The Washington times., 1916-12-16
UPWARD SWING OF yEsTER-
DAY IS CONTINUED TODAY.
Position of Russian Premier and
Dumba Toward Peace Pro-
posals Strengthens Trading.
lndustrials Show Advances Of
From One to Five Points.
Unsettled State Of Exchange
to Be Expected Until Janu-
airy I.

NEW YORK, Dec. 18.-The upward
swing in the stock market which De
gan In yesterdays late trading WITH
the Improvement In the speculative
position and better buying, much Vi
which was credited to influential
banking interests, was given add
tionai Impetus today by the firm
stand taken by the Russian premier
and Duma In opposition to Germany's
peace overtures.
Advances at the opening ranged
from I TO points In the Industrial
list. Naturally the railroad depart
ment did not make the initial gains
registered elsewhere, since at no time
have these issues been under the
pressure that the industrials have. but
nevertheless, they were consistently
strong. particularly among the minor
rails.
At yesterdays low level prices were
very attractive to the many In the
Street who have plenty OF money ana
are not averse to spending IL In the
acquiring of bargains. The present
situation IL remarkable In that there
are all the outward appearances OF a
near-r anic without any of the usual
acconipaniments OF money stringency
or banking nervousness.
The bankers do not feel the alight'
est perturbation over the possibility
Of q return to peace conditions. IL In
those who are loaded up with stocks
who were constrained to worry, as
we'll they might. The anomalous stu
alton, however. OF market disturb
ance with money In abundance from
past and present profits with future
that has many bright features, war
or peace, will undoubtedly operate 10
keep the market In n more or less un.
IN
The frst half hour OF trading today
stocks advanced consistently with ex.
oellont recoveries from tho recent
slumps. Business was very active.
United States Steel, for example. open.
cd nearly 2 points up, and Anaconda
Copper advanced n point IN good vol
ume OF trading. The other copper
and steel shares made corresponding
The equipment stocks and the war
speciaities showed a distinctly better
tone throughout, as did the shipping
Issues, particularly Mercantile Marine
preferred. which advanced more than
4 points. The railroad list was strong
within narrower limits. Union Pa
cinc and Reading each advanced more
than a point. The minor rails were
In specially good demand demand and mana,
weekend settlements, however, en-.
rendered cross currents In the second
hour which operated to cause some
fluctuations In prices, but tbs under.
tone remained strong. Sentiment was
greatly improved not only by tho In.
dications that Their would be no
peace In the Immediate future, but
also by an improved attitude with re-
spsct to peace itself. Prediction. are
not quite so freely heard In Wall
Street that the end OF the war means
the destruction OF this countrys
London was Arm and is engaged
mainly In looking forward to what
Mr., Lloyd. George will have TO say on
the peace developments when he
makes his first appearance before
Parliament as premier. The foreign
exchange market was somewhat
lower.
Prices moved narrowly Irregular for
the most art In the remainder or the
session, with the general level OF
prices 1 TO 2 points above Friday, The
steel and copper shares held well at
quotations slightly lower than the
best OF the day.
The railroad list ruled point or
more above the previous closing
Wheat had n wild opening with sen
satIonai advances as high as 10 cent.
a bushel followed by reaction ana
some violent flucuations. Cotton was
under pressure on the Russian peace
news with movements narrow, now
ever.