Show Market Emerges From Narow Narrow Trading Area Are NEW NEY YORK oni- oni Jan 23 25 AP- AP AP AP- AP Emergence of oC the stock tock market market from I 1 tho the narrow narow trading area area- area withIn with with- In Jn which it has been fluctuating since before the holda holidays 8 was as the themo mo roost most t significant development In Inthis I this hils weeks week's financial markets The he upturn which carried the general level eJ of ot prices pries to a new high mark for the year ear was accompanied byAn byan by bynn I An nn an In increased volume of or trading and md was based bas d on report o of sharp Im Improvement tn- tn provement in some of ot tho the basic Inu in industries In- In I u notably steel Bonds sagged under tho the pressure sUre sUrer of r new offerings 5 which have ha reached reache a total of or for forthe forthe forthe the year ear to date and and promise promise to set Zet a new monthly peacetime record Credit Credit conditions showed cd an easier 31 r tendency hut but rates were vero un unchanged un- un changed call cl Jone money ranging from 4 1 2 1 to 4 per cent with time money Quoted slightly higher but with wih business quiet quieL ulet Federal r reserve erVe brokers brokers' loans dropped to 10 the lowest level with wih time the exception tion ton of or Christmas week week last y year nr nr since September 1027 In The Tho expected expect expect- ed reduction in the Bank ank of oC England England Eng Eng- land and New York federal V Ne reserve rediscount rates tateM failed Caled to materialIze material material- J Ize although ize although lo 10 lower er r rates teM aro are not believed to be bo tar far off oft Sterling exchange dropped below blow old sold gold arty and there was a slight casing easing in tho the French FlInch rate rale but theother tho the other other Ita leading haulIng dInS European currencies held fairly stead steady Commodity markets fluctuated Inan Inan in inan an erratic manner manner without sl Jn giving any ny indication atlon aton ot of a definite trend and with weather eather conditions the dominating UnG market factor |