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Show 'srEnuK REDOuns ! Drops to $3.19 in Noon Hour; Rises Later to $3.31 ; Stock Market Generally Heavy - NEW YORK. Fob. 4 Demand sterling rebounded in midatternoon trading to $3.31 after touching $3.19 soon after noon The rally was attributed attrib-uted to unofficial reports that Great Britain had prohibited the importation importa-tion of cotton. There were similar recoveries re-coveries in other exchanges and the advances were so rapid dealers scarcely scarce-ly could follow the fluctuations. Stock Market Heavy The stock market was heavy at the opening, the market taking its cue from tho British rate which fell sharply sharp-ly before the gong on the stock exchange ex-change sounded the opening hour. By middav the rate for demand bills on London fell to $3.19. an overnight depreciation de-preciation of H cents and a decline from last week's final price of 31 cents. French. Italian, Belgian and various other rates gave way with the British 'quotation, all recording greatest de-'preclation de-'preclation in their history at this cen-, cen-, tor Reports from Montreal indicated (that the American dollar had reached i a new high premium in that market. Tight Money and Loan Restrictions Apart from the violent upheaval in exchange, the slock market was beset by domestic difficulties, including tight money and further loan restrictions. restric-tions. During the noon hour it became be-came known that the government would withdraw loans from local banks to meet impending payments. Call money held aC 14 per cent, but time funds were entirely out of the market There were throe distinct declines de-clines with .virtually no rally up to 1-30 o'clock At that time important stocks and speculative favorites were 3 to almost 20 points under yesterday's closing prices and 10 to 35 points under un-der final prices of the previous week. General Motors. Crucible Steel. American Woolen, Baldwin Locomo-J live. Pan-American and Mexican Pe-j troeums. Texas company, American.1 Tobacco. Canadian Pacific and a score, of less distinctive Issues featured the j sharp reaction. There was little sup- port at this juncture, declines of 1 to 2 points being recorded betweon sales. Trading was (he largest and most varied var-ied of any session thus far this year, about 1,300,000 shares changing hands by 1'30 o'clock. . rn |