The Topeka state journal., 1916-12-12
CAUSE NEAR PANIC
Germany's Peace Proposal
Stampedes Wall Street.
Prices on Stock Exchange
Broke 2 to 5 Points.

New York, Dec. 12--W1th the
market demoralized in the last hour
the activity was so great that it
brought the total transactions of
the day up to more than 2 2,500,000
shares, which is a record for many
years.
Prices in the last hour sold from
to points under those of the
early afternoon. The pressure was
so great that the ticker was fifteen
to twenty minutes behind sales.
New York, Dec. 12.-Chancellor
Hollweg's announcement that Ger
many had formally proposed peace
caused a near panic in Wall street to-
day and prices on the stock exchange
broke to 5 points.
In spite of.the mad rush of the bears
to sell. the stampede apparently had
been halted an hour after the Berlin
flash appeared, by the belief of con-
servative traders that the announce
ment does not mean peace is near.
Anglo-French bonds. which yester-
day dropped to a new low level, ad-
vanced 1 u to 935s as the result of
the Hollweg announcement. Great
Britain and Ireland 5 per cents sold
up " at 9SA, and city of Paris per
cent bonds sold at 95H.
More than million shares had been
dumped into the market at noon, and
of this total, 100000 shares were
United States steel common, which
dropped from 1233s to 119H, then
moved uncertainty between that figure
and 12O
Corn Drops With Wheat.
Corn fell with wheat. The bearIsh
effect tho was not nearly so great, and
indeed was hardly more than has often
been witnessed as a result of ordinary
trade causes. After opening Il to
q 01 cent down. corn underwent a
yesterdays close. Oats, like corn,
showed weakness scarcely beyond the
normal Interest seemed to have been
transferred in the main to wheat.
Peace news had Strengthening eff
feet on provisions. The upturn never
theless were relatively small.
Helps Cotton Market.
The announcement of German
peace proposals served to stop the
decline in the cotton market here this
morning, prices advancing from the
opening of s1S.1s for May to $3.50 or
about $3.50 a bale above the low
level of yesterday afternoon.
Trading became feverishly active on
the decline and urgent liquidation was
evident. Professional traders aided
the decline by selling of the more
speculative shares.
The selling embraced practically
every issue in that class in specialties
which have been strongest and most
active recently. While the market was
not demoralized in the first period of
heavy selling support was evident
only in the investment issues.
The news from Berlin was preceded
by a heavy tone as Wall street was not
altogether unprepared for it, interna-
tional bankers having received word
during the last few days that devel-
opments of the highest importance
were impending in that quarter.
Wheat Drops II Cents.
Chicago, Dec. 12.-After a period
of comparative steadiness the market
was again overwhelmed with a wave
after wave of selling as the day ap-
preached an end. The details of Ger
many's offer had become generally
known and traders for the most part
seemed to think that the chance of a
refusal to treat on the part of her op-
ponents was not so likely as an ac-
ceptance.
In the decentralization during the
last fifteen minutes of the session
wheat for May delivery broke to
s164. a drop Of II " cents a bushel
in twenty-four hours. December
touched s1535s. drop of IL u cents
The close was wild. AIS to 10A un-
der yesterdays finish. with May at
sI6512 to s1.65s4 and July at SLAP p
to SLAB
Drops 10 Cents in X C.
Kansas City, Dec. 12.-The wheat
market here closed 10 GETS lower to-
day as a result of peace proposals by
the central powers.