Evening star., 1949-06-26
Selling 5purts Keep
Bond Prices Headed
Downward in Week
y - sssa - va

- % hss = - go
SrW YORK .~as = yss ot
"a .s2rs~ss kep, ssez.5 g. S~s n
sea oo~-~src .s>e t1.s ~rr4
The marx. e&zv4 zssG AseaE
~ ~ ines a. s~,ss :c- .as.s
s~:n-v s9s2rts = w -rax cr el>p~gs
"A erA .sS~Ts Aac .asee: pgges
10wn
RaI@csat Lens ~vgw iar chg.
victims %. far svyes 4l.E pressure
q. ,.qaack;aau -tt AsSesc - gsts
Press average cs - rA4* .as
0! = p<s.ssI II eAga Q, :s-t el ne
week Ave sr&ssors 10 c4css f~,-
aay wita a mr. .eass q ! ~ g&e
q los marx noi c~p.scage<. s+E4cw
March 20 ls+s
industrial bo,stss ~t.r 80 . tas
The week a. lol Asac !osrGsa &C.
lar loans acre hsEaI2G al ss
The utility and lo~ ysssa o5zsa
averages ructuated d4gIag Tire
week, but closed uneAArsee a.
!oe and los respwctlse,s
Volume Dreps sharp,
Accompanying inc trend Il
lover prices wA& q s'saCp c1ee..Ee
IN volume Tse weeks business
IN par value NEurrs ~as s3Ssss
&oo. compared wli!s s!3.3l3 Noe ifar
previous week,
} Volume for the IKE week o.
la&s was over So 600 600 Tie cur
rent neglect OF the bend tnAIks;
demonstrates tire fears o. traders
over Gay4ent business conditions
and their desire 10 remain cn t'st
sldellneS untd The cloudy economic
outlook cleaI&
Declining pgoductlon lower con3~
mercial inventories. Nantng retail
sales and other factors all had
their adverse effect
The recent one week s.oppasr
by coal miners and their current
Today vacation had dlgecl III"
tiuence on the market which
/ trades more IN rails than any
other category.
| An example Of the impact Of an
adverse earnings report on bond
prices Was seen this week in issurs
10. the Pennsylvania Railroad
which recently reported It's gro~s
revenues IN May were loT pes
cent under MAY. l94s. and about
81. 900 900 under April. ls&s
Sl2 Of the Pennsylvania seven
listed issues hit new ia49 ioas
during the week,
Big New Issues Expected
. Only three corporate debt offer
inss are scheduled for next week.
but all OF them are bis ones. total
] ing $i55. 900 900
/ Pacific Gas a. Electric Co is
marketing $50 900 900 OF first and
!refundlng mortgage bonds and
Michigan Consolidated Gas Co
VIII put up s2s 900 900 in sinking
fund debentures. Both issues will
be sold Tuesday by competitive
bidding.
/ Joseph F. Seagram & Sons will
offer $50 900 900 OF 25-year. per
cent debentures. The underwrit-
ing group probably will open pub
| lie sale on Wednesday.
! Stock issues scheduled for offer
ing included North American
Co.'S holding OF l3+94 shares OF
Wisconsin Electric Power Co 6
per cent tl0o par preferred. put
down for competitive bidding
Monday. On the same day. Penn
sylvania Power a. Lisht Co. will
offer stockholders subscription
rights TO 4i6.oo0 new shares OF
common
Another secondary Offering. rs
! 900 common shares of Dow Chemi-
cal Co common. is scheduled for
sale. probably after the close
Tuesday The stock is from the
estate OF the late Or. and Mrs
Willard H. Dow. who were killed
in a plane crash March 81.
A sharp drop mex, week In new
state, county and municipal bond
offerings will give the market an
opportunity TO digest the unsoid
bulk OF recent tax excmpts.
The publication Daily Bond
Buyer listed the weeks total tax
exempt offerings at s27.77T.2ss.
smallest crop Of new municipals
since S22 SOS 900 was marketed In
the week ending March S. This
weeks offerings exceeded sss.-
900 900