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Newspaper
Charleston Gazette
Location
Charleston, West Virginia, United States of America
Date
Jun 13, 1961
Page
9
The New York Stock Exchange faced a sharp decline as volume dwindled to the lowest since early 1961. About $2 billion was erased from quoted stock values, with turnover dropping to 3.26 million shares from 3.52 million on Friday.
In New York, the government bond market extended its firming trend from last week into Monday. The session saw a maximum gain of a fraction of a point, with the average half that. Volume on the New York Stock Exchange reached 6.06 million dollars, up from 6.01 million Friday. Among corporates, rails and utilities fell while industrials and high grade issues were mixed among 333 issues traded. 133 declined, 83 advanced, 117 unchanged. Twenty two new lows and new highs were posted. Notable declines included Aleaa 4ths, Nuuwna? Casi Register 44s, and Ohio Edison 3s. Gainers included Katy Railroad 8s and Byrenly Financial Finance Ss, with Consumers over 2ths.
Readable fragments describe mutual funds and American stocks with emphasis on fund names and investment angles. Not enough concrete facts present to identify a specific fund performance or event.
The GE situation weighed on market mood with DuPont down 1, American Telephone 144 and General Motors 1s. Analysts cited foreign tensions and technical weakness, suggesting possible correction before a summer rally. The Dow fell 4.14 to 696.70 and the AP 60 slipped 40 to 249.50 as industrials, rails and utilities declined.
Market pauses after a steady run as traders await renewed momentum and signs of a resumed advance. Analyst Jack Lesler notes cautious tones while noting the wider market remains buoyant despite the pause.
Chicago AP reports soybeans and most grains faced selling pressure on Monday with prices weak on the Board of Trade. Soybeans fell to the daily limit as liquidation intensified, marking a fifth straight day of declines. Corn and rye remained weak while wheat and oats were generally steady.
Livestock notes a consolidation after mid May highs while Investors Research Co. warns of stronger market resistance near 700 on the Dow Jones Industrial Average. It cites apathetic demand rather than heavy selling and hopes for a quick seasonal uptick, though a pause could persist.
Officials reported 786 head of stock sold by 255 sellers. Sales totaled 31 09. New York commodities mixed markets with slow declines. Cotton steady to weak. Chicago wheat mixed. Corn and soybeans weak with liquidation. Hogs steady to 50 cents higher. Steers and cattle tops around 25 dollars, various classes under pressure.
Board of Public Works paused from discussing public utility valuations to host an apple break Monday. Carrall Miller of Martinsburg, secretary of the West Virginia Horticulture Assn, presented gifts of WV grown products to Gow Barron and others. Packages included apple grape and apple raspberry jellies, apple butter, spiced apple rings, apple pie, cherry pie fillings, and apple sauce.
Washington un Hope Natural Gas Co of Clarksburg West Virginia won authority from the Power Commission to extend its Fink natural gas storage pool in West Virginia. The two stage project includes six miles of pipeline in 1961 linking 15 former oil wells to the new main line at a total cost near 320000. In 1962 further lines and wells will be added at about 470000. Meanwhile Grangers from across the state prepare for the Grange Summer Camp at Cedar Lakes Ripley Friday through Sunday to develop members talents. Spear and Staff Inc notes that international news has modestly affected Dow Jones but domestic business shows strength suggesting investors use weak spells to build positions in growing stocks. Further gains are anticipated as postwar markets expand in favored sectors.
WVU appoints Dr Thomas C Campbell Jr as acting dean of the College of Commerce succeeding Raymond W Coleman who resigned to devote full time to teaching and research. Also reported are Oberlin College graduation details for Elizabeth M Quarrier and James D Clark with broader legal and public notices including a trustee sale ad, sheriff sale, and federal revenue notices involving Kanawha County activities and property auctions.
Treasury documents show fiscal year withdrawals total 87 484 522 362 82 with revised balances and gold reserves. The report lists national debt figures and annual expenditures, noting a statutory limit on net public debt.
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