The Waterbury Democrat., 1931-07-24
BY ELMER c. WALZER United Press Financial EditOr)

(Unitc0 PrcSS t1n0nc1al EustOrD New York, July 24-(UP)- | Weakness in German bonds, which
 were dropping close to danger levels. was interpreted as an indi-
 cation the American investors
 would not support a new long | term German loan and this result
 ed in further pressure against the
 stock market to-day.
 However, trading volume did not increase, being the same as yes- terday up to 1:30 when turnover amounted to 500,000 shares. At that time the Dow-Jones industrial
 average was down 1.22 at 141.41; railroad off 0.44 at 79.03 and util-
 ity off 0.44 at 67.50.
 There were several periods of steadiness from time to time, but rallies failed to hold. As the end of the fourth hour neared, the mar
 ket was again dipping to its low levels of the day. several of the
 leading shares making new lows for the present movement.
 Steel which had risen from
 91 5-s to 92 1-2 dipped back be-
 low 92. American Can was again
 below the 100-mark, against a pre-
 vious close of 101 1-4. Westing-
 house Electric and other leaders declined toward their openings.
 Utilities followed the industrials
 and rails generally were lower.
 Oils held at slightly lower levels. Traders were showing concern
 over the behavior of the bond
 market where the German and
 South American issues were under heavy pressure. The German gov-
 ernment loans were within frac- tions of their record lows, while
 the industrial and municipal issues registered losses of 2 to 6 points. South American issues were down
 1 to 6 points. European loans gen.
 erally gave ground and selling
 spread to the Australian section. | Traders argued that with Ger man bonds at their present low levels, American investors would
 not subscribe to any new German
 loans. Without additional funds, the German government might
 meet new difficulties. 1t was said. | German bonds also were depressed in London and the German mark
 here sold down after an early rally. Steel to Cut Dividends. New York, July 24 - (UP) -
 Despite a lack of definite state ments. Will street today accepted,
 as philosophically as possible. re. ports that the United States Steel Corporation will cut It's annual | dividend rate, at it's directors meet ing next Tuesday, from $7 a share | to an annual $b possibly $4-- rate.
 Coupled with this report came an equally unconfirmed statement that this action would be paralleled on the industrial side, by out in salaries and wages, in order to meet competition from other lead ing producers. The predicted action, important because big business holds United States Steel in the light of a busi- ness barometer, was taken to in- dicate that the corporation heads feel that business is not substan- tially on the way to the quick re- coyery that was hoped for earlier
 in the year.
 London, July 24-UP)- The Bank of England reported the
 heaviest gold turnover in It's his-
 The bank sold 5,26o.95o pounds
 sterling gold bars to the continent; received 1,OSO,0 900 sovereigns; ear marked 250,000 sovereigns; release 300. 900 sovereigns, and exported 127,O00 sovereigns. - OH Combine Blocked New York, July 24.-(UP).-Un- willingness of Tide Water Associat- ed oil Co. executives to agree upon anything less than a share for share
 stock exchange basis for Sinclair
 Consolidated All Corp. stock ia
 holding up the merger of the two
 companies, 1t was learned here to-
 day.
 The current price of $11 a share
 for Sinclair companies with a mar
 ket price of $5.62 1-2 share for
 Tidewater Associated bat represen-
 tatives of the latter concern are
 demanding an exchange of these
 shares on an even basis if the com
 panies are to be merged.
 Harry r. Sinclair. chairman of