The Waterbury Democrat., 1933-07-27
BY ELMER c. WaLZER United Press Financial Editor)

New York, July 27 - (UP) - The stock market went through series of wide swings in the three- hour session today, with slightly increased trading.
 In early trading the list moved up fairly well under the lead of rails, steels and shipbuilding issues. Farm equipments were strong. So were many special issues.
 Inspiration for the early rise was provided by strong grain market where wheat gained 6 cents pushed; corn more than 3 cents; rye 6 cents and oats 3 cents. That rise was responsible directly for buying in farm shares and the mail order group.
 After scoring net gains of l to 5 points, the list ran into a sharp reaction downward in the last hour. The selling developed suddenly and may have been bear test or values. Prices broke several points and many issues sold under the previous close. However, the lead CTS resisted selling and the attack subsided before the final gong. substantial recovery took place, probably on short covering.
 All groups came back from their lows and several issues wiped out their losses. Trading was active on the rally.
 Impetus for the early rise in rail shares was provided by June re- ports and by indications car load ings for the July 22 week would show another increase. New York Central reported June net operat- ing income at $4,384,965, against $192,O52 in June. 1882. For the first 6 months 1t had net operating income of $12,493,512. against ST. 485,406 in the corresponding 1882 period Pennsylvania's, June net operating income was $7,444,758, against $3,9S2,301 in the 1932 month.
 Central was the feature of the carrier group in the first hour rally. It was bid up more than 2 points and other rail issues fol- lowed. Tn the subsequent reaction gains were sharply reduced. In the last few minutes of dealings prices came back from the lows.
 Steels were whirled up on analy- ses showing U. s. Steel would show a substantial profit in July. Other companies are operating at higher rate than the big steel company and hence their profits were ex- pected to. be even better. The whole section rose to 4 points with U. $. Steel crossing 55. Beth lehem common and preferred were up sharply.
 Gold mining issues provided a feature on the downside in the last hour when Washington announced the government had banned export of smelted gold from the United States. Homestake Mining plunged 36 points to PIG and the others made corresponding declines, Alas ka Juneau at one time selling off more than 3 points. The group ral- lied along with the other issues before the close. U. S. Smelling moved over wide area, affected not only by the gold edict but by word from London that the new silver agreement was not considered much of a factor in the price of the metal. Smelling touched Q new high for the year al 84 3-4 up 3-4 and then it broke to 76, off points net and off 3-4 from the high.
 Copper shares reacted With the other mines. Motors, strong ir early dealings, slipped off and then recovered part of the losses. Utili. ties moved in relatively marrow range. Gains of 1 to points were noted in special issues until tho last hour shakeout when they quickly vanished and were later re. placed in part.
 The gyrations of the dollar were of little consequence. The pound sterling and other European cur rencies were driven down sharply but the market seemed to pay no attention to the break which mean g. corresponding rise for the dol lar. Bonds ruled firm nearly al day.
 Stocks closed strong around tho best levels of the session after CT. ratio fluctuations earlier. Gains ranged to more than points witt steels leading. Bethlehem closed