New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Market Opens Strong,
Drops and Finally Makes
Partial Recovery
u. S. STEEL SHOWS
NET LOSS OF POINT
Total Transactions for Day
on Exchange Are $780,
900 Shares

Yesterdays developments IN the
ncbuous matter OF peace kept the
Stock Exchange in state Of great con
fusion, threatening at intervals 70 par
allel some Of the wild disorder of last
week.
The prevailing comment at the open
ing was in the "little-hope-of-peece'
tenor, and prices were inclined to rally
from the preceding days close.
Then came tho FIRST of the cable mes
ssges dealing witt, the English Pre-
mier's speech. They we're all IN the
war-will -go-on" tenor. and emphasis
was put upon the phrase:
England does not intend 20 put her
head into q moose the lines Of which
are in Germany's hands
Stocks now were very strcng. Then
came the qualifying messages. Al.
though Mr.. Lloyd George had re ected
Germany's proposal, he had cleft the
door OF peace ajsr." At that stocks
went tumbiing.
The violent decline in prices came
toward the close of the session.
Previously the market had developed an
advancing tendency. The Offices had
been full OF rumor3 that the English
Premier would fatty reject the German
peace proposals, and traders had sppar-
entity bought stocks on that assump-
ton, so that many important industrial
shares went up 20 points and more
above the closing level Of the day be-
fore.
Market Turns Downward
With the publication OF the speech
the who market turned sharply down
ward. Heavy offerings appeared, and
Tor a brief period prices melted away
rapidly. At the bottom leading Indus
trials were off 3 to points from the
high levels Of the day. Subsequently
the selling pressure diminished and
prices recovered. The closing vas ir-
regular, with some stocks up and others
down.
United States Steel common stock
was subjected to the greatest selling
pressure and declined from an early
nigh OF ll6s 20 an extreme low OF
1885,, which was only Juetalf point
above the low price made on last week )
severe break. Steel recovered at the
close and ended the day at III, where
IL showed a loss Of | point. Dealings
in the stock totalled 500. 900 out OF a
total turnover OF 100000.
Other losses on the afternoons de-
cline were: Central Leather pointA
Crucible steel 3. New York Air Brake
4a. American Locomotive al. lnterns-
iional Mercantile Marine preferred Z.
Republic Steel !, Atlantic Gulf Il West
Indies Is and bethlehem Steel 8. In
most of these issues great part OF
the ground lost was made UP before the
close.
Bear Pool at Work
In brokers Offices the break IN prices
was partly sscribed to the operations
Of q bear pool which had Undertaken q
vigorous drive against market values in
en- effort 70 brighten tirid holders OF
securities.
In the market for foreign money the
response to the address of the English
Premier was a sudden increase in bust
ness in German marks, which earlier
in the day had been extremely dull.
Some exchange operators viewed the
UfNtlOpUfNlo ~ 10 ptoS'f
others as unfavorsple, and the con-
bined selling and buying Of these inter.
ests created conside rabie activity with
out my important change in rats Tor
German MARKS, which closed AZ II
cents for four, an advance o, ia a cent.
Other foreign money quotations we're
steady.
For a time the cotton trade seemed AZ
a loss how 80 interpret Lloyd George
speech. but on the late trading prices
for the active futures broke more than
$3.50 a bale. indicating that Spectator
had reached the conclusion that TIA
large export movement expected TO de.
yelop when the war In Europe cease.
might no. be witnessed for some weeSs