The Waterbury Democrat., 1934-02-21
BY ELMER o. WALZER tnT1tfnSl Prezs Financial Editor

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 New York, Feb z1-(UP)-The stock market moved nervously in today's pre- holiday session but rallied in the last hour to give a firm tone at the close.
 The late rally came after a mid session depression 'occasioned by a seli-eff in New York Centrals.as result Of the bond proposal which placed a conversion price of 40 on the stoek--and a criticism of al lege6 "propaganda activities oi the New York stock market by Senator Duncan Fletcher, co-au' thor of the stock market regula- ton bill. There was little pres sure, however, during the Aeclin. ing period and the market snapped Jack sharply near the close on fairly good buying,
 Industrial news during the day had been favorable. Iron Age review of the steel industry painted a rosy outlook for the immediate future-what with necessities ot automotive, rail and building de- nnands-wi1ile the Edison Electric Institute power report showed | favorable power usage in the last week.
 Selling during the morning half of> the session again was predom- mated by the low-priced shares but in the afternoon, better grade issues took leadership,
 New York Central, after drop ping below 41, came back to sho" a fractional gain at 42 Is. Other rails were fractionally higher.
 In the industrial group gains ranged almost to 2 points. Coca Cola advanced 1 7-8, to 106 3-8, U s. Steel jumped one-haf point te 59. Chrysler touched 60, for 3-4 off a point advance and Allied Chemical was up i IA, to 159 1-2 Among the specialties New York Dock, preferred, gained 1-4, te IS, Mathieson Alkali preferred gained II to 121, American Type founders preferred advanced l 7-S to 28. Fractional gains were showr in a long list of shares traded 'un. der S10 a share.
 Silver stocks were strong witf American Smelling up l 1-8, tt 49 3-8, and United. States Smelt' ing up 1 IA, to 13O 1-2. Howe Sound was up 1-2, to 49 1-2.
 Aircraft stocks were mixed witl United Aircraft advancing Is to 24 IA.
 Oils were fractionally lower while utilities were mixed.
 Declaration of the regular $2.2s quarterly dividend brought a lit tie interest into American Tele' phone which gained fractionally.
 New York, February 21-CUP, Stocks opened firm and moder ately active today. Wall street at' tendance picked up sharply a. transportation facilities were re stored after yesterdays storm disruption.
 Initial prices were fractionally above the previous close and the trend continued higher in some sections in early dealings. Activity continued in aviation issues, al though there was profit-taking 1T the leaders. Wet stocks firmet small amounts; rails were mixed in a marrow area; steels irmed utilities were steady as were oil' and electrical equipments.
 United States Steel opened d O0 O-0, up To, dNu IliCA AOoO Au1 ther. Steel operations were re ported higher by the iron age il the weekly summary. The coun try's operating rate was placed a A 1-2 per cent of capacity. gail of 134 per cent over the rate of + per cent a year ago. Other steel' gained small amounts.
 Fractional gains were made b! General Motors, Chrysler. Net York Central. American Telephone Case, Westinghouse Electric, ant Howe Sound.
 Volume fell off sharply after tn opening with the trading some what like yesterdays when onl! the four-hour session. Packar' came out in long strings.
 Foreign Exchange London, February 21 - CUP - The open market gold rate wa raised in terms of sterling toda l but the price in American currenc