Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-04-21
EOCKS SMASH
J IN NEAR PANIC
Sends Prices
TumbIing to New Lows.

YORK, April 21.-Although some
stocks moved in an irregular manner at
the opening of the stock market today,
the entire list was in demand after the
start and made upturns ranging from
fractions to 4 points.
Lackawanna Steel continued promi-
nent, advancing 3% to ST. Steel com
aater yielding to 1905, advanced ITO 131.
while Republic Steel dropped to 1O5 and
then rose to 1865. Crucible felel point
to 240, but quickly recovered to 243.
Mexican Petroleum rose 312 to 18Th.
Pan-American Pete 1 point to 1899 and
Royal Dutch rs TO 112. Transcontinen-
tai Oil was under continued pressure,
however, falling rs to a new low rec
Studebaker advanced ia to 114s4 Gen
eral Motors, S15 to 321, and Pierce-Arrow,
1 point to 50.
United States Rubber. after dropping
to 10415, rose to 106.
Fractional advances were made in the
copper and railroad shares.
There was active trading in many is
sues during the forenoon, with strong
tone maintained in the industrial shares.
Lackawanna rose Az to s4&, while Re
public Steel, Baldwin and Nanadium
Steel made gains Of about points. Steel
cannon held within narrow range, sell
ing from 1917 to 1924.
Corn Products was active, selling from
IL to 100k and American Beet Sugar
rose over points to above 100. Pierce
Arrow rose points to 69&, and gains
OF from 2 to 3 points were made in the
other motor shares.
Mexican Petroleum rose So to 1S9A,
and Pan-American Petroleum advanced 2
points to 1914. Sinclair and Transconti-
mental Oil continued in supply, the for
mer falling TO 1855 and the latter to us.
A wave of selling came into the mar
ket during the early afternoon forcing
severe losses in practically the entire
list.
Commission house liquidation was
forced in large volume by the declines
which occurred in the market after mid
day, when many severe losses were suf-
fered in every issue on the list.
The specialties were the heaviest suf-
ferers General Motors falling from a
morning high Of 321 to 2S4, while the
certificates fell nearly + points 10 2915.
Mexican Petroleum broke II points to
1T5 and Pan-A1erican Petroleum yielded
over 6 points to ssh. Sinclair Oil dropped
over 3 points to 34A.
Steel common broke over points to
100 and losses Of from . to points were
suffered in the other steel shares, Re
public Steel selling at 1929 and Bald
win Locomotive at 122%.
The railroad stocks yielded from 1 TO ?
points.
The market closed weak. Government
bonds unchanged; railway and other
bonds weak.
Although the stock market closed n
8 o'clock. trading was IN such heavy
volume that the hnal quotation did not
appear on the stock quotation ticker IN
til twenty-three minutes after the Off
ctal closing time.
The dealings in the market were al
most like in times of panic. No one in
the street could account for the real
reason lying behind the sensational de-
cline, most OF the traders believing that
IL was due to some coming action by
the federal reserve board.
No stock was spared in the general
slashing Of prices. The sales were in
excess of two million shares.
Steel common broke to $3.50 as COM
puared with an early high of 1925 Bald
win Locomotive broke 1875 from the
morning high to 115. while Republic Steel
fell s points to 1884. General Motors
/. after selling up TO 321 in the early trad
~ slumped violently TO 30. Mexican
Petroleum broke u points TO III and
Pan-American Petroleum 70 81. Pierce
Arrow was nearly 10 points below the
high az 60, and Studebaker fell TO 1OTA
CrucibIe Steel yielded II points TO 232
Sales, 100000 shares; bonds, 20,660.-
600.