Norwich bulletin., 1920-04-22
PRICES PLUNGE DOWNWARD
 IN NEW YORK STOCK MARKET

New York, April 21.-Heavy liquida- tion in the stock market today sent prices plunging downward. In one Of the most severe reversals of the year, leading issues, especially those of speculative character, declined , to Is points, while General Motors dropped 42 1-2 points to PTS.
 The big crash came in the final hour when nearly one-third of the days ex- tensive turnover of more than 100000 shares took place. So great was the rush to sell that the ticker was fifteen to twenty minutes behind in reporting transactions.
 Sympathetic action marked the trad ing in the cotton market here and in the grain and provisions markets in Chica- go. There was a break of more than S5 bale in the cotton market, attributed to prospects of better weather in the cotton belt and the failure of bulish crop advia&s ii stimulate buying.
 In Chicago prices of grai2 and pro- visions collapsed suddenly unler an av- jas 8 12 cents bushel, and pork s13o a barrel.
 Bulls Without Funds
 The weakened bull position of prsfes- sional traders. many of whom suddenly
 
 extension of their commitments, precipi- tated the decline in the local market. i in the opinion of banking interests. From all accounts a large proportion of the days selling oraiginated at interior points. confirming reports that banks, l especially in the west and southeast, were again reducing "unessentiaI loans | A canvas of leading financial institu- tions here brought forth assurances i that only a moderate amount of loans had been called in the natural course of the days business It was intimated however, that further curtailment of credits was in progress, this being ir accord with the established policy of the federal reserve board.
 l United States Steel fell below par fol the first time since the third week ir March, declining to 9S 3-4, loss of B. points. There has been a steady liqui. dation of steel stock ever since Chair man Gary's announcement that no i'm mediate stock dividend is contem lplated.
 Baldwin Locomotive dropped one tC three points between sales, reacting tt 115, a loss of nearly 15 points Pierce Arrow, Studebaker and Chandler Mo tors, with allied specialties; and Mexi can and Pan-American Petroleum witt related oltS; American Woolen and Cruc ible Steel also were featured in tn collapse, dropping five to ten points
 The severe reaction also affected Lib erty bonds, which fell to lowest price yet recorded. Some of the issues drop ped to levels where they represented al interest return of almost per cent Large r"---~-~''---~ '-~'~;-~ n liouidat heir holdings to permit them to en gage in cos.. lI.4;,4.viilg, are believe t have been responsible for the unusuall heavy offerings of war issues.
 Foreign exchange rates yielded wit the rest of the market. Demand sterlin dropped nearly four centes and fran :, cheeks nearly 30 cantimes with sympa
 thetic declines in other European issue, , Selling by Japanese interests to strength : en their reserves at home was given a : one of the causes for the drop in ez v change.
 On the surface the money market wa Q easy. call loans ruling at per cent an
 in plentiful supply. The fact remained il however, that time funds virtually wer
 unobtainable, even at bids over prevail II i,orr %ar