The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-22
WALL STREET HAS
-RACKIAG DAY
Those with Mnrgined Stocks Pay for
Just Enough More slaughter to
Enable Them to Unload.
STEEL DOWN NEAR PAR
lnnsinx's Early Statement Helped TO
Knock the Profits Out of situation.
Marine Proves StcadicSt TN List.
BY RROADAN WALL.

New York. Dec. 2l.--Three PROPOSE
lions were advanced in Wall Street
with considerable confidence at the
close. They were
FIRST: II il unlikely that there will
be any peace as result Of the pres
ent exchange OF notes.
Second. There are valid reasons
why the government Will not lnresti-
gate the recent manipu lation OF call
money and the raid on the market.
Third Liquidation il finished
hence il was bargain day.
These three things stuck out of the
storm in Wall Street today Ike noun
tain peaks of adamant. About them
RACED A tempest. the most furious
Wall Street has seen since the war
began. Toward the end Of the day
4; began 70 be evident that the object
sought for when the raid was started
on advance information from Wash
sngton had been accom- rllshed. The
market has been prepared foT peace
even IL * should come. That great
deal OF money was made In the pro
cess OF preparation was an unavoid-
able incident which true statesman
ship will ignore.
%. Trade Very Heavy.
Trading for the day was perhaps
the heaviest in the history of Wall
Street. heavier even than the great
days when Northern Pacific was cor
nered TICKER reports account for
more than three million shares today.
In addition to this stopped" stock
and the odd lots which together
amount TO fully 40 per cent Of the
regular trading were not reported on
the tape. Therefore the days total
was easily well above 1000, 600 shares
on the floor The Curb and Con
eoi.tated Exchange also dealt in rec
ord volumes.
There have been but 100000 share
days In Wall Street.
Today's market is looked upon as
marking the elimination of the peace
raid.
The opening OF the market was
active and with lower prices all
around No stock was in leadership.
but . common calamity seemed to
have fallen on everything. Steel was
watched most closely. next to Union
Pacific Steel lost nearly four points
in the nrst few minutes of trading.
Union Pacific stood firm and that
braced UP the whole list
Steel Down
Another selling movement carried
Steel down. but rails still held flrm
and Steel rallied more than a point.
reaching 105 Ia on this upward
movement. Then the Union Pacific
ohcCtoED hik tANtA dAFl-
dend Of two per cent The street had
expected at least five per cent and
perhaps \ bonus OF stock In another
company This dividend was. there
fore. serious disappointment.
While the market was still waver-
ing under the blow of this disappoint-
ment Secretary Lansing issued his
statement which the street interpreted
20 mean that unless peace came quick
~ in Europe the United States vii
become involved in the war Perhap.
the secretary did not intend TO con.
vey this idea. but as the statement
appeared in skeleton form on tn,
tickers 1t gave that impression dis
tinctiy. Traders had been hoping L
have the war continue in order tina
war profits might brace up the price
of their securities. but this statemen
of Iansings took away even tina
hope.
SO the selling went on up to tn
very close OF the day. Steel cam
within one-eighth of par. It wa
evident that the banking fraternit
feared TO let 1t sell al par lest
myriad Of stop loss orders be un
covered. So vigorous support too
Steel quickly above 1oi. That start
ed covering In the entire list Frna
prices were Il shade better than tn
worst Net losses fer the day wer
serious In nearly all issues
Marine issues. which had a ha
break yesterday. were about the stead
lest In the list