Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-01-16
Bond Prices Follow
Irregular Pattern
In Short Session
BY the Associoted Press

NEW YORK, Jan. 15.-Bond prices
followed an irregular pattern today.
Several gains of point or more were
offset by scattering of losses in
like amount.
Sales for the short session totaled
s750,OOO as compared with $1,140000
last Saturday.
American Telephone & Telegraph
liens sagged fractionally despite a
favorable earnings report today.
The Governments antimonopoly
suit against the company was an
nounced yesterday. A. T. & T.
23ss closed of q at &c., on light
turnover
Central of New Jersey As were up
1ss at 65ss and the IS gained point
to 75i.. Gulf, Mobile g. Ohio 3as
of 1869 advanced 112 to 81. Katy
adjustment IS were up point at
49,.
Others in the plus side were Bur-
lington ass, up l5s at 81; Common
wealth Edison IS, Great Northern
2lAs, Hudson g. Manhattan refund
ing SIS, some Missouri Pacific bonds
and New York Central 4l2s.
Central of Georgia 4las eased IL
to $751;. Lehigh Valley stamped 412s
slipped the same amount to 43.
Maine Central As were down Ia
to 9312.
Other Declines.
Others on the doWnside were
Southern Railway general As, Chi
cago & Eastern Illinois incomes. Rio
Grande 3s-4s, International Great
Northern first IS and Penn Central
AlrlineS 3l2s.
United States Government bonds
were not traded, as is customary on
Saturday. The foreign dollar mar
ket was mixed and quiet. City OF
Sac Paulo 612s of 1857 climbed Is
points to as on the sale of two bonds,
and the State IS were up Ga to 5514
on the turnover of a single bond.
Chief topics of conversation in
bond circles this week were the fu-
lures of Government bonds and tax
exempt municipals.
Bond men say continuing strong
market for United States Treasures
now is assured by President Tru-
mans promise, in his economic re-
port to Congress last week, that Fed
eral support Of the "a per cent in
terest rate on long-term obligations
will continue.
Discussion concerning tax exempts
was pointed up by the sale OF $2l,-
100000 In Los Angeles school district
bonds. The ready market for this
issue, bond circles said, make 1t
appear that investors, with their
eye on the forthcoming Federal tax
p1 ogram, are finding tax exenpts
attractive despite the lower interest
rate.
Texas Gas Transmission Corp.
told the Federal Power Commission
in Washington during the week 1t
had sold privately to II insurance
companies $6O,0O0,000 in long term
bonds to finance its proposed 800
mile pipeline from Texas to Ohio.
Gulf States Utilities co. an
nounced it expects to raise more
new money" through sales Of from
Sc, 900 900 to $7,000.000 in new mort
gage bonds. Earlier this week the
utility sold s15,O00,000 in debentures,
plus 278,479 shares Of common stock.
Buyers of the per cent debentures
announced that the issue quickly
was oversubscribed
Steel Offering Due.
Next weeks underwriting calendar
includes Bethlehem Steel's proposed
$50 900, 900 in new consolidated mort
gage bonds. 1t may be ready for
offering on Wednesday.
Other corporate debt offerings
listed for competitive sale include
$40, 100000 in mortgage bonds by
Central Illinois Public Service Co..
Monday; s7,5O0.0O0 in equipment
certificates by Pennsylvania Rail
road and $7,50o000 in mortgage
bonds by Missouri Power d Light
Co.
The largest offering on the tax
exempt schedule is the 10000 900
light and power revenue bonds to
be put up Monday by Seattle, Wash.