Show iId STOCK MAn fN S AUGUST FEEBLY Prominent Issues Lose One to Three Points Mail Orders Orders Or Or- ders Slip B By CLAUDE A. A JAGGER A Associated Press Writer NEW YORK Aug 31 The 31 The stock market August limping rather rath rath- er feebly Monday Losses of ot 1 to 3 points were numerous numerous numerous nu nu- nu- nu among prominent issues with mail orders under considerable considerable considerable consider consider- able pressure on the announcement that the Scars Roebuck ery- ery Ward cry Ward merger discussions were off Although the tile treasury financing received a rather bearish interpretation interpretation tation in the stock market focusing I attention as it did upon the widenIng widening widening widen widen- I ing treasury deficit the favorable terms had a bolstering effect upon bonds Losses of oC 2 to lo 3 points appeared in such issues as American Can U.S. U. U S S. S Steel Air Ah Reduction Case Consolidated Consolidated Consolidated Con Con- Gas American Telephone Westinghouse New York Central Eastman North American and Purit Purity Purity Pur Pur- it ity Baking The market closed around the days day's lowest levels Selling Sell Sell- lag ing of Westinghouse reflected reelected further further fur fur- ther the dividend uncertainty Alaska Juneau recent pool favorite was heavily sold at the start losing 2 points then recovering fractionally Ward Montgomery-Ward was sold in large blocks block closing ot off 1 1 I's Is I. I points Scars lost about as much The days day's total sales were again BeGin well under a million shares however It was pointed out in speculative I quarters that the large treasury I fi financing financing fi- fi I- I was susceptible to either cither bullish or bearish interpretation The offering of in long term bonds at 3 per cent might Indicate in indicate in- in a belief belier in treasury circles I that a substantial pickup in commercial commercial com corn mercial activity is likely to appear before the next quarterly tax date so that such favorable terms might not then be available This possibility possibility possibility had little littie effect upon sentiment sentiment senti senti- ment mont however since it had been brought up three months ago when a similar offering of bonds was made at 31 per cent Although it is understood that the theis administration is averse to any Increase in increase inin in- in crease in taxation during depressed t times mes the deficit of ot some in m the fiscal year car ended June 30 and the prospect of an even larger deficit this year is regarded is in inWall Wall street as foreshadowing an eventual period of reckoning Banks however that with our enormous credit resources large treasury deficits are minor matters as contrasted to their threatening import in Great Britain unpalatable as 85 they ma may be The better tone in bonds particularly particularly particularly the railroad obligations has inspired considerable gossip over the possibility that organized support support support sup sup- port may have been arranged There Is no confirmation of this in prominent prominent prominent nent banking circles however where the theory Is offered that the market had merely become technically technically technically tech tech- oversold With railroad earnings for July comparing less favorably with last year rear than those of June and freight car loadings reports unfavorable little basis for forthe forthe forthe the movement can be be- found Early estimates of ot the weekly freight car loadings figures o 10 o be announced Wednesday however indicate some 1 improvement |