Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-05-22
Bond Market Volume
Lowest for Saturday
In Nearly IS Years
D. RE Essoetoss1 prsss


D. ne A.,eeioisd prsss
NEW YORK. May 2l-The bon
market had its slowest ssturds
in almost IS years today as Wa
Street prematurely began its ar
nual Saturday summer closings.
The volume was s542 900. CON
pared with last weeks 81 .42o 90
II was the lowest since Decemos
26. 1914. when the volume We
s4s2 900.
In 1914. the New York mark.
closed on July 81 and reopened
November with trading In bono
under restrictions.
The market followed q mario
path today with prices mikes
There were few issues that change
more than small fractions.
Contrary TO the trend in the du
market was the sale Of one bon
of Public Service Electric & Gas 8
which moved up 5 points TO %
This issue, highest priced on tn
exchange and carrying the large.
coupon, is rarely traded.
American Tobacco IS advance
u at l037s and New Haven incom
AIS were up a similar figure q
38l2.
Commonwealth Edison IS fe
81 to l043s and Lehigh Vale
Hudson Terminal SIS dropped
point to 6l12.
There was no trading in Unite
States Government issues. Brazil
ian issues moved ahead fraction
in a dull foreign dollar list.
Saturday Trading to End.
This is the last Saturday &
trading until october /.
The weeks bond market recor
showed traders had little chang
of viewpoint regarding the unceI
tain business outlook and tn
labor picture.
With many traders taking side
line positions, the market accom-
plished little of consequence dur
ing the six-day session. In a gres
majority Of cases todays closin
prices were at very little varianc
from last Saturdays closing.
United States Treasury bond
showed some improvement /
overtime trading durin
the week. This was attribute
largely to the formal announce
ment by the Treasury that 1t woul
offer only one-year. Ia per Ger
certificates for more than $4,000
600 900 in bonds and other certif'
Gates being redeemed next montl
Bankers had hoped and halt
expected, the Treasury would RI
deem at least q portion OF tn
securities with f1ve-year nots
paying higher interest.
u. 8. Bonds I'm Demand.
This hope resulted in recer
selling in Government bonds, bt
when the Treasury indicated n
notes would be issued. banks re
sumed bond buying.
AS an instance Of the re-estae
lished demand for long-term Gov
eminent securities. the bank elig1
BILE 2!s of September, 1972-l96
picked up 5f32 Of a point durin
the week, closing Friday at 81
price Of 103 1881. -
The ready response to som
stock issues offered for sale tn
week knocked one prop from ur
der the current argument that or
trouble with American business
a lack of equity capital.
Investment bankers offered 500
600 shares of Southern Californl
Edison Co. common stock at 32i
a share and 10000 shares OF s4.s
cumulative preferred stock {
United Biscuit Co. at $loS.oo
share.
Both issues quickly were over
subscribed.
In addition, secondary offerin
of $4,000 shares Of Great AtlantI
g. Pacific Tea Co. common at l0s
a share was bought out immed'
ately.
Financing to Decrease.
Corporate debt financing Will (
reduced to o mere trickle ne,
week. The only offerings In sigf
are. two issues Of railroad equiv
ment trust certificates-t3.150.0 90
which the Delaware. Lackawann
g. Western is offering on Wednei
day and $2.550.o0o which tn
MKT will market on Tuesday.
The field of tax-exempt finans
ing has an active week schedules
The entrance Of additional me
money" will give dealers plenty {
work in trying to dispose Of tn
unsold inventories Of State. munit
ipal and county obligations, whic
at one point this week totaled
record $17s,560,000. The figur
later was worked down to aroun
$170. 100000.
Next weeks tax-exempt offer
ings include $26, 687 900 In tempe
rary loan notes by the New Yor
City Housing Authority to be sol
Wednesday and $2.500.00o in vel
Grams bonds by the State Of Ohi'
also on Wednesday.
Although transparency is tn
distinguishing characteristic {
fine American hand made glass
ware, 1t is made almost entirel
from opaque materials.
n