New Britain herald., 1930-07-25
Bulls Allow Market to Drift In
 Sluggish Speculative Current
 As Trading Reaches Lower Level
Brokers Loans Reports Fail to Arouse Enthusi- asm - Some Investment Buying Appears - Op- orators for Rise Con- servative.

New York, July 25 P-Bull forces were content to rest on their oars and let the stock market drift on the extremely sluggish currents of specu- lative activity today.
 Trading slumped - around the lowest levels of the past two years. Price trends fluctuated uncertainty and were for the most part narrow and inconsequential. Support was provided for most pivotal shares and the market as whole maintained a steady to firm tone most of the time.
 Some Investment Buying
 A moderate trickle of investment buying has come into the market in the past few days, but on the whole. the public response to rather widely Disseminated buying recommenda- tons Of two large commission houses has been anything but impressive.
 Bulls were inclined to feel from the start that it would be difficult to maintain sustained advance, and cautious attitude has become rath- CT general. Several important bank ing interests regard this as a. healthy attitude, for they feel that a run away market might result in a repetition of the spring and early summer crash, further, unsettling ! business confidence.
 It has been notable, however, that the bear faction has become, if anything, even more cautious than the bulls. If further efforts on the upside meet with scant success, nevertheless. precedent indicates that professional traders will finally again try their hand at the down. side of the market.
 Bankers Loans Ignored
 The overnight announcement of a drop of s17,0o0,0O0 in brokers loans, in contrast to forecasts of a gain Of $50, 100000 or so, failed to generate any considerable enthusi- asn1. Traders perhaps remembered that the furry of bullishness created by the unexpected drop Of s21,- 000,o00 in the last full week of March proved ill-timed.
 bright item in the days busi- | ness news was a report of heavy buying of copper, both for foreign and domestic use. Stewart War ner declared a quarterly dividend of 50 cents, against 25 cents three months ago, and sn.1 cents six months ago. R. C. A.-Victor man agement announced that production would be brought to full capacity by | August 1. Less favorable in it's i'm. i plications was the announcement O substantial cuts in prices Of iror and steel products at Chicago ware. houses.
 Radio and General Electric were active features, but failed to mak. headway, U. s. Steel was we'll sup. | ported at moderate concessions from yesterdays close, and General Mo. tors held fairly steady. Nesting. house and American Can dropped 6 couple of points after meeting fair 1 support during the earlier hours o1 trading. Auburn was soft spot, los. i ing a few points.
 Autostrop Sells Up
 Auto Strop sold up nearly in response to first half earnings Of S9.66 share, more than double the like period of last year, but later reacted in profit taking.
 Eastern gained as much, Curtiss Publishing gained about 3 in re- sponse to last years and Stewart Warner gained like amount on the dividend announcement. Gillett Mengel, Paramount. Loose Wiles and Anaconda sold up moderately | Transamerica, first traded on this market moved narrowly.
 l tCredit was easy, call loans renew ing at 2. and going to l per cent outside. Time money was about IA lower for most maturities. '