The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1916-12-12

posts.
The first furry of excitement was
followed by quieter trading as trad
ers declared their belief that a peace
proposal from Germany at this time
| does not mean peace. During the
first hour, $4,000 shares were sold.
This was big hours business, but by
| no means record. On the curb,
losses in several of the more active
| munition shares during the first few
minutes amounted to only one or two
I points.
The market found support among
traders who argued that the Berlin
peace proposals do not mean peace is
rush of trading in which a half mil
lion shares were dumped into the
market in the first hour, the break
was not panicky.
Republic Steel yielded. Kennicott
sold IN; Cuba Cane Sugar declined
2B to 1851. Central Leather, which
has been a. bull stock, broke three
points to 1081a
That the peace proposal from Ger
many created no great furry in
Morgan circles was regarded with
considerable significance. It was
taken to indicate that the American
financial representatives of the allied
powers did not regard favorable
action on the Berlin proposal as like
ly.
Admittedly the greatest deterring
force from the British standpoint is
Lloyd George The idea was general
that the British would not consent to
cessation OF hostilities at this time
with their political house just put in
nv 1nv Nd t11af or,fz n
major effort still untried. 1t is rec
ognized that as yet but half of the
full military, strength of the British
has been tested under fire.
The fact ethat at the moment of
Germany's proposal, France was also
in the midst of complete reorgan-
tzation calculated to give her new |
strength, is also counted on to dis |
count probabilities of Bethmann-
proposals finding favor in
France. -. !
Bethlehem Steel, the spectacular
war bride, closed at 1896 yesterday |
and today dropped TO 5000 on the
first sale, which came after the peace
news reached the street.
Generally the losses fell from 2 to
more points. Bears jumped into the
and sold on flash of the Ger
man statement. The leaders among |
the trading element took a more con-
sentative view and there was EVIL
dence that they were supporting the
market and refused to accept the snap
Judgment that peace was at hand.
Steel, munition and copper shares
were worst hit by the stampede
to 100. American Locomotive was
,ff ~ 10
l1Ok; Westinghouse to 577s: Bald
win 31a to ISM. Utah Copper sold at
1858, down AS. Rails were not so
severely hit.
U. S. Steel common sold to 119 at
one time during rush on transactions.
The support then became evident :
when Steel climbed slowly back to
100.
The scene on the curb was one Of
great activity and barking of orders
IN a glistening pavement while dark
ened skies alternately spilled sleet
md snow. The curb brokers jostled I
one another, clad in raincoats and
"slicker" hats of various
,ofors, the colors denoting their firms
Near Panic Caused.
NEW YORK, Dec. 12.-Chancellor
announcement that Ger
many had formally proposed peace
caused a near panic in Wall street
oday and prices on the stock ex-
,hange broke two to five points
In spite of the mad rush of bears
o sell, the stampede apparently had
,een halted an hour after the Ber-
in flash appeared, by the belief of
traders that the an
does not mean peace is
lear.
,AngIo-French bonds which yester-
lay dropped to new low level ad-
ranced II to 931a as the result of
he Hollweg announcement. Grea
Britain and Ireland SIS sold up liz
It 93A, and City of Paris SIS bonds
old at 95A.
More than a million shares had
,een dumped into the market at
loon and of this total 100000 shares