The Waterbury Democrat., 1934-02-16
By ELMER c. WALZER United Press Financial EditOrl

New York. Feb 16-(UP)- stocks fiuctuated in relatively light trading today. The dollar was steady at levels slightl yunder yes-- terday, commodities firmed, and bonds, except foreign issues, ad- vanced.
 A last hour rally on the stock exchange brought most prices to net gains after earlier irregularity. Trading pace slowed in the morn ing when the stock exchange an- nounced it had issued question naires to determine dealings in av- iation issues for period prior to February g., the day the air mail contracts were cancelled.
 After the morning setback the list dragged along until the last hour when a spurt of short cover ing caused the tape to lag min utes. Favorites in the afternoon dealings were the packing stocks gold mines and oils.
 Business news was featured by u rise of 8,406 cars in the car load ings for the week ended last Sat- urday, and by further gains in trade throughout the country. Bank clearings rose again. Com modities were firm, especially sil- yer he spot price of which reached a new high for more than 4 years. Grains closed firm. Cotton was slightly higher.
 Heavy buying took place in many of the low-priced issues which reg istered gains out of proportion to the general list. In the latter, the cheap packing issues, notably the Armour common group made sub- stantial gains. The higher priced packing issues also were in good demand, including the Wilson, Ar- mour preferred, and Cudahy pack ing.
 Silver issues mounted with the white metal in early trading, but eased toward the close with prices of the group irregular. Gold min ing shares were firm throughout the day with gains ranging to more than a point. Patino mines tin) rose nearly 2 points. Coppers dip ped fractionally.
 A firmer tone developed in the rails when the car loadings report was issued. Utilities were irregular. Amusements, notable the low priced issues, were active. Allied Chemical scared more than points to a new top in the chemicals.
 In the oil division gains ranging to nearly points were noted in Standard of New Jersey, Standard of California, and Houston oil. Chrysler made a new high since 1929, in the motors and thd then lost part of the gain. Youngstown Sheet & Tube touched 32 7-8, up 3-8, on news the Youngstown district would step up operations to around 50 per cent of capacity next week. U. S. Steel touched 59, and then reacted.
 Telephone and Telegraph
 New York, Feb 16.-UP)-- American Telephone & Telegraph company had net income of $l37,- 456,776 or $737 a share in 1853. Against $145, 5,906,909 or $7.S2 a share in 1892, the company's pam phlet report showed to-day.
 Deficit after payment of $9 share dividends on the 1S,662,275 shares outstanding amounted to $30,503, 699, against deficit of $22,O47,695 in 1932.
 Revenues amounted to $235,- 272,4SO, against $252,4s6,977; op- erating revenues $S6,695,019 against $S9,327,299; dividends $127,913,090 against $137,379,S16.
 Treating the system as whole including the STATEHOOD deficit of Western Electric company. the 1883 income amounted to $5.3S share on American Telephone stock. In 1882, the Western Electric deficit made net income equal to $5.96 a share.
 Current assets as of December 31, 1893, including cash and se-