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Show WALL STREET MARKET DOWN ' EARLY; RECOVERS QUICKLY Steel Leads in Both Morning and Afternoon Dealings; Deal-ings; Speculators Believe War Will Continue. By International News- Service. NEW YORK, Jan. 11. Wall street accepted ac-cepted Lloyd George's speech as a forecast fore-cast f the note to President Wilson and bought stocks accordingly this afternoon. The result was a complete recovery x most issues from the collapse of" the morning, together with some net gains. Steel led both in the morning's decline and in the afternoon's recovery. Final prices were in most stocks under the highest high-est figures, but as dealings were almos entirely professional Chi a was not significant. sig-nificant. What also helped the advance was a report re-port that a new loan for the allies or for 1 the Prittsh government would be placed in New York within three weeks. Noth- i ing official was announced in this connection, con-nection, but the report was traced to official of-ficial quarters. The loan is to be backed with collateral, largely American. Since all .stocks moved together In the recovery, that phase of the market needs no explanation. It was a decline In the early part of the session that interested i the street General Motors Weak. : Motors figured largely in tliat decline. General Motors was weakest. The new stock showed a decline of o9 points in a week. At its low price of today of 101 it figures 50 ii for the old stock, which recently re-cently sold at S50. The company is reported re-ported to be making more money than when it sold at the high price. From the low price of today there was a quick recovery" of 7 points. Chevrolet, although o'n the curb, attracted at-tracted much attention on the exchange by selling down to par. It recently sold as lugh as 290. Willys Overland, Stude-baker Stude-baker and Maxwell were firm. Wall street's dislike of the motors Is .based on its belief that the Insiders are trying harder to sell stocks, in their companies than cars. . The street feels that the boasts of big earnings are not calculated to make the public want to buy cars. United States Steel and the munitions were sold freely on a beiief that Secretary Daniels would accept the bid of the Hadfield company com-pany of .Sheffield, England, for sixteen-inch sixteen-inch shells for the navy. The fact that this company can underbid American concerns con-cerns under any circumstances led to a belief that there Is to be damaging competition com-petition in steel at the end of the war. It was further felt that unless the war Is near an end this company cannot take such a cn tract, for there is no restriction restric-tion in the bid regarding peace. Marines Lower. JTarlr.es went lower on reports of U boats scouting off the American coast. These reports were current at -the same time that the street was worrying over the probable end of the war being forecast fore-cast in the reply of the allies to President Presi-dent Wilson. There are a good many people In Wall street who believe that Germany will not let the U boats become offensive on this side of the Atlantic, because be-cause the good offices of the American government i are desired in the interests of peace. Action of the wheat market clearly forecast a continuation of the war. It closed with material advances. Weakness Weak-ness of cotton also disclosed a belief In continuation of the war. Exchange rates on London were firmer, with another large consignment of British Brit-ish gold from Canada, j Francs and marks were unaltered, but rueles hovered around the low quotation of yesterday, a condition condi-tion coinciding with the heaviness of Russian Rus-sian 5Vs on the curb. Other international issues were heavy, Anglo-French 5s repeating re-peating last year's minimum quotation of 92V-. Railroad bonds tended toward irregularity. ir-regularity. Total sales of bonds, par value. $5,475,000. United States bends were unchanged on call, but the registered 4s were -ji per cent down on an actual sale. |
