STEADY RECESSION

Evening Post, Volume CIX, Issue 25, 30 January 1930, Page 9

STEADY RECESSION

STOCKS IN WALL STREET

ECONOMIC CONDITIONS

United Press Association—By Electric Tele-

graph—Copyright.

NEW YORK, 28th January.

The slow but steady remission in Commonwealth 5 and 4$ pel' cents, on the local market has elicited considerable interest.

The first had reached 96J and the second 88 for the high of the year, but has receded, with a particular loss of from three to five points within a week. It is learned that official cognisance has been taken of the situation, and some action is contemplated, although no decision has been reached yet. Inquiries in various quarters indicate some possibility of the Australian Government making purchases here for sinking fund purposes and the stabilisation of the market. Although circles close to Australian affairs hero admit that recent unfavourable dispatches from the Commonwealth concerning the economic conditions undoubtedly have had an effect on Australian stocks, the peculiarly unstable position of tho local bond market is principally to blame. All lists are irregular and sluggish, with a tendency, to show losses in foreign issues.