Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1916-12-15
"WAR" STOCKS ARE HIT
SECURITIES SLUMP WHEN PEACE
NEWS is RECEIVED.
Wheat Drops Nine Cents on Board of
Trade at Chicago When Berin's
Move Is Announced.

New York, Dec. 13.-Drastic de-
clines in the stock market followed the
receipt of cable news that Germany
had notified neutral countries of her
decision to enter into peace negotia-
tons.
Bethlehem steel lost 81 points and
all munition and steel shares were
lower by 4 to points.
The financial community expressed
the greatest interest in the news from
Berlin, but declined TO make any COM
ment in the absence of definite advices.
Bankers with German connections
were equally interested, but no less
reserved. One of the anomalous fea-
lures of the situation was a further
break in exchange rates on Germany
and Austria, where it was expected
that peace proposals might be accom-
panied by pronounced improvement.
Anglo-French bonds of the first is
sue, brought out in this country for the
allies, also fell TO their lowest price,
but recovered later with other bonds
of similar class.
United States steel declined 65s to
116%. Cuba cane sugar lost points.
Coppers became very weak. Railway
shares declined substantial fractions
more than 2 points.
AS the peace news spread the out
pouring of industrial shares increased
and by the end of the third hour sales
had aggregated 1,45S.1O0 shares. Total
sales exceeded 100000 shares.
The wild and sudden break which
occurred in the grain market on the
announcement of the German peace
proposals was not duplicated in the
stock market. The declines, though
severe, We're orderly for the most part.
The announcement OF German peace
proposals served to stop the decline
in the cotton market, prices advancing
from the opening of 1919 cents for
May to 1880 cents, or about $3.50
bale above the low level of Monday
afternoon.
Trade became feverishly active on
the decline and urgent liquidation was
evident. Professional traders aided
the decline by selling of the more
speculative shares.
Chicago, Dec, 13.-Demoralization in
the wheat pit was the first marked re-
suit locally of Germany's proposal of
peace. For fifteen minutes pande-
monium reigned on the board of trade.
Then the market began to recover con-
fidence, only to lose it again. 1t was a
day of thrills, of trading on an enor-
nous scale and of temporary good for
tune, at least to traders who, scorning
the peace idea and playing the
hunch' that England would refuse to
treat, bought up quantities of long"
wheat at attractive figures.
May wheat in the active trading mar
ket opened at S1.74 to $1.711a. The
initial break puzzled operators. They
couldn't figure it out But word of the
peace proposals had seeped in some
where.
Fifteen minutes after the opening
wheat was down to S1.661s and the pit
was an ocean of sound and forest of
gesticulating arms. Everybody seemed
to be selling, or willing to sell; nobody
seemed anxious TO buy.
After that the market steadied. At
IL a. m. it stood at S1,6S7s and a calm
er attitude prevailed.
Shortly after noon the news of the
terms on which Germany would con-
slider peace reached the pit and specu-
lators became newly alarmed. The
bids went humping down TO S1.64.
where the decline halted. There was
another slight rally and the market
closed at $1.65$4 TO x, a loss of 91a
cents.