Market Idles in Week, Eyes GM Strike: Price Changes Small, Trading at Slow Pace
NEW YORK, Oct. 3 (AP)ÛÓThe stock market moved cautiously this week in view of the General Motors strike. Trading simmered down to the slowest rate in four weeks and the popular market averages showed trifling changes.</br></br>It was a watch-an-wait market, with a scattering of more issues declining than advanc-	news	background	m-</br></br>As the previous week end- ÐÊ*ÛÏ! production declines in ed, Wall Streeters believed building contracts and ma-that the GM strike would be chme t001, orders in August, settled by Monday. Although a seasonal drå¡P åÈ the con-Monday brought no settle- suã¢er pnf mdex in, AuåÇust ment, the Street seemed to</br></br>By Tuesday an air of doubt began to spread over the financial community and this deepened into something like apprehension by Thursday when stocks took a fairly sharp decline. Friday brought news that the GM strike was beginning to effect the steel industry, since GMÛªs Fisher Body Division had advised its steel suppliers to halt deliveries for two weeks because of a shortage of storage space.</br></br>Acting in contradictory fashion, however, the market seemed to interpret this poor news as an omen of urgency which might push the labor negotiators to a settlement.