Breathing Spell

Like a punch-drunk fighter, the stock-market soaked up more punishment last week. An outburst of selling (3,300,000 shares) that almost equaled the post-Labor Day break knocked the spots out of even the most solid stocks. Typical losses were Chrysler, down 4 1/2 points to more than 51 points below its peak for the year, and Du Pont, down 4 1/4 to a total slump of more than 54. The Dow-Jones Industrial Index fell to 167.30, lowest in 13 months.

Next day the market bounded back, making up most of the losses and by week's end had become so firm that it actually showed a small gain for the week. Wall Streeters were breathing easier. One wag even quipped that the Stock Exchange should adopt "Stone Cold Dead in the Market" as its theme song.

But no one could laugh off the unfunny facts: one week's slump had wiped out more than $9,000,000,000 in paper values, a round total of $14,000,000,000 since the beginning of August, 18% of the listed value of stocks on the Big Board.

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