New York Stocks Fall To Year’s Lowest Level
• (71. Z. Press Association— Copyright)
NEW YORK, April 16. Stocks fell to their lowest level of the year today as an aftermath to last week's steel price dispute. Observers blamed the further price decline on a growing belief that steel's surprise price increase, later rescinded under heavy Government pressure, had produced a less favourable business atmosphere, United Press Internationa] reported. Steel issues again were the weakest group. featuring United States Steel down 3.50 dollars on fears mat possible anti-trust action might break up the giant company. American Tobacco, Bethle-
hem and Woolworth also were down betwsen one and two dollars in the “blue chips" but Du Pont added 1.50 dollars responding to a 20 per cent, jump in first quarter profits. Standard and Poor's 500 stock index dropped 0.30 indicating a further shrinkage of more than 2000 million dollars in paper values. Trading totalled 3,070,000 shares against 8 470.000 on Friday. With 1287 issues traded, declines outnumbered advances by 048 to 243.
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Press, Volume CI, Issue 29801, 18 April 1962, Page 19
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170New York Stocks Fall To Year’s Lowest Level Press, Volume CI, Issue 29801, 18 April 1962, Page 19
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