The Waterbury Democrat., 1934-03-07
BY ELMER c. WALZER United Press Financial Editor)

New York, March 7.-(UP).-A
 sudden and unexpected burst Of selling in the fourth hour on the stock exchange today forced prices down to points and caused
 tickers to lag several minutes be-
 hind the actual market. Then deal- ings fell off to the recent slow pace and prices rallied slightly from the lows.
 The break came simultaneously with the statement by Hugh John son that he would urge on indus try acceptance of 104 per cent reduction in the work week and a 10 per cent increase in hourly
 wages. Such move it was held in Wall street, would be highly detri-
 mental to recovery and bearish on stocks.
 In the fourth hour sales totaled 450,000 shares, nearly the amount of turnover for the first three hours which amounted to 590,00O shares. The total for the day crossed the million-share mark be- fore D. nt., the first time this total has been touched for a full session since last Friday.
 U. s. smelting broke to 122 IA, off points before meeting sup port and other high-priced issues made wide declines. Chrysler was forced down more than a point and so were Bethlehem Steel, Atchison, American smelting, Du- Font, and American Can. Gold mining issues held better than other groups. Utilities also gave ground grudgingly. Rails were easier and so were most of the motors. National Distillers held a small gain in the liquor shares. United States government bonds were the strong feature on tho bond market which otherwise was irregular.
 Commodity markets were dull. Wheat lost 1-2 to 1 cent a bushel and other grains made correspond ing declines. Cotton, sugar, and rubber future; were unchanged to slightly higher. Silver metal de- clined. The dollar was steady. There were unconfirmed rumors of an agreement among United States,
 Great Britain and France on 9 temporary basis for stabilization. New York, March 7-CUP)-A frmer tone was noted on the stock
 exchange today at the opening Most issues advanced fractions to
 a point and volume increased slightly.
 J. I. Case opened at 75 1-4, up 3-4: American Can 103, up 7-S; Douglas Aircraft 23, up 1-2; Unit ed Aircraft 24 IA, up IA: Ameri-
 can Telephone 121 1-2, up 1-2; U.
 S. Steel 55 1-2, up 1-2, and New York Central 38, up IA. Exceptions to the rise included American Commercial Alcohol at 52 Is. off b-8: Kennecott 19 3-4. off 3-8: and Standard Brands 21 5.8, ex-dividend, off 1-8. Severa: issues were unchanged, including
 Howe Sound, North American. | Consolidated Gas, Chrysler and l Anaconda.
 l Trading quieted in the early
 dealings but prices held firm. Van
 Sweringen Railroad issues stead died
 following denials by bankers the
 roads loans were in default. In- l ternational Nickel gained fraction | ally to a new high for 1933-34 at "A 78, up IA, on block of 5000 shares. Motors were steady; avia- tion shares made small gains; oils HULL dDOuI Sleduy. ulljIleS were practically unchanged.
 Today's business news wa s
 featured by the weekly report of
 the Edison Electric Institute which showed the best percentage gain over the preceding year of any week in more than four years. Iron Ago placed steel operations at 49 per cent of capacity, up 2 points for the week.