The Waterbury Democrat., 1932-12-15
Steel Common Was
 Weak This Afternoon
 And Market Dropped
Selling in the Steel Issues Was Unexplained By Any-
 thing in the News That Came Through To-day

decline from the preceding weeksis |anticipatd.
 The feature of the day outside the market was the transfer of the $95,5OO,0O0 gold from the Bank of England to the U. s. treasury. Tho operation thus far Is only on the books but the actual gold will soon be shipped from London to tho New York Federal Reserve bank. The total will be included in this weeks report on monetary gold stocks, but 1t will not be added to the gold reserves until 1t arrives. Monetary gold stocks of the Re- serve System will thus be brought to $4,465, 100000. an increase of $576,O00,000 from the low point of $3.919.O00,000 touched at the end of last June after France had drawn down her balances here.
 The pound sterling continued to reflect the high regard for Eng land held here as result of her willingness to meet her obligations. The pound rose sharply in the early trading and held a portion of the gain. The French franc equaled its low for the year at s.eO 1-8 cents but later firmed up to the previous close. That price is the lowest except for one occasion since the franc was stabilized in 1928. A little over a year ago when Great Britain went off the gold standard the franc sank below 3.90 cents for a short time.
 Commodities moved narrowly. Silver was unchanged. Wheat closed at prices off 1-8 to up IA cent. Corn was about steady. Cot ton lost few points.
 The weekly wholesale commod- ity price index compiled by Brad streets rose during the past week from $1.67 to $1.69.
 CORN AND WHEAT.
 Washington, Dec 15 (UP)--The timated corn production as of Dec l at 2,908, ,O45.000 bushels, The 1881 production was 2,567,- 306,000 bushels.
 Wheat production was estimated at 726,831,0O0 bushels, compared with 900,219,000 bushels in 1881.
 The department estimated 462.- 151, ,000 buhsels of winter wheat had been produced to Dec 1, com pared with 7S7,393,000 bushels last year.
 WOOL MARKET.
 Boston, Dec 15--(UP)-The lo- cal daily wool market report is- sued today by the Boston U. $. Agriculture Department bureau follows:
 "The current demand for 5es strictly combing fleece wools is limited to only a few manufactur- CTS but fairly large volume of business has been closed on woois of this type. Prices paid have been mostly in the range 19-191s cents in the grease for average midwestern feeces with the bulk mum figure. Holders of 56s strict- ly combing Ohio fleece wools are quite firm at 20-20h cents in the grase."
 POUND STERLING STRONG.
 London, Dec 15 - (UP) -- The British pound sterling mounted to it's highest price in several weeks today as the British government formally transferred funds to Unit ed States treasury representatives here for payment of the December 15 war debt instalments.
 Buyers of sterling also were en- couraged by Neville Chamberlain's announcement in the House of Commons that the goverpment would not increase it's fiduciary is- sue (unbacked currency).
 Opening at 1-8 cent lower at $3.2S 1-2, the pound rose to S3.29 1-2 by 1:40 p. m.
 ftI.< strengthened on today's opening, the dollar 25.63 francs compared with yesterdays close at 25.G2 1-2, and the pound up 25 centimes at 84.30 francs against yesterdays close at 84.06.