Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-20
Sharp Rec0verieS Marked the
First Hours Dealings.
SELLING MOVEMENT AGAIN
Average of Prices Dropped Lower
Than Previously.
FURTHER FORCED LIQUIDATION
Weakness Spread to General List
Harrimsns, Coalers and Metals
Showed Least Decline.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 20-With this
mornings opening began the third day of
weakness for the stock market since its
sore trial in last weeks break. A better
opening proved but delusive augury, and
heralded only the now familiar sagging
tendency that has had control of the list
all this morning. BY the end of the first
hour of trading there had come a recession
of from one to three points from the high
est prices OF the day. and before noon fig
ures below the lowest of yesterday were
scored. The early afternoon brought a
slight Improvement, but in the main quo
tations were hardly any better than on
Friday. the day after the violent break
last week All of Saturdays gain. large
as it was. had been lost. and some of Fri
days reserve was drawn upon.
The news that Influenced the market was
mainly OF a negative character. The most
important single item was a statement
from Secretary Ely of the stock exchange,
denouncing c5 canards the reports that
certain commission houses were in trouble.
1t was said that the governors of the ex-
change were planning an investigation into
the origin of the stories which have been
current for over a week.
Warned Their Customers.
Commission houses warned their Gus
toners against trading in the present mar
ket. and how little the professionals them
selves operated was made plain to every one
by the small volume of transactions for
the day compared with those of the pre-
vious days.
Pressure by the bears was continuous and
extensive from the beginning of the session.
and no stock or group of stocks was exempt
from it,
In the activity that developed around
noon the movement was in the main down.
ward. American Smelling and Refining
common was especially the object of at
tack. selling down to within 60 points of
It's low mark in the break of last Thurs
day.
Ths steamship Kronprinz Wilhelm. which
arriV I this morning from Bremerhaven.
brought gold to the value of $40 900 for
the National City Bank. but notwithstand-
Ing the fact that the gold-import point was
Tor New York banks were reported
Depression Was Too Great.
The authoritative announcement by Mr..
Ely that the governors knew of no house
that was financially embarrassed together
with the unofficial story of their intention
to put a stop to the rumors. gave pause
for half an hour or more to the decline.
and even with the evanescent confidence If
brought turned the tide. But depression
was too great to be resisted and selling
again became the order of the day The
absence OF tangible result from the meeting
or President Mellen of the New Haven
road and President Roosevelt produced
much disappointment, though hope of pres
ent betterment in security conditions was
INDUCED in by very few traders
What reports came from London though
they Indicated a stronger position for our
securities market abroad were received
without enthusiasm. Even the excellent
and
importation from that center failed to re-
lievc the general discoura cement