The Bridgeport evening farmer., 1916-12-22
WALL STREET STRUCK BY TIDAL 1
 WAVE OF SELLING; RECORD DROP {. RECORDED IN WAR SPEClALT

New York, Dec. 22-Yesterday was the biggest day in stocks since April 30, 1901, when 3,2S1,000 4 shares changed hands in a market which led up to the Northern Pacific panic of May g of the same year. The turn over yesterday was 3.0SS,00O shares which compares with 3,081, 900 on the day of the Northern Pacific panic and supplies one of the three 5000, 900 share days in the Stock Exchange history
 Market losses were great in yes terday's session, far greater in fact 1 than on scores of days before ana since the Northern Pacific panic, when, stocks have broken badly, but yesterday there was nothing in the 5 atmosphere to suggest any panlcky feeling. Money was easy. Bankers were indeed of the opinion that the days developments tended toward greater ease in money. Not rumor was breathed to the effect that any Stock Exchange house or bank was in financial. difficulties. The decllne' though drastic, and though abrupt al the opening, was orderly throughout most of the session. -s
 The turnover in Steel common was reported on t,the Stock Exchange ticker at 8'9O,O00 shares and proba7 bly approximated 100000 shares, including odd lots and stop loss or ders in the compilation. Though trading in athe stock went on at a furious pace throughout the session there was no great confusion and no wide changes between sales except at the opening.
 Opening Was Unprecedented.
 ~-The prices at the opening were punched in one lot of 50,00O shares between 103 1a and 104A, as com pared with Wednesdays closing of 1O8. The opening was unprecedent- ed in thes respect. of Ithes amount of stock for. sale,. in the number of brokers surging: about the Steel post and in the number of transa ctions made simultaneously. at widely diff ferent prices in ,varions parts of the excited group IT '@
 Most of }the other. active industrial shares, including all which have been affected directly or indirectly by, the war, opened at substantial declines from Wednesdays closing and with trading in heavy volume. Around all of the industrial posts brokers we're wing with one. another in sell ing war stocks for the account of worried customers. t.}.-..E
 Selling orders* had come to brokers from all sections of the country, with the interior, and particularly the mid dle west, showing the keenest zest to sSa oJ~~ <>ff f1, xoOrr a. fifes The country over, judging from the selling orders received by the wire houses and other big commission houses, there was consensus that President Wilson's note to the bellig- erents following the German peace proposal and the other parliamentary and diplomatic developments of the past two weeks made an early peace inevitable. F Ruyfng Squirt Is Temporary.
 The selling movement continued with little check most of the forenoon, but there were hundreds of specula- tors, in wall street who recalled Lloyd Georges ringing speech and continued to iconstrue that address as meaning a continuation of the war until a de- cisive victory guaranteed just and lasting peace to the Entente forces.
 The force of their buying brought about fair recoveries from the low prices until the news tickers reported Secretary of State Lansing as declar- ing that the United States had been placed in a position threatening bel ligerency and that none of the be1lig- erent nations had been sounded by either the President or the State De- partment before the publication of the Presidents request for peace terms.
 A wave of selling as violent as in the early trading again swept over the market and carried all Stocks. down ito new low prices. Steel common .sdld down to 100 1-S,, a loss of 7s7-8 points from Wednesdays closing. In other industrials there were even more drastic declines. This selling move ment extended to the railroad shares, which in the morning had held up much better than most Of the indus trials, with some of them, Union Pa< cific, for instance, showing at times gains over Wednesdays closing.
 Due to Lansing's Words.
 The prevailing argument, then, was that if this country was in a parlous position with the principal belliger- ents, as Secretary Lansing was re- ported as saying. all securities were a sale. There was also selling of the rails in a sympathetic movement. Gus toners who were hard put to 1t to carry favorite industrial stocks parted with~some of their Agood rails to get the money
 At the close the records showed \ greater declines in railroad shares than on any other day Of the bearish market following the publication ot the German peace note last week Monday. Such losses were sustained as follows:S Atchison, 2h; Baltimore & Ohio, 25z;;as Canadian Pacific, AZ Chesapeakefs& s& Ohio, 35a: St. Paul 4A; Rock Island, 5A; Denver pre- ferred, 6; Great Northern, 2A; Le- high Valley, 2; Missouri, Kansas 6. Texas preferred, 3; Missouri Pacific. 2M; New York Central, 31a; New Haven, X; Pennsylvania, E Read ing, 5A; Southern Pacific,~ 2M; Southern Railway. 3; Union Pacific, 4h. The decline in Union Pacific was the, more noteworthy because i, followed the declaration of a2 per cent. dividend in addition to the reg ular per cent. quarterly.
 Furious Trade In Industrials.
 In the industrial shares trading continued furious throughout the afternoon session, with declines all hut continuous. IT uro only i,, Fl, ;,