Show WALL STREET SWINGS SWING IRREGULARLY REBUFFING BULL AND ND B BEAR R FACTIONS A b A Ahl A J BOTH aOTH AI A ally illy jy Follows Stampede Short of-Short of Short Interests f and Price Index Shows I. I Gain tin of f More Than Three Points r r- r Reports Mostly Unfavorable Copper topper and Cotton geU SeU eU at Lowest Levels in Years Federal Reserve Statement Shows Buying of Government ent Bills Bia to Prevent Seasonal Firming Finning of Credit By Dy CLAUDE A. A JAGGER G Act Associated d ru IB Financial Etor Editor NEW JEW EW YORK Aug Aup 16 18 AP AP- AP The all al I too finicky stock market i n t turned a c cold td shoulder to the bulls bul sharply rebuffed the bears bera wi wiki k and left lef neither elther speculative faction with wih a 4 clue as ai as to its it the mark market t Is completely 4 b by a n tow few groups of ot pro- pro laM traders as a It IL Is at pres- pres res- res thero 1 Is usually a tendency to tero to extremes on oner er ild of ot the market lib th Wall street treet ou ner nervous over th the nic tIe Ible effects of ot tho drouth the j i had bad bd things pretty much to s alt all al l last t w week ek and durtha dur- dur the tha lore fore part of ot this thI we week k Ondy On Onay reaction carried dy ay- ay i. i sharp Index Index-cf ninety leading shares shar In striking g distance of ot the years ears ri rached ched on June 2 24 however th there re was wa ji general rush to embrace the cause itt that veteran traders be- be U wary and nd beg began nto to cover conr their t f contracts Several who went of the the- market maket in expectation I e of ot me disorganized tw crowd and ad with the bullish bulish effects elects of ot tho the break- break sf of te the drouth oa on 01 Friday were ere Appointed RISH REPORTS OUT t jt t of or the statistical reports Ii nr to during the we week k decidedly bearish Steel Steel pro pro Ion freight car ca loadings build build- buld- buld contracts and bank clearings e Earnings statements id 4 that th such Buell companies as Ra- Ra corporation International Pa- Pa Pad ud ud d po Power er Republic Steel Stee and Nickel were tailing falling to dividend requirements War War- Bros announced a a. refinancing considerably reducing the j per common common share Cotton Colon copper opper sold at tho tim lowest le lev- lev ears but the bear Jause had ha o overdone odone done weekly federal reserve state- state that government seand se- se and bills bis were ere being bought nt a eaon seasonal t firming ofA of ot ent d A r reduction ducton of or hu sV loans to the lowest level lit ruI ye years T Indicated that all al the I if hid bad had by no mens means come from bold od d bad bears but suggested i ly held tock stock h had pret pretty nv h i fall Can iJ II peen Deen An Ion loose can iJ nv II h peen Deen An i Ion loose fall Can can LiY III au f I held hel at 2 3 1 5 2 1 per pet cent after ater Uy af iy but displayed an easy tasy ey undertone The treas- treas tres- tres may mar may kc keep p it it at that S little longer CONFUSED kend trade trae and business r nat rp- rp at the end week avo cu a to the expected turn n trend business tend and and sp specula specula- cula nt remained confused Uty lit of ot bears bers to break brek stocks ally aUy 1 down to new low levels i e year provided considerable to bun bull operators per tor there ee was wa tome some gossip around r fe- fe houses over plans plas to ex- ex the th rally the the other hand confirmed i Argued that the earnings reitor re rc- that te i for the the- third quarter would lily be b less favorable favorable than 1 for the second owing owing to thenet the theer net ner er slump sump and that man many cola cut were in prospect It 1 may d out in that relation how how- that thit dividend reductions norr norF nor- nor r F come toward toward the close cose of ot a a iU Mj eis recession and ofen often after ater il ii improvement has set in EX SHOWS GAIN GAIN ny Lr traders traders were w worried over overt Lct t that many stocks sUl still are areV areg ar V s sat g at t twenty to thirty times an an- earnings against the i ar of ot a fair price of a Jmes CL el earnings Many of ot te these e a I are in the utility group And ruday the index of ot twenty Jt lt actually recorded a new now low lowb b he be year tr II 5 Index of ot ninety leading n u closed the week at at 1 lU flat at t r ran pin for tor the week of ot 3 1 15 5 5 ta On Oa Tuesday It touched I I. I The low of at t June Juno 24 2 was ad on oa November 13 ft it was wa |