The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-12-21
Throw in Volumes of Steel
Shares at Great Sacrifice.
WHEAT OPENS WITH A SLUMP
Peace Message Stampedes Chi
cago "Pit" Spectators.
Opens With Drop of z Cents
Amid Exciting Scene.

New York Dec. 21.-EXtreme weak
ness bordering upon decentralization
r arked the opening dealings on the
stock exchange today. The so-called
war shares broke from to IL points
these being extended in the course of
the first ten minutes.
The most sensational feature was
the offering of $4,000 shares of U. S.
steel at 1041s to 1O5h against yester-
days closing price of 1O8. Never be-
fore in the history of the exchange
has a single block of such volume
been recorded.
Transactions in steel continued on
an enormous scale. Including the fifty
thousand share lot at the opening, to-
tai sales in that stock amounted to
100000 shares within the first half
hour at between 104za and 106 Il. The
lots sold ranged from 1000 to 5000
shares with one lot of $4,000 shares.
Stocks which broke sharply includ-
ed Atlantic Gulf and West Indies, In
dustrial alcohol, Crucible steel. Inter-
national paper, Republic Iron and
Steel, Lackawanna steel, American car.
Central leather, Pittsburgh coal and
Utah copper. The selling seemed to
come from all quarters and represent
ed further unloading of impaired
A renewal of liquidation was largely
ascribed to President Wilson's note to
the belligerent nations.
Rails which have been generally
strong in the midst of the recent liqui-
dation, gave way in the first rush of
selling today, Reading selling off over
a point, while Union Pacific lost 9s
Recoveries proved of brief duration
steel failing to 104 soon after II
O'Clock, with similar recessions In
other industrials. Sales of the first
hour aggregated $4,000 shares.
Liquidation on the second setback
was less general, but seemingly no
less imperative than that which at
tended the wild opening.
100000 Shares Dumped.
Another wave of selling swept the
market during the last hour, prices
tumbling to the lowest level of the
day. Active stock sold five, ten and
fifteen points under yesterday final
quotations.
Total transactions just before the
close were estimated at about 2,700,-
| 900 shares, the largest with one or two
exceptions in the history of the New
York stock exchange.
/ Chicago, Dec. 21.-A maximum de-
cline of cents was registered in the
wheat market at the opening today or
President Wilson's peace message.
| Wheat for May delivery closed yes
| terday at $1.611a to $1.62. 1t opened
| today with sales ranging from 81. 81
( to $1.5S. July at $1.30 to $1.31, open
| ed 43s to 5 y cents lower. Pit brokers
were loaded with selling orders and q
| huge business was done.
Pit Like Football Game
| 1t was a stormy time in the wheat
pit during the first fifteen minutes
| The confusion was so great that fire.
| quent instances were witnessed where
brokers plunged thru the crowd as
| if on the football field and grabbed
each other by the shoulders to shout
| in each others faces. Buying on the
| part of strong houses quickly brought
| about a semblance of steadinesS, how
/ ever, and in less than half an hcul
! the selling stampede appeared to be q
an end, with the market above 5 cent.
under yesterdays finish.
/ Exporters Begin Bidding.
! The upswing that followed the in
more and more impetus when traders
and signs were noticed that some OF
the buying of future deliveries was
! on European account and that ex-
porters were among the active bid
ders for cash wheat. At this stage
| the market had climbed more than 4
cents up from the bottom level
touched at the outset
/ - -