A peace scare caught the market off balance and sent market leaders down on an increased volume of trading. Stop-loss orders began to put in an appearance, with some liquidation traced to London. British holders of American shares were reported to be raising funds to pay for the new War Loan, which was reported to be over-subscribed. First payments of ten per cent. have already been made, with the balance to be paid on April 15.
Stocks: Were weakened by the uncovering of stop-loss orders, plus selling by those expecting renewed intensified peace efforts. There was also some selling attributed to the expectation by Colonel Ayres of a more serious business decline, unless checked by some new stimulating factor, which might be renewed pump-priming, suddenly increased war orders or favourable domestic political developments. Bank clearings were off 5 per cent.
Text read from the printed page and cleaned; old type leaves the occasional error.