Evening star., 1949-05-01
Bond Market Drifts
AimIessIy in Week,
Turnover Decreases
Nv The Asxo<;o,es Press

drifted airnlessly In narrow path
today. A few issues eased as much
as two points on light sales. Gains
were limited mostly to fractions.
Sales for the short session totaled
$500, 900. compared with $750. 600
last Saturday. Turnover for the
week was $15.088, 900, compared
with S18.s05, 900 the previous week
and s22,614,000 a year ago.
Morris g. Essex 4l2s edged up a
point to 70. Missouri Pacific gen.
eral 4s finished UP 70 Of q point
to 443s. .-
Others UP major fractions in
cluded Beneficial Industrial Loan
3hs, Big Four (St. Louis division)
4s and New York Central Mich
tgan Central diyision) 31as.
Of two points each in quiet
trading were Household Finance
234s at 96l2, Lehigh Valley of New
York 412s at 81 and Mohawk g.
Malone Railway As at So.
Third Avenue As lost 11s to SO
and the adjustment SIS were off "a
at, 26. Pennsylvania Railroad "E"
4t4s lost point at 92A and the
general 4l4s we're off u at 92Ha.
Katy SIS eased y to 1914 and the
adjustment SIS were down the same
amount to SO.
United States Governments. as
Is. customary on SATURDAY.. were
not traded.
~ Foreign Bonds Mixed.
Foreign bonds were irregular.
Australian 33ss skidded ~ to
923s and the 3As of 1856 were
down ia to 85A. Italian Public
Utility 1ss were of "a at 80 on
moderate turnover. Columbian IS
gained IA to 43.
= The corporate bond market
logged along this week at an un-
steady pace. making no radical
price changes and finishing just
about where 1t started.
, On the Associated Press aver
ages. the railroad loans had a net
loss of 8 of a point to show for
the weeks work. Industrials were
off i of a point, utilities were up
i of a point and foreign dollar
bonds were up 8 of a point.
More spectacular was the, ac-
ton of United States Treasury
Bonds. which took the biggest
general Jump in months on Fri
day after the Federal Reserve
Board announced bank reserve re-
quirements would be- reduced next
week.
AS a result, banks will have
about $1,200,000, 900 in additional
funds for investment. Although
one of the purposes of the Federal
Reserve order was to open up
bank lending. bankers felt that
since bank loans have slumped
recently. a large portion of the
new investment funds would be
put into long-term securities.
In anticipation of heavy buying
of Governments in the next few
weeks, institutional buying Friday
boosted prices all along the line
from 1872 to 1872. The bigger
gains were made by Treasury
issues that commercial banks are
allowed to buy. t5
Dealers made substantial prog
reSs in clearing unsold portions of
new corporate debt securities from
their shelves in the past week,
Next weeks slim batch of offer
ings will give them further oppor-
tunity to reduce inventories.
New Issues Scheduled. =.
Definitely scheduled for mar
keting next week are a little more
than $3o.000.000 in corporate
bonds and nearly $2s. .000. 900 in
railroad equipment trust certif-
Gates.
The corporate offerings include
100000 of bonds by Utah Pow
er g. Light Co. and $4,000, 900 by
Toledo Edison Co.. both on Mon
day; $l2.000.000 by Westchester
(N.Y.) Lighting Co. and $10,000,-
600 by Kansas Power g. Light
and $2,750,000 by Cambridge
(Masso Electric Light Co., both
on Wednesday.
The equipment trust offerings
include, $3.582.o0 by Chicago,
Rock Island & Pacific Railroad on
Tuesday; S6.210.000 by Chicago &
North Western on Wednesday,
and $10.725, 900 by New York Cen
tral and $7.020,o00 by Chicago
Great Western, both on Thurs
Gay. .-
The municipal float scheduled
fo-: the coming week totals around
a skimpy $4,000, 900, compared
wish Sill, 100000 this week.
The largest issues definitely
slated for marketing on the tax
exempt list are $5.740.00 by Ches-
ter tPa) municipal authority on
Thursday and $3,235, 900 by Gin.
cinnati, Ohio, on Monday.
Far overshadowing In size any
taxsexempt put up for sale in re-
cent. months, however. is a $141,-
be0D00 issue of tunnel revenue
bunds by New York City's Tri-
borough Bridge and Tunnel Au-
thority that are expected to come
on ethe market sometime during
the week.
Proceeds Of the Triborough sale
will be used to refund the $685.
0e0,000 tunnel debt now held BY
the Reconstruction Finance Corp.
and provide the authority with
funds for other purposes.
Commodity Prices
NEW YORK ApYii 30 lp-rhs Asso.