Auto Shares Strong in Irregular Market: Trading Pace Slackens
NEW YORK, July 31 (AP>ÛÓThe stock market today retreated into the cautious frame of mind which has shut off any 1961 summer rally.</br></br>Any hopes that last week's spurt on rising volume might be tipping off a ÛÏusualÛ summer splurge were dashed as the market first edged up, then faltered, weakened and finally strengthened a bit in the closing minutes. When all the figures were in, however, it was nothing more than a mixed market.</br></br>Trading volume contracted with the loss of exuberance, too, falling to 3.17 million shares from 3.61 million Friday.</br></br>Chrysler climbed 2Va to 49%ÛÓits 1961 highÛÓwhile leading the most active list on turnover of 93,900 shares. Brokers attributed the issueÛªs continued strength to the change in administrative personnel plus a chart pattern which indicated a vigorous advance if the issue topped 48.</br></br>Ford also was strong, rising 1%, while General Motors recovered from early weakness to move up %. American Motors also was up %.