Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-12-14
Low STEEL PRICES BRING
i. i. GLOOM TO WALL STREET
Become Unusually Solemn
and Cautious.
No APPARENT REASON FOR LOSS
Traders Gamble on Outcome OF
Fighting in Francc-Stocks Omen
Strong, Break to New Low Levels
and Rally Again.
az RROApAN NAIL.

- NEW YORK, December 13.-Openins
steady with an advance averaging a
point above the previous close. stocks
turned weak to-day just before noon.
rallied slightly then broke TO new low
records, and just bcfore tho close re-
covered part OF the loss. For the rally
and the subsequent; break there was no
OF the demoralized condition of the
investment mind. There was no news
of importance either from Washington
or the battle line in France
When steel broke through SO, Wall
Street became very solemn. and one
would have thought some mighty ca
lamity had overwhelmed America. This
decline Was attended with surprising
breaks in other stocks. which carried
them TO prices that some had never
seen before. The general level OF
been eauaied since the panic Of 1907
Union Pacific went 10 lo4 rs. Mexican
Petroleum to 6S l.. and General Elec-
trio, lis: .Atehison., IS u: American
80 on through a list OF prices that
would seem ridiculous ii the matter
9oe n ma, peone Who masns
themselves rich. see their entire for
tunes wiped out in current quotations.
Scores Of men who seldom come 10
Wall Street. were clustered around the
tickers watching their fortunes fade,
and solemnly selling from time to time.
DISCUSS SUCCESS ,,,cur,xc
III high circles only two things were
discussed to-day. and the prices OF
stocks was not one OF them. The first
raging in France. A few daring trad
ers took market position in accordance
with their views of the outcome of this
particular fight. There is no doubt
that the temporary success or failure
IF the allied troops Nili have much 10
do with, prices for the immediate tu-
rure. There was no buying oil impor-
.arcc from high places.
most actively feel that there should be
more constructive work done. both i'll
Congress and in the executive depart
men;s az Washington. They feel that
production o: munitions is being slow
cd up without adequate financial gains.
In view OF the critical Importance the
railroad situation has suddenly assumed
1t Is not likely that the stock market
Will ind Itself until some tninE dehni,e
ncction.
Bankers who claimed TO have infor-
nation direct from high authority IN
Washington said tina; in fixing com,pen-
Sation for tho railroad stockholders
during the period OF government CON
troll dividends would be guaranteed on
1915. 1914. 1915. and 1916, and that SUR
plus would he turned over TO the prop
critics also on that basis, in addition
10 loans being made at y fair rate, out
OF government funds. This would nc
highly satisfactory. and. ~ me present
level OF railroad stocks, would be very
bulliSh on the market.
The rally that came late III the haE
showed considerable vitality, and. un-
der normal conditions professionals
would not hesitate to say that II meant
that tho bottom OF the decline had been
reached. However, as so MUCH depends
on the fortunes Of War in France and
the correctness OF the decision reached
regarding the railroads IL america,
there was none willing to venture AN
opinion on the immediate future OF the
market.
N-I:w YORK December l1.--Mo-canttle
rsnc-. a;aNsI, Sterling: s;T;y-d.y bill
81 9li.: commercial SiNtE-oay b!i. on barAS
81 IA: commercial >.1ty-day b!lls. si.10i,
6nm.rS si;.i.. ~ bleS 81 IS .-i.: har silver