The Waterbury Democrat., 1932-11-30
By ELMER c. WALZER United Press Financial EditOr)

New York, No3 3O--(UP)-The stock market, which had ruled steady in the last few days while the pound sterling was making new historic lows, turned down for losses ranging to 5 points to-day when the pound experienced a smart recovery.
 Stocks opened firm and moved up to net gains of fractions to 2 points in the first few minutes of trading. That rise was due mostly to short covering which soon sub sided. Before the, end of the first hour all the early gains had been replaced by losses.
 Postponement of the dividend by directors of Chicago, Burlington x Quincy railroad brought selling into the rails and. this spread throughout the list. losses in all groups being extended. The mar ket paid more attention to dividend and other domestic news than to the war debt situation. The Eur lington action also had an adverse effect on railroad bonds,
 Commodities were made only minor changes. Wheat closed firm whilS all corn positions save De- cember lost fractionally. Decem- Der corn broke more than cent as the time for expiration of the contract neared.. Cotton lost afew points. Bar silver rallied fraction. allv.,
 Traders say they have come to the conclusion that If the steel business does not pick up marked : ly soon,. directors of U. s. Steel corporation will he forced to elim- mate the dividend on the preferred stock. They sold the stock on this assumption and it broke more than 3 points. The common stock drop per 2 points.
 International business machines continued to reflect commission or the usual annual stock extra or ! per cent and broke more than , points. Safeway stores dropped 5 points on anticipation of 9 divfd- end cut: Coca Cola. which recent ly omitted the usual extra, was down more than ? points.
 Postponement of the Buriinston dividend declaration brought sell ing into the; carriers. Union Paci. fic still among the few diyidend paying rails dropped more than 2 points and losses of to more than noints were sustained by Atchi- son, New York Central, Lacka- wanna, Great Northern preferred, and Northern Pacific. .t
 American Telephone slipped back toward 102, against a previous close of. 104 7-S. Utilities were down with the general market with Consolidated Gas and North Amer ican off more than a point each.
 Regular dividends were declared on a fair-sized list of issues to- day, including Lorillard, Interrla- tional. Silver preferred, South Por- to Rico Sugar and International Silver Preferred. G. w. Helme de- clared the usual extra of $2 a share, the action sending the stock up more than a point.
 Weekly business statistics .c0n- tinued to reflect the seasonal de- cline now in progress. Steel opera tions rose appoint following the drop caused by the holiday period. but orders, according to the iron age are not sufficient even to main tain the IT per cent rate. A mild upturn is expected in early Jan- uary. . showing in the week ended No- ycmbcr 26. It receded S7.S per cent from. a, wear ago, against a percent- age decline of 7.5 in the preceding week and 6.3 two weeks ago.
 Carloadings for the week ended November 26 are those of the pre- ceding deek because of the Thanks giving day holiday. However, the