The sun., 1916-12-13
FINANCIAL NEWS
And COMMENT
Peace Proposals Of Central
Powers Throw Market Into
state Of CONFUSION.
PRICES DECLINE RAPIDLY
Bethlehem Loses % Points
Investors Not Back Of Sell
ing Avalanche.

Peace throughout the world is more to
be desired than anything else. yet the
stock market moves into n scmi-panic
At the very suggestion Of such a bless
ing. Operators In tocks who are blind
to ultimate results which peace would
bring fear that cessation or war VIII
spell industrial chaos In THIS country be-
cause the handspring OF inc deveiopment
OF the last yea OF prosperity IN tne
.nited statcs may De Iouno IN tne ,m.
pe.us gwen !" business py ."o ,o.es"
uu.."s w NV -,"'r'iesn "a,H.s 80!
u .o y .me |. 80
so,u . i.u.opSn ."nr,h.
- ,sm. IT,, .,",,,s -. ,n a ,os,,,on 20
.,ana 'n ,na.r ,ho ro.aiv.,ment hat
INNS, yo,,ow waco ana IN move toward
greater sol,di,v with the physicai and
financial rebuilding OF Europe. Al least
this il the view OF our bankers.
Unfortunately, the mere fact that Ger
many wants peace does not preclude the
possibility Of the war being waged for
months TO come. So the stock market
operators who believe that the value Of
securities depends upon further agrees
sive warfare abroad may md encour-
gemen In the outlook. as the Allies in
no way have indicated that they VIII ac-
cept peace terms from the Central row
ers. except upon the basis OF something
prpoaching unconditional SURRENDER.
Ana this Hermany, aceoru'"s u "er
s'a.esmen, VIII hot sraN'. 81. -
INC investor ula "o. seu .' se.
mes III .es'eIuays u"s'eu NJ
Ine,e was no Ir,s"' on '"e p.n.
no .osSs %"u Z
SHOWN III suostahtiai oahk,ns qusr.e
'"ueeu, oanA.'" ,u'e "e'e "N
p'taseu WIN INC uee'l.e ~ p.leeu.
i'aulua.'on Oh tnS sIIa,..r "N"N
mouse accounts WIN Wn,cn inc "aIke.
a "o".'ev'nUeu .'".s Wy u"
no'uers VINO oe.e'eu ~ WISE " co"Ne''
paper pron's ih.o casn ana neaNy pres
sure from tne protessiohal element
which saw In the latest ovcr-the-sea de-
velopment q promising opportunity FOR
big profits In a declining market. were
effective In carrying prices to heavy
losses among tho active stocks. declines
Of from 3 to 8 points being recorded,
with even heavier setbacks in a few
Issues, notably Bethlehem Steel, which
lost II points, United states Industrial
Alcohol. which lost IL points. and Central
L%ather. which Lost mora than a mint.
EolIov,nC ths b.avw sor.noon hr..L
ss,ht r.Ii.. d.v.,o,.S M cnv.r,.. h,,
,hs .ho,t. h., ,h.
No., ,IvsS 1870. 80" 20 S.y"s.
SoIa-. s.S',"s. O.Hn.
o.S"
Hs up0n "n'en oer"sny "ouIo ehd
mo var. upon nrst reaoihE tney ap-
pea'ed 70 Wrongly 70 tho street that
speeuiators reached tho conclusion the
Ailies would hnd II Impossible to refuse
10 enter peace negotiations. al
though II must be said that responsible
bankers were not especially Impressed
with the suggestion. while not q few OF
them were unwilling to credit the Ger
man proposal as strictly sincere.
II there had been a D IN ster.
ling exchange to the German pIan bank.
ers would have taken the news from
Berlin moro seriously in its relation tc
the attitude Of the Entente Powers. bu,
although German and Austrian ex.
change was firmer there was no mar.
| ticular change In sterling. with its clos.
| ing a small fraction under the nnal o,
the preceding day.
The %internationa, exchange market 1.
the most sensitive of all our markets I,
$500