Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-10-18
STRONG CLOSING
FOR WEEK END
Nearly All of the Leaders Move
Upward, Following Demand
for Stocks.
SHORTS IN COVERING
MEET COMPETITION
Buyers for Long Account Assist in
Pushing Up Prices-Raiding
Tactics Fail.

NEW YORK, October 1S.-There was a
good demand for stocks at the opening
today. Bear traders were DESTROYS Of
evening up their commitments over the
week end and bidding from this source
was mainly responsible for substantial
gains among most Of the leading stocks.
Union Pacific. Southern Pacific. Cana
dian Pacific. Amalgamated and Can rose
a point each. Colorado Southern lost
one.
When SPECTATORS for the decline started
to cover :hey found stocks scarce and
were forced to bid UP prices smartly to
obtain sufficient supply. After variety
OF shares had been lifted 1 to III, the ad-
vance was arrested by rapid fall in the
Can issues. The common ran off from
S1ss to 29l4. and the preferred from 915s
to S9h Beet sugar also went down If,
but recessions otherwise were small.
The market closed strong.
Shorts Are Alarmed.
Virtually all Of the leading stocks moved
upward swiftly today. The shorts were
alarmed at their inability to promote fur
Their liquidation by raiding tactics, and
were forced to take to cover. Indications
wieldy proportions during the last fort
night and that the bears had too mucn
OF weak following caused some of the
large operators to cnange front and work
actively for a rise.
The shorts, in their efforts to cover,
were thus forced into competition witt
buyers for the long account, which soon
pushed up the representative issues 1 to
2 points.
Although there was no decided improve
ment in sentiment, the growing ease in
money, encouraging news from trade CEN
ters- and the strong technical position of
the market We're referred to as favorable
to an Improvement in values.
Bonds were irregular.
Weeks Course Downward.
The course of prices this week con-
tinued to reflect the unfavorable con-
struction placed upon present. market
factors by the trading element. The
downward movement of the last few
weeks was continued and new low prices
were made all through the list.
In some cases quotations were carried
back to the low points reached in the
June slump.
The general situation was little chang
ed by the developments of the week. I'm
certainty as to the effect of tariff
changes and currency legislation were
considerations uppermost in the minds
of traders.
Recent events in Mexico again brought
to the fore the situation there as a DIS
turbing influence.
Rallies Due to Short Covering.
The low prices of stocks failed to at
tract investors. and there was no con-
siderable demand.
Rallies which occurred from time to
time apparently were due principally to
short covering.
Conditions in foreign money markets
were not encouraging. and there was
some selling Of stocks here for foreign
account A further advance in the Bank
Of England's discount rate was regard
ed by international bankers here as not
improbable. The local money market
tended toward greater ease owing large
ly to the comparatively small demands
for stock market purposes. and to the
deposit of government funds in banks
of the west and south for crop moving
purposes.