Mutual Fund Sales Plunge $26 Billion in First Quarter

Total sales of stock, bond and income mutual funds plunged to $26 billion in the first quarter of 1988 from $72 billion in the corresponding 1987 quarter because of the aftershocks of the October crash, the chairman of the Investment Company Institute said Wednesday.

“Mutual fund sales reflect the overall climate,” said Richard Reilly at the annual meeting of the mutual fund industry’s trade association.