Wall Street Prices Near 1962 Lowest

Press, Volume CI, Issue 29849, 15 June 1962, Page 9

Wall Street Prices Near 1962 Lowest

(AZ. Press Assn.—Copyright)

NEW YORK, June 14. The New York stock market, hard hit by a late, heavy onslaught of selling, took its third sharp loss of the week yesterday.

The Dow Jones average of 30 industrials was pushed to a new 1962 low level. Other averages, however, remain above the levels to which they dropped on May 28 in the most severe loss since 1929.

There were no new developments to keep the market skidding, but some brokers said lack of strength could be attributed in part to general expectation that a test of the old low level would be made.

Today s fall, as measured by the Dow Jones index, was 1.2 per cent., compared with yesterday's 2.4 per cent. Prices fluctuated most of the session before dropping sharply near the close. They opened with a sharp loss, turned to a moderate gain by mid-day and then seesawed until the final blow.

The Dow Jones average fell 6.90 to 574.04. It closed on May 28 at 576.93. The Associated Press average of 60 stocks declined 2.70 to 212.50, just above its previous low of 211.20. Volume yesterday totalled 5.850.000 shares, compared with 4,690.000 on Tuesday, and 9.350.000 on May 28. Of the 1316 issues traded yesterday. 935 declined, with

174 of them closing at new low points for the year. During the day—before the pre-closing plunge—the Secretary of the Treasury (Mr Dillon) said in a statement that experts believed the market had fallen about as far as it would go. United Press International reported.