New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
STOCK MARKET
REGANS BALANCE
Strong Recovery After
Wild Break in Wake of
Wilson's Note

A much sobered Wall Street emerged
yesterday from its disastrous expert
ence Of Thursday and with returning
confidence proceeded 20 buy back a
portion of the stocks so hastily thrown
overheard the day before. The result
was sharp recovery in values that
extended throughout the entire trading
list.
Many stocks gained from 70 10
points. and the market closed near the
top. Dealings were on much smaller
scale, however, the total turnover
amounting to 100000 shares, com
pared with more than 100000 on
Thursday.
Higher prices we're recorded al the
opening, and steadily thereafter the
market continued 10 improve. A
strong tone was maintained during the
whole FIVE hours.
There was pronounced change OF
sentiment in all quarters, ascribed IN
some measure to clearer view OF the
intent of President Wilson's note TO
the beliigerent power and 10 secre-
tarv Lansings second explanatory
statement. published after the close OF
Thursdays market. Moreover. the
wedding out of numerous weak ac-
counts on the three days decline, cul-
minating in the wide open break on the
preceding day. was factor Of lmpor-
lance contributing 20 stronger teen
nical position for stocks generally.
Substantial Buyers Appeal
The rise was materially assisted BY
the sort Of substantial buying that
always makes its appearance after a
YER, violent fall. This was seen in the
steady accumulation Of investment U.s..
sres. so called-particularl railway
shares Banking interests regarded the
days movement as logical reaction
from the recent market excuses Oh
the downward side, bu, continued 20
urge caution, reinforcing this attitude
by further discriminating against
stocks of rapidly shifting values.
United States Steel had another vide
movement. At the opening buying or
ders for $4,000 shares Of Steel were
punched at a spread of l04 TO l0412,
representing an advance from Ihurs-
days close OF : 20 81 points. After
a temporary recession the stock con-
tinued to advance. and in the after
noon touched 1913, Il gain OF 90
points. Steel closed at l07 Sup SIS
points. Total dealings in Steel amount.
ed 10 $4,000 shares. about half OF
the turnover of the day before.
Bethlehem Steel recovered 26 points,
10 SIS. Some o. the other large gains
were: Utah Copper, 6is points; Lacka-
wanna Steel. Z; Maxwell Motors, ga;
Mexican Petroleum, Ga; Atlantic Gulf
& West Indies. 1855: Anaconda Copper,
ji,: Central Leather, l19s; Republic
Iron and Steel. 5ia; international Mer
camille Marine preferred, IA, and New
York Air Broke, l2i.. Railroad stocks
averaged | to points better than
Thursdays closing.
Brokers Reduce Loans
Representatives Of large number
OF brokerage houses said yesterday
that the reduction in their loans IL the
last two weeks had been considerable.
As result of the sustained decline in
stocks, ranging from 10 TO 100 points,
the amount of money required TO carry
stocks has been reduced to the extent
OF hundreds of millions of dollars.
Some brokerage hous.s reported a
shrinkage of more than 20 per cent
in their loans and others said their
obligations had been Gu. almost in half.
While stocks recovered. the value OF
the German mark in terms of American
currency declined. Four marks were
quoted in the foreign exchange market
yesterday at 73 cents, compared with
1874 cents the preceding day. Austrian