The Washington herald., 1917-01-03
MARKET JUBILANT
AS Dove RETREATS
Net Gains In Nearly All Active Stocks
Recorded by Exchange.
CBy the International New. Service.

tBy the International News service.)
New York. Jan. Passing of the
peace cloud was celebrated in Wal
Street today with material net gains
In nearly all active stocks. rofes-
sional traders who realized that some
time in the near fture there must be
readtustment In the market were
hurt as they went about feeling for
soft spots. The only place they did
effective work was in the marines. In
Steel and in the munitions, among
which sugars must be counted, there
were quick rebounds after every at
tack. Coppers did fairly well, but the
rails were disappointing.
strong opening was expected be-
cause of the sweeping reflections of the
peace proposals But nearly everybody
is coming to believe that Germany is
willing to make greater concessions
at brief intervals until peace is fact.
Therefore there was little enthusiasm
in the bull party. The market acted
as II it were simply recovering from
a break that had been too great and
too sudden. There did not seem to be
anyone in leadership on the buying
side This made the advance all the
more impressive for a quiet market,
no matter in what direction 1t drifts,
is always the more dangerous to those
who oppose IT.
steel Sales Numerous.
= Steel furnished a third of the days
business and 1t was the gossip about
Steel that frightened the bears. Early
in the day advice to buy the stock
was given freely in houses closely as
sociated with directors of the COM
pany. 1t was stated that the Decem-
Der quarter would show about 800. .000,-
900 net earned and that the common
stock would be placed on a regular
per cent dividend basis at the jan
uary dividend meeting. In addition to
Athis some extra is expected.
Strength in Steel encouraged many
little pools in other issues, particularly
in the munitions. Crucible was in good
demand by a brokerage house that has
been very right on the market and very
close to one of the largest banks. The
munitions were bought in spite OF cir
cumstantiaI reports that the allies are
placing as many orders in Canada as
possible and that perhaps 800, ,o0O, ,O0O
of orders in the UniteI States had
been cancelled.
A sale Of copper metal at . cents 4
pound was reported. This is cents a
pound under the high price recently re-
ported Copper futures were also lower,
1t is known that the insiders OF the big
copper company liquidated freely at the
time they let it be known publicly thai
they had decided to make two new
copper combinations-one for export sales
and one for production 1t begins tC
look now as though they had repur-
chased a good deal Of their stock, be-
lieving that another turn in the marker
could be made with profit.
Sugar Strong.
Sugars were strong, largely under in
fluence of pool manipulation. II is alsC
generally understood that American Bee
Sugar will pay a large extra dividend in
the nea: future. 1t could pay as much as
20 per cent but probably will not pay
more than 10 or 15.
Motor and Tire stocks are not material.
ly changed although the tire companies
announced advances of from 10 to 20 pei
cent in their products.
Report that the Germans would
blockade the British isles with a fleet Of
800 U-boats was evidently put out by Z
bear pool for at the same time an at
tack was made on Marine preferred thai
broke II SIX points. There was little
recovery in this issue. Atlantic Gulf anC
West Indies was strong throughout the
day be 1g at one time points higher. Il
is whi. )ered that the true reason for the
weakn, ss of Marine preferred is not feal
OF U-boats but a desire to gather up the
stock in anticipation OF a material pay.
ment Oh the accumulated dividends.
Wheat was up as evidence that tht
war would continue. In view of the worlC
shortage Of food this advance is not con.
elusive evidence.