The Waterbury Democrat., 1933-12-15
BY ELMER o. WALzER (Unitcd Press F'innnclnl E1lifnr


 New York, Dec 15.-(UP)- America, after nearly four years of devastating depression, slowly was emerging into betetr things as 1888 drew to a close, and the outlook for 1884, barring the unforeseen, was better than at any year-end since 1928.
 The course of the recovery, which began shortly after the new administration assumed office March 4, was not smooth. Every bank in the nation closed on i'm auguration day and remained closed for several days. The Stock Exchange was closed during the bank holiday. Then came in rapid order abandonment of the gold standard; legislation for re- opening the banks; a sharp drop in the dollar; legislation giving the president broad inflationary DOW CTS, including devaluation of the dollar by 50 per cent and issuance of $3,000,000,000 greenbacks; dras- tic legislation on securities flota- ton; a vast government program to aid the farmer, and a system of regimentation of industry; legaliza- ton of 3.2 beer, and on December 5, repeal of the 18th amendment.
 New Deal HeSpOnse
 First response to the so-called ssnew deal" was a sharp uprush in stocks and commodities. The drastic decline in the dollar. Everything moved up until the middle of July, when the years peaks were made in business, stocks and commodities. There after, the effects of dollar depre- citation were less and less, but business began a solid recovery late in the year and things looked brighter all around. e
 Markets made their lows in March, but none went to the depths touched in 1882, when the average for all stocks listed on the Stock Exchange touched $11.S9 per share. The average as 1888 came to, a close was more than twice that figure. All stock groups were above the end of 1932 save the utilities, whcih were adversely affected by rate cuts and a trend in many sections to- ward municipal ownership. So- called "wet" stocks scared on re- peal prospects; farm shares rose with commodities, and mining is- sues with gold.
 Market Features
 Features in the stock market included Homestake Mining (gold), which rose from a low of 145 to a high of 373; U. s. Smelt- ing (silver) from 131s to 1055s; National Distillers 1873 to 124N American Commercial Alcohol from 13 to 89H; U. S. Industrial Alcohol from 13h to 94; J. I. Case (farm implements) from 80 E to aosh Du Pont (chemicaD from Goodyear Tire { Rubber R o r' from n 9A to 47A.
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 These issues and others on the big board sold off from their highs, but rallied again before the year end, and many, including the chemicals, were carried to 1933 highs in December.
 Tfading was active in shares in the summer boom and the years total was around the 700,000,OOO- share mark, the highest in history save the boom years of 1928 and 1929. and the year 1880. Bond sales were sharply higher than in recent years.
 Gold Has Squirt
 Taking April 17 as par, or 100, stocks in the industrial average rose to 176 on July IS; railroads to 216; utilities 1S1;; 40 bonds 12O; wheat 157, and cotton 155. Gold, meanwhile, spurted in the world market and the Reconstruction Finance Corporation raised the price steadily until it crossed $84 per ounce, against former parity of $20.67. In terms of the French franc the dollar broke below 59 cents and then recovered part of the loss. At the highs the pound sterling touched $552 in dollar terms and the French franc 6.71A cents, against parity of