Scrooge's shadow lengthened over R.H. Macy & Co.'s Christmas season yesterday as the retailer's junk bonds suffered a sharp two-day fall.

Between Monday and late yesterday, Macy's 14 1/2% bonds due 1998 lost about for points, while the 14 1/2% bonds due 2001 lost about 4 1/2 points over the two-day period.

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