Show r j CLOUD lOUO HANGS OVER ARKET Explanation of the Situation inWall in inWall inWall Wall Street Is Not Yet at Hand RUMORS WITHOUT NUMBER MIXED OPINIONS AS TO THE TRUTH TRUTHS l Neer S w irk March aThe 39 The action of or th the i t k market today was accepted as a of the profound distrust o of ul alue which has resulted from the smash r t l the securities market There was a ai i rally at the outset from the de del l session of yesterday and the fears which i were so general yesterday that some im imi i i failure was Imminent as a con L enee of the stock market slump had subsided F bs to a large extent Little was wa waird wasand and ird of yesterdays rumors in fact 1 It i came tame Quickly obvious that the demand deman w put up UI prices was of a strictly nal character and that the high rr a prices Ir ces were taken advantage of to toi tor tori i i free marketing of f stocks in an a fe few Fr rr ks this had the appearance I r forced liquidation and it was taken for granted that further closing out o of at counts accounts was in progress It was wa rot 1 this however which had the mos most effect on speculative sent senti nt nl leather Hather it was mas the prostration o or of orp ofie ie p demand at any level leol of or prices thus thu thui i a 1 touch d hm Buying ins at the first decline i which were iver i to bargain hunters r I end and nd which would be presumably taken takei vt J t of the market was in fact designed simply for a profitable turn In the mar market market ket on its first rebound from the violent violen u shoos vU Dealings of this kind for for account especially have proved dis pointing and have come back upon th the market in a volume almost equal to th the they y H on the decline Moreover th the mand at renewed declines proves muc much less Is 1 93 effective than upon the first down downward downard downward ward ard plunge The more deliberate move Bent ment seen seems to be feared more than th the panic break for the greater lack of res real resl realy uv y which it may show The s 3 sources of enormous sales and th the I responding losses which are presumE t E 1 1 from last weeks market as a i r nn In of or the previous heavy hea declines ar arLt are aret Lt t t yet cleared up This helps to confuse I the attempted explanation of or the causes cause t f i the forced arced selling He ne grounds for the present conditions condition the trie worlds financial markets are 1 In Ina fat a t not yet et clearly understood The point poin the situation which is out of joint join mains obscure That the situation i it Is t of or Joint makes the doubt over th the mere Impressive in begetting cau t i t 1 and conservatism Opinions ar arct are arem ct r as to the relative importance to tor tor tor r allowed to sundry factors actors in to the pres tnt situation situa on including tightness of the i nev market In the strict sense which 3 a arId wide wid and actual shortage of cap 1 as distinguished from money to meet ge gf demands mands d for or new outlays a distrust n 11 i the part of capital of or the credit of the 1 which ask for new supplies t tse tle e part jart played pla e by the tation in causing this distrust and th the tart part played by the large output of gold dislocating previous relations in prices i terest rates and other Ither standards which rem the t basis for financial and commer i l I 1 operations In market there was besides r f rae me tear fear that special developments over r ng DK be the market with ith which it would still stil Jie ne to t contend In effecting any an reco tn rr er Stocks which have lain dormant dorman i i gh all the disorder of or the period f panic panle but which are nevertheless sub I i t ti Altered conditions of value and o of were under observation ob during durin day Explosive possibilities were sus s td cd in at least one such stock The was a factor In the unsettle ct f t TV which inch still hung about the market e tn m mey ney market continued to work I t gut at It the passing of or the April first set ti both here and abroad is ie some stat dreaded Serling exchange contin t 1 t t 1 r decline broadening the apparent C s fit it oil m the engagement of gold abroad I T r import The extreme fluctuations fol lot swing t to the depth of reaction were wide wid f 1 Ca 1 day days das s net changes on some of or the sst ast Ot active aliC stocks are limited to small smalls fit 1 s Bonds were irregular Total sales par ae 1 l x States bonds were unchanged on rt |