Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-02-01
W|LDRUSH TO SELL
ON STOCK EXCHANGE
Huge Liquidation Causes Drop
of From Two to Twenty
Points.
STRONG SUPPORT EVIDENT

| NEW YORK, February 1.-One of the
widest rushes to sell stocks that has
been seen on the New York stock ex-
change since the beginning OF the war
reflected today the stock market view
| of Germany's announcement Of her In
tention to resume unrestricted subma-
| rine warfare.
| Prices fell off under huge liquidation
from 2 to 20 points, the wave of selling
| affecting all classes of stocks. United
States Steel, which closed last night
at liz, fell below par.
Apparent efforts to support the mar
ket soon after the demoralized opening
proved ineffective until about 1880
o'clock. when there were some signs
of rallying.
Marine Issues Heaviest Sufferers.
International Mercantile Marine is
sues. which perhaps would be most di-
rectly affected by the German restric-
tions, were the heaviest sufferers. the
preferred selling at IS. off over IL
points and the common losing points
to 20.
Conservative stock market interests
took satisfaction in recalling that the
recent tremendous interest of the pup
lie in the market had been greatly re-
duced by the big declines which oc-
Cured when the peace SITUATION Pc
came a factor in the market last De-
cember.
1t became evident later that stocks
were receiving support from strong
quarters. Marine preferred picked up
8 points to II. The market continued
ftxyn nd
the exchange was a scene OF tense eA-
citement.
Bethlehem Steel at BIS was off rs
points.
Steel and Coppers Rally.
In the subsequent rally Steel rallied
to 1031s Utah Copper. which fell lax
to 81, recovered SIC and there was sub
stantial improvement in the rest of the
list.
Sales during the first hour reached
more than three-quarters OF million
shares as compared with 236.S00 during
the same period yesterday.
Prices fuctuated with extreme rapid,
ity during the early trading, rallies and
further recessions alternating in be-
wildering confusion. Additions to early
losses included United Fruit, which
broke eleven points; Pittsburgh Soal.
L
York Airbrake, 5. Bethlehem Steel on
further sale made an extreme loss of
Sc points.
Selling Orders From Everywhere.
On the stock exchange the scene was
the most exciting of any session since
last December. when the market was
suddenly overthrown by Germany's
peace proposals and the subsequent de-
velopments here. Commission houses
morning. orders coming from all parts
Of the country.
The urgency of the selling. which in
cluded many issues OF recognized in
trinsic value, indicated that latest de-
velopments had aroused grave appre-
hension in the most conservative quar-
ters.
In the main this mornings minimum
quotations were materially under those
Of last month, although United States
Steel yielded only about a point from
the low level of that period.
Bethlehem Steels total decline from
the low point of December Fl was about
125 points.
International bonds, comprising the
war issues. were offered in large lots.
United Kingdom 5 Us and Paris IS re-
cording substantial concessions.
Million Shares Change Hands.
Trading fell off in the second hour. but
another selling movement around noon
cut deeply into the recoveries in lead
ing stocks. Nearly a million and a quar-
ter shares changed hands by noon.
Throughout the day the news tickers
were being constantly watched in
brokers' offices for announcement OF any
new DEVELOPMENTS in the international
situation, and the tension of the finan-
cial community continued acute.
canvass of the financial district
failed to elicit any definite opinion on
the situation from the leading inter
ests. The best judgment Of most promi-
nent financiers was that market con-
ditions would undergo favorable read
justment unless rendered more acute
by untoward developments.
Traders Grow Calmer.
Traders for while were bewildered
as to what course to pursue. but be-
came calmer during the later trading
when substantial support rallied the
market
Prices crumbled again during the
early afternoon session. although the
selling was more moderate. Steel fell
back 8 points. The renewed liquidation
was attributed to reports from Wash
ington that a break between the United
States and Germany seemed imminent.
During the early decline a large num-
Der of "stop-loss" orders were uncov-
cred at prices far below the limit set
In the tumult which conferred around
the posts of the leading speculative is
sues traders found it almost impossible
to execute orders, and offers were so
wide apart that at any given moment
it was difficult to say what the market
for stock actually was.