The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-07-11
BY ELMER c. WALLER
United Press Financial Ediinr


NEW YORK, July 1o.-United
States Steel common stock led q
substantial rally on the New York
Stock Exchange today, rising more
than 2 points above the previous
close and nearly 4 points from the
early low.
ACCORDING to preliminary calcula-
uons the Dow, Jones. 81 Co. indus
trlal average advanced 200 points
70 I4f. Rail average advanced 70
POINTS 10 81.55, and utility average
advanced SO points to 1898.
sales totaled 100000 shares
compared with 100000 shares
Thursday.
The whole list was carried I'D /
70 3 points. Rails, oils, coppers
motors and special issues partici-
pated, but trading volume continued
very small.
While the market was rising.
Germans continued their negotia-
lions for a large loan to avert finan-
clal disaster. Conflicting reports
on the progress of the loan negotia-
lions failed to dampen bullish SEN
tlment and Wall Street concluded
the outcome would be satisfactory.
Or. Hans Luther, president OF the
Reichsbank, was reported to have
completed his negotiations with the
French late today.
Foreign Markets Easy
Foreign markets did not behave
as well as the American stock and
commodity markets. Prices react
ed at London after firm open
ing and closed lower. Berlin and
Paris prices also gave ground. These
markets were influenced by further
flight Of foreign capital from the
Reichsbank, today's Withdrawals
ranging between 100000 and 40
100000 marks.
The domestic news was mixed.
One of the principal items was the
monthly report Of the United States
Steel Corporation on its untitled or
ders. These orders as of June 30
showed decline of 141,l29 tons
from the total reported for May 81.
Steel common Immediately reacted
TO 95A on publication of the fig
ureS at noon, but support quickly
developed and the entire market
followed this leader up, best prices
of the day being made near the
close.
Other steels rose with United
States Steel. The industry, it was
reported, was due for an upturn In
the immediate future. The Far
fell plant of Carnegie Steel Com
pany at Sharon was stepped up to
full operation today. youngstown
Sheet & Tube received an order for
200 miles of 26-inch pipe for
natural gas line for Northern Nat
ural Gas Company.
Cut Oil Output
Efforts to curtail output of oil
through the drastic measure of a !
producers strike in the Oklahoma
field were responsible for upbidding
of the oils fractions to nearly 2
points. Standard of New Jersey was
the feature in this group. Opera
tors in the Oklahoma area we're
meeting today to decide on their
strike and q, similar meeting was
scheduled for the Kansas operators
later.
Leather stocks were up on i'm
provement in that line brought to
light in the shoe business reports. !
international Shoe rose more than
a point and United States Leather
was up nearly a point. Reports
from st. Louis indicated the shoe
industry was better than in years
with production up SHARPLY. AM
erican Hide and Leather today
raised prices of side upper leather.
bringing the advance in the last two
weeks to 8 cents a foot or is per
cent.
Special movements were account
ed for by special news. Interna-
tional Combustion Engineering rose
on reports Westinghouse Electric
was negotiating to take over some of
the company's properties. CONNER
cial Solvents and Du Pont moved IN
on announcement of a working
agreement between these companies
to set up a new company for de-
velopment OF paints and pigments.