Evening star., 1916-12-13
GENERAL RECOvER|ES,
BUT NERVOUS MARKET
Average Gains of Two to -Four
Points in Industrials Scored
on Shorts Covering.

.NSH l'AkN. otNeiilbSI IO-;ai" q
after a severe storm the atmosphere
is clearer: il may be only temporary
but it is a more OF less decided improve
ment.
The Wall street market was storm
center yesterday. and the liquidation
was sufficient to wipe out thousands OF
bull accounts, stocks carried for the
public.
When the bankers and the commits
sion houses join with the brokers in al
effort to curtail speculation they are
not to he denied.
Weeks ago they put on brakes ant
the public laughed at their efforts and
kept on buying stocks: then came the
high money. the federal reserve warn
irgs and finally the peace suggestion
on the part OF the Teutonic powers, and
the last symptom of resistance on the
part of the public faded away.
No one on the street gives much heed
to the peace nroffer: it has drawn nc
official response. but the temper of the
allies is evidenced from the public
an 'inconclusive peace" which would
leave the questions ill issue for the
future to settle in another war.
Brokers Foresee Lower Prices.
Yet peace talk will bob up every
little while. and it will be more and
more effective on the market. 1t is the
almost unanimous opinion of brokers
tEa: lower prices will be esta blished.
although some give out tips to buy
ih : or that stock specifically.
The calling of margins has not stop
ped. and with the calls selling orders
usually follow. Much of the buying
this morning was by short sellers of
yesterday, who turned TO gathering the
fruits OF their profita bic venture. nat
urally advancing values sharply and
very generally.
But the undertone of the market was
uncertain; professionals were scalping
in and out. but generally keeping out
part of their short interest
London marked down prices to a
parity with New York closings yester-
day afternoon as to stocks with war
loans and consols somewhat better.
List Receivers for Gains.
Steel common opened promptly
enough. but ticker watchers all over
the country had to wait about six min
utes while tales of less important Sc
curites' action were sent out. Steel
common actually opened with the sales
of $4,000 shares between 1854 and
1lS%; thereafter it rose to 11912. de-
clined to 11s and rose again at the
close of the first hour of the afternoon
to 1873
In like manner the entire list re-
covered for gains 2 to 4 points, with
21a points about an average.
While there were fluctuations, oc-
casional dips and rallies. the market at
the opening of the second hour of the
afternoon was holding steadily.
The rails were l to points better.
Gains Practically Lost.
In the second hour of the afternoon
some of the buyers of the earlier hours
commenced to take their profits. with
the result that gains were partially
lost, Steel going back to 119 and the
coppers and stocks in which the great
est advance was scored shared in the
recession.
Rails eased for about a point and
then seemed to harden again.
Trading was very active
The sales up to o'clock were 1.34S. 400
shares. The activity continued right up
to the tap of the bell, and the closing
was reasonably firm.
Some of the industrials dropped back
q to y point. but the rails moved for
ward for fractional advances.
Steel was steady near the closing, at
I