The Waterbury Democrat., 1932-12-12
Stocks Began The Advance Upward As
 Selling Was Halted
Net Gains Ranged Up to 2 Points-There Was Very
 Much Confidence in the Trading Done To-day
By ELMER c. WALzER (United Press Financial Editor)

(United Press Financial Editor)
 New York, Dec 12-- (UP)- tSocks today overcame early sell ing and resumed their advance of last week before the end of the session. Net gains ranged upward to more than ? points. Volume was around the million share mark.
 Lack of selling pressure inspir- ed confidence and brought in mod crate buying and covering. News from abroad indicated considerable haggling over the war debt pay ments, but Wall street was not perturbed. It was the consensus that neither Great Britain nor France would refault at this tirne..
 Foreign exchange markets re- fiected uncertainty. The French franc made a new low for the year and for a time was well below the gold point. 1t rallied to the pre- vious close late in the day and the pound sterling also was around it's last level of Saturday after an early advance.
 German bonds were strong on news Germany had been buying the boids this market ut recent low levels and retiring them. Other bonds were mixed with U. $. gov ernments slightly lower.
 United States Steel common stock moved up more than point to 33h and held most of the gain. The steel industry is now operating at 15 per cent of capacity. accord ing to the magazine "Steelp. aided by orders for structural steel and steady automobile demand.
 The automobile shares held frac- tional gains Farm equipments were firm despite 8 slightly easier tone in the grain market. Allied Chemical continued to feature its group with two-point advance. 'DuPont jumped more than a point. Mail order shares were firm. Oil shares were steady despite attacks on the validity of the latest prora- tion order by the Texas Railroad Commission.
 Commodity markets generally moved in 8 narrow range. The London metal market registered lower prices, notably in copper metal which was upset by unsatis- factory conclusions of tho mopper fonference here. Indications were the copper companies would not lift all restrictions on production. Cotton held small gains, Silver eased # cent to 25% cents an ounce.
 Increased activity and firmer prices in stocks posted the price of stock exchange memberships. A seat sold to-day at $115,0O0 up $12,000 from the previous sale. Nickel Plate 6 per cent bonds scared more than points when it was learned the Reconstruction Finance Corporation had agreed to make funds available immediately for note holders under the refin- ancing plan. That phase was a sus- taining influence in the railroad stock division where prices firmed up fractions to more than a point. Local tractoin issues were the first to break away from g narrow arc in the early trading. Active de- mand for these issues at rising prices reflected reports the local government was planning to tniti- ate higher subway fares to aid in 1 balancing the city budget. Gains in | the fractions ranged to more than | 2 points and most of them were retained. Traction bonds also were strong.
 Utilities generally mad fraction al gains. American Telephone was up more than point in the com munications. Western Union firmed up slightly, while International Telephone eased a small fraction II z y f4