On October 20, 1999, at 1230 mountain daylight time, a Fairchild M62A (PT-19), N56268, sustained substantial damage when it departed the side of the runway during landing roll at Gallup, New Mexico. The private and commercial/flight instructor pilots on board were not injured. Visual meteorological conditions prevailed for this ferry flight operating under title 14 CFR Part 91 and no flight plan was filed. The flight departed Prescott, Arizona, at 1000 mountain standard time. According to the pilot, the aircraft began swerving during landing roll and departed the side of the runway which damaged the main landing gear, the left wing tip, and the underside of the aircraft when it struck a runway light. The pilot in command was occupying the front seat and the other pilot, who was conducting the landing, was in the rear seat. The pilot in command said, when the aircraft started to swerve, he got on the controls with the other pilot which resulted in an "over correction" to the swerve. Control was lost and after several swerves, the aircraft departed the side of the runway, and struck a landing light which caused the main landing gear to collapse. Neither pilot was experienced in type or kind of aircraft.