Evening star., 1948-07-04
Bond Market Quiet,
u. 5. List 5teadies
Decline
BY the Associated Press

BY the Associated Press
NEW YORK, July 8. - United
States Government bonds steadied
this week after persistently declin-
ing for days.
The volume of transactions has
been relatively small despite the
lower trend and some dealers have
been unable to fill fair-sized buying
orders even at the quoted Offering
price. :,
The decline did not actually in
dicate a large number Of bonds in
the market for sale.
Some investment circles gave pre-
holiday currency Withdrawals as
factors in the Government bond
sales. A number of observers tied
in the lower trend with the Treas
ury Treasury Departments lifting
the ceiling on purchase Of 81" and
&c" bonds from July to July IS.
On the whole. the bond market
had a preholiday listlessness
throughout the week.
There were some interesting mo-
ments in foreign dollar bonds, how
ever.
Yugoslav Bonds Gain.
As the political pot boiled in
Yugoslavia, the republics dollar
bonds went ahead few points.
Bolivian dollar loans responded
in over-the-counter dealings to an
nouncement OF plan for resuming
interest payments.
Most Of the demand in the do
mestic field was for railroad bonds.
There were good earnings state
ments from many carriers and as
the week ended the injunction
againts a rail strike was made per-
manent.
Central Of Georgia, Central Rail
road Of New Jersey and Katy were
among the roads whose securities
were most consistently active dur
ing the week.
Behind the Central Of Georgia
activity was the additional benefit
Of Interstate Commerce Commission
authorization for transfer Of proper
ties of the road and issuance Of
new securities.
The list of securities considered
eligible for purchase by savings
banks OF New York State was re-
ported at record high of over
$14, 900, 900 900 on July l.
The figure, the New York Bank
ing Department said. is two and
one-half times the dollar amount
of corporate issues on the list 10
years ago and represents a net
increase Of $4,000, 100000 during the
past year.
Big Offerings Received.
Investors were confronted with
q number of good sized offerings
during the week, including $780,
0OO, 900 Of New York Telephone Co.,
mortgage IS, due July /,
1881.
Commonwealth Edison Co. filed q
registration statement with the Sc
curities and Exchange Commission
covering the issuance and sale of
$50, 100000 3o-year first mortgage
bonds.
There was an offering OF $30,O00,-
900 Louisville and Nashville Rail-
road first and refunding mortgage
3%s and the City Of Los Angeles,
Calf, came through with q new
issue Of $l8,200,000 various purpose
loans due July /, 1949 to 1888.
The subscription books were closed
fairly quickly on s4o,0oo,0oo Della
ware Memorial Bridge 3o-year As
and the bonds were quoted at a
premium In the over-the counter
market.
Pacific Gas and Electric Co. came
along with new issue Of 1,000, 900
shares of 5 per cent redeemable first
preferred stock, $25 par value, at
S26.50 q share and accrued dividends
from date Of delivery.
And just before shop closed for
the long holiday week end Tri-
borough Bridge and Tunnel Author
ity in New York announced 1t had
completed arrangements for the
sale of S125, 100000 bonds to the
Finance Corp.
The Associated Press index Of
bond averages fell. The largest
week-to-week drop was in rails
of a point decline. other declines
were foreign a; low yield 2, and
aaa .a&ili4ias aanh