New Britain herald., 1930-08-06
Drought Buoys Up Grain Markets But Stocks Are Unable to Profit
 And Again Sag In Apathetic Day
Attempt to Interpret Con- modity Rises Bullishly Fails - Leading Shares Yield Ground - Mid week Steel News Disap- pointing.

New York, Aug P - The drought appeared to have injured the bull pasturage in today's stock mar ket, and the mid week business statistics provided no relief.
 Leading shares sagged ? to 4 points or more as trading remained apatheric. Some market operators were said 10 have found the market too sluggish for successful trading and to have suspended activity
 The grain markets were again huoyant and while some stock mar ket interests endeavored 10 interpret the breaking Of the depression in the wheat and corn markets bullish- 1 ly, the stock market as a whole dis | played considerable nervousness as to the effects of the extensive crop l damage On autumn business pros- poets
 Steel Reviews Disappoint
 The weekly steel trade reviews were disappointing. Iron Az" stated that steel mill operations had dropped to 4 per cent Of capacity, after holding at 56 for four weeks. This was contrary to the prelimn- ary estimates yesterday. indicating slight improvement Steel" how ever, said that L. s. Steel had ;n- creased operations from 63 to 64 per cent Of capacity, and that the entire industry was between 55 and 60 per cent
 Neither publication found mu2h cheer in the immediate outlook. Iron Age" said the opinion still prevailed that a seasonal upturn would appear in month or two. | "Steel' however, said that failure Of specifications to respond to re- sumption of automotive manufac- turing. alarm over possible damage to public buying power by t>o drought, and the most drastic cur tailment Of pig iron production in recent years. have vitiated much of | the hope entertained for an improv- d iron and steel situation in the early fall"
 Freight Car Loadings Drop Freight car loadings for the fourth week of July were reported as nearly 5000 cars under the pre- vlous week, and again at the lowest level for the period in eight years. F. W, Dodge Corps. report of total building contracts east of the Rock ies for July showed drp of A per cent from July, 1923
 Some of these statistics were re ! garded as representing water under ! the mill, and Wall street believes l that it may be a little early to look
 for a marked seasonal upturn in steel operations, but the psychologist cal influences seriously hampered the bull cause. In the meantime, fair amount Of good investment buy ing continued to flow into the mar ket on recessions, and banking cir cles in general did not regard the outlook as justifying deep pessi- mism Bankers said business has been paying off it's borrowings in large volume, and putting itself on sound footing.
 Leading Issue Slip
 Such issues as L, $, Steel, Ameri- can Can, Dupont, Rock Island, West inghouse Electric and Atchison lost two points or more. AtChison after selling up in the morning. Ameri- can Telephone. Union Pacific. East man, Allied Chemical, American Water Works, American Tobacco B and Case lost f or more. Diamond Match. recently a buoyant feature tUmbled more than s, There were a few firm spots during the earlies hours of trading, Woolworth rising . and Davison Chemical 3 points.
 Call money renewed at F per cent for the first time since July 15. but easier money is expected within a few days