| Show I I TOCK MARKING TIME Advances Numerous j Leading Issues Few Sales Recorded By CLAUDE A. A JAGGER Associated Press Financial NEW YORK July 2 Intent 2 Intent only on killing time until the tho holiday the stock market was a listless if af affair fair today although mildly tic steel trade reviews provided some support for the thc list after moderate casing off during mi morning By early afternoon id 4 vances of 2 points or so were numerous nu nu- among Important Issues Tho turnover during the tho first t tw hours was only shares Us t smallest since July of 1928 Bro l hers said roost most large operators w rev planning to let the tho market drift until after the three day clo over the Independence day week end and that commission generally was close to a standstill Floor traders appeared to be lct with the tho task of keeping the market mar mar- ket in motion STEEL ESTIMATES Iron Ago estimated that at l production for fog the country at lri had fallen to 60 per cent of capacity capac- capac ity and might dip to 50 before befort the holiday period has passed This publication however pointed o out t that resistance to pressure against steel prices is becoming more mora de and there is a a. belief that the iron and steel market mar mar- ket Is scraping bottom The sharp curtailment of production Is ci- ci peeled to demand a chance ta to catch up It was stated that In the tho past such shutdown hat rial proven the tho bottom of a a. News developments on OB th the whole however indicated anything but de changes in business activity The Tho midyear condition statement of New York banks bank while showing curtailment In earnings probably owing to lower interest rates j smaller profits by investment il at showed that the Wall str street tt Institutions arc la In excellent i condi-i lion tion to finance a recovery in busl 1 ness when It arrives Tho treasury surplus of at the end of Its fiscal year was gratifying 0 Wall ValI street but reflected cash payment pay pay- ment of from foreign governments and income tax payments pay pay- ments on last years year's record break ing earnings Freight car cr loadings In ill the latest week held at the 14 level crude crudo oil production turn turned upward and gasoline price cutting on the Pacific coast was discouraging ing to petroleum interests ADVANCE FACTOR FACTORA A A. factor in th advance to bo be the closing out of short com commitments in preparation for th weekend During tile the Eastman Kodak and Procter Gamble lost 3 2 1 and 2 2 1 points but rallied later American Rollins Mill dropped nearly 6 5 points to a now low los Shares showing advances of 2 t t 3 after midday U. U S. S Steel American Telephone American Amerlean Amer- Amer lean ican Gas Electric North American Standard Gas 05 Consolidated Gas Public t tN N N. N J. J Air Reduction and Power and Light Case and son gained 5 and more Call money was somewhat easier eSti than yesterday renewing at 2 J 1 per cent and giving holding at that level Ix roan an c calling ilin against midyear requirements SP aPy to have been largely LIST ON RISE The Tho ability of the list to riso despite despite de- de spite the fact that trading was Atthe at i the slowest pace In two years I strengthened sentiment in tIle the I ls A hour when United States Steel ad advanced advanced to 1440 American Telephone General Electric Electric American Can Standard Oil of New Jersey and Paramount Paramount- gained 1 to t 4 points Th close was strong Sales L I mated shares |
