Evening star., 1949-09-18
Nearly S75,0O0,0o0
Of New Issues 10 Be
Marketed in Week
By H. c. Johnson
kssociofed Press Financial Writer

NEW YORK, Sept. 1.-THE
flood gates of finance, closed most
of the summer to all but a trickle
of funds for corporations, will be
opened wide next week.
The beginning of the corpora
tions' autumn trek to the money
market for funds will find bonds
and stocks totaling nearly $75,-
100000 up for sale.
Next weeks heavy schedule
marks the end of one of the slow
est summers in recent years in
corporate financing. Only the
Standard Oil Co. Of New Jersey
$150,000,000 debenture issue in
July and Canadas 100000. 900
bond issue in August ranked
among the corporates solely be-
cause it was not a tax-exempt is
Sue) relieved the monotony of the
slack hot-weather period.
State, county and municipal
governments also are beginning
to increase their demands for
funds. Tax-exempt issues slated
for sale next week amount to
500. 1923, 900. compared with $59,-
474, ,450 this week.
Bond Market Quiet.
There was not much hustle of
activity in corporate bond trading
this week. The market was almost
becalmed from the point of view
OF price changes.
Rail. industrial and utility
bonds all lost OIL of point-the
lowest possible fluctuation-in the
Associated Press Averages.
Considering the circumstances,
railroad bond holders were well
satisfied with the weeks work.
The threat of strikes in the steel
and ccal industries, which furnish
the railroads the better part of
their freight traffic, could we'll
have resulted in more substantial
losses.
That big losses did not occur
resulted chiefly from belief
widely held in the financial dis
trict that steel strike will be
averted before the September rs
truce deadline.
Missouri Pacific Railroad issues
performed well. although the
road was completely strike
bound throughout the week. The
MOPAC's five S per cent loans
averaged net gain of almost a
point for the five days and the
general As advanced "a points.
Long term United States Treas
ury bonds continued the lower
trend that began more than a /
week ago before reversing the
trend Friday and whiting down
substantial losses in some cases.
Big Bond Issues Scheduled.
In the financing field. bond is
sues will account for almost two
thirds of next weeks big total,
common shares much of the bal
ance and preferred stock only a |
small percentage.
West Penn Electric Co.'S pro-
posed sale Tuesday of bonds and
stock totaling nearly $50,000 900
is at the top of the list. The
holding company. whose subsid-
iaries serve parts of Pennsyl-
vania, West Virginia, Maryland,
Virginia and Ohio, plans to sell
$31 100000 of sinking fund COL
lateral trust bonds by competi-
tive bidding. In addition, it is
offering 468,621 common shares
for sale to stockholders and an
added 388,274 shares in exchange
for outstanding 6 and 7 per cent
preferred stock and class A ST.
stock.
Other items on the weeks
schedule include: Tuesday, Wis
consin Public Service Co., $4,000
900 of first mortgage bonds, and
Carolina Power & Light Co., 200,-
600 shares Of no par value COM
mon stock and 10000 shares of
IS cumulative no par value pre-
ferred, and Wednesday, New York
Central Railroad, $9,120,000 of
equipment trust certificates, and
Palestine Cotton Mills, Ltd, 300.-
600 shares of ordinary FL par
stock.