From the all-time high of 106 in December 1936, the Dow-Jones bond average fell to a low of 83 in March. Then the Government's desterilization program and the fall in commercial loans, gave bonds a rally quite unlike anything stocks have enjoyed, and the average jumped to 88, has since steadied at 85. Despite this pleasant development, the annual frolic at the Sleepy Hollow Country Club which Wall Street's bond traders enjoyed last week, cost them no sacrifice; for bond buying, like stock buying, is in the doldrums.
One day last week total bond...
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