The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-13
RtlCE OFFER GIVES
STREET WILD DAY
b
& Gpeculatson Reared On War Structure
Finds It's Undcspinning Pcrilousiy
9 Shaky.
SELLING swANfrs BROKERS.
Including Curb. Probably -Four MIL
Hon Shares Changed HaDds---Cot-
ton GOES Up Again and Wheat
Comes Down.
Ry BROADAN WALL

New York, Dec. lG--ofhClai an
nouncement from Germany that peace
Is desired struck terror to the heart
Of Wall Street today The bear raid
ers who had exhausted their ammu-
4 milton and were covering took renew
ed courage and the result was
ss smash such as Wall Street has not
& seen since the opening days OF the
war.
II was Il peace market from be-
ginning to end, with no other IN
V fuence making any impression wheat
broke ten cents a bushel and cotton,
after great irreguiarity. rose TO near
~ - bale Anglo-French bonds
and German exchange were strong at
the same time. Greatest activity was
in the stocks OF companies that had
been making most of their money out
OF the war.
81 Owing TO the decentralization OF the
market exact record of transactions
could not re made but the nearest
estimates place the reported trading
at about $500. 900 shares. Counting
odd lots and stopped stock. of which
there was an unusual volume sold the
trading was about 5000. o0o shares on
the exchange The consolidated ex-
change and the curb also had wild
= markets 1t Is conservative to say
that, counting everything. fully 4,00o,-
coo shares OF stock changed hands
today In the financial district The
trading in bonds and railroad shares
was moderate.
Steel Leads In Volume.
\ =. united States Steel led in volume.
7 followed in order by Kennecott, Re-
7 public Iron and steel. Central Leath-
I er. Utah Copper, Inspiration Copper
American Smelling and Cuban Cane
~ v-fs
trading was more than a half mill
Hon shares Of reported stock. while
the others named had not less than
$4,000 each. From these the volume
tapered down to few hundred
shares Stability OF the railroads was
remarkable. The recessions in those
shares were such as might be seen In
an ordinary market.
Although there was considerable
decentralization. the market at no time
approached panicky condition
There was the best kind Of buying
x throughout the day on the part OF the
bankers, who firmly believe the Ger
man peace proposition will he re-
tected.
All Join In Selling.
Heavy selling came in two ways.
High prices of the day were record
ed at the opening, because the bears
though their raid was about over and
Y began to cover. Then came the peace
proposition from Germany, which
4 everybody knew must come sooner or
/. later. but which nobody pretended to
q know about in advance. Everybody
has known for months that this thing
when ii did come would cause n break
In the market and therefore, bull
and bear Joined in the selling.
This first selling wave wore itself
out toward the middle OF the after
noon, but was renewed in the last
Il hour, when 1t became evident that
because of the official character of
the peace proposals the allies wopld
be expected to make some sort of an
answer About this time the weak
ness of wheat and strength of cotton
and marks and Anglo French bonds
made Wall Street feel that perhaps
the answer of the allies would not he
entirely uncompromising. SO every
body sold in the last hour SO vigor-
ously that the tickers were busy re-
cording transactions for eighteen
minutes after the gong marked the
close of trading
Net losses of rs much as three
four seven and more points were
common. Brokers stated that their
customers sold, although well pro-
Il tected with margins. The public has
not been trading beyond its financial
% ability. but there has been some
strain upon the mechanism of Wal
Street. This being the only free
stock market in the world nearly al
brokers. although amply protected
with cash supplied by the custom
ers, had increased their loans beyond
what is usually considered conserve
tive Action Of the banks in refus-
ing TO avail themselves freely Of tbs
Reserve Bank had forced brokers &c
reduce their loans, which they could
only do by calling margins from
customers who were already ampl,
N protected.
1t was this condition of which thf
raiders took advantage. Germany's
peace proposal saved the day fol
them.
Wall Street Swampcd.
IN usually saIrf after SUCH A day
ID Wall Street that the technical con
iition Is improved, but that cannot
Ne said now FOR prices We're not toe
4 ugh and there had been no over
9rading OF importance by individuals
I was the world mass of business that
wamped Wall Street Conditions
we're no better at the close tonigh,
han at the beginning OF the day. and
the prospect of peace Is really good
here is no reason from a technical
oint of view why the market should
rot continue its excited decline Only
speedy and Arm refusal to con
der peace at this time can stop the
s.~eiling. Owing to the official char
icter of Germany's proposal II Is
OF likely that the allies will make
hasty reply and, therefore, severa
avs OF irregularitv must oe expect
"a.
Misc~H sneous Markets.
s View York. Dec 12-Monev on cal