Evening star., 1949-03-20
| Bond Market Quiet,
Penn Central 33s
Advance Sharply
BY the Associated Press

AuvuItUC SiIuIpIy
BY the Associated Press
NEW YORK, Mar. 19.-Minor
advances and declines were well
scrambled through the bond list
today.
Only handful Of liens moved
as much as a point in either
direction.
High light of the short session
was transfer Of a block of 200
Penn Central Airlines 3l2s, which
opened ahead u at 675s and ex-
tended gains in later trading to
close at 68h, up 13s.
Sales for today's short session
totaled $3.50, 900, compared with
$980,000 last Saturday. This
brought sales for the week to $14.-
458,7oo. against $l4,833,2oo last
week.
Other gamers were Missouri
Pacific F" SIS, up a point at 79;
New York Central consolidation
As which advanced 70 to 543s,
and Ward Baking Co. 5hs. up a
point at LOG.
Chicago & Western Indiana
4hs sagged 1A to 10414. Third
Avenue As were off "a at 57h.
Baltimore & Ohio convertible
4hs declined "a to 40.
United States Government bonds
were not traded. Foreign bonds
were irregular in slow trading
Copenhagen 4hs retreated 11s to
72h.
Weeks Volume Small.
The bond market was unable to
develop any real plus or minus
trend during the week and the ap-
parent disinterest of traders again
held the weeks volume to below
the $15,000,000 figure.
AS a result. the continued strong
showing Of United States Treasury
loans again proved the most inter-
esting feature of the bond week.
Although many Of the long-term
issues performed firmly all week,
it again was the "a per cent loan
of September. 1972-1967. that re-
flected most demand. This bond
which commercial banks are per-
mitted to buy, made a net gain OF
5/32 during the week, closing yes
terday at l03 1882 bid in over
the-counter trading-a new high.
Another indication that Treas
urys constantly are building up de-
mand came from the Federal Re-
serve Board. which reported that
as Of Wednesday. $741, ,000, 900 was
on loan to brokers and dealers to
purchase or carry United States
Government obligations. This rep
resented an increase Of 1921 ,000,-
600 over the previous week.
Big Offerings Scheduled.
Next week will be a busy period
in the marketing of new issues of
corporate bonds and stocks. Sell
outs should be a relatively prompt
and painless affair since dealers
now have little in the way of re-
Gently issued securities on their
hands.
The schedule includes 0,000,-
900 first mortgage bonds of Wis
consin Electric Power Co., to- be
offered Monday; sl2.00o.0e0 OF
first mortgage and collateral trust
bonds OF Eastern Gas & Fuel
Associates, Tuesday. and $35. .0o0.-
900 in debentures of New England
Telephone & Telegraph Co.. We'd
nesday.
Another Offering to be made
within the next week or so is
100000 common shares of Ohio
Public Service Co. Ohio Public
Service will offer 361,s4o shares
and the parent company. Cities
Service Co.. 638.160 shares.
Equipment trust certificates Of
ferings by the railroads include a
total of sl5,90O,0O0 of the South
ern Pacific, up for sale Tuesday,
and $6,360, 900 OF the Illinois Cen
tral. on the market Friday.
The situation is tighter in State
and municipal bonds. 1t is esti-
mated that dealers now have
nearly 100000 of new issues
on their shelves and sales are con-
tinuing at a sluggish pace.
Despite the comparative mac
tivity of this market. new financ-
ing in tax-exempts will go above
$50. 100000 next week. compared
with 46.000,000 this week.
Among the offerings listed for
sale are SIS, 100000 of construction
bonds by the Chicago Sanitary
District on Thursday and $780,
900 of water revenue and various
purpose loans by Phoenix. Ariz..
S5,000,000 water revenue bonds by
Jacksonville, Fla. and $4.400,000
of hospital liens by Springfield,
Mass, all on Tuesday
Regal Shoe Co. earned 1928 ,048
in 1948 VS.. $376.444 in the previous
year.
Universal Pictures Co. reported
a loss of $717,535 for 13 weeks
ended January 20 VS.. profit of
$134,206 or 6 cents a year earlier.
Monogram Pictures Corp. and
Allied Artists Production. Inc, had
a joint net loss of $264,892 for
six months ended December 81 VS..
a deficit of $31, 500 for the like
1947 period.
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