Evening star., 1949-04-24
Bond Market Quiet,
With Few Chances
Exceeding Fractions
Dr. shs Asse<iossA prsss


bond market idled through two
quiet hours today and came III
with few changes greater than q
small fraction. Trading was toe
slim TO establish q trend and al
groups in the Associated Press
averages ended unchanged from
Fridays figures.
Sales of $3.50. 900 attested to the
dullness Of business. Last Satur-
days volume was sl,loo. 900.
A little higher at the end OF
the market were American Tele-
phone 2,4s of 1857 at 1047s. Gen.
tral OF New Jersey SIS at So. Kan
sas City Southern Is at l04l "a
Missouri Pacific SIS at s2i4 and
Public Service Electric g. Gas IS
at 1o2h.
A little lower or holding at un-
changed levels were Southern Pa
cific 2h4s, Third Avenue Railway
Adjustment SIS, Wisconsin Central
As and Manati Sugar Is.
There was no activity In United
States Government issues today
and changes were small in the
foreign dollar department. Poland
4hzs dropped IA points TO l3 on
transfer of q small block.
Foreign Issues Favored.
High point Of the bond week
was q sudden burst OF activity
in foreign dollar loan trading.
Volume hit $4,000 on Tuesday
and scared to $3.50. 900 on Wednes-
day. echpsing the previous high
Of 1923. 500 traded on December
/, 1947. The normal figure for q
full session during the past few
months has been 100000 or
under.
Substantial price rises In some
depressed issues came with the
expanded trade. When turnover
dwindled to $520.000 on Thurs
day. however. some profit traking
developed. erasing q number Of
gains. particularly In Italian liens.
Corporate issues were easier
most of the week. although losses
in most cases were held to frac-
tions. The Associated Press aver
age Of 40 rail loans declined Q
Of a point at 90.8 for the f1ve
full sessions through Friday.
Financing to Increase.
After Q relatively slow week in
the financing field. corporations
and municipalities will keep the
new money markets buster next
week.
This is particularly true In the
tax exempt sector. State, county
and municipal governments are
scheduled to offer nearly $105,-
900 900 In bonds and notes. as
compared with less than $50. .000.-
900 this week.
The biggest Offering on the list
Is the $40, ,000. 900 of electric reve-
nue. bonds that Los Angeles, Calf. -,
will put up for award on Tues
day. Lansing, Mich. will sell
So. .000. 900 in new bonds on Mon
day and Cleveland. Ohio. will mar
ket $7.900.000 In various purpose
bonds on Thursday.
Also on Thursday. 18 local hous-
ing authorities will offer for sale
a total Of $25. .s27 900 in temporary
loan notes to finance projects
under the. Federal Housing Ad-
ministration program. These in
clude $500. 900 by Los Angeles
County. Calf. $5.127.000 by Pitts
burgh. Pa. $4,294 900 by Hartford,
Conn. and $1.6eo,ooo by Buffalo,
N. Y.
The only equipment trust Ger
tiflcate offering scheduled is the
$3.50. 900 issue the Illinois Central
Railroad is putting up on Tuesday.
Corporate Issues Listed.
Corporate issues will include
1000. 900 of mortgage bonds by
Texas Electric Service on Monday,
and SIC, 900 900 in mortgage bonds
by Kansas Power ds Light and
So. 800. 900 in debentures by Arkan-
sas Power g. Light, both on Tues
day.
In addition. $40, 900 900 In de-
bentures National Distillers Pro-
ducts Corp. has proposed for sale
by negotiated underwriting may
be ready for public sale on Tues