Evening star., 1950-01-29
Bond Market Firmer;;
Rails Show Advances
OF One 10 Two Points
BY the Assoeioied Press

NEW YORh, Jan. 70. - line
bond market made good progres!
for Saturday trade today with 6
sizable group of rails outrunnint
the balance of the list for gain!
of l to 2 or more points.
Boston e. Maine Is were up
point at II and the roads Az
added "a at 55A. Cuba Railroad
IS advanced points to SO on sail
OF one bond. Delaware g. Hudson
As closed up IA at 9612 and thu
two bonds of the Gulf, Mobile &
Ohio Railroad were up i to
points. Late buying lifted most o.
the New York Centrals major frac.
tions to more than point.
Seabord Air Line income Az.
became unusually active in latt
trade to end up IA points at 81
on sales of $4,000.
There were any number o1
smaller gamers through the raj
list and a fair amount of plus
marks in the utility groups includ-
ing Consolidated Edison convert
lble IS and Virginia Electric 31ss
Among the losers were a couple
Of Missouri Pacific loans and
Standard Oil CNO 23ss.
Sales Decline.
Sales of $1,610,000 compared
with S1.840, 900 last Saturday
Corporate bonds moved lower
this week--when they moved at
all.
Investors and spectators gave
good demonstration of the ex-
tent to which they rely on a clear
picture of company's business In
the next few months before buying
It's securities.
The coal strike drew q curtain
of uncertainty over the near future
Of industry. The head of the Bu-
reau of Mines said the coal short
age was endangering the entire
economy.
The uncertainty made for eau
tious trading. Commitments were
small, resulting in the lightest SIX
days of trading in weeks. Price
changes were mostly in small frac-
lions.
There was some jockeying In
rail bond prices during the week
but the carrier liens finished the
week just about where they
started it.
Foreign dollar bonds showed to
much better advantage than the
corporates. A small but fairly
general rise among foreign issues
was spearheaded by Italian and
Danish issues.
United States Treasury bonds
took a small loss in a week of ex-
5remely slow over-the-counter
trading. Net losses in bid prices
UP to 6/52 of a point.
Lack Of Demand Cited.
Bond men said a lack Of demand
.ather than any heavy pressure to
iquidate was responsible for the
retreat. Losses in previous weeks
'temrned from relatively heavy
open market sales of Treasury
bonds by the Federal Reserve Sys-
,em. In the week ended last Wed
aesday, however. the Federal sold
,nly $4,000. 900 of bonds.
New financing next week will be
almost completely dominated by
Telephone 81 Telegraph
,ompany's 100000, 900 issue OF
sl-year debentures.. The offering
will be sold by competitive bid
ling Tuesday.
This will be the largest cor
oorate flotation to be sold COM
petitively since the same company
sold 100000, 900 of 35-year de-
centuries in March, 1947.
A.T.6T. will use the proceeds
of the sale to continue the Bel
SYSTEMS huge expansion program
The only other corporate offer
ing scheduled for next week is the
81, $4,000 Of equipment trust GER
tificates which Gulf, Mobile &,
Ohio Railroad will put up for sale
Wednesday.
There will be a big expansion
N State, county and municipal fl
nancing. Daily bond buyer" lists
The total of next weeks offerings
at s86,O6o,573. compared with
s33, ,8S8,700 this week.
The State of California will sell
$25, 100000 of veterans welfare
bonds Wednesday and 20 loca]
housing authorities are making q
Joint offering of $34,213, 900 OF
notes Tuesday.
Other major issues next week
include: Monday-Bay County
Fla. $2,500.000 school bonds:
Tuesday-State of North Carolina
$3,247,000 highway bonds,
Wednesday-Fairfax County Va
sanitary district bonds.
Produce Markets
Baltimore quotations furnished by IN,
onited STATES Department Of Agriculture