The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-02-02
SENSATIONAL TIMES
ON WALL STREET
Badly, and Conditions Re-
: main Uncertain.
STEEL DROPS BELOW PAR
German Situat ton In Every Mind and
Immediate Break of Diplomatic Re
lations is Looked for by Everyone.
Note Entirely Unwarrantcd.
BY BROADAN WALL.

New pTk, FeD. IL OilllDE an ii
complete surprise to Wall Street, the
German note caused wild excitement
on the stock market. At the open
ing there was almost complete de-
moralization for half an hour.
Standard stocks declined ten points
and more. There we're erratlC re-
covertes. ranging from one 70 six OF
seven points in as many minutes, only
10 be followed BY further decline. 1t
was an hour before the market he
came al all stable and then II was at
an average Of about SIN points under
the close Of the previous day,
The universal belief in Wall Street
was that a break with Germany could
) not be avoided, The most hopeful
view taken was that nothing more
would he done than to dismiss the
German ambassador
Great Excitement.
In most of the commission houses
fhere were crowds of excited custom
ers hong before the opening ami brok-
ers went on the floor with orders to
sell at any price ohtainable Only a
few important short lines were out
4tanding. These covered so easily on
the first break that they put the stocks
uut again. The Street kept putting
out short lines and covering at brief
Intervals thus giving big volume
amounted 10 fully a million shares,
although only about 10000 shares
were Officially recorded on the tape.
Actual liquidation was not heavy.
United States Steel, in which Wall
Street is interested and which is
looked upon as the market leader,
closed last night at ti2. The open
Ing sale Mas aa-and almost i'm
mediately II broke TO 9a. IT rallied
In oil rSF Ia
During most OF the day II fuctuated
fevcrishly between iol and l03.
Steel did not appear ON the tape
until dozens of other stocks had been
recorded in semi-panic. Marine pre-
ferred broke seventeen points, / "a IA
Copper fourteen. bethlehem steel
thirty-siN. Central Leather thirteen.
General Motors ten, CheVrolct sixteen.
May cotton broke $40 points on the
opening sale. declined until tho loss
VAS al5 points. which is equivalent
10 s25.Ta bale, then rallied 40
points. declined 335 points and CON
tinued in that style most OF the dat.
May wheat was cents lower on the
',fat sale, then declined cents FAR
iher rallied cents and became some
r what stable AT that level.
Note tnwarrantcd.
OF news there was none. for nobody
wanted to know anything except the
developments in regard to Germany.
Former President Taft's statement
that the German note was entirely
pnwarranted made profound I'M
preston because Of the pacific tone
Of MIR. Tafts ordinary statements.
Mr.. Taft really voiced the prevailing
opinion in Wall street There was
loss argument about the situation to-
day in banks than is usually seen on
Jar loss important occasions for the
German note seemed TO Crystalize
sentiment
The stock market and stock holders
arc much interested in one thing mat
may come out Of the breach with
Germany. That country has per-
haps 100000, 900 worth of ships in
American hsrbors that would be
seized German citizens residing here
have many hundred millions OF stocks
and bonds. interest and dividends on
which would be suspended as mat
ter of routine. Citizens residing in
Germany and undoubtedly the Ger
man government have valuable assets
in this country.
General opinion ALSO was that this
means a shortening of the war, for
II the German plan is carried out one
side must he beaten right speedily
Therefore, whether the united States
is drawn into the war or not the
peace market in Europe for American
material Is closer at hand. The note
has. also. saw the bankers. made II
possih'" for the United States 10 par
uclpate in the adjusting Of terms Of
peace