Liquidity tears crease the paper market.

The article reports on the crisis in the U.S. commercial paper (CP) market. It states that many people feel the rapidly growing 40 billion dollars commercial paper market in the U.S. during 1970 is on the downfall following the bankruptcy filed by Penn Central Transportation Co. However few market participants including International Harvester Co. believe the CP market is anywhere near collapse. It states the new companies in the U.S. are also having problems floating their CP issues.