The Waterbury Democrat., 1939-11-14

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 While the business index is higher today than in 1887, in some lines even higher than in 1929, stocks are from 45 to 50 points be- low 1887 levels and approximately 200 points under 1929 highs.
 Every time the market stiffens and starts upward, 8 selling wave immediately develops and prices slump. The core of this selling, authorities suspect, is of European Improvements seeking to ob- tain dollar credits in this country to finance the war purchases made possible by the lifting of the terms embargo.
 At the beginning of the war, British and French holdings in U. s. stocks and bonds were around ,000,00o,000. These Investments were chiefly in so-called gilt-edge industrials, such as General Mo- tors, General Electric, Dupont and Allied Chemical; and the major railroads, Pennsylvania, Southern, Union Pacific, Southern Pacific. Great Northern.
 Since then the two governments have taken over these securities and in recent weeks have been secretly unloading them to pay for heavy outlays for war materials. A EXTRACTION
 '"The Waterbury Democrat has received a letter from Attorney O'Connor, representing Congress- man Martin L. Sweeney of Ohio, wherein he complains of a refer ence to Congressman Sweeney in the column Washington Merry Go-Round by Drew Pearson and Robert s. Allen, published on or about December 23, 1888. In his letter to The Democrat Attorney O'Connor states, among other things:
 "'There is enclosed a photo- static copy of the column com- plained of and your attention is specifically called to so much of the article as 1t pertains to MT. Sweeney, which by inference and innuend0 accuses him of be- ing guilty of racial prejudice and opposing the nomina ton of one Emerich Burt Freed on the grounds that MT. Freed is & Jew. Your attention Is fur ther called, particularly, to the last paragraph of the column as 1t relates to MT. Sweeney, which states in effect, that MT. Sweeney endeavored to call a caucus of Ohio representatives to protest against the appointment and which by, inference and in- nuendo, accuses MT. Sweeney of endeavOring to prevent the appointment because of racial prejudice.
 "'The article insofar as it relates to MT. Sweeney opposing the nomination of MT. Freed be- cause of the fact that the pro- posed app0intee was Jewish is false and libel0us and has dam aged Mir. Sweeney as a public official and an attorney at law. Demand is accordingly hereby made that you publish within ten days after receipt of this let- ter, a full apology and retrac- tiOn in as conspicuous a place and type as was the original article"
 EDITORS NOTE-The Water bury Democrat, in printing the Washington Merry Go-Rounnd re- ferred to by Attorney O'Connor. of course did not intend to charge Congressman Sweeney with racial prejudice. The Washington Merry -Go- Round column referred to was published in reliance upon its authors, Pearson and Allen. in whom we have confidence. Tn reviewing this article since the receipt of Attorney OConnor's let- ter, published in part above, 1t does not appear to us that it was intended to charge racial prejudice to Congressman Sweeney.
 NEW CATHOLIC LEADER
 Insiders are predicting that the major development at the conclave of Catholic hierarchy in Wash- ington this week will be the inc formal elevation of Archbishop Francis J. Spellman, of New York, to the role of the late Cardinal Mundelein as the leader of the church in the U. S.
 Young, liberal, Archbishop Speilman Is Pope Plus xEI's closest friend in this country. Like Cardinal Mundcleln he also k an old friend os President Roosevelt and e supporter Of