The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1916-12-21
STOCK MARKET
IS FRIGHTENED
Spectators Dump Stocks Into
Exchange, Causing Break
of Two to Thirteen Points
This Morning.
ADVANCE INFORMATION
Somebody Hears From Washington
Ahead OF limo and 10 En-
abled to Make
Cleanup.

UNITED Press Leased Wire Service.]
NEW YORK, Dec. 21.-The stock
market today broke two to thirteen
points as bear traders and frightened
spectators dumped stocks into the
exchange in the belief that the cause
OF peace had been advanced by Pres
ident Wilson's message to the bellig-
erent powers.
The break Of the opening today was
"a shade less than that OF yesterday,
when insiders in Wall street were in
possession OF information regarding
Wilson's action. Today's losses were
added to to IA point break yester-
day and followed q week during which
prices have tumbled day after day.
~. s. Steel broke 3A points to 1041k,
making its loss approximately 20
points. Opening down six at So, Cru
cibie Steel lost % per share in ten
days OF peace discussion. Lackawan-
ma at 80 was down $23 during the
same period. marine preferred show
ed a ten day loss of $29 share when
lit opened at 81.
Professional traders who started
the market in last hour while news
papers and the public were still in ig-
norance of the presidents message.
hammered the market again today.
Activity was illustrated by the fact
that sales reporters on the floor Of
| the exchange punched $4,000 shares of
U. 8. Steel to report at its opening,
the price ranging 1041k to'1051A.
The losses were materially increas-
ed during the first fifteen OR twenty
minutes, but tickers Jagged far behind
transactions on the floor and anxious
SPECTATORS were never assured that
their orders to sell at a given price
could be carried out Soon after the
market opened Industrial Alcohol
showed a nine point loss at 80. Rails
generally were not so hard hit as In
dustrfals. but Reading showed a point
loss at 1864 and Union Pacific was
its loss to points, selling at SO. Cop
ipers generally showed drops of to 8
points.
On the cotton exchange, prices ad-
vanced approximately So a bale. The
opening was at advances Of &c to 80
points and the gains were widened
during the first half hour. The curb
was weak and was the scene of excited
|
On the big exchange the downward
rush was halted during the first hour
by short covering by professionals
who started buying at bargain prices.
Barney Baruch. generally recognized
on the street as the most daring
plunger of the present market, was
active On the floor today. He was a
! consistent seller yesterday Traders
attributed this to the fact that he has
close Washington connections. To-
day Baruch bought. to cover his short
selling OF yesterday. AS the two day
break ranged from 6 to more than 25
points, Baruchs margin for profit TAX
ing was a wide one, according to re-
ports current on the street.
The German crowd of bankers and
spectators were among the prominent
bears and according to street reports,
had advance information yesterday
regarding the presidents intention to
send a message to the belligerents
! Wild Excitement.
! NEW YORK, Dec. 21.-The stock
market which broke 2 to 10 points
during the first hour today, was
| thrown into wild excitement and I'M
certainty by the announcement of
Secretary Lansing that President
Wilson sent his peace message" to
the belligerents because this coun-
trys position as a neutral is becom-
ing intolerable. An opening hour of
vast stock dealing proportions with
heaviest trading since the day the
Lusitania sunk was followed by mar
row recoveries. This movement was
carried into the financial district on
news OF tickers, but hesitated, broke,
and the market became highly ner-
vous and Uncertain shortly after
noon.
Nearly $4,000 shares were dumped
into the market during the first hour
Sales to noon were more than 1,3OO,-
900 shares. .-
| Two Panicky Breaks.
NEW YORK, Dec. 21.-President
Wilson's message to the European
| beIligerents and Secretary Lansing's
statement, caused two distinct pam
icky breaks on the stock exchange to-
| day. To these bear factors this after.
moon was added mass of sales
forced by the demands of brokers for
greatly increased margins, in som q
instances as high as fifty percent, to
prevent the market being driven into
such panic conditions as caused the
closing of the exchange at the out
break Of the war. These precaution-
airy measures brought food of sell
ing orders from the west and south
At 100 U. S. steel sold at 102, off
Is: Industrial Alec, 9S1a, off az;
Reading 100, off SIS; Crucible steel
521a, off 81; U. P. IA. off SIS; Bald
win Locomotive 5715, off 3, and Max
| uo1l Motors AZ off Q
AS sales mounted to record levels,
1881 900 shares had been traded at 2
O'Clock, the street was full Of reassur-
ing statements that the business out
look of the country is bright, whether
there is war or peace.
Total sales of nearly 100000 was
indicated at 2 o'clock, making today
] the biggest market day since 1901