The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-20
BANKERS BELIEVE
WAR WILL CONTINUE
Come to support of Market As soon
As slump Puts Bargains
On the Counter.
RY BROADAN WALL.

New York. Dec. l9.---Altfough clos
! ing prices on the New York stock IN
& change did not differ materially from
those of the previous day, the session
was one of the widest and the huc-
tuations were among the most errauc
ever seen in Wall Street. In spite Of
the strong speech made by LLOYD
George, most of the Wall Street fra
tornity went home with the idea that
England would like To hear Germany :
peace terms only a few Of the big
bankers remain fixed in their opinion
that there IS no possibility Of peace
as result Of the present offer hF
Germany.
They believe that the war Will con-
tinue at least Il year more. Their
only fear. from the market point OF
view. is that il will last So long that
At will become bear argument il
will become such as soon as the
American business men begin In doubt
the allies ability e pay all bonds and
bills in full
AT the opening stocks were steady.
They crept UP, then sold OFF and be
came steady again Then slight ad-
Sance began on rumers that stock
exchange house had q private cable
eaying tina, Lloyd George would back
up In his speech the Russian and
French statements on the German
proposition
Market Like the Tide.
Presently this news was announced
definitely and the market advanced
sharply. Doubt passed over the street
again. but Official confirmation of the
news came speedily. Then everyb BODY
wanted to sell at once. The market
.ieided whole points between trans
actions III some stock United States
Steel, for instance. sold down from
5I6I-s 10 l0S 5-s Alcohol broke ten
points Atlantic. Galt and West In
dies broke nearly points. Marine
broke five, Calf state steel ten and
other popular issues We're almost
equally erratic.
This condition existed until Just be-
fore the close. when me banking in
ierests came 10 the support OF the
market in big way aud began pick
ing up the bargains which appeared
on the tape by scores. railroads were
the strongest feature en- the list.
About the only explanation possible
20 give OF the action of the market
was that the selling INDUCED IN when
she official news appeared VA, for the
account OF, bankers who supported the
market few days ago In the break.
This started the decline which was
continued by the general public on
AIT tIitDIS tIitL Is4OS b~oGoI sc W Oulu
gladly receive Germanys peace terms.
The big bankers did not take thar
point OF view and Were surprised that
the public should do so. The bankers
spGiieve that Germany will recognize
s1&Dyd George speech as the last
word. They believe the war Will be
renewed Immediately with more vigor
than ever,
= To Nationalixe All Ships.
The bankers did not overlook Lloyd
Georges statement that the entire
~nercantile marine would be national
31ed. This hit International Merchant
Marine stocks. For the decline in At
lantic. Gulf and West Indies there was
no explanation.
II is evident the banks have been
hard on some brokers' for thousands
of letters went out today notifying
customers that many prominent stocks
would have 10 be 90 per cent paid at
the time Of purchase Receipt of
these letters will undoubtedly cause
further liquidation.
But through out the day buying was
OF high grade wherever bargains APP
psared.