Prices fall in New York

Press, Volume CXIV, Issue 33655, 3 October 1974, Page 16

Prices fall in New York

(N.Z. Press Assn —Copyright) NEW YORK. Prices on the New York stock exchange plunged on Tuesday and at times, the Dow Jones industrial index was below 600.00. However, the index closed at 604.82, but that was 3.05 lower than on Monday and the lowest since November 2, 1962, when it closed at 604.58 during the Cuban missile crisY. In the last eight sessions, the average of 30 stock prices has lost nearly 70 points. There is little optimism that the slide is abating, and some analysts are saying the market could fall to around 540 in a short period. The indicator, which started the year at more than 850, has steadily fallen as confidence in the economy has eroded, and discouragement over the Government’s ability to control inflation has deepened. Although many investors continued to take a beating, brokers took initial encouragement from the increased trading brought about by extending the trading time by 30 minutes. On the first day of the extension, 16.8 million shares were traded, which is well above the 1974 average volume of 13.4 million shares. Nearly 1.2 million shares were traded in the extra half hour.

Perth suspension The Perth Stock Exchange has suspended trading in the securities of Mountainview Gold, N.L. after receipt of a letter from the company. Mountainview had told the exchange that a meeting of the company’s board had decided on discussions which if successful, would “materially alter the objectives and activities of the company,” and the directors said that they sought a suspension of share trading pending the completion of the negotiations.