NEW YORK STOCKS

Press, Volume CI, Issue 29799, 16 April 1962, Page 3

NEW YORK STOCKS

Market Hits Year’s Low (N.Z. Press Assn. —Copyright) NEW YORK, April 13. The New York stock market dropped to a new 1962 low point yesterday as Government investigations into the steel price increase began. Brokers said investors were apprenhensive of possible action against the steel companies, the Associated Press reported. An estimated 4900 million dollars was erased from the quoted value of stocks listed on the New York Stock Exchange, based on the decline in the Associated Press 60stock average. The A.P. average fell 3.10: to 25110, the lowest point for the year, in its biggest drop since January 5. The Dow Jones average of 30 industrials slumped 9.23 to 685.67 It penetrated the January 29 closing level of 698.92, the previous 1962 low. which had proved a, support level. “Blue chip" stocks took losses of one and two dollars and some higher-priced issues declined even more. Steel issues dropped up to two and a quarter points, some to new 1962 low points. Turnover for the session swelled to 3.320,000 shares from 3,240,000 in the previous I session. With 1286 issues, traded, declines outnumbered! advances by a total of 870 to 209. Only 12 issues reached' new highs for the year while I new lows totalled 180.

Among the “blue chips" in the Dow Jones industrial average. Du Pont tumbled 6J. American Can 1. American Telephone 1 1-8. American Tobacco IJ, Goodyear 14, Union Carbide 1 3-8, United States Steel 1 1-8. Woolworth 24 and Chrysler 1 1-8. United Steel topped the market in activity on 54,500 shares.