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Show MARKET DISPLAYS ADVANCE BUT DEPRESSION FOLLOWS NEW YORK, Dec. 19. The stock market's mar-ket's initial response to the address of , the British premier, defining the attitude of his government toward Germany's proposal of peace negotiations, was a sweeping advance of 2 to 5 points in prominent issues, followed almost bv a reversal of as much or more. On the setback, which was popularly attributed to a combination of profit taking, tak-ing, short selling, and liquidation by bewildered be-wildered investors, quotations fell in many instances to within hailing distance of last week's lowest levels. In fact, some of the more speculative shares, notably no-tably Utah Copper, Central Leather, some of the motors and their subsidiaries, and Atlantic. Gulf & West Indies, established new mlnimums for the current downward movement. Rails Resist Pressure. Rails again resisted pressure, though less active than last week, and finished the session at variable, but net, gains. They proved almost the sole exception to the general trend, being again fortified by reports of an early settlement of existing ex-isting differences between railway executives execu-tives and employees. Selling was most unrestrained in the final hour, which also witnessed the lowest low-est prices of the session, the ease with which prices rebounded 1 to 5 points on short covering being in itself regarded as proof of the extent to which professional operations contributed to the extreme decllnep. United States Steel furnished more than its usual quota to the day's operations, opera-tions, the turn-over in that stock approximating approx-imating 570.000 shares, or almost one-third one-third of the whole. This exceeded by more than ten -fold the offerings of any other issue. Total sales, 1.750,000 shares. Minor Matters Ignored. Such constructive developments as the declaration of an Initial dividend on Republic Re-public Iron and Steel common, receipt of another large Installment of British gold from Canada, and renewal of inquiries for steel and coppers were ignored in the more exciting incidents of the day. Aside from another shading of International Interna-tional issues, the bond market failed in any marked essential to reflect the stock market. Total sales, par value, $3,240,000. United-States bonds were unchanged on call. |