The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-14
PEACE TALK WILL
KEEP STREET GUESSING
Period Of Irrcgularity VIII Continue
Pending Reply of Entente 10
German Proposals,
COTTON CLOSES MET LOWER.
Ono DiSCnnccrtinc FEATURE IL Record
low Mark OF Russian Exchange,
While Central Power Exchange
Power show Signs of Recovery.
Ry RROADNN WALL.

New York Dee. IS-Streugth Inv
the stock market today was nothing
more than "a reaction from the de-
moraNzatioa OF the previous session
No particular stock stood out II was
Il general movement upward 5ust as
the movement OF the previous da1
was a general one downward The
recovery was caused iy almost IMAM -
nous International belief that Ger
INA 0y's terms would not be accepted.
no matter what they are
About the worst reSalts that hank
ers expect from me incident Is
period Of IrreEuiar.,y N the market.
As tAe proposition - Germany Is an
Official comwur: alton. Il IS expected
that the allies WI. - matter Of
course. &c through ne form % con
s3deyInC l. The mere routine Of this
VIII take several lays and an answer
cannot be expected for a week or ton
DAYS at tn" earl est Until that an
swer IS made any person taking II
FOR granted that no step has been
made towarf the esta biishment Of
peace NAV make serious mistake
Bankers have aee- expecting the war
= collapse next March ana some Of
them :h.7k thar possibly Germany
- looking forward 70 next March and
would ike 20 cad Il now
Would Prove Disastrous
While peace = Il should come al
the end o. completed war would
not be destructive - American In
6astrleS nor 70 serious thing for in
Testors, peace now voald be consider
81 disaster lay Wall Street for
obvious reasons II should be thor
oughly understood by the public that
Wa, Street IS not selfish in This mat
Tina c. lac.
occasions always represents the sin
cere and well-intorned opinion Of the
hest business and patriotic sentiment
az the country Looking back AZ
Tuesdays market i II surprisir< that
II broke a. little RS 1t did ia view
Of the possi6 slit{es Of immediate
peace. The Incident proved the m
DERIVING strength Of the market and
suggests that as soon as ofFCial an
nouncement comes from the allies
that the war 10 10 continue. the ad
vance in stocks Viii be resumed
Further advance in the market will
naturally he more conservative and
cautions and for that reason safer
Brokers reported today that hardly a
customer had sold out because Of in
sufficient margins Calling Of margins
was on a very light scale
As the selling just previous TO the
peace announcement came largely
from Washington, it was rumored in
the Street today that certain persons
in political circles had knowledge Of
what vas coming and profited largely
in the stock market by IL 1t was
even animated that the German gov
eminent was interested i'm the mar
ket. That would he nothing Improper
nor improbable
Cotton Closes TnSyar
Cotton closed today about 81 a
bale lower, thus showing that the
people in that market did not take
peace prospects seriously. Rails led
the recovery today and the bankers
welcomed tins development In no
stock. however whether rail or in
dustrial was there any specific news
of Importance nor did Wall Street
care for any news beyond the all
absorbing matter of peace.
one disConCertinGo development OF
the day WAS a new low record for
Russian exchange. and further re-
coyery Of German and Austrian ex-
change, p; the same time that Anglo
French bonds were not materially
different in price This is exactly
what woula happen II the peace
proposition were 70 be thaken seri
ously by the allies As result. many
persons OF influence in the marke ct
think that AN extended exchange OF
peace propositions may really take
place and IN that event quoted values
in Wall street VIII suffer whatever
be the outcome