The Waterbury Democrat., 1932-11-15
Rally Just Before Market Closed Was
 Only Bright Spot
Stocks Went Down During the Trading All Day But the Losses and Volume of Business Were Very Small
the last hour.

confidence late m the last nour.
 Market observers were unpre- turbed by the reaction downward for the second successive day. Some of them contended the lack of demand was ruse to lure bears into making new commitmentBs thereby giving the market a strong CT technical position from which Q sharp rise could start.
 The utility situation hinged around Electric Bond e Share. The street anticipated elimination of the dividend on that issue and re- ducticng on other companies of Bond and Share group paying divi- dends. Wide breaks occurred in Electric Power G Light and Ameri- can Power & Light Issues. Other utilities slipped off moderately.
 United Gas Corporation hafved Its divided on the 47 jreferred, thus reducing electric bonds's in. come. Eearnings of several com panies, including Detroit Edison Columbia Gas showed reductions.
 Railroad earnings. while making Q better showing than in many months. still was unsatisfactory. Readings net of $2,11e,e32 for the first 3 minths of 1892 compared 0NVA&Dty WAlkA LAAQ 0gO0fVI0 III 44V 1891 period. All railroads in Sep- sember made q fairly good show. ing as compared with 1881, but the 9 months net operating income of S2O2.456.12e. compared with an aggregate of $409,337,150 in the corresponding period of 1881.
 Railroad shares made the best showing of any group on the board. They slipped or less than the in. dustrials and rallied late in the day on the Chesapeake C ohio regular which had been anticipat- ed.
 American Telephone & Teie. graph experienced some short covering around noon when 1t was carried up more than 2 points to 112 51-S. It later declined to 10S 1-4 and rallied to above the pre-. yious close.
 steel Common ranged between 3S S-S and 37 l-s, rallying to q. round the previous close as the tions at Chicago and Pittsburg were steady in the Steel compan. ies. while Youngstown district was down 3. points at 16 per cent of capacity.
 United Aircraft turned up as the close neared and scored moders ate gain. Volume was still heavy In Aviation Corporation but the price held steady. The injunction against the company to prevent taking oyer North American Avt. ntion has been vacated, but the foe of that mergers P. l.. Cord, sues ceeded in staying a decision on the acquisition until he could be pres- ent at the directors meeting.
 Wheat closed with losses of near. fly cent . bush. At one time In the early trading it registered frac. tional gains, to the benefit of the stock market which stager a fair noon rally. Cotton was helped by a favorable consumption report but 1t failed to hold all it's gains. Bonds had sinking spell. rallying near the close.
 Another bank closing was added to the list of, yesterday. To-day's casualty was the Duducsne Nation. al Bank of Pittsburgh with depos. itssof around $4.000.000.
 Governor Roosevclt's reply fO President Hoover's invitation to a sidercd important. although . mas JuTity III tHc StTeSt WSSuuetu Opul~ Ion on fl.
 WOOL MARKET
 Boston, Nov 15.-(UP)-The local daily wool market report is- sued today by tho Boston U. s. agriculture department bureau fol- lows:
 "The wool market continues rather quiet with respect to actual sales, but inquiries are more nu- ,fnerous and members of the trade display a cheerful attitude in anti- cfpation of a better demand. Quo- tations are somewhat unsettled. Few scattered bids are largely un- der recent asking prices. but most houses as yet are not inclined to make any considerable reductions in quotations from last weeAN levels.e