New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-02
u. S. Steel and Other Lead.
ers Hit-2,000,0O0 Shares
Change Hands
WHEAT AND COTTON
ALSO KNOCKED DOWN
Drop of $25 a Bale in
Staple Sets Record
Markets in Chaos

Selling orders flooded Wall Street
yesterday morning, rejecting the view
taken in all parts of the country of
Germany's suddenly announced inten-
tion Of unleashing her L boats. Ma
tional apprehension impelled a decline
of from a to Ii points in the more i'm
portant securities, United States Steel
and other war stocks being the chief
sufferers, although rails and many
other stocks registered losses.
Total dealings in stocks for the day
amounted to about 100000 shares.
whereas only 745.SOO shares were
traded in the day before. Dealings on
several occasions in the last ten days
have dropped under half million
shares.
Cotton. wheat and other commodi-
ties which, spectators feared. would
be exported IN greatly diminished guam.
titles, tumbled from their high estate.
Cotton suffered the most severe de.
cline ever recorded in a single session
of the local exchange. The lowest quo.
. tation for May contracts was estab-
lished in selling STAMPEDE at the
opening of the market, and represented
4 less equal to about SO a bale.
Nervous traders and investors
thronged brokers' Offices before the
opening of the stock Exchange here.
eager to unload securities The peace
furry of December u. the panicky ru-
mors which followed the exploits of the
C53 of the Nantucket shoals on 0cto
Der S and the anxiety which followed
the sinking of the Lusitania. in May
1915. were less disastrous TO securities
than yesterdays deluge of selling or
ders. which had accumulated by hun
dreds in the hands Of brokers.
West Swamps Brokers
When the private wires" radiating
1ioG Wall Street to all parts of the
country were opened the selling orders
began TO pour i'm from Chicago and
other large Western cities i'm CON
stantly increasing stream. Some of the
larger houses had so many orders
awaiting execution at the opening that
they were scarcely able to handle all
the business so suddenly thrust upon
them.
The selling wave IN abe. first ten
minutes of trading was Of such vio-
fence and the confusion on the floor Of
The exchange so great that it was diff
cult 70 learn at what quotations va
nous stocks were changing hands.
When the ticker finally caught up with
the market it was seen that the Inter-
national Mercantile Marine issues were
among those TO suffer the most Sc
verely, the preferred selling of II
points. to 60, and the common showing
a loss of 8 points on a drop TO 20.
United States Steel common. which
had closed the day before at ll2,
opened al a sheer drop of points. and
within the next few minutes was sell
ing below par. A large amount OF the
stock was traded in at 90, at which
figure shorts who had large profits in
sight turned greedy buyers.
steel common closed at 1929. net
decline Of 81 from the previous days
closing preferred closed at 1888. off
81 points. At the low price Of the day
the value Of the stock showed shrink
age Of So, 100000 from the previous
days last quotation and more than
Sl5O0Oo,00 from the high record price
o. l29a., reached last November.
Railway Issues Suffer
Among the railroad issues the worst
break was in Union Pacific. which de-
olined 20 l34I, As against Wednes
days last sale at 1i2. Reading lost
nearly 8 points when it broke TO 92si.
Southern Railway at its extreme low
was Off over > points. with Erie down
81, TO q.
Orders TO buy By shorts and the ap-
pearance Of bargain hunters Temporal
rily checked the selling movement, and
BY the end of the first hour prices gen.
orally had recovered somewhat. Steel
got back to l04, Utah TO l07 and Ana
conda 70 1914.
Around the noon hour, however. an
other selling movement set in on a