The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-21
PEACE Soaring WAR
BROS TO DEATH
Stocks Hit tho Grit With Sickcning
Tauh A. Mems Minds Turn
From slaughter.
MARINE HAD NIGHTMARE
Breaks Badly Under lloyd Georges
Evident Determination To Knock
EXCESS Profits Out OF War Trans
porTatton Business.
BY BROADAN WALL.

somebody had official information and
perhaps II was only the Christmas
spirit In the air. but thoughts of peace
predominated in Wall Street today.
All the traders seemed to interpret
Lloyd Georges speech as a suggestion
Of willingness to hear the German
terms Won Bernstorffs statement
furthered this idea. The result was
another collapse of the stock market.
The market was weak throughout the
session, but the decline became more
violent toward the end Of the day with
the result that nnal prices were In
nearly all the cases the lowest,
About the only bright spot in the
street was Union Pacific. which al one
time showed an advance OF two points
It closed with slight net gain. Of
ncial statements were lacking. but the
street insisted that at the directors
meeting tomorrow the long expected
melon would be cut.
Cotton was dull throughout the day
with no important change In quota
tons. Wheat and corn were lower
The AaEio- French bonds we're not
materially changed and German ex-
change was strong
Widest fluctuations were IN the
Marine issues Atlantic Gulf and
West Indies had an extreme break Of
ID points while international Mer-
camille Marine preferred broke ls.
Az there are accumulated dividends
of SIS per cent ON Marine preferred
Wall Street looked upon the price as
Q bargain. The break in this stock
was, of course. due to Lloyd Georges
statement that the government pro-
poses to take over all shipping and
prevent excess profits
Marines situation.
The Marine Company has ITO ships
under the British flag. of which only
thirty thus far have been taken over
10y the government. The government
allows a fair proft. but nothing like
he profits being made under COM
peny management a director stated
today that the government profits II
applied to the entire feet under the
British flag would be sufficient 10 pay
All charges Plus the six per cent divi-
dend on the preferred stock. This
would leave the company's American
fleet TO devote itself to the back divi-
dends, but II would leave the common
stock in lonesome position.
shorts I'm Clover.
Traders hurried out of the coppers
today. partly because they feared the
effect OF peace and partly because
they knew the insiders had been sell
ing literally It begins to appear
that the insiders in everything have
been selling and that the number of
stockholders IN many leading COM
panies has been reduced. The stree,
Is full of stocks and brokers are call
ing margins in such fashion rs to pat
all thoughts of renewed purchases out
=. the minds of traders. Owing to
I've pressure OF the banks, firms are
glad ~ land stocks for short selling
and the short interest is having things
all rs own way
Aside from the few specia1tfes that
were spectacular ia their actions to-
day. United States Steel held the at
tention of most people The stock
was persistentiy sold throughout the
session and no attempt was made to
cover In view Of the general liqui-
dation of the issue. it held remark
ably well The reason for this is that
il has ten million tons OF unfinished
business on its books and is sure of
one million dollars net a day for ALL
next year whether there is to he war
or peace.
There is no question that dozens of
stocks on the industrial list are on
the bargain counter. even though the
war IS to end now. But selling o.
them continues, and with the banks
and the brokers in their present frame
OF mind, the public has no encourage
ment to buying.