Acute-angled triangle $ABC$ is inscribed in a circle with center at $O$; $\stackrel \frown {AB} = 120$ and $\stackrel \frown {BC} = 72$. A point $E$ is taken in minor arc $AC$ such that $OE$ is perpendicular to $AC$. Then the ratio of the magnitudes of angles $OBE$ and $BAC$ is:

$\textbf{(A)}\ \dfrac{5}{18} \qquad
\textbf{(B)}\ \dfrac{2}{9} \qquad
\textbf{(C)}\ \dfrac{1}{4} \qquad
\textbf{(D)}\ \dfrac{1}{3} \qquad
\textbf{(E)}\ \dfrac{4}{9}$
1. **Determine the measure of $\angle BAC$:**
   - Given that $\stackrel{\frown}{BC} = 72^\circ$, by the Inscribed Angle Theorem, the measure of $\angle BAC$ is half of the measure of the arc $\stackrel{\frown}{BC}$.
   \[
   \angle BAC = \frac{72^\circ}{2} = 36^\circ
   \]

2. **Calculate the measure of arc $\stackrel{\frown}{AC}$:**
   - The total measure of the circle is $360^\circ$. Given $\stackrel{\frown}{AB} = 120^\circ$ and $\stackrel{\frown}{BC} = 72^\circ$, we can find $\stackrel{\frown}{AC}$ by subtracting the measures of $\stackrel{\frown}{AB}$ and $\stackrel{\frown}{BC}$ from $360^\circ$.
   \[
   \stackrel{\frown}{AC} = 360^\circ - \stackrel{\frown}{AB} - \stackrel{\frown}{BC} = 360^\circ - 120^\circ - 72^\circ = 168^\circ
   \]

3. **Determine the measure of arcs $\stackrel{\frown}{AE}$ and $\stackrel{\frown}{EC}$:**
   - Since $OE$ is perpendicular to $AC$, it bisects the arc $\stackrel{\frown}{AC}$ into two equal parts.
   \[
   \stackrel{\frown}{AE} = \stackrel{\frown}{EC} = \frac{168^\circ}{2} = 84^\circ
   \]

4. **Calculate the measure of $\angle BOE$:**
   - The measure of $\angle BOE$ is the sum of the measures of arcs $\stackrel{\frown}{BC}$ and $\stackrel{\frown}{CE}$.
   \[
   \angle BOE = \stackrel{\frown}{BC} + \stackrel{\frown}{CE} = 72^\circ + 84^\circ = 156^\circ
   \]

5. **Determine the measure of $\angle OBE$:**
   - Since $\triangle BOE$ is isosceles (with $OB = OE$ as radii of the circle), the measure of $\angle OBE$ can be found using the fact that the sum of the angles in a triangle is $180^\circ$.
   \[
   \angle OBE = \frac{180^\circ - \angle BOE}{2} = \frac{180^\circ - 156^\circ}{2} = \frac{24^\circ}{2} = 12^\circ
   \]

6. **Calculate the ratio of $\angle OBE$ to $\angle BAC$:**
   - The ratio of the magnitudes of angles $\angle OBE$ and $\angle BAC$ is:
   \[
   \frac{\angle OBE}{\angle BAC} = \frac{12^\circ}{36^\circ} = \frac{1}{3}
   \]

The final answer is $\boxed{\frac{1}{3}}$