Warning Cools Stock-Buying Spree: Week's Trading Heavy
NEW YORK, April 8 (AP)ÛÓThe stock market staged such a trading spree this week that the president of the New York Stock Exchange felt it necessary to urge investors to act with caution.</br></br>Volume skyrocketed to 6.47 million shares Monday and 7.08 million Tuesday. Each total was the highest since 7.72 million shares changed hands Sept. 26, 1955, after President EisenhowerÛªs heart attack.</br></br>The Exchange head, Keith Funston, said ÛÏreports reaching us indicate that some would-be investors are attempting to purchase shares of companies whose names they cannot identify, whose products are unknown to them, and whose prospects are, at best, highly uncertain.Û</br></br>FunstonÛªs warning had an immediate effect, and trading dipped to 5.43 million Wednesday, 4.91 million Thursday and 5.1 million Friday.</br></br>ume of 4.2 million shares Tuesday was the highest since 1959. The weekly total of 18,992.305 was the highest in the AmericanÛªs history.