The Bridgeport evening farmer., 1917-02-23
HOW A BEAR TIP
FOUND The LIGHT
FROM PEACE TALK
Chatter Gained Weight AS
Repeated and Helped
Shake Wall Street

Street. It really isn't so much of 9
story of the bears as it is of a bear
tip.
It Is a story that has found it's place
in the records of Congress and it has
| this other distinction that it is the
only story of it's kind that has ever
|. been traced back to it's absolute origin
In the press of more important in
| cidents it did not bulk large in the pro-
ceedings of the leak" inquiry Of the
Rules Committee Of the House OF
Representatives, but within a limited
circle it attracted lot of attention
! just the same.
It is a bromidiom that anything
will affect the Stock Market" This,
too, has become a matter Of official
record, for when Sherman L. Whip
pie, counsel to the committee, was
making his preparatory survey of the
situation he was told by brokers that
any announcement by the President
during the leak period-the week
beginning Dec. 18 last-would have
had a bearish effect.
IAN announcement would mean
either peace or war" one broker said,
which was just another way of say
start on any provocation, or anything
that could be construed asa provoca-
ton.
When Representative William r.
Wood Of Indiana first offered his reso-
/ luton calling for an inquiry. into the
leak he said that intimations of the
Presidents purpose to address note
to the Powers had been published
some hours in advance of the release
Of the text of the note to the newspa-
pers on Dec. 20. This was taken to
be evidence enough of a 31eak to
justify an inquiry and what the Con-
gresham had in mind was for some
time known as the ''leak message"
This message was a bulletin put out
at 2:05 p. M, Dec. 20, by the ticker
service of the Wall Street Journal. It
read as follows: &
1.-THE renewed selling of the market
is due to reports received by bro
kers' private wires from Washington
to the effect that the Administration
will, in the near future, address to the
belligerents some suggestions or pro-
posaIs in regard to peace. Nothing
definite is obtainable in Administra-
ton circles"
BY the time the Rules Committee
got around to any specific inquiry In
to the origin of this bulletin it had
been established that the Teak" was
something quite apart. This did not,
however, rob the specific inquiry Of its
interest.
AS matter of fact 1t heightened it,
for what was brought to light was the
Life Story OF Wall Street Tip. Here
it is:
James B. Reilly, managing editor OF
the Wall Street Journal, first heard
Of these 'ssuggestions or proposals in
regard to peace about 1880 on the
morning OF Dec. 20. He was busy
with something else at the time and
did not pay especial attent' on to them
beyond wiring his Washing ton CORES
pondent to ask about them.
Harold T. Johnson, a reporter on
this Journal, told Reilly about the re-
ports. He was acting as city editor
while the man regularlyiin that posi-
ton was at luncheon and when an in
curry came to him he did nothing
more than refer the matter to his SUI
perior.
Lockwood Barr made the inquiry
Of johnson. Barr used to be man.
aging editor Of the Journal, but is now
with James Fl. Oliphant & Co., Of No.
81 Broadway.
Barr heard the reports from a man
who was anxious to know If there
We're any basis for them, and thought
that Barr, with his newspaper con-
nections, might be able to find out.
Louis G. Sterling Of Logan & Bryan.
No. 115 Broadway, was the man who
asked Carr to find out about the re-
ports. About IL o'clock Donald Nc
Millen of Chicago, who later descrlb-
ed himself as a modest trader In
stocks and bonds" introduced himself
to Sterling as friend Of the Chicago
manager Of Logan & Bryans and said
he had been .twell informed" Of the
imminence of peace plans.
On the strength Of McMillen's
statement this telegram was sent to
Chicago:
8 "McMillen says the President has
called conference in Washington
next week Of the most important
newspaper nrer of the country for the
purpose Of promulgating a peace pro-
paganda."
It was this project about which Ster-
ling asked Barr, and Barr asked john
son, and Johnson asked Reilly. and
Reilly asked the Washington cores
pondent of the Journal.
When McMillen was called to- the
stand his memory was not very clear
as to where he had heard about the
Presidents plan for a conference or
newspapermen. To the best OF his
recollection, though, it was in the
board room of Paine, Weber & Co. 70
Broad St.
McMillen it appeared, dropped in
there shortly after the market open
ed on that Wednesday. He looked
over the first quotations and noticed
group of men seated about table
He knew one of them, and when the
drift of their conversation caught MS
ear he paid attention, for the one he
knew was an advertising solicitor on
the Brooklyn Eagle!
Then the genesis Of the whole thing
became apparent The conference
was to be held the next week, Mon
day of which was Christmas Day. The
conversation had been that at the
time of peace on earth, good will to-
ward men, it would be singulariy ap-
propriate for the President to start
peace project that should embrace the ,
world