Rumor-Prone Market Slips for Third Day: Volume Tops 8 Million
NEW YORK, Sept. 30 (AP)ÛÓThe stock market today took its third loss in a row as some recent gainers wilted under profit taking and Wall Street showed further concern about the chance of stiffening credit for stock purchases.</br></br>it was another busy day, with the ticker late two minutes at the close, and volume at 8.68 million shares compared with 10.61 million yesterday.</br></br>The market advanced in the morning, with the emphasis showing signs of shifting a little from recent speculative favorites to steels, motors and other cyclical issues. But the session ended in a scramble when three big aerospace issues were swamped with orders due to a prediction by a news service that Defense Secretary Robert McNamara would announce the award of the $2 billion contract for the huge C-5A military transport to Lockheed.</br></br>The news spurred Lockheed, brought waves of selling to Boeing and Douglas Aircraft, its rivals for the contract, and resulted in a halt in trading in all three stocks. After the market close, McNamara made the announcement.</br></br>The Dow Jones Industrial average, which had been up as much as 3.29 at noon, ended with a net loss of 1.81 at 930.58.