The Waterbury Democrat., 1931-01-28
War Bonus Debate In. Congress Affected
 The Market To-day
Much Unsettlement in U. $. Govt Bonds and the Financial and Commodity Markets Were Shaken Up

several attempts to turn the trend but possibility of q huge bond offer ing should congress vote the bonus brought caution.
 Secretary Mellon predicted q de- felt in the treasury amounting to at least $375,0OO,000 in a statement denouncing the Veterans compen- sation as unmitigated imitation that would lead to greater depression.
 Mellon estimated it would require $3,40O, 100000 to make the cash payments. He emphasized the difi-. culty of floating such a huge bond issue.
 The market suffered from other adverse news, including a poor U. $. steel report, car loadings under the last two years, an increase in oil out put, a decrease in electricity output, less than seasonal expansion in the steel industry, elimination of Wabash preferred "A" and "B" dividends. failure of Atlantic Gulf to act on it's dividend. A 10 per cent decrease in Sears Roebuck sales for the first four weeks of January and a rise in in December to 5,7O0,000 men in January as estimated by President William Green, of the American Fed eration of Labor.
 Leading stocks were unloaded. United States Steel dropped to 139 7-8 off 7-S; American Can 109 3-4 off Is; Auburn Auto 132 off 5 1-2. Bethlehem Steel 49 IA off IA; A. M. Byers 43 1-8 off 1 7-S; Case SS 1-S off 3 7-8; and Vanadium 47 7-S off 1 5-8.
 North American dropped to 6S 7-8, off 3 in the utilities where Ae,%0 yns~ at 3-4; American Telephone 186 1-2 off IA and Electric Power & Light AZ IA off 1 3-4. .
 Wabash broke sharply when it was learned the dividends on pre- ferred had been omitted. It sold down to IS off 5, while the pre- ferred A touched A 3-4 o: IA. Other rails lost heavily with New York Central 122 1-2 off 3-4 and Missouri Pacific 37 off 1 1-2.
 Utah Copper which has not been out for some time appeared to-day at 100, decline of 48 points from the previous sale: Coppers general ly were lower with Anaconda off 1 3-8 at 32 5-8 due to uncertainty over the price levels now in force.
 EARLY TRADING
 New York, Jan 28.-(UP)-Stocks reacted lTdctloHS to points at the opening to-day as selling orders piled up after the United States Steel Cor poration report were executed
 Steel opened at 141A off T. Thea 1t met support and rose to 142 bu. later dropped back to 141%. Vest inghouse Electric dropped to S51s off 1M: J. I. Case 90 off 2; American Telephone 1S7A off 1; American Can III off z and Fox SoA off A. Auburn
 Rails held well. Pennsylvania was unchanged at 63, while Atchison rose # to 197%. New York Central opened off ss at 125% but quickly
 Union Pacific rose 2 points to 197. and Chesapeake and Ohio A to 441s. Southern Railway and Baltimore and Ohio declined. es
 Selling was persistent in Genera; Electric and the stock dipped to 44ls after opening at 443s off If. West inghouse Electric also reacted from its opening.
 In early trading the market drift ed about without definite trend. Stet touched 141h and met support. Lima Locomotive rose a point to 309s in response to deeclaration of a special
 The report for the fourth quar- ter of United States Steel Corpora tion was in line with pessimistic ex- pectation. The earnings were equiva lent to 70 cents share when special nonrecurring income wa sadded. Ac- tually the company only earned .7 quirements of s1.75 per share.
 In addition to this weekly steel reviews were less optimistic, the Iron Age characterizing the upturn since the first of the year as "disappoint- ingly gradual"