Business: Grey Friday

The Dow-Jones averages record that on Dec. 12, 1936 the price of bonds reached the highest level in U. S. history. On that day the averages went above 106, which was more than 40 points above the Depression low. Failing to break its previous mark in a January rally, the bond market has been headed steadily downward ever since. After a wide-open break in Government issues last week there were few who dared predict that bond prices would better their old highs during the life of the present business cycle.

Bonds had been...

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