STATE OF BUSINESS: Buttoned Up

The stock market, which has felt weak in the knees for some time, took a slight header last week. It was pushed down by American Telephone & Telegraph Co., which announced a $500 million issue of convertible bonds, and American Woolen Co., world's biggest woolen firm, which passed its dividend. Since A.T. & T.'s new issue would dilute the present stock, traders rushed to sell. A.T. & T., normally steady, dropped two points. American Woolen dropped three points to 30; for minutes, trading had to be stopped before a bid could be found. The unloading of stocks spread and,...

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