The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-01-01
MARKET RESPONDS TO
MUCH OPTIMISTIC NEWS
sIiliion-shase Day Winds Up Year
VIA, Market ytnoIani and
s1!oee Riding.
40 RESTITUTION Il Ursw1Sc
American Buyers Reflect the Conf
aience CountrS'S Splendid Business
Condition JuSt;fio@--N oney Ia
Plenty For All Business Purposes.

New York. pee. Si--A million
share day IN fSe sto%N mar ket Win
the trading on a sca.e of broadening
huoyancf IN the rise ot prices Z"
new high average f"r fepre~e ht'''Ns
issues and with stu 3a~] ratisc ana
yus-74-wste y',A .,.-.-.sslilC fashion IN
which Wal ree, voted confidence
IN the 1898 fItr-aSct for values as
finance wa CiC~ia.s Is books Tor th'
marvellous wear 90 1879.
The marxet stimulated by the pub
itshe.l outlines Of Austria's satlsfac-
tory concession to Washington de
nands. advanced stConS% overnight
ants closed strong al Substantial gains
with practically no hesitation In the
,lpswing Of prices. and with every In
dieation that the cumulative effect OF
tho many recent developments denot-
ing the highly profitable expansion OF
trade and industry IN all lines was al
last in the way Of compelling ade-
ouata reflection in securities. The gen
sral business situation, reinforced az IL
Is by the soundest and strongest bank
ing position which the country aaS
ever known. happened to be impress
siyel, illustrated In one OF tn" import
ant items OF the days news, the
statement Of the New York Central
system for November. The New York
Central alone reported an increase oi
almost - dttN tee Ert1e-.--ef4a q 4tft
infrease of about So, 600. while
the gross and net gains for all the
Central Tines were 81 39S,0oo and SIS
s,te0.
Bonds Active. Too.
Bond, were active ana strong WIN
stock. md att rtle 1vpectx of me --t-'s-
sion suggested "a more confident "A-
pansion OF investment as Vel as ot
speculative purchases. Meanwhile.
call money closed the year at l 81
per cent. Nothing like this indica-
ton Of the money market has ever
been seen at this season in any period
of profitable activity, much less such
tremendous activity as general husi-
mess now enjoys.
After the more or less disturbing
commentaries. which Washington and
European advicts lad furnished for
the past fortnight on the controversy
with Austria. the news Of Austria <
concession In the Ancoua matter came
with all the 3orce of gratifying sur
prise and provided powerful I'M
pulse to constructive operations IN
stocks The market opened sharply
upward 20 sharply. indeed, that trad
erS proceeded 80 sell the list freely
on the theory that the advance could
not hold There was little setback.
however. for the list had been proved
clearly to be in a very strong posi-
tion and for the rest Of the day the
chronicle OF the market was one OF
steady gain only checked at times by
realizing sales, which obviously en-
eountered increasing absorptive Capac-
lily
The weekly bank statement dis
closed a loan increase Of 46,S50,06o.
srhs~h fl1rf bav taken eff The nor.
Jistent spread Of finabcial and bust
aeSs enterprise. In the foreign eN-
change market sterling and francs
we're off little from tire recent high
eveis Of recovery. but German. Aus
fian and italian bills sold down 20
bout he lowest levels to which they
rave fallen.