Bash unexpected directory prompting

[Bob Friesenhahn]

FreeBSD 7.0 comes with a bash which identifies itself as
GNU bash, version 3.2.33(0)-release (i386-portbld-freebsd7.0)

I find that every time bash changes directories to a subdirectory it 
prints out the new directory path, but it does not print out the 
directory path after 'cd ..'.  This includes when bash is used to 
execute scripts and it is not in an interactive mode.
This is what I see
[bfriesen@shaggy ~/src]$ cd graphics
/home/bfriesen/src/graphics
[bfriesen@shaggy ~/src/graphics]$ cd ..
[bfriesen@shaggy ~/src]$ set -o
allexport       off
braceexpand     on
emacs           on
errexit         off
errtrace        off
functrace       off
hashall         on
histexpand      on
history         on
ignoreeof       off
interactive-comments    on
keyword         off
monitor         on
noclobber       off
noexec          off
noglob          off
nolog           off
notify          off
nounset         off
onecmd          off
physical        off
pipefail        off
posix           off
privileged      off
verbose         off
vi              off
xtrace          off
[bfriesen@shaggy ~/src]$ echo $PS1
[\u@\h \w]\$
[bfriesen@shaggy ~/src]$ echo $PS2
>
[bfriesen@shaggy ~/src]$ echo $PS4
+
[bfriesen@shaggy ~/src]$

The only documented bash rc file I have which contains anything 
executable is .bashrc and it contains this:
echo "executing .bashrc"
set -o emacs
unset ls

What is causing this spurious directory output from bash and how can I 
disable it?  It makes command execution very slow whenever the command 
cds to a subdirectory.  The unexpected output caused the rsync 
3.0 test suite to fail and I believe that it may be slowing down 
autotools cripts.
Thanks,

Bob
======================================
Bob Friesenhahn
bfriesen@simple.dallas.tx.us, http://www.simplesystems.org/users/bfriesen/
GraphicsMagick Maintainer,    http://www.GraphicsMagick.org/