From the all-time peak of 106 set last Dec. 12 by the Dow-Jones averages the bond market drifted downward to a low of 99.5 on June 29. In July it was up again almost to 102, but last week, in a market so thin that the offer of 100 bonds started amazing rumors, the averages slumped to 100.4. Conspicuous in the fall, of course, were Japanese issues (see p. 18), some of which plummeted five points in a day. Otherwise greatest pressure was upon U. S. Government issues, some of which dropped more than half a point. To U. S. banks,...
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