Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-01-23
Bond Market Edges
Irregu|ar|y Higher
In Quiet Dealings
BY the Associated Press


were irregularly higher today in
moderately light trading. A handful
of issues gained l to 2 points, but
change in each direction were mostly
limited to fractions.
Sales totaled $l,100,000 for the
short session. as against $3.50 900 last
Saturday. This brought turnover for
the week to $19,494, 400 as compared
with last weeks sales of $14,496 900.
international Great Northern &C"
SIS advanced "a to 61l4 on light
turnover. Third Avenue adjustment
IS were up IL to 44s and the IS
gained q to 7012. Northern Central
S. were up 2 points at 112.
Higher by major fractions were
Canadian Pacific Perpetual As, Gen.
trail of Georgia "B" 41as, Columbus
g. Southern Power 412s, Erie AIS
and Katy first IS.
West Shore Is eased y to 62a
American Telephone & Telegraph
25ss were of u at 1914. Hudson &
Manhattan income SIS sagged u to
2414
Others on the minus side: Laclede
Gas 412s, National Steel IS, New
York Central Consolidation As and
Western Union SIS.
There was no trading in Govern
ments, as is customary on Saturday.
The foreign dollar market was quiet
and mixed, with Antwerp SIS up
point to SO and State of Sac Paulo
Stamped Is of 1910 up IA at 78.
Gains Extended in Week.
The bond market this week was
the most bullish in many months.
Among the weeks features, in adj
dition to the general forward march
of most corporate obligations, were:
/. Thursdays $4,345 900 turnover,
a 1O-week peak.
2. New 1889 highs established
Friday by rs corporate bonds.
3. The advance of the 10 indus
trials in the Associated Press bond
averages Thursday to 1923, a 1948-9
peak.
Wall Street is watching with in
terest the current buoyancy dis
played by foreign bonds, notabaly
Italian issues and several of the
South Americans. This quiet but
steady advance has been progressing
since the first Of the year and be-
came more apparent than ever
this week.
On Thursday, for example, when
corporates took big price
step forward, foreign issues kept
pace and 10 on the list, out Of So
that were traded, chalked up new
highs for 1889.
Three of these were Chilean gov
eminent issues. four were obligations
of Brazilian states, two were liens
Of the City of Rio de Janeito and
one was q City of Rome bond. In
addition, Italian government and
Brazilian government issues have
been advancing toward 1889 highs.
American experts in foreign bonds
said investors apparently were be-
ginning to realize that the Italian
issues, now paying l per cent, are
BY 1852 they will be
paying per cent. Also. 1t has been
reported that Italy's dollar balances
are in excellent shape.
The health of the entire Brazil
ian economic setup may be respon-
sible for the firm tone of that
nations obligations. A Brazilian
representative arrived in London
yesterday on a mission to redeem
all 45,000,000 pounds ($l80,000,0 00)
of Brazilian bonds held by British
investors. If he Is successful, Brazil
will have reduced her world obliga-
lions from $8O0,OOO,0O0 a few years
ago to nearly $200.000.000.
U. S. Bonds Show Strength.
United States Government bonds
showed strength this week in over
the-counter trading. and some long
term issues are at post-election
highs. This rise has taken place
despite the fact that the Federal
Reserve Banks have sold nearly
$3.50 100000 of Treasures with ma
turtles of more than five years in
the last two weeks.
High on the financing list for
the coming week will be bidding
for $4,000 900 in new first and re-
funding mortgage bonds of Con-
solidated Edison CO. of New York.
Bids will be received Tuesday. The
bonds are due in 1879
Also set for Tuesday is bidding on
$50 900, 900 of bonds of the State
Of Louisiana. Proceeds will finance
d bonus for World War II veterans.
The bonds are due from 1853 to
1864.
More than s45,000,0oo of munich
pal issues also are slated for sale
next week.
New England Telephone & Tele-
graph Co. directors reported in
Boston they plan a $35 100000 issue
Of 25-year debentures for sale in
March. Proceeds will be used to
redeem at principal amount the
$35.O0O,OOO 5 per cent |