Stocks Slip as Turnover Tops 7 Million: Rails Fail to Catch Up
NEW YORK. Sept. G (AP)ÛÓThe stock market boiled today on the greatest volume since the hectic Memorial Day week of 1962 with prices declining somewhat from the all-time peak reached yesterday.</br></br>Profit taking, switching and reinvestment churned the market into confusing cross currents as turnover soared to 7.2 million shares from 5.73 million yesterday. It was the biggest volume since May 31, 1962 when 10.71 million shares were traded in a great rebound from the ÛÏBlack Monday" crash.</br></br>Analysts said market theory called for the rails to "confirmÛ yesterdayÛªs record highs of the industrials. Rails failed to oblige, however, and the over-all gain thereby lacked conviction in the minds of many.</br></br>The Dow-Jones industrial average, which made history yesterday by surging to an all-time record, underwent a moderate decline</br></br>The shifting of market interest was shown by strength in Ford and weakness in Chrysler, where big profits could be taken. Similarly, IBM spurted 8 to 458'/2 while Control Data, called the ÛÏJunior IBM,Û slumped 6 to 95 as profits were taken on this yearÛªs phenomenal rise in the stock.