The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1917-02-01
U-BOat Warfare Throws New
Scare Into Dealers.
War Brides Slump; Cotton
Breaks $25 a Bale.
IN THE CHICAGO PIT
Wheat Receivers Slightly After
15-Cent Drop at Opening.
Wild Scenes of Excitement
Lucky Shorts "Clean Up"

Chicago. Feb. 1.-The grain mar
ket closed with wheat showing sub
stantial recover from the low figures
of the session. May closed at 1.63 Il +,
n above the opening, but eight cents
below last nights close. July closed
at $1.41R, rs abov the opening and
five cents below Wednesdays close
September at the close was quoted at
$1.32A, So above the opening and
Az below last nights close.
New York, Feb LIN a mad rush
to unload started by the Gerpan sub
marine proclamation, traders on the
stock exchange today dumped over
hundreds of thousands of shares of
stocks, causing a break of to rs
points.
Leading industrials. shipping shares
and war brides crashed downward 6
to 26 points. the widest loss being in
Bethlehem Steel. which sold at s375.
Rails broke to points.
United States Steel common broke
IL points to 100, recovering to 4
points when the market found sup
port. International Mercantile Ma
rine shares were among those hard
est hit, preferred breaking II to 65
and common s to 20.
There were recoveries of 1 to 10
points before IL o'clock.
New York, Feb. 1.-The stock mar
ket broke sharply before an avalanche
of selling orders at the opening today,
first prices quoted showing losses
ranging from L to 171a points.
United States steel broke to IL
points, opening with sale of $4,000
shares at los to 100.
Mercantile marine preferred broke
121 to II IL opening at 10 and 65.
Among the heaviest breaks were
Mexican petroleum, off liz at 81;
central leather "a at 75; republic
steel 12A at Cd; Cuba cane sugar off
7l3 at 50; Atlantic gulf 13 at 100;
general motors off 10A at 100
The break today was sharper than
that which followed the German peace
proposals, the Wilson message to bel
Hgerents or the Lansing verge of
war; statement.
lear Raid on Copper.
Texas company dropped Is points
to 215; Utah Copper broke Z " to 104;
New York Central, 4 to So; American
Shelters, 10 to SO; Union Pacific, 6
to 1876.
The hammering in the copper group
centered on Anaconda which opened
on sale of 10000 shares at "A to 10,
off s u to 121a
Record Slump for Cotton.
New York, Feb. 1.-The break in
cotton amounted to more than SIS a
tttle anu the IndTkeI was dDSOluIely
demoralized.
May contracts broke to $3.50 with
, in ten minutes, SIG points under last
nights closing figures. making the
biggest break in such q short time in
the history of the market. Reports
| of conditions in the stock market con-
| tinued the excitement but after most
violent liquidation subsidized May con-
tracts receded to IA cents on covering
Within sixteen points of last night {
closing figures. The sensa tional break
brought in fresh buying as well as
covering by shorts, but the shock OF
the unprecedented rapidity of the de-
cline was still evident in the confusion
and excitement
Din in Wheat Pit.
! Chicago, Feb. 1.-The wheat market
| broke an extreme 15A cents at the
opening today under the influence OF
the German submarine note. Cora
and oats and provisions also slumped
severely.
The trading pits on the board II
(COntiuupd on poua Trn