Trading Slows as Stocks Slip Slightly: Selling Hits Chrysler, AMC
NEW YORK, Nov. 16 (AP)ÛÓThe Stock Market today went through a further digestive process of its November gains and registered a slight declineÛÓits first clear-cut loss since Oct. 27. Trading slowed.</br></br>In yesterdayÛªs mixed session, more stocks fell than rose but the popular averages achieved record highs due to gains by blue chips.</br></br>The highlight of todayÛªs session was heavy selling in Amcrian Motors and Chrysler, both reacting to news. American Motors declared a lower cash dividend but voted a slock dividend. At the same lime, a sharp drop in earnings was reported. Chrysler Auto sales declined.</br></br>The market drop was generally expected in view of the prolonged, day-to-day rally. Normal profit-taking took its course. Most of this was out of the way by mid-afternoon, however, and prices began to meet support. The session ended on a note of rising prices, with dealings quickening.</br></br>The Dow Jones industrial average dropped 1.01 to 733.33. The Associated Press average of 60 stocks dipped .20 to 268.60 with industrials up .30 to a new high for the year, rails down .50 and utilities down .30.