Evening Star Newspaper, June 23, 1931, Page 14

. FINANCIAL, Sales. Inland Stl14%s A'78 11 s Prev. Inland Stl 4s% Dividend Fate. Aulo:.l'.\:h. l;r- Close. o!uo Int Rap Tr 6: Int Rap Tr 783 Us llfil 40-43 6 102 20 102 20 | | Int Cement 6 1 10248 10228 10228 43-47. 2 10230 10224 10230 Have %l 46-56. 460 106 18 106 1 I lDB d Int Pap 53 A "47 + 229 10821 108 %s47-52,, 71 11322 113 2113 2 |Int Pap 6s'5i THE EVENING STAR, WASHINGTON, D..C., TUESDAY, JUNE 23, 1931. UNITED STATES. MEETSWITHFAVOR e e e > A Sales— h 27 Southern Rwy (mé) Lll!l“l}z-l‘!: }; :g§ ;g %s: lg :sg l: e o s St hands 30 102 % (Market Shows Moderate Compensation Companies Approve President’s Debt Gt 1013 Stand & & B1 pt (1) HOOVER PROPOSAL e ate Wire Direct to The Star Office G ON PROFIT-TAKING/.... = RATES ANNOUNCED Business Men Are Quick to - h; SR Am:'m{m 5% 56 :::.:u:‘:.. : i EEig. ¥ i alit stand ol &1 3" 1 e as Prices Recede. Losses in Recent Years. I Dairy (2.60) uv. Stand Oll Exp pf (5). 2 FINANCIAL, NEW YORK STOCK EXCHANGE | BONDS ARE LOWER | [exo~ o= BONDS oce o] L ARGER INSURMNGE TR Nam foiors 26% A :m:?u'«:) “;‘352 Strength—Volume Smaller, Sustained Heavy Holiday Plan. tou tand Invest Corp. . BY JOHN F. SINCLAIR. Bpecial Dispatch to The §ar. NEW YORK, June 23.—Europe be- lieves America has now definitely set her face toward her rescue. Myron C. Taylor, chairman of the Finance Com- mittee of the United States Steel Cor- poration, who returned yesterday from Europe, raid that President Hoover's suggestion for a moratorium is the “first great constructive move the United States has made for the world's economic recovery, and should be fully appreciated abroad.” ‘This expresses the prevailing view among business men. The moratorium _itself will not do much to correct the difficulties. But the significant thing is that all Europe, with Prance possibly excepted, believes it is the opening wedge, after which many other steps can and will be un- dertaken with America's help. British Response. The British Pariament received Presi- dent Hoover's suggestion gladly. Pre- mier Ramsay MacDonald believes that a new day is about to dawn. David Lloyd George, after congratulating the President on this courageous step, saif that he hoped that all war debts and reparations would be . egtirely wiped out. Such a suggestion, coming from a man who helped to create the huge reparations, is frankness itself. Perhaps the most candid of all the British statements issued was that of George Bernard Shaw. After saying that he considered “all war debts noth- ing but plunders,” Mr. Shaw said: “The question is how much longer is the United States going to be able to collect. Of course, it is a very excel- lent thing to suspend payments for a year, but an offer might be made to suspend payments for 50 or 100 years— maybe forever. It would give hope that America might come to the rescue of the world by giving money to Europe to pay her debts.” The MacDonald governrent, as well as the leaders of the opposition, Stan- Jey Baldwin and David Lloyd George, have agreed substantially to the mora- torium. France Holds Key. But France is the key to the situa- tion. French officials and bankers were in conference on the subject yesterday. ‘Will she, too, agree? For every :two dollars which France has coming in reparations from Ger- many, one dollar is passed on to the United States. The other dollar she keeps. President Hoover's proposal to France is that France agree to reduce her compensation not one dollar, but two dollars. But it i quite possible that France will say to the United States: “We are willing to reduce Germany'’s obligation to the extent that you reduce it to us. If you will excuse us from paying the dollar to you, we will agree to suspend such payment to us by Ger- many.” Higher Taxes Possible. Again there are some who have been considering the matter and have found that a moratorium for one year from July 1 means that the United States will not receive the $254,000,000 which Europe was expected to pay into the Federal Treasury. Hence new taxes to offset this loss must be raised. So it locks like more and higher taxes for Americans. If the Progressives and the Demo- crats have control of the next Con- gress, which is not unlikely, a drive will be made to increase taxes in the higher brackets, not the lower ones. Influential industrialists and bankers must face the facts sooner or later that the moratorium probably means higher taxes for their mrporau%x:ss and themselves in the next 12 montl Still, the wide response which has greeted the declaration of the President is evidence that the world is sadly in need of leadership of the kind that will bring it out of the depression. Per- haps after all, the troubles of the world are mental rather than financial. Wheat Holdings. There is still_another high trump card which the President can play, if it becomes necessary. The Farm Board has 200,000,000 bushels 6f wheat on hand. It has an- Tounced that it is no longer a buying factor 1n the market, andg private traders are taking charge again. But the traders are worried over the disposition of this 200,000,000 bushels. What they want is assurance that thml vast amocunt of wheat will not be dumped on the market to lower prices for this year's crop. In other words, they want the Presi- dent to convert the Farm Board to the proposition that none of this Govern- ment grain will be sold until the 1931 wheat crop is disposed of. If such an announcement is ever made, wheat prices, of course, would move up, both in the United States and abroad. The “overhanging” surplus of wheat is naving a depressing effect on this year's prices. (Copyright, 1931, by North American News- paper Alliance, Inc.) S CRUDE OIL OUTPUT GAINS DURING WEEK Weekly Trade Review Puts U. S. Daily Average Production In- crease at 32,668 Barrels. By the Associated Press. TULSA, Okla., June 23.—The new Eastern Texas fields led the way for an increase of 32,668 barrels in the coun- try’s daily average crude oil production last week, the Oil and Gas Journal re- ports, estimating the total output at 2,476,271 barrels. Eastern Texas production climbed 42,362 barrels to 371,362 barrels, with the Kilgore and Lathrop pools account- ing for the gain. Oklahoma production was almost constant, totaling 557,145 barrels, an increase of 80 barrels over the preceding week’s figure. Western Texas had an increase of 5,- 089 barrels, with an output of 215113 barrels. Kansas production was down 2,000 barrels at 109,910 barrels. ‘The total for the mid-continent area was 1,529,139 barrels, increase of 48,189 barrels. Eastern production was unchanged at 110,000 barrels. The Rocky Mountain area showed a drop of 983 barrels with an output of 98,370 barrels. California production fell 11,000 bar- |} rels to 513,750 barrels. Britain’s Building Societies. By the Associated Press. Great Britain's building societies, which correspond closely to the build- ing and loan associations of this coun- try, now number approximately 1,000 with assets of about $1,754,000,000. The assets are concentrated in the metro- politan area of London, where the total exceeds one third of that for the entire country. The Department of Commerce says these societies have made many valu- able contributions toward solving the housing problems with which the coun- try is faced. It is understood that they are now planning to place their re- sources and experience at the disposal of local authorities for the solution of slum clearance problems. Nat Dist Prod (2)... Nat Lead (5).. Nat Pow & Lt (1). Nat Radiator. Nat Steel (2) Nat Sunply (4) Nat Surety (2) Nat Tea (1)... Neisner Brother. Nevada Copper (1).. 100 Newport Co (1), Newton Steel YChi&StLpf (6) 1 YNH&Hart (6). 15 YNH&Ho (T).. 2 Y Ont & Western.. 60 . 408 115 N N N N N Y Steam pf (6). Noranda Mines. Norf & West (+12) WNorth Am Aviation.. fi« Nor Am (b10% stk). 134 North Amer pf (3) 3 North Am Ed of (6). 1 Nor Ger Lloyd m2.56 3 3015 Northern Pacifie (5) 14 7 Ohio Oil. 2 Oliver Farm Equip.. 1 10 OlvFarm Eqprpf.. 1 6% 3% Omnibus Corp. . 17 58% 317 Otis Elevator (234).. 15 16% 6% OtisSteel....... 4 6915 30 Otis Steel orof (7). 50s 54% 38 Pacific Gas& Ei ¢2). 21 69% d48% Pacific Lighting (3). 9 131% 116 Pacific Tel & Tel (7) 50s 117% 514 Packard Motor (40¢) 10[ 4% 1% Panhandle P& R ... 50% 19% Paramount-Pub2%. "m 2% 1 Park Utah. 9 2% 1 Pathe Excharg 65 3 Pathe Exchansze A... 4% 2% Peerless Motor Car.. 2815. Penick & Ford (1)... 28% Penney (J C) (2.40)., 10 Penn Dixie Cmt pf 4214 Penn RR (4). 9614 Peoples D S pf (6% ). 40 250 183% Peop GasCh (8). 92% 50 Pere Marq pr pf (5). 10% Petrolm Cp of Am(1) 8 Phelps Dodze (1). Phila Co (17). Phil Rend C& 1. Phillp Mor & Co (1). Phillips Petroleum. . loz 3 Pierce Oll.. Pierce Oil pf. Pierce Petroleum. Pillsbury Flour (2). % Pitts Screw&B(70¢). Poor & Co (B). . g Porto Ric-Am To(l). 22 PR Am Tob B. 6 96% Pub Sv N J (3.40). 102 95 PubSv N Jpf (5). 118% 109% Pub Sv N J pf (6). 157% 148 PubSvNJ pf (8). 104% 103% Pub Sve G&E pf(5).. Pullman Corp (4). Punta Alegre Sugal Pure Ol. .. Pure Ol pf (8) 108 55% _24% Purity Bakeries (3). 15 2T4% 12 Kadio Corp.. . 821 561 45% Radio CorppfA(3%. 3 60 31% Radio Corp B (5).... 6 2415 11% Radio-Keith-Orph A. 206 171 Raybestos Man 2.60.. 2 60% Reading Ry (4). 41 Reading 2d pf (2). 5 Real Silk Hosier: 5% Remington-Rand.... 49% Rem-Rand 1st pf (7) 6 Reo Motor Car (40c). 10 Republic Steel 27 Republic Steel pi Reynolds Metals (2)’ 70 Reynolds Tob A (3). 10s 40% Reynolds Tob B (3). 120 1 Richfield Of <y 3% Rio Grande Oil 4 17 15% Rossia Insur (2 20). 2 Royal Bak Pow pf(6) 20a Roy Dtch(m1.2404). 26 33\. Safeway Stores (5). 59 Safeway Strs pt (7). 308 34 St Toseph Lead (1. 161 9 StLouis& San Fran. 3 15% St L-San Franpf (§) 3 7 St L Southwestern % Savage Arms (2) Schulte Retall Strs. . % Seaboard Afr Line... 5 Seagrave (60c) Sears Roebuck ( Seneca Copper 1% Secvel Inc. i Sharp & Dol Shattuck F G ( Simms Petroleum. .. Sinclair Consol Oil.. 257 Skelly Ofl........0. Skelly Ol pf (§) .2 Solvay Am pf ww 5% | 1 4 South Port Rico Sug. ' 3 Sou P Ric Sug pf (8) 10s 102! South Cal Ed (2).... 13 44Y 6:% Soutb Paeific (6).... 15 83 ‘Tennes: caaeecagceseag 23% 1 594 98% Dividend rates as n stock, s able po, Tesuiar rate, .",: {Plus 8% in J Plus 50¢ 813 ihis e ‘Texas Corp (2).. st 1n” special preferred sock: ~-no regular rate. n Plus 5% in stoc Stand Ofl of Kansas. 15 5096 Stand Of1 M J (12)... 23 13% Stand Ol N Y (1.60' Starrect (LS) (12%). 18% Sterling Sec A... 5 3y 3y Sterl Sec pf (1.20). 64 B% Sterl Sec cv pf (3) Stewart Warner. 35% Bl 18% 33% E ) Superheater (234)..: 34 Superior Steel 2 9% Svmington A 2y Corp(50¢) 6% 6% 250 21% 341 3% 10 12% 5 Tide Water As (60c). 89 Tide Wat As pf (; 8 Timken- Timken Roller (3)... 22 Tobacco Products... 3 Tobacco Prod A t95c. 1 Transamerica (40c).. 97 Transue & W (1) 2 Tri-Cont Corp. 16 Tri-Cont Corp p 8 % Trico Products(2%). 12 Truax Traer Coal Co, 4 Truscon Steel (60¢) . 5 Ulen & Co (1.60).... Und-Ell-Fisher (5) Union Bag & Paper Union Carb & C 2.60 Un Oll of Cal (2, Un Pacific (10). Un Pacific pf (4 Un TankCar (1.6 Unit Afreraft.... Unit Aircraft pf (3) Unit Carbon. . Detroit Axle 8 Unit G & Im pf (5).. U S & For Secur.. U S & For Sec pf (6). c wu 5Q ) 23 g 23 3 2 H BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 23.—Bends were quieter today and not inclined to re- sume Monday’s advance. The hesita- ADbILIDI P& P s 'll l l 43 Allegheny 63 *49, tion accompanied profit-taking in other | g P markets and a reaction in commodity prices. It was natural to expect a lower trend after the substantial im- provement of Monday and it was sig- nificant of the desire of the market to advance that volume fell off on the decline. In the international situation, atten tion was fixed on France. The uncer- tainty as to what the French reply to contributed not a little to the hesita- tion of the market. Advices from Paris indicated that the French government will probably insist on the payment of the unconditional annuities under the Young plan this year and then lend the money temporarily to Germany. German dollar bonds were off 1 to 3 points. Young plan 5's opened off nearly a point at 74';, dropped below that level and then recovered partially. German Central Bank issues slipped in early trading and subsequently showed a stronger tone. German in- dustrials, however, such as Slemens & Halske 6!s, United Steel Works 6!%s and German General Electric issues had a firm tone most of the session. South American issues, mirroring % | Monday’s improvement in commodity % | prices, were sharply higher, especially the obligations of the Argentine, Chile, Colombia, Uruguay and Brazil. Argen- tine 6s rose 2 points with firm bidding for all maturities. Brazilian govern- ments were firm, while the issues of Sao Paulo State advanced 1 to 2 points. Australian bonds were also firmer, re- flecting a better tone in wheat and wool | prices. In the domestic list the chief charac- teristic was the firmness of second-grade rallroad bonds, especially in Missouri- Pacific, Erfe and Alleghany issues. These roads are part of the Van Swer- ingen system. The position of various obligations of the Van Sweringen lines that are backed by common and pre- ferred stock collateral has been vastly improved by the rise in stock prices. td Frisco 4,5 were off slightly in response m & Ref pf 3%. Steel (7). U S Steel pf (7) U S Tobacco pf (7). Unit Stores A. . 4 Univ Pipe & Rad. 1915 Utll P&L A (ot2.15). % Vadasco Sal Vanadium Corp'n Va-Car Chem. . VaCar Chem pf (7). 2 Va Elec & Pwr pt(6) 50s 22 Va Iron Coal & Coke. 10s 60 Valron C&Cpf (5). 38% Vulean Det (4) 3 Wabash RR. 21 Waldorf Sys (1%).. 5 Walworth Co. Ward Baking B Warner Bros Pict. 8l Warner Bros pf 3.85. 19 Warner Quinlan.... 2% Warren Bros (2). Wess Oil & Snow 21% 22 West Pa Pow pf (6). 2t Western Dairy (A).. Western Dairy B. Western Md. . Westing A B (2). ¢ Westing EI&Mfg (4) 883 Westing E&M pf (4). 50s Weston El Instr (1). 1 Westvaco Chlor (2). Wextark Radio Strs. White Sewing Mach. Wilcox Oil & Gas Willys-Overland. Willys-Over pf (7). Wilson & Co. . Wilson & Co pf. Woolworth (2.40). Worthington Pump. Wrigley (Wm) 5% Yellow Trucl 1 39% Yngstwn Sh&Tu(2). 2% Zenith Radio....... 11 Zonite Prod Corp (1) -+ 1,200,000 2,000,000 en in the above ume are the a jves ments based on the latest quarterly or half-vearly deciaratimme “Unit of trading less than 100 shares. §Pasable in senp. Plus 9% in stock. et & Plus_6% in’ stock. h?nu T in_stock: kPlis 3% in stock. m Paid Payable in_stock. MARKET TREND IS REVERSED BY HOOVER ECONOMIC PLANS Complete Reversal of Sentiment Brought About by Announcement of Debt Holi- ~day Proposed—Bears Driven to Cover. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 23.—There hls sélom been a more complete change in the complexion of the Wall Street situation than that taking place since the market closed on Friday when the majority of bankers, brokers and traders left their offices -anticipating . a. dull week end. Saturday’s stock market was buoyant after the hesitating first hour, but it was of small proportions compared with that developing out of the succession of highly favorable events that have occurred since Saturday noon.. There were only a few at the week end who realized the importance of the state- ment appearing in Saturday morning’s rupfl.; to the effect th&t the admin- tratton was taking steps to assist in the economic recovery of Germany as well as of the United States. Far more important was the announcement made Saturday evening of a proposal for'a one-year moratorium for German polit- ical ‘debts, provided there was unani- mous agreement - among the various governments to waive their own rights to reparations for. the 12-month period. Bears Caught Napping. Speculative Wall Street was amazed at the swiftness with which events were 20,000 shares in that appeared on the tape in the first half hour today. They had a whipping such as they have not experienced at any time since the break in prices began i October, 1929, and in one of uu blnefl half-hour turnovers since June last u{nr they lost this morning a censiderable pomon of their profits. Banking opinion was optimistic over the practical, as well as the sentimental, effect that the proposal of a one-year moratorium would have throughout the business world. It was felt that the re- Helu:! ’:e‘ grant uw Germxny.mtr&: continuing payments amounting form of annuities: to approximately $425, 000 000 in the period between April 1, 1931, and March 31, 1932, will be sufficient to change the entire political psychology in Germany. It is quite probable that, sunpl:men- tary to this suspension of payments on political debts, there will be a credit of between $200,000,000 and $300,000,000 to ]| the Bank of Germany from the Federal Reserve banks in this country, in order to check the gold losses of the Reichs- bank and so put an end to the threat of trouble in that direction. American bankers, along with those in other countries, have either been withdrawing credits or have been re- fusing to renew those that have been maturing. With the position taken by the United States Government, likely to be supported by the Federal Reserve banks, it is reasonable to expect. that credlu from American bankers to Ger- ers will be renewed rather m.n called home when they mature and that additional new credits will be granted. Long-Term Loans. There is no zmtpect, however, of developing a market for long-term Ger- man loans even under the present greatly improved outlook. Although these loans have rallied sharply in the past week, with the German 5% per cent government bonds today ‘opening 4 ts higher than on Saturday and 13 points above the recent low, they and practically all the German dollar loans are at a level which would not permit of distribution of similar issues at to either borrower or other thing, it will be necessary for some time to emphasize and to Amuflctn investor that the moratorium for politi- cal debts has no effect whatsoever so far as interest payments on commer- cial German debts is concerned. In m.hzr words, the semi-anrual interest roximately $1,250,000,000 of Ger- mn ds sold in the United States is not in any sense violated under an -rnncemgnt between the creditors of rmany respect to Germany's &flmal dem or of t.!mse that figure nhubeen elt!urs time in Wal Sireet kst the sitiation there . would change through some unexpected incident coming at the moment when it would have most psychological effect on the public at large. No one has been able to see where this might de- velop out of domestic conditions. The general difference of the American public to affairs abroad has prevented it from seeing that the turn might come from some incident bearing on European politics or on Europe: credit. This is what has haj pened It all brings sharply before the people of the United States the fact of world interdependence and the inability of any major nation in these days to pros- per for any length of time when other countries with which it has closé trade and financial relationships is in the throes of an industrial nnd & political crisis. “¥Copyright, Mt MACHINE-TOOL TRADE REPORTS QUIET DEMAND Special Dispatch to The Star. NEW YORK, June 23.—Slack trad- day in the Nation’s machinery rival finds conditions fluctuating but little from week to week, and save for a well sustained price sturcture, busi- ness in the principal centers continues quiet, American Machinist reports. New tools that sell are those for urg- ent replacement; used tools are hard to of, even at greatly reduced prices. About 425 new tools have becn developed during the past six months. The impending award for lathes by the Navy Yard is currently cccupying the attention of dealers in the New York market. There are a few in- quiries, mostly governmental. Indus- trial demand continues negligible here as in Detroit, where hope is based on the possibility of radical changes in the Fall and the expecud upturn in tool demand resulting from need for new dies. Chicago expects improvement in the slightly, thot e E:l St largely , thoug] les are of lpd‘l equlpmmt to llnd and i an trlu.QlIm evails market. 5 1931) reports nadian_markets continue to imj gains being shown in to a poor earnings statement. High-grade issues continued to show heaviness, a significant trend in view of the decline in preferred stock issues. 1 | There was no doubt that these securi- tles were being cashed to provide funds for speculation or investment in com- mon stocks and high yield bonds. United States Governments today drop- ped 4-32 to 8-32 and are now about 8-33 to 16-32 below their recent highs. 4 Washmgton Stock Exchange SALES. Potomac Electric 6% Dfd——2 at 11314, Lanston Monotype—8 at AFTER CALL. | Washington Gas Light—2 at 115. Capital Traction Co.—10 at 35, 10 at 35, 10 at 35, 10 at 35, 10 at 35, 10 at 35, 10 at 35, 7 at 35%;. Washington Gas 6s “B"—8$500 at 105 $500 at 105. w:ih;;)gton Rwy. & Electric pfd.—10 at 99. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tl b s Amer, Tel e 139 151 et Georsetown Gas Ist 55 Potomac Elec. con: FPotomac Eleciric 6 1963 Wash Atex: & Mt Vernon cl( Washington 25 Washington Wash. Gas 6s, ser Wash. Gas 6s. series B. Wash. Rwy, & Elec. 4s. MISCELLANEOUS, Brber & Ross. Inc, 6. Chevy Chase Club 100 Columbia Country &ith siass 0 100 aper Mfg. 6s.. e Vash. M cold storase 5.0 34 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9). Capital Traction Co, as_Lt. Co. (i8}: B O *steambeat (13| Pot. Elec. Power 8% pid.. . Eot. Elec. Power 5Vuve pid & El_com, (T).... Wash. Ry. & EL pid. (). ... NATIONAL BANK. Capital (14) siasans 200 Columbia (12j. .20 1 i Commercial (st 215 District (8). Fed.-Amer. 50 190 75 31 170% LN 200 TRUST COMPANY. Sec. & Tr. Co, (15) . 208 Cumlnemll Trust (6).. Natl & Trus (120 nd _(9e Washington SAVINGS BANK. Bank of Bethesda (6§). Com & Savings (10). East Washington (12) Eotomac ~ (10) BiVenth sireet 112) United States (30) Wash. Mechgnics (20) 0. FIRE INSURANCE. American (12) Gorcoran (10 National Unlon' (i5) TITLE INSURANCE. Columbia (6h) Real Estate (gh). MISCELLANEOUS. Barber & Ross, Inc, com. Fed Fe Natl. Mtge. prd. ( Peoylu Drug swres;m [(IAN Becunty swrue (4e) & Wh. Ter. . Ihe, Satoet Sorn. O Boc) W. Mech. Mtge. com. Wash. Med. B Wood oodward 1Ex dividend, bBooks ci R extea 25 5% extra. POTATO MARKET. CHICAGO, June 23 (#).—(United States Department of Agriculture)— Potatoes—Receipts, 44 cars; on track, 246 K total United States ship- 798; market about steady, trad- dr‘ 'sacked per hundredweight, Louisiana, Arkansas, Oklahoma, Texas and Mississi| ed, around 5 sacked oohhum lmlw. poer 1258 1.35; North Carolina bl st une 13.... Am T&T ¢ tr 634 Am T&T 558 £ 60, President Hoover’s debt proposal will be | Ary 5 Atchison gen 4395 Atchiscv 438’41, Atch Ariz 4%s'62., At Ref deb b5 37.., Australia 5s ‘65, Australia 58 57 Austria 1’43 Austria 7s 57 B&O4s‘es.. B&O4%s8'33 3. B& O conv 4%s°60 B&O P&WV 48’41, B&OSwdyta’s Batav Pet 4% Belgium 68 ‘65. Belgium 6%e Bell Tel I'a §5 C '60. Berlin Cy El 68 '55. Berlin CyEl Beth Steel p Beth St rf b8 ‘4 Bolivia 7’53, Bolivia 7s '6). Bolivia 8s 0. Bordeaux 6s ‘34 Bos & Me bs 65 Bos & Me Brazil 6348 ‘26, Brazil 6%s '27. Brazil Ts Brazil 8s Bremen 7a ‘35 Bk Ed gn A 63 Bklyn Elev 6% Bkiyn Man 6s Bklyn Un st 5s st 65 6 Buenos A 6561 Fv. Buft Gen El 43481 BR&PItL 438 57, Canada 45 '60 C B&Q 1st rt 58 '71, C B&Q 111 dv 4549, Chi & Eas 1l Chi Grt West C.. Chi M SW&P s ‘76 Chi M & St P ad) 6a Chi&Nwn 4% 2037 C&Nwn 4348 ¢ 2037 Chi& NW con 4%s. Chi & NW 6%s '36. Chi RI&P gn 4s Chi Itl & P rf 4n '34 ChiRlev 4%s '60. Chi RI&Pac 4%5'52 ] Chi Un Sta s B '63. Chi Un Sta C& W (nucy 4s'52. ile 63 '60. Chile 63 61. Chile 65'63. CCC&StLb6sD Clev Term 4%s 77. Clev Term 5%s "72. ? | Cologne 6345 50. Colon 011 Col G&E bs May ‘b2 Com Inves 635 43. C Gas NY 4355'95wi ConG N Y 648 4 Con Pwr Jap 6%s. . Con Pow Japan 1 Copenhag 4%s '63.. Copenbag 68 62.... Cuba 6%s 45 . Cuba RR 58 '62 Cuba RR 6s ctf Cuba Nor 6%8 "42.. Del & Hud rf 3. Del & Hud 5%s '37. Denmark 4 %8 ‘62.. D& R Gr gn 4536 D&RG W 68 '55. .. DRG& Wst6s'78 Det £d G&R4%5'61 Det Edison rf 5s '49 Deutsche Bk 6s'32. Dutch East | 6s '63. I'.lllc Sug 7%s"37 Prench Gvt 7% Gelsenk'chen 63 ‘34 Gen Baking 5%s '40 Gen Cable 5%s 47. Gen Motors 65 °37.. Gen P Sv53s 39 Gen Th Eq 6840 Goodrich cv 68 '45. Good 1st 6%s 47.. 2: Goody'r Rub 58 '57. 111 GrandTr sfdb 65’36 1 Grt Nor 4%s°76 D. 27 GrtNor 4%8'77 E. 49 Grt Norgn 5%s’52. 31 Bliss h’!:l‘umph.l“l 458", Grt Nor gen 78 Greek 68 '63. Gulf Mol Halt1 6s 53, Flock Val4% Hoe & Co 6 % Hud & Hlfl) i"l'l. 18 & M rf b H Hungary 7%s"¢4.. 10 MBTistpfés .. 2 4 1 m 111 Steel 4348 ales, 1gh. 8 Low, Close. Int T & T 4%s 63, Int TET cv 448°39 [ot T & T bx'55.... 15 I ¥u- St 6860, 'y Italy Cr't PU 7862, ltaly Pub Sv 7s°52., %8 Jugosl Bank 78 '57. Kan CFtS&M 4s°36 Kan City Sou 3s '50, Kan City Ter 45 '60. ‘80, Kreug & ’l'oll s Laclede 5% Laclede 5%- D'co.. Lake Shore Lautaro Nll Leh Valcv ¢s zon’. LehV cv 4%s 2003.. Leh Val 65 2000. ... Lig & Myers 6561, LiE & Myers 78 *44.. Loew’s 65 ex war. g 58 '3’ Lorillard 63 '51. Lorfllard 5%s 37, Lorillard 7s ‘4 Lou G & EI 63 '52. L&Nuni4s'40 ... L &N4%s2003,.,. La & Ark 58'69. McKes & R 6% '50 Manh Ry 1st 45 '90 Market St 7s 4 Margeille 6s "34. Mex 45 asstd 190 Midvale Stl 55 '3 Milan 6%s ‘52, M StP&SSM G5 gtd. MSP&SSM 514518, MEK&Tailj6s’67 MK&TprinbsA. Mo Pac gen 4s'76. Mo Pac 63 A '65.. Mo Pac 58 F "17... Mo Pac 6s H"'80. Mo Pac ref 53 " Mo Pacb%sc Mont Pow 53 Mont P db 6- Mont Tram § us 55.. Montevideo 6s '59 Montevideo 78 '52.. 2 Mor & Co 1st 4%4s.. 15 Nat Dairy 6%s 48, 101 4. 6 NY Cen rf 41452013103 NYC re im b: N ¥ Cent db NY C& St L 4 NY C&StL 4% NYC&StL6s'32. N Y Edison 5s B "¢4 NY ELH&P 4s'49. NY NH&H 4s ‘55. . NY NH&H 434867, NY NH&H clt 6 NY O&W 1 N Y Tel 4% N ¥ Tel 6541, N Y Tel 65 49. NY W&B 4%s 46, Nord 63s '50. Nor & Wrrev 4 0 Am Co 6561 or Am Ed 5 N A Ed'son §sC Nor Am Ed 5%5'63 Nor Pac 38 2047.... Nor Pac 48°97..... Nor Pac §s D 2047 Nor Pacr{ 6 2041 Nor St Pw Nor St.pw 68 841 Norway 5363 .. Norway 53865 Norway 65 *43..... Norway ‘44 Norway 6s ‘52 Oreg-Wash 4s " Orient dev 5%s Orient dev 6s ‘53... Pac G & K1 5842, Pac T&T 1st 5s " Pan-Am Pet 6534 Pan Am Pet 6s 1940 Paramount 63’4 Paris-Ly M 63’58 Paris-Ly M 7u ‘58 Paris-Or 535 '68. .. Pathe Exch 7s ‘37 Penna 43s D'81. Penn gen 4%s ‘65 Penn 4%s'70. Penn 4% s 63.... Penn 55 '64. Penna gen 55 ‘65 Penn 6%s"36. Penn D&D 4% Peoples’ Gas 5 Peor & E 1st 4; Pere Mar 45 Pere M 1st 55 ‘sc Peru 6s'60. Peru 6s°61... Peru 7s '59 Phila Co 63°67. Phila & Read 6849 Phillip Pet 5% s 39 P CC&SIL 41458 '77. Poland 6s *40. Poland 7s *47. Poland 8s ‘50 ... Port Gen El 4%5'60 Porto Alegre 8s '61 Par R T am 6s "42 o [t M—gv‘smeAaoaddAmn ot antBl Pub Sv G 41%s 70 Queenland 7s "41. Read gn 4% s A Reading 4%s B. Rem Arms 6s A '37. Rhine West 6= °62 Rhine West 6s *h3 Rhine West 7s '50 s RIAr&L4%s 34, Rome 614" Roy D 48 '45 ww. StL IM R&G 4333, StL&SFin4sA StLSWevén'sz StLS W 5s'52 St P Un Dep Sao Panlo 88 *50 Saxon Pu W 6%’ Bl Saxon 7s "45. Seab A L rf s "49. Seab A L 4s st '50. Seab A L cv s Sea All Fla 6s A 36 Seine 7842, Serbs-Cr-S1 7 Un O11 6a 47, Sou Be! T&T bs '41. SW Bell T 55 A '5¢. Sou Pac ol 43 0 . Sou Ry gen 4 Sou Ry bs '94. So s BY ROLLIN M. CLABRR. Increzses in rates for workmen's’ compensation insurance, announced for several States, are expected to off- set to some degree the heavy under- writing losses which the compensation carriers have been sustaining in recent years. ‘The situation is so bad, however, that the insurers cannot hope to recoup past losses. At best, they can expect no- more than an even break on their com- pensation lines, and that goal is not likely to be attained. In 1930, workmen's compensation in- surance resulted in an underwriting of 128 per cent to members of the National Bureau of Casualty and Surety Underwriters. In 1929 the under- writing loss was 11.2 per cent. On all of their business these casualty com- panies had an average underwriting loss of 6', per cent last .year, while in 1929 it was 2.2 per cent. Shrinkage in Securities. It is to be presumed that the com- pensation carriers will exert every ef- fort to prevent a repetition of the $91,- 000,000 underwriting loss they have sustained in the last seven years. Dur- ing most of that period investment gains more than offset the losses, but now the shoe is pinching because of the heavy shrinkage in security values. Extensive rate increases would solve the problem, but in many States rate revisions are subject to official approval and this is often a slow process. Then, too, the companies are loath to raise Tates excessively because of the natural antagonism such a course arouses among employers who come under the various State workmen's compensation acts. A reduction in expenses is another course open to the insurers. The diffi- culty, however, is that the largest single item in the expense account is agents’ ccmmissions and the large group of producers who would be affected by any lowering of- commissions have thus far blocked the operation of a plan recently instigated by the stock com- panies with this objective in view, pri- marily for competitive purpcses. Strict adherence to the rules of the so-called acquisition cost conferences is being sought by the leading casualty % companies as a means of eliminating excessive commissions sometimes _paid in order to get chcice business. Other economies have been put into effect, fet another underwriting deficit, per- aps larger than any heretofore record- ed, is foreseen by some of the leaders of ‘the business. Auto Insurance. Automotive liability insurance r mains another losing line to the cas- % | 4 | nounced and forc ualty companies. Despite recent rate increases in many sections of the coun- try, another underwriting loss is pre- dicted for this year. The one bright prospect is that there may be an appreciable investment gain during the remainder of the year. This, of course, depends upon the future course cf the stock market. By Decem- ber 31, the valuation date for securities held by the companies, anything can happen. If stock values rise appre- clably by then, the casualty insurance business may not have such a bad year after all. (Copyright, 1931.) COPPER PRICES GAIN AS BUYING IMPROVES By the Assbclated Press. NEW YORK, June 23.—Copper ac- vanced a quarter of a cent a pound in both domestic and foreign markets to- day as a result of the improved outlook following Presidsnt Hoover's debt holi- day plan. In contrast with the apathy of buyers during the past few weeks, demand for the metal took a spurt when trading opened after the debt plan was an- ign sales yesterday totaled more than 10,000,000 pounds. Eight-cent domestic copper disappeared from the market toward the close of business yesterday. ‘The quarter of a cznt advance brought the domestic price to 8 cents, deliv- cred, and the export price of 8.525 cents, c. 1. f. European base ports. Meanwhile, the price of zinc also ad- vanced, prime Western being quoted at 3.45 cents a pound, East St. Louis. com- pared with 3.35 cents at the close of last week. REICHSBANK‘SHIPENG GOLD TO NEW YORK By the Associated Press. NEW YORK, June 23.—The German Reichsbank is shipping_ $14,600,000 in gold on the liner New York to restore depleted gold stocks in New York. metal is scheduled to arrive Friday. The consignment is coming to the Federal Reserve Bank, either direct or through the channels of one of the three principal commerciai banks, Chase National, Guaranty Trust and National City, with which the Reichsbank has correspondent relations. The $14,600,000 left Hamburg before news of President Hoover's debt pro- posal had become public. For the first time in several weeks the Federal Reserve Bank of New York reported today that no gold had been received by import and that there had been no change in the gold earmarked for foreign account. Buies. High Low. Closs. Tex & Pac5sB'77. 2 94° Tex & Pac6sC"19. 6 Third Av ref 4s 60 8 Third Avadi e 0. 85 Tobo EI Pow 68 °32. Toho Ei Pow 78 55. Tokio 58 '62. Tokio 5%8°61.. .. Tokio El Lt 68 53.. Unit Drug cv 5863 Utd King 6%s°37.. U S Rub 18t 58°47. . Un St1 W 6%s A 47 Ud St1 W 6%3A '51 Utd St W s:,nc‘sx Utll Pow 5%3 "47... Vanadium Stl s "41 Vienna 6s b3 . Va Ry ist 6362, Wabash 4%s 78 Wabash 2d 6s l.. ‘West Union 5s West Un T 6% Wick Sp cv et Wil-Ov 1st 6%4s "33, Wis Cen gn 43 36.. Yokohama s ‘61 Yrstn SP&T 58 78 93% 98 93% Yng StI&T 55B'70.