The Waterbury Democrat., 1934-07-21
Weekly Stock Market ReUietU Not Pleasing
Prices Slumped GeneralIy-There Was No Great Cheer to Traders-Many Factors Confronted Street

28.S per cent of capacity from 27.5 per cent with some leaders predict ing a sharp pickup next month,
 Electric power production fell below the corresponding week of 1883 for the first year-to-year loss since April 20, 1893.
 Carloadings increased from the previous week but were consider ably under the corresponding week of 1888.
 The San Francisco labor strike and other labor outbursts brought nervousness into the stock market but did not result in any partic- ular selling movement. In settling the general strike at San Francisco there was better tone in the ti- nancial district which, curiously enough came on a day when the market took it's worst battering Friday.
 Much of this battering, wher volume ran over 100000 shares for the first time since June s, Wa! attributed to dissipation of intla. ton sentiment. The forthcoming visit of Montagu Norman. governor of the Bank of England who is travelling with Governor George l.. Harrison of the New York Federal Reserve Bank, has led to rumors of dollar stabilization, furthered hy forecasts of a billion dollar gov ernment refundlng operation in September. The belief was the gov ernment, would take no action to stihe the strong bond market.
 Meanwhile considerable interest poured into the commodity mar kets, particularly wheat and cotton. The latter rose to successive new highs at the forepart of the week on news of lack of moisture in sec tions of the cotton belt. Wheat in- creased on the 100 day drought in the midwest as did corn. But com modities also received batterinS at the end of the week with cot ton showing q weeks net loss of around so cents a bale. wheat showing only fractional gains but corn retaining from to 1 1-3 cents of it's advance.
 In the foreign exchange mar ket, the dollar held about steady save in relation to the German mark which gained about 3-4 of a cent. This latter situation was curious because Wall Street had considerable nervousness over re- peatcd rumors-all officially denied in every way that denial was pos sible-of fresh internal difficulties in the Reich.
 On the stock market individual issues during the week provided chief interest up until Fridays session. These interests included the steady advance in Phillip Nor ris, Lily Tulip Cup, Monsanto Chemical and one or two others to new highs. Most retained small gains on the week save Monsanto which dropped more than , points in final selling. Particularly de- pressed was United Aircraft which hit successive new lows since 1882 on unfavorable in mail indications and liquidation of stale lon Gac- counts.
 Imitation stocks" suffered to- wards the close of the week With U. $. Smelling off almost ' points net American Smelting off almost 5 points and gold mining shares depressed. Railroad shares contin- uel heavy with Atchison down around 3 points, New York Central off more than points and the same for Baltimore x Ohio. 1ndus- trials were led lower by Du Pont off more than 4 points, U. s. Steel almost points, American Can al cost points, and Westinghouse almost points. Utilities were heavy all week although American Telephones loss was only S-4 points.
 The Friday session provided the chief spark for the market, break ing out on Con the downside) of the narrow trading rut with 79O issues out and 110 new 1884 lows being accorded. Some of the lows went past 1894, National Distillers establishing a new low for the pres ent stock as all liquor shares were sold on unfavorable prospects for the industry. Dow Jones averages went back considerable, utilities to a new 1884 low and railroads to the forcpart of January.