Evening star., 1950-01-08

10 new nlgn TOT
Eighth Day in Row
BY The Associated Press
NEW YORK, Jan. 7. - High
balling railroad bonds tore ava
from the pack today to max
another smashing end run tina
placed them at q new high poin
for the year for the eighth straigh
trading day.
Gains for the carriers were ia
in the majority and ranged fror
minor fractions to well over
point as against a none too Ger
tain trend in utilities and indus
trials. It was an active session wit
sales of $3,3l0,000 - highest 70
any Saturday since May 10, 1874
- against $2.060.O00 last Satur
day.
All told, the rail group in tn
Associated Press average has ad
vanced IL points since startin
on the uninterrupted run that ha
seen the 20-bond index at 4 ne,
peak every trading day sine
Wednesday. December 10. Thi
weeks net gain was Is point.
The group closed at 95.6 today.
d. 4 o. s. Popular.
Heading the latest advance wer
Baltimore & Ohio SIS, Boston 1
Maine 41as. Rio Grande Wester,
income Ans. Morris & Essex S.
New Haven income AIS, Northern
Pacific IS. and Southern Railwa
general IS. Hudson 81 Manhattan
bonds dissented and ended lower
The fast turnover in the Mis-
souri, Pacific group. which pro
duced 4 six-month high on sale
Friday. continued today but trend
were none too well defined. TIL
roads general As ended up u q
69h on sales Of $402, 900 pa
value. The convertible 5hs wer
unchanged at 36A on sales O
$272.000. OF the other five liste,
issues, four were up small frac
tions and one was unchanged.
United States Government Is
sues were absent from the tap
today and there was little interes
in the foreign dollar division.
Bond sales on the stock ex
change in this first week In tn
new year stand at more than $12,
100000 above turnover in the frs
week in 1949. This weeks tota
was $28,661, 100 against last year
l6.065, 900.
Railroad bonds crashed througl
with their substantial price gain
at q time when some bond me,
were looking for the market t
retreat.
The rally which started ut tn
beginning of December gaine,
ground this week at the tastes
rate Of the five-week movemen
instead of turning soft unde
profit selling.
The market turned 4 bit weal
Friday morning when ceiling ds
veloped In a number Of leadinI
rails. Then came the weeks higl
spot flood Of demand for Mis-
souri, Pacific issues that reverse,
the course Of the market and sen
rails into new high price terri
tory.
OF Fridays total volume o
80. .090, ,000-highest since last Jul,
22-more than half was In bond
Of the Missouri Pacific and It
afnliate. the International -Grea
Northern.
Mopac Plan Approved.
The heavy demand for Mopa
issues resulted from the Interstat
Commerce Commissions afiirma
ton Thursday Of its previously ap
proved reorganization plan for tn
11-State system. The Unite,
States Court at st. Louis now ha
to approve the plan before Mopal
securities holders get In q INA
vote. The road has been In re
organization for more than i
years.
Following the holiday lull. cor
porate and municipal financin
will resume with q bang mex
week. Securities dealers will hav
the largest supply Of new issue
to choose from in many weeks.
New corporate obligations to b
offered for sale total more tina,
SIS, 100000 including . $40. .000, 90
offering of debentures by Com
monwealth Edison Co. on Tues
day.