Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-21
WALL STREET HAS A
VERY DEEP MYSTERY
Professionals Utterly at Sea For
Explanations For The
Heavy Selling
MARKET IN UNSETTLED CONDITION
There is a Feeling of Profound Dis.
trust Despite the Fact That There
Was Sharp Rally at the Open
ing l4our-Total Sales and Clos
ing Quotations.
(By Associated Press.)

NEW YORK, March 2O-Thc ac-
ton of the stock market today was
accepted as 4 demonstration OF iLlc
profound dlstrust which resulted in
the smash in the securities mark
cts. There was u violently ra:iy
at the outset from uhe depression
OF yesterday ana the fears which
were so general yesterday that
some important failure was immi-
nent as consequence Of the stock
market slump had subsidized to a
large extent Little was heard of
Yesterdays rimors in fact it became
quickly Obvious that the demand
which put prices was of strictly
professional Character and that the
higher prices were taken advantage
Of fer the free marketing OF stocks.
In Il few stocks this selling Tad
the appearance of forced nqu.la-
ton and IL was taken for granted
that the further closing out of Grip
pied accounts was in progress. 1t
was not this, however which had
the most discouraging effect on
speculative sentiment. Rather it
was the prostration OF the demand
at any level of prices tErls lar
touched. The superstition was in
duced that buying at first declines
which was attributed to so called
bargain hunters ana which would ne
presumably taken ont of The market
was in fact designed simply for a
profitable turn i'll the market on its
first rebound from the violent &C.
clines.(
Dealings OF this kind for for.
c!gn accounts have proved dsap-
pointing and Lave come back upon
the market in volume almost equal
to the purchase ON that decline.
Moreover the demand at renewed
declines proves much less effective
than on the first downward plunge
The mare deliberate downward
n:oyements was to be Offset more
than the panic break for the greater
lack of resiliency which it may
show
ilhe mysteries OF the sources OF
the enormous sales and the cor
responding losses which are pre-
sumable from last weeks market
as a elimination Of the previous
heavy decline are not yet cleared
up. This thclps to confuse the at,
tempted explanation of the causes
of the forced selling. The grounds
for the present conditions in the
worlds financial markets are in fact
not yet clearly understood The
point in the situation which is out
Of joint remains obscure. That the
situation is out OIL joint makes tic
doubt over the causes more impress.
slve in begeting caution ana con-
Tersat'sm. Opinions are much mix
ct. as to the relative Importance
to be allowed to sundry factors III
the present situation including tight
,,n pr IL, l1 OF INF
which is world wide and actual
shortness of capital as distinguish.
ed from money TO meet huge &C.
mands for new outlay, a distrust on
tle part of capital for credit OF
corporations which ask for new sup
plies, the part played by the anti
corporation agitation in creating
the d!struslt and the part played by
She large output OF gold in dislo-
eating previous relations in prices
interest rates and other standards
which form the basis for financial
and commercial operations. In to
days market there vas some fear
that special developments overhlnlg
ihc market which would still have
10 conend in effecting any recov-
cry Stocks which have lain DOR
ngant through all the disorder q.
are panic period but which are
nevertheless subject to altered con-
ditions of values and of credits were
under observation during the day
Explosive prices were suspected
in at least one such stock. The
suspicion was a factor in the I'M
settled condition wnidi still hung
about the market Money continued
to work easier but the passing OF
the April first settlements botn
here and abroad in somewhat dread
ed
Sterling exchange continued to
decline broadening the apparent
profit on The engagement of gold
abroad fer import. The extreme
fluctuations OF the day from the
opening high level to The depth of
tho reaction were wide but the days
nc dlnges on some Of the most
active stocks are limited to small
fractions.
Bonds were irregular total sales
pa, value $2.002,000, U. s. bonds
were unchanged on call. Total sales
today 9lS,SOo shares including Cop
per 1fG 800; Smelling $500; Sugar
1900; Tobacco 500; Atchison 49,
500: A. g. l.. 700; st. Paul 26.900;
C. e.. o. 5000; l.. e N / 600; Penn
sylvan'a 80 800; Reading 191 100;
Southern Pacific 3S,10O; Union Pa.
cifc 159 600: u s. Steel 1890; v
C. C. 1900: v. c. C. pfd 100.
Closing Stock List.