Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-03
SLUGGISH MARKET
|. CONTINUES IN RU7
Efforts to Revive Stock Trad
ing Have Been Costly
to Operators.
BY the Associated Press.

BY the Associated Press.
NEW YORK June 3.-These art
parlous times in Wall street for junioi
customers men, margin clerks, mes
senger and board boys and BROKERAGE
house supernumeraries generally.
Commission houses, particularly thost
maintaining extensive wire systems. arr
admittedly losing money with the daily
turnover of the Stock Exchange running
close to 100000 shares. Last yeat
facilities were built up to handle 1000,
900 to 100000 shares daily. TradinA
fell below that early this year. but wal
back at those levels during April and
the latter part of March.
Hopeful Prophecy.
Unless something wholly unexpected
develops to shake the market out of it,
rut, brokers generally see little hope Of
improvement during the next several
weeks. There is considerable hopeful
prophecy of an active market develops
ing between Midsummer and early Aut
tumn, but unofficial reports from WASN'T
ington indicate that any huge gain ID
brokers' loans would be frowned upon
and that the Federal Reserve is pre-
pared to adopt more drastic measured
than the campaign of persuasion un'
successfully applied year ago.
Nevertheless, Wall street is hopeful
that a restrained bull market may de-
velop which will not absorb any undut
volume of credit. At the moment
money continues to be drug on tht
market, both at this center and abroad
Paris cables reported that carry ovei
loans today were as low as three-quarl
tiers of / per cent, the lowest on record
there
prospect of another Cutting of thu
money market during the shifting d
balances incident to the Treasury rei
financing and income tax collections thI
middle of the month, as there was dur
ing the third week of March, when cal
loans were offered in the outside mar
ket as low as 1l2 per cent. Banks an
in stronger position now than thel
were then.
But if money does approximate thl
low levels of mid-March there Is nj
general expectation in Wall street thai
1t will stir up a new bull market, aftea
the sorry ending to that which wat
born in March, only to have its Lift
snuffed out early in May. Any unex.
pectedly good news from industry
! added to cheap money, would undoubtl
eddy start a bun rampage, but Junl
! is normally a month of slackening acl
tivity in business.
Commission houses here and therl
are pairing down their Office forces; bi1
primarily there is a tendency to urgi
early vacations in the hope that full
forces will be needed by late Summei
or early Fall There is no tendency Of
the part of brokerage houses to par
with their experienced help, least Of al
with employees who distinguished them.
selves during the ordeal of last Autumn
but the hangers on are, with reason
nervous.
Efforts to Revive Market.
Professional operators have made re.
| forts, since the crash of early May, tt
revive the market. One trader, whe
| recently caused momentary furry ID
brokerage circles by purchasing HUGE
block of a popular trading stock, i
| reported finally to have disposed of II
at loss of a point or two. Anothet
| trader, noted for his large-scale trans
| actions, has decided to take vacation
in Europe this month.
The confidence with which revival
of stock speculation is expected in som4
| quarters however is seen in that action
of a well known bond house, which just
announced the opening of a stock1
trading department and customers
room.
The current stagnation of the market
| is having more far-reaching effects
/ than reducing brokerage commissions,
Important financing plans by some Of
| the country's foremost enterprises are
| understood to be held up pending 4
] more satisfactory stock market.