF depression COMMON TO all the
security markets. or the weird over the ap-
preaching death OF Queen Victoria. The
death Of the queen Is not likely to have
direct influence on values OF securities either
here or abroad. but capital, always appre-
htnaiNe over change IN the order of
things, EXPIRE sed'' itse by the selling of
securities. In the opening break in prices
such declines were Witnessed 3% in 81.
Paul; 81 in Pennsylvania; in Northern
Pacific Amulqana cd 1
to points in the steel stocks and to
points in the principal active stocks all
through the list,
The first element in the rally was the I'M
yielding short interest which stood eagerly
waiting to take profits by buying stocks at
the decline. There was an influential section
OF the market also which refused TO yield
TO the depression Missouri Pacific gave
way only u and was lmmed ately marked up
to level substantially above Saturday and
held there throughout the day. In the late
dealln$s 1t rose buoyantly to 500, which
was 552 above the early low point The
traders followed he movement in the be
lief that the largest buying OF the stocks
came from sources which have been credited
over and consolidating the Southwestern
ra.iroai systems. That whole group was
active throughout the day, and the Wabash
issues shared quito fully in tho strength OF
Missouri Pacific, Wabash common rose rs.
the preferred Az and the debentures "a.
Tue character Of the buying in other parts
- 'Ait ilAl EhNe inc lldutIS ground IOI the
suppositlon that renewed absorption of
stocks was going on by the powerful bank
ing and financial interests which were buy
ers o. important stocks before the many re-
cent rumors Of vast consolidation gained
currency. This caused fright among the
shorts, and In attempting to get back stocks
sold early, they caused prices to advance
very generally above Saturdays level In
St Paul the rally was "A points in Anal
gamaed Conner ga. IN the local fractions
rom "a to ~ in Peoples Gas Sugar and
Tobacco from ~ to ga; in Northern Pa
cihc SA in Union Pacific and Pennsylvania
ga each. and in large number OF the active
stocks from ! to 2 points The close was
firm and at about the best prices of the
day The recuperative power manifested nv
thS market has upset many preconcelyed
prices ~
Fur her exports Of gold are generally OK
pected this week, but the available funds
are SO abundant as to give confidence In
continued ease of money.
.hauroal bonds were easier until the large
demand developed for Wabash debentures
when they became irregular. Total sales
par value S5,iO5 600 'e''