The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-22
MARKET STRENGTH
RALLIES GREATLY
OPENS on ACTIVE TRADING AT
SHARP GENERAL
GAINS.
RISE Is A STEADY ONE.
DEALINGS CONTRACT ABOUT MID
SEASON. But IN THE LAST
HOUR UPWARD MOVEMENT
RENEWED.
RISE IS A STEADY ONE

NEW YORK. Oct 21--Not since
the day early last June when the stock
market rallied violently from the eT-
.resne OF decline which had continued
for more than SIX months. mas there
been such an aggressive demonstra-
ton of intrinsic strength as the Wall
Street share list gave today.
with advanced prices established
overnight in London followed by fair
ly heavy foreign buying here. the
market opened on active trading at
sharp general gains, and rose rapidly
and steadily thereafter throughout
the forenoon. During mtdsession
dealings contracted. bat The higher
prices evoked no pressure and in the
last hour the upward movement was
continued hriskiy and firmly, closing
figures being quite commonly about
the best Of the day.
Show Uniformity.
Net changes showed a striking uni
forr1ity Of substantial gain. Such
leaders as Reading. Union Pacific and
United States Steel were up three
points or more each. A large num-
Der Of stocks retained net advance
OF upwards of two points Canadian
Pacific closed more than five points
higher than on Monday Total trans
actions were about three hundred
EHaTeg uldET Inc fpkNliAc VA tA1C az %
day OF recovery last June, but they
denoted, nevertheless. large and
sudden expansion in trading.
The market thus In every way gave
striking confirmation of the tenden-
cles toward recovery which were dis
cernible after the middle OF last week,
it was inferential from the strength
OF the movement, and Its relatively
broad huoyancy that the technical
haA pYaa
to one OF marked strength by the
fresh decline, which set in more than
n month ago.
The familiar process Of trans
ferring stocks and commitments from
comparatively weak hands to hands
better able TO hold them. had also
been supplemented by an inordinatt
amount Of speculative selling for the
fall The existence of an unwieldly
short interest was one Of the dis
closures of the dealings today. anC
there were some signs before the
end Of the session, and afterwards
that the retirement Of bearfsh con
tracts had not materially diminished
the short account
Traders Tempted.
The pace 0r advances tempted
traders to take the selling side II
the afternoon as did also the genera
. lack Of appreciation of the tmportan
reasons which had been vouchsafet
for an outward change in the aspec
Of the market
Whether or not anything OF NOR
consequence than technical improve
ment in the position OF the share lis
was responsible for the vigorous all
around upturn remains to be seer
Al the same time there are feature
OF the situation which suggest tina
an essential change may have beef
effected in the outlook for values
It can hardly have escaped attention
that there are certain similarittcs be
tween the reversal Of the marke
movement this month and the simila
reversal In June. Then as now Their
was an agreement IN London To sus
pend new security demands on tn
money market following an astonish
ing failure Of fietations. and folIowe
by prompt proners OF London credt
here.
Contraction OF Securities.
Then as now there has been yer
great contraction Of security value
and shift of holdings OF securitie'
both abroad and at home.
The stock market recovery, whic
began here In June. was accompanie
nv recovery abroad. and coincide
with. The inauguration Of eurrenc
legislation a Washington by IN
same token II is very interesting I
observe that the latest symptoms {
recovery In stocks in Wall Street hay
been matched by recovery in stocks
Wall Street and been matched by RI
covering symptoms in London, an
both have conceded with the ev
dence Of an improved prospect Il
the enactment Of an acceptable cul
rency bill al Washington.