STOCK i MARKET OUTLOOK War Rumors Die Down Tra Trad ing Opens at Fast Pace Slows fl ELMER C. C United Pr Press Editor NEW YORK July Tv 27 market came back Friday street revised its outlook SP WAIt on or t toc b lems troubling trading War rumors died down n night and many traders E Ee European situation had b beS th i o e emphasized Distress trad trading d dS drouth routh section was not so great a S some OnIC rains gave a better betterin t he midwest Strike ts news s udden These factors aided by v industrial reports I in n a rip roaring opening t to o shares came out i l leaping one to almost four j That was the only real bull dt o during the day bu but d selling did come wt m market arket was overcome easily g gains were held until i the The heaviest h f final inal hour propelled selling by came weakS In In J C Consolidated Gas America p hone and some s ues Gains cere j pared do but s everal stack back n ear the close Selling in gas which dropp t f I n new ew low of 25 8 7 and showed aro J t three points loss above 26 cl c lose f and American which dropped below f for t three ts points loss before s Stance istance mainly was ascribed o rp o ver rate In the industrial in New y York Steel tt y held 4 3 gain at 34 w 4 Am c can an Cart Can was vas more than 4 a a yu po point nt cr e r around 93 2 1 General Motors more than a point stronger at 26 and a Chrysler gained 1 8 5 at 34 Case held J JJ on to more than gain at 37 while a point oit International ester Vester also Sap Har gained Owens Illinois Gla Glass was five mor than points higher at 66 H 1 ex U U. U S. S Smelting Smelling more than three l lead ead the points above 12 k fa mining issues higher Considerable support came bond market which was t erday with j j considerable demand One sale of in home owners owners' l ull half point loan 3 at gain was Wheat met which knocked down the high prier but finished with fractional Corn of was steady Cotton held 1