Show tk PRICES REBOUND A SHARPLY IN WALL STREET AS SHORTS i COVER COMMITMENT t ail lail Shares Make Most Spirited Recovery Industrials Exhibit Strength While Utilities Lag or Not No Reaction of Friday Ran Its Full Course Moot Question Some Brokers Advising Customers to Slay Out of M Market Sounding Warning ofa ot of ota a Probable Secondary Market Upset By fly CLAUDE CLAUDEA A. A JAGGER Associated Pr Financial Writer r sharply n two two- 10 markut torrent of oni tig t out t weak holdings for the at hut who had Sid od short to cover their commitment Jed f to tn do so at rapidly rising 1 covering and a n Short t gount of buying by bargain hunt hunt- nt- nt who the tho reduced price extractive ers appeared to comprise tie the activity Total Totals b of ho days day's s aggregated but buti shares of the smallest Saturday turn turn- ene p T of tile the year Trading was it tt the rate to of approximately as contrasted With snares n fl hour hoer a abut about an hour yesterday The rails TUU made tte most spirited rc The Standard Statistics Press Inde of twenty leading carrier Indi Indicated that about two thirds of yesterdays yesterday's yes looses oeS vero recovered The Index liide of fifty Industrials regained bout about one half it Its loss but that o of twenty utilities rallied less than o Yesterdays Yesterday's flood o ot selling was regarded on sober second thought ought as ft a psychological rather than a logical reaction to the Now Tork Yott reserve O banks bank's 6 per cent re- re rate It was recalled that Fat K May when a higher rediscount rate ate being momentarily ex cx- cx acted Wall street treet was coming to ho belief that It would be a Ively bullish development all Wal street was wrather rather puzzled at t Mi calm reception which the In- In Teased rat rate received In London nd tid was ae Inclined to tho opinion that an it agreement must hav bonn boen between reserve ve au au- and Governor Norman of the he Bank of England on his re recent A 4 Several brokers stated stated- that yes yes- s reaction had to a marked corrected a rather speculative situation caused by the ther r rapid d advance luring during June and part pait of July Whether the tho reaction had run Us Its course however r was was wasn a n moot question Several commission Bouses advised their customers to keep cp out of tho market until It caches a more settled state slate point point- rig out out that a secondary reaction of 1 L violent nature rna may reasonably be expected find and that thit probable rate i b by other reserve banks would Impair confidence t The Tho days day's industrial news Included r ed announcement of a drop of tons front from Juno 30 to July 31 in I ti s S. S Steels Steel's unfilled tonnage was not regarded as r- r iE bie however since heavy m iEm s during during- the thc month had indi- indi a moderate decline Wall estimates had run from tons A highly favor favor- ib be aspect of the thc report was that unfilled tonnage at the tho end of July tons above that of th thc Ik Iks date last year LOther Other prominent items an announcement an- an that class 1 railroads aggregate net earnings in inho ho lu first halt half of the thc year about 22 oer er cent above that period In VW Dodge corporations corporation lon Ion showing contracts east if the increased 20 per nt in July to the second largest monthly total on i record ecord most of the tho being In public works and building and announcement liat Nash had followed StUdebaker Lad and Packard in cutting pi prices Ices lend lead the tho recovery In the tolls tolls' rising about 30 10 points to a amow mow w high record at while C. C O D. D H. H New York Central S Pacific and Canadian Pacific Pa Pa- chic rose lose 4 to 6 points Am American wag a a strong feature about 9 points lo to a rec- rec rd level Auburn n auto regained low lois with a rebound of 0 points and such shares as U. U S. S lee General Electric Consolidated M. M American Waterworks North National Biscuit Johns Johns- anville Packard nil Wright lied 4 to S 8 points Among the thc lat d soft spots Midland Steel preferred tumbled 7 points Commodities ties moved in narrow narow ages Wheat sold salt up moderately lea Hen reacted on bearish Canadian Ports and largo large receipts Corn off slightly on the tho govern govern- nt ent crop report Cotton also eased mile little closing 10 to 70 cents a bale iwer wel Foreign ign exchanges were quiet sterling slightly firmer th ile le rate reaching 13 5 Ich still Is lu In the gold Import a |