Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-02
TRADE IS LISTLESS
ON STOCK MARKET
Dealers Killing Time Until
After Long Fourth of
July Holiday.
BY the Associated Press.

NEW YORK, July 2,-Intent only on
killing time until the holiday, the stock
market was a listless affair today, al
though mildly optimistic steel trade re-
views provided some support for the list,
after a moderate easing of during the
morning. BY early afternoon, advances
of 2 points or so were numerous among
important issues.
The turnover during the first two
hours was only 900 shares, the small
est since July of 1928. Brokers said
most large operators were planning to
let the market drift until after the
three-day closing over the Independ-
ence day week end, and that commits
sion business generally was close to a
standstill. Floor traders appeared to be
left with the task of keeping the market
in motion.
Iron Age estimated that steel pro-
duction for the country at large had
fallen to so per cent of capacity, and
might dip to so before the holiday pc
Rod has passed. This publication, how
ever, pointed out that resistance to
pressure against steel prices is becom-
ing more determined, and there is a
growing belief that the iron and steel
market is scraping bottom. The sharp
curtailment Of production is expected
to give demand a chance to catch up.
1t was stated that often in the past
such shutdown had proven the bot
tom of a recussion.
News development on the whole,
however, indicated anything but de-
cisive changes in business activity
The midyear condition statements of
New York banks, while showing cur
tailment in earnings, probably owing
to lower interest rates and smaller
profits by investment af1liates, showed
that the Wall Street institutions are
in excellent condition to finance a re-
coVery in business when 1t arrives The
Treasury surplus Of $1S4 200, 600 at the
end of its fiscal year was gratifying to
Wall Street, but reflected cash payments
Of $76,000,0 from foreign govern
ments and income tax payments on
last years record-breaking earnings.
Freight car loadings in the latest week
held at the 1924 level, crude oil pro-
duction turned upward and gasoline
price cutting on the Pacific Coast was
discouraging to petroleum interests.
A factor in the advance appeared
to be the closing out of short commit
ments in preparation for the week end.
During the morning Eastman Kodak
"a points, but rallied later Amer
lean Rolling Mill dropped nearly s
points to a new low
Shares showing advances Of 2 to
points after midday included United
States Steel, American Telephone,
American Gas, Westinghouse Electric,
North American, Standard Gas, Con-
solidated Gas, Public Service Of New
Jersey, Air Reduction and Electric
Power 81 Light. Case and Atchison
gained 5.
Call money was somewhat easier than
yesterday, renewing at 215 per cent
and giving evidence of holding at that
level. Loan calling against midyear re-
quirements appeared to have been
largely completed.
The ability of the list to rise de-
spite the fact that trading was at the
slowest pace in two years strengthened
sentiment in the last hour when United
States Steel advanced to 100. American
Telephone, General Electric, WestinV-
house Electric, American Can, Standard
OIL OF New Jersey and Paramount Pub
Xix gained l to points. The close was
strong. Sales Appropriated I,15O 900