Trading Pace Slows as Stocks Retreat: Background News Drab
NEW YORK. Aug. 25 (AP)ÛÓThe stock market took a well-deserved rest today as it posted its first decline in five straight sessions. Trading was dull.</br></br>Profit taking was not only a normal expectation but was well overdue, analysts said. For the first time in 16 straight sessions, minus signs exceeded plus signs.</br></br>It was characteristic of the market in recent weeks that as prices softened volume declined, the total today being 2.680.000 shares compared with yesterdayÛªs 3.500,000. This is construed as a bullish sign by brokers.</br></br>The business news remained drab. The dullness was emphasized by a sharp decline in machine tool orders, an important barometer of plans for industrial expansion, and by Gulf Oil's and Humble Oil's cut of refinery- operations because cf oversupply.</br></br>Telautograph was the most active stock, rising 2'.åÇ at 13Ûªa on 89.500 shares. This stock reached a new high following publication of a report of an agreement permitting the company's equipment to transmit written messages at ordinary telephone rates. American Motors was second, off 'ÐÊÛ÷t at 23"s. Third was Oliver Corp., up 17åÈ at 213i.