davidaulloa/AmericanStories huggingface dataset:
Evening star., 1924-06-03
STOCKS ACTIVE TODAY.
Price Tendency Upward, With
Substantial Gains Noted.
By the Associated Press.

By the Associated Press.
NEW YORK, June 3.-Approval of
the tax bill by President Coolidge
impaired a firm tone to stock prices
at the opening of today's market.
Gains on Initial transactions were
slight, but the main tendency was
Enthusiastically upward. General Elec-
trio and Chandler Motors moved up
more than a point. and most market
leadere were fractionally higher:
In reflection of receivership pro-
ceedings against Middle States Oil
Corporation more than 10000 shares
of the company's stock were sold in
the first fifteen minutes OF trading,
driving the price down to rs, new
minimum figure for the year. Ac-
of the relatively quiet market, al
though business was on much
larger scale than in yesterdays
somnolent trading. Prices StIffened
gradually throughout the entire list.
but gains generally were restricted
to substantial fractions.
Elimination of uncertainty regard
ing the tax measure, combined with
the Presidents pledge of further tax
reforms, promoted more cheerful
sentiment and trading grew more spir-
tied as the session advanced. Demand
was varied. embracing many seasoned
dividend paying rails and the custom
airy industrial leaders, which gained
further ground on the recovery.
Considerable strength was manifested
by public utility, steel, motor and
accessory shares, as well as a wide
American Water Works extended it's
early gain to ~ points, reaching a
new to pprice for the year at 81.
Call money opened at 5 per cent.
Evening star., 1924-06-03
CHICAGO GRAIN MARKET.

CHICAGO, June 3.-With offerings
limited and shorts buying, the wheat
market today started with a rally
from yesterdays decline. Expected
defeat of the McNary-Haugen bill at
Washington had no apparent influ-
ence on prices, opinion being general
that such a result had already been
fully taken into account Black rust
warnings reported to have been
broadcast from Minneapolis were also
virtually ignored. The opening. which
ranged from unchanged figures to
Aak higher. with July 1.03N to 1.A
and September 1.05N to 1.06. was
followed by moderate upturns all
around.
Weather too cool for corn gave
firmness to prices of corn and oats.
After opening unchanged to Y higher,
July 76h, the corn market scored
Oats started u higher, July 43%,
and then hardened a little more.
Provisions were firmer, despite an
nouncement of big increase Of lard
stocks. The increase was about as
the trade had looked for.
Evening star., 1924-06-03
COTTON CROPS BIG DROP.
With 1920 Excepted, Condition
Lowest in Fifty-Three Years.

This years cotton crop began the
season with the lowest condition,
with the exception Of 1920, since the
keeping of condition records was be-
gun fifty three years ago. The con-
dition this year is 10 per cent below
the average condition on that date
in the last ten years.
Conditions in foreign cotton pro-
ducinG countries are very good, the
department announced in a summary
of reports from abroad. The acreage
in the principal producing countries
this year exceeds that of last year by
more than 100000 acres, these re-
ports indicate.
The cotton area in foreign coun-
tries this year, as compiled by the
Department of Agriculture, follows:
India, 23.oss,oo0 acres an increase of
1.2s6.0o0: Egypt, 1,64s,5o0. a decrease
Of 220, 100: Brazil, 1.965.s00. an in
crease of 453,soo; Russian Turk estan,
705.0o0. an increase of o5,ooo:
Uganda, $4,000. an increase Of S5, 600;
Korea 37s.000, an increase of 5000;
Mexico. 279,00o, an increase Of $4,000:
Argentina 154.s00. an increase of
$4,000; Anglo Egyptian Sudan, 101,-
900 acres.
Evening star., 1924-06-03
COTTON MARKETS.

NEW YORK. June 3.-Renewed
profit-taking or commission house
liquidation marked the opening of
the cotton market today. There was
little or no improvement in the char
acter of private crop advices, but the
market acted as if the advance of
yesterday afternoon had discounted
the low end May crop conditions. and
the decline here was promoted by
relatively easy Liverpool cables and
prospects for better weather in parts
of the southwest.
The opening was steady at an ad-
vance of points on August, but
generally unchanged to 10 points
lower. Active months sold IS to IS
points net lower in the early trading
July declining to 1888 and October
to 26.57.
Offerings became lighter after the
early declines and the market was
quiet but fairly steady late in the
morning. Selling on the outlook for
better weather in the south was
checked by expectations of bullish
weekly report from the weather bu-
reau tomorrow and enough covering
developed to cause rallies of "a to Is
points. July ruled around 1912 and
October 26.74 at midday. when the
general market was net points low
er to points higher.
r4tf
Evening star., 1924-06-03
IMPETUS TO TRADING
; ON STOCK EXCHANGE
Presidents Approval of Tax Bill
Brings Price Rise in Prac-
tically All Quarters.
ISSUES NOTABLY STRONG
Mainly Benefits Shares Hitherto
Hit by Heavy Selling.
nv STUART p. WEST.

Special Dispatch TO The star
NEW YORK, June 3.-The rise IN
the stock market today following 'ne
Presidents signing of the tax reouc'
ton bill extended to pretty much all
ouarters of the list. Naturally, how
ever it was most sympathetic IN the
stocks where short selling had oeen
heaviest. Baldwin Locomotive Amer
jcan Can. the steels and the oils were
,o he classed more than any others III
,bis category. They were the ones
which gained ground the easiest.
yraepeudent steel Rumors.
Reports were current that lnoepenuo =
ent steel companies were down 70
basis of IS to 40 per cent OF opera
tions. yet the independent s..e
shares were as strong as anSthlhe ot'
the list. The inference drawn wa
twofold-first, that the recession i,
the trade was about over, and. and d.nnarter
that its effects upon secona aua, "a
earnings had been fully discounteu
Nv the decline of Is to 20 points II.
this class of stocks from the JanuaIs Jam !, :
highs, U. 5. Steel com eommen nnent ''Ao "
american Water Works comino,
Vas the leader of the public utllits
stocks. which were again mucn ~
favor. The stock had jump OF abs, Iset
noints to considerably the hlshes!
- has ever sold. The per ceh'
srticinating preferred went along
With it. and so did West Penn Com
nany. which is the most lmpoI .an
subsidiary Shere was apsolu.eI'
nothing new to be said of the Amer
ican Water Works situation:
Among the other pubic uulltles
that stood out conspicuouSly Were
North American, which reached "a TOT
the first time; Philadelphia COMPANY,
the United Railways lnvestmen
issues. Columbia Gas and Ctan Sc
curities, which crossed 80 again.
Rise in Oil Shares.
The rise in the oil shares EXTENDED
from the half point to over a point
The buying came mainly from the
shorts. but the action of the stocks
strengthened the supposition that or
the recent decline the oils had peen
receiving substantial support
other groups in which bears nae
recently been active were strong
There was quite a run up in Cnlteo
States Rubber first preferred ano
other rubber and tire shares were
drawn along sympathetically
Central Leather preferred was nota-
bIy strong. Shorts in Stewart war
ner found difficulty in getting in theil
commitments until the price had riser
another two points.
Evening star., 1924-06-03
STRONG UNDERTONE
IN BONDS DEVELOPS
Trading Not Especially Active,
However, Due Largely to Lack
of Offerings.
BY GEORGE T. HUGHES.

Special Dispatch ID The Star
NEW YORK, June 3.-The under
lying tone in today's bond market
was very strong. Trading was not
especially active, due more to the
lack of offerings than to reluctance
or buyers to pay tho market price.
doubtless the signing of the tax bill
had some sentimental effect, but the
fundamental factor was still the
money situation.
Government bonds were active and
nrm, and the tax-exempt 3hs sold
ABOVE par again, while both the sec
ond ~ and the fourth AZ changed
nanas at approxima tely the high Of
9 sHe year. 1t was the same with the
hlgh-grade rails and industrials. both
1924. ''
Utilities Issues In Favor.
In the speculative group the utility
issues were again in highest favor,
notably the Hudson and Manhattan
income bonds. which, under heavy
transactions, went points above the
oest previous quotation this year. The
refunding SIS. which have prior
claim on earnings and are entitled to
an investment rating, also advanced
to approximately the top Of the year
Detroit United 4hs was another trao-
tion bond in favor.
Speculative rails were mostly
steady. Nearly all the ST Paul issues
were fractiona1ly higher, the heaviest
being the refunding AIS. Missouri
Pacific general As were active and
hrm. Chicago and Eastern Illinois
5s were heavy and lower, today's
price being the low of the year.
Foreign bonds did better today
The French issues all made fractional
gains.
New Financing ProposaIs.
The most important new financing
was the award to the successful syn
dicate of the $s7.4oO.000 New York
City AZ per cent bonds and corporate
stock. The accepted bid was I.1S6l
for all or none. stocks and bonds. This
price was higher than had been ex.
pected. predictions ranging between
par and a quarter and par and three.
quarters. An important offering by q
large Philadelphia industrial corpora
ton is expected shortly. Other new
issues included $780, 900 California
Oregon Power IS, due 1912, at 9sh
$1,500,000 Fruit Growers Express
Equipment trust SIS on a $40 basis
100000 Long Beach. Calf, school
district 5s, to yield 47 per cent, and
100000 National Power and Light I
per cent income bonds to yield more
than 7.3 per cent.
Evening star., 1924-06-03
GRAIN AND PROVISIONS.

BALTIMORE. Nd, June Especially,
Potatoes, white, 100 lbs, 75a175;
$50 lbs: 1.25a2.75; new potatoes, bbi.,
beans, bu., 5oa75; beets, 100, 2.00a3. 90;
kale, bu., 50a60: cabbage, crate, 1.O0a
1.50; carrots, 100, 5.00a7.00; corn, crate
2.00a4.00: cucumbers, crate, 1.00a2. so
eggplants, crate, 2;5oa4.5o: lima beans,
spring onions. 100. i.25aI5o: peas,
bu:. 1.25a1 so; peppers, crate, 2.ooa4. 90:
spinach, bu., 50a75; squash, crate, 1.50
Assoc; tomatoes crate, 1.5oa4.oo; rad
ishes, 100, 2.00a3.00.
Apples. packed. bbl., 3.ooa6.oo: bu.,
1.ooa2. 90; box apples, 2.0oa3.00: grape
fruit. box. 2-25a3.25: oranges. box.
2.50a425; strawberries, Qt., 7a1o;
pineapples, crate, 2.50a4.oo.
Settling Prices ON Grain.
Wheat-No. 2 red winter, spot, Ito;
No. red winter, garlicky. domestic,
1.10k; no quotations on No. or No
red winter, garlicky.
No sales.
Corn-Cob. new, 4.25a4.30 per bbl
for yellow and 4.10a4.15 per bbl. for
white; No. 2 corn, spot, S3H; No. 8,
s0k; track corn, yellow, Nc: 8, So
asked. No sales.
Oats-No. 2 white, So asked; No. 3
white, new, 81 asked.
Rye-Nearby. 7oa75; No. 2 rye, spot.
76h.
Hay-Receipts. 110 tons. Under
more liberal receipts the general hay
market rules easy on timothy and
clover mixed hay Of the better
grades, while the movements on
heavy mixed and poor clover are very
draggy.
30. 90; No. 2. 28.50azs.0o; No. tim
othy, 2S.0oa27.0o; No. light clover.
mixed, 27.50a2S.00; No. Q light clover.
mixed, 25.00a26.0o: No. 1 clover mix,
ed, 27.00a27.5o; No. 2 clover, "a. o0a
$500.
Straw-No. 1 straight rye, 23.ooa
"a. 90 per ton; No. tangled rye, is. 00a
20. 90; No. 1 wheat, 17.00a17.5o; No. /
oat, 1s.50a17.0o.
Evening star., 1924-06-03
SUGARS FURTHER REACTION.

NEW YORK, June 3.-Further re-
actions occurred in the raw sugar
market early today with spot prices
dropping to SIS duty paid. Sales in
cluded 1000 bags of Cubans in port
and 5000 bags for June shipment
at 5.12, and 10000 bags of Porto
Ricans for June shipments at Sis to
a local refner.
The decline in the spot market led
to renewed selling pressure in raw
sugar futures and prices at Midday
showed declines of to IL points.
Refined sugar was quiet and un-
changed to points lower, the list
ranging from $40 to $50 for fine
granulated.
Refined futures were nominal.
Evening star., 1924-06-03
$67, 100000 BONDS AWARD
Two New York Issues Taken by
Banking Syndicate.

NEW YORK, June "a banking
syndicate headed by tho National City
Company Of New York today was
awarded the SAT 1000. 900 New York AZ
per cent ffty-year corporate stock
issue and the $50, 100000 AZ per cent
serial bond issue, on a combined bid
Of 101.1s61. The syndicate had also
submitted a bid of 101.21s1 for bonds
and 100.8691 for the stock. Fifteen
syndicates comprising virtually all
the cdtys large banking institutions.
were bidders for the stock and bond
issues.
Evening star., 1924-06-03
PORT BUSINESS IN MAY.

BALTIMORE, June (SpeciaD-
Arrivals in port during May. repre-
senting eleven nations, totaled 212.
a decrease of four from the previous
month. OF this number 147 were of
American registry, one less than in
April. Great Britain followed with
twenty-eight, one less than in April,
and Norway with fifteen, a gain of
three. Five came from Germany, four
from Italy. three each from Spain,
sweden and Denmark, two from Hon
duras, and one each from Belgium and
Holland. Three Schoone-S were
were among the American vessels
Evening star., 1924-06-03
PlOW COMPANY CHANGE.
Moline, ILL.,, Corporation Begins
\ Process of Readiustment.

sCHICAGO, June 3.-George N.
Peek has rendered his resignation as
president of the Moline Plow Com
pAny, Inc and CERTAIN ;1 UNITS h Oh or the
yield $4,000.000 for distribution to
security holders, as part of the COM
pany's adjustment plan, it is an
nounced.
Hugh S. johnson will be in charge
of the company and readjustment
processes, the announcement stated.
A new and smaller implement COM
pany will result after the unprofit-
able units have been disposed of.
The company may be purchased
by new interests which would
operate it. the announcement
intimated.
Evening star., 1924-06-03
BARRED FROM BUSINESS,
Export Insurance Company Presi-
dent Is Denied License.

NEW YORK. June 3.-The insur-
ance license of David Graham Baird,
president of Baird & Co, insurance
brokers. and. of the Export Insurance
Company Of New York, has been re-
fused because of "untrustworthines SIS
Francis R Stoddard, jr., New York
superintendent of insurance, an
nounces.
Mr.. Baird has handled the insur-
ance of many of the large cotton
shippers throughout the country.
Evening star., 1924-06-03
RAW SILKS TAKE A BRACE.

NEW YORK, June (SpeciaL)-
Raw silks. which have been declining
steadily for more than a week, took a
creases amounting to from 5 to 10
cents pound. BUSINESS. however.
continued quiet. The cotton goods
Print cloths again were quoted at SX
for by 0 and 10h cents for SS by 72.
Evening star., 1924-06-03
HOOVER'S VIEW OF TRADE,

There is no economic reason for the
recent business recession, Secretary
Hoover said today, blaming the con-
dftion on the cutting down of inven-
tories which caused some unemploy-
mont. The recession was only slight,
he said, and general production in
the country has not been seriously
affected.
Business in the country today is
moving by fits and starts" Secretary
Hoover said. "and just at present it
is In = it." ........
Evening star., 1924-06-03
BUSINESS NOTED "P0oR."
Increase in Industries Reporting
Depressed Trade Conditions.

PHILADELPHIA, June 3 Especially.
"A survey of business conditions in
this section shows a decided increase
in the list of industries where condi-
tions are reported poor" and prices
lower" OF thirty-e eight lines can
vassed ten declared demand poor"
sixteen reported conditions poor to
fair" or poor to good" and twelve
denominated them fair
There is no scarcity of labor here,
but wages have been unchanged in
the majority of industries. The ex-
ceptions include a decrease to work
ers in floor covering factories and an
increase to slate workers.
Evening star., 1924-06-03
Markets at a Glance

NEW YORK-Stocks strong; public
utility shares lead brisk rally
Bonds firm; investment issues strong
on tax action. Foreign exchanges
higher; French francs recover
Sugar easy; lower spot market
Coffee lower; disappointing cables.
CHICAGO-Wheat barely steady;
southwest selling. Corn steady: due
to- delayed planting. Cattle irreg-
ular: small outlet for good choice
heavies. Hogs unsettled; shipping
demand light.
Evening star., 1924-06-03

LIVERPOOL, June 3.-Cotton. spot,
quiet; prices, easier: good middling.
1903; fully middling, 1888: middling.
1903; low middling. 17.1s: good ordi-
nary. 1918; ordinary, 1855. Sales,
1000 bales, including $500 Ameri-
can. Receipts, $1,000 bales, includins
II, 800 American. Futures. closed,
quiet but steady; July. 17.45; October.
1850: December. 1917; January.
1894; March, 1889; May, 14.6S.
Evening star., 1924-06-03
NEW YORK DAIRY MARKET.

NEW YORK. June 5.-Butter, steaoy
to firm; receipts, 1854 tubs. Cream
cry extras coz score), 39A a4o; cream
cry firsts (Ss to 81 score). 3sassh
EGGS irregular; receipts, 50.OOS
storage packed, 27a28; do firsts, stor--
age packed, 25a26h; do seconds and
poorer 23ha24.
Cheese firm; receipts, 437,S23
pounds. State,a whole milk flats,
fresh, fancy, 1sEal9; do average run.
17xs13.
Evening star., 1924-06-03
NEW YORK MONEY. RATES.

NEW YORK. June Call money,
easier; high, 3; low, az; ruling rate,
3; closing bid. IN: offered at 8; last
loan, 2%; call loans against accep-
tances, 2X. Time loans, steady
mixed collateral, slxty-ninety days,
4; four-six months, 4a4A; prime COM
mercial paper, AZ a4h.
Evening star., 1924-06-03
BAR SILVER QU0TATIoNs.

NEW YORK, June 3.-Bar silver,
67h; Mexican dollars, SIX.
LONDON. June 3.-Bar silver, IS
pence per ounce. Money, IL per cent.
Discount rates-Short bills. 3 per
cent; three-month bills, 31-1s per
cent.
Evening star., 1924-06-03
FOREIGN EXCHANGE.
By the Associated Press.

NEW YORK, June 3.-Foreien ex-
changes steady. Quotations Gin q. S.
dollars): Great Britain, demand.
4.32 5-1S; cables, 4.32 s16; 6o-day bills
on banks, 4.30 lie. France, demand,
.o516; cables. .0517. Italy, demand,
.o435; cables. .O435s. Belgium, de-
mand, .0446; cables, .0447. Germany,
.3732; Norway, 1854: Sweden, .2648;
Denmark, .16S0h; Switzerland, .175S:
Spain, 1853; Greece. .001S2; Poland,
.00000012; Czechoslovakia, .0293; Ju-
goslavia, .0122K; Austria, .O00014A !:
Rumania, .0042A; Argentina, 1915;
Brazil, .10S5; Toxic, .40%; Montreal,
holiday.
Evening star., 1924-06-03
HOLIDAY IN NEW ORLEANS.

NEW ORLEANS, June 3.-The Cot
ton and Rice exchanges were closed
today, Confederate Memorial day. o
Evening star., 1924-06-03
RosroN STOCK MARKET.

BOSTON, June 3.-Folowing is
list of todays highest, lowest and
closing prices for the most active stocks
dealt in here:
Evening star., 1924-06-03

tPartly extra. Payable in preferred stock.
are the annual cash payments based on the
latest quarterly or halfyearly declarat ations.
Unless otherwise noted. extra or special
dividends are not included.
High. Low. Last.
Call Money!. 3 8 8
HOURLY SALES OF STOCKS.
II am..... 169.700 12m.. 32l,7O0
1p.m..... S9o,600 2p.m. .52e,500
Evening star., 1924-06-03

TOTAL SALES (Par vaIue):
IL Am. 8 3290 600 II noon 95l 900
1p.m.. 6476000 zp.m.. $4,000
Evening star., 1924-06-03
NEW YORK STOCK EXCHANGE
Received by Private Wire Direct The Star Once

Air Reduct (4)...
Ajax Rubber.
Alaska Juneau.
Allied Chem 90. i.
Am Bank N (5).
Am Beet Sug (4)
Am Bosch.
Am Br S,& F (5).
An, Can (t6)....
Am G & F (12)..
Am Drug Synd.
Am e. F p 25%(O
Am Hide G. Lea.
Am Hide & l. pf.
Am Ice pf o..
Am Internatl.
Am Locomo (6).
Am Metal o..
Am Radiator (4).
Am Ship & Com.
Am SIN & Re (5).
Am Stl Fdys go.
Am Stl F pf CO..
Am Sugar.
Am T & Tel (9)..
AmTel & Tel rts.
Am Tobac (12)..
Am Tob B (12)..
Am Water Wks. .
Am W w pf co..
Am w W 1st 60.
Am Woolen CO..
Am Writ Pap pf.
Anaconda.
Asso Dry C (5).
Asso Oil (1h)...
At T & S Fe (6).
A T & S F pf (5).
Att Coast l. (ts).
Allan Fruit CTS.
At Gulf & W t..
At Gulf & W I pf
Allan Ref (4)....
Austin-N Nichols.
Bald Loco Co..
Bald Loc pf CO..
Bal & Ohio g..
Barnsdall A.....
Barnsdall B.
B'ch Nut GAO.
Beth Steel (5)...
Br EN- Stl I'd pf.
Br'k Edison (8)..
Brk-Man Tran.
Br Man T pf go.
Brklyn I'm G (4)
Brown Shoe %.
Brown Sh pf 90.
Butte c & Zinc.
Butte&Superior
Cal Pet (1&)...
Callahan z Lead.
Calumet & H soc.
Can Pacific (10).
Case Thrs'g pf. :.
Cent Leather Co. =.
Cent Lea Co pf.
c r r, N J (t12).
Ger de Pas c 90.
CnanQ MOT 81.
Ches & Ohio 90.
Oh & o pf i6h)..
Oh Mil & st Paul.
Ch Mil & st. P pf.
Chi & Nwn o..
Ch & Nwn pf 60.
Oh Pneu T g..
c r I & p pf (6).
CIR l & P pf o..
Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-29

make fifty do the work of dollar more inter-
after of service to this well known
~ meGnaase MgSe 81 SOD within the next thirty days,
April L. Everything wears except Shoes will be found
1erchandise of quality NOW AT PRICES LITTLE SHORT OF
nens enough going business ale-no ifs
Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-29

Make the of the great opportunity and buy NOW for tt
Your dollar bought much in Mems it
Going Business Sale at the Style Shop Nothing reser
sod-regardes Mems and Young Mems Suits and Over
Jewelry Umbrellas Luggage stock offered
pass up Remember methe sale starts Saturday morning
Extra salespeople to wait on you.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-29
Suits and Overc0ats at

Every Sut-every Overcoa regardless OF what
BEFOREHEARD-OF PRICES. We have divided the stock in
groups It's you make the of the opportunity w
sened to you again in hurry
The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1924-03-13
Improvement of
Port Facilities

Milwaukee, Wis.-Improvement of
port facilities in great lakes towns is
necessary to growth of commerce
on the lakes, according to William G.
Bruce, shipping expert.
"The municipalities bordering on
the lake, have scarcely realized their
part in development of lake COM
merce," Bruce said. "This applies
with greater force to the fort cities
on the American side of the water.
They have been inclined to leave the
job to private Enterprise and to Uncle
Sam.
"Thus lake port cities whose water
fronts are streaked with industries
that do not employ water transporta-
tion and rail line which do not en-
courage such form of transportation
with no disposition on the part of
the municipal authorities to lend 2
hand in obtaining for the shippers
an opening.
"The problem has been aggravated
by the fact that in many port cities
the, street traffic paralleling their
has driven the water commerce to
more remote and less accessible inner
harbor points,
The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1924-03-13
Commissioner Scores
Insurance Companies
Controversy Arose Over Pamphlet
Which Attacked the State In
surance Fund as UnsOund.

Madison, Wis.-W. Stanley Smith,
commissioner of insurance, today
scored insurance companies who
sought to discredit the state insur-
ance fund through "false, unfair and
misleading statements"
The controversy arose following re-
ceipts by Smith of pamphlet ad-
dressed to "All Insurance Agents OF
Eau Claire County" The pamphlet
attacked the state fund as unsound
because of lack of reinsurance and
small surplus. The insurance agents
pamphlet issued by the local board
association of Eau Claire, protested
against placing insurance on Eau
Claire county buildings with the state.
In his reply addressed to Peter j..
Smith, secretary of the Scandinavian
American fraternity, Smith says:
"You will, of course, realize at the
outset that the local fire insurance
agents are financially interested in
this matter as they receive % cents
of every dollar fire insurance premium
paid by the county. In fact, this is
the rate of commission that they re-
ceive on all public buildings, whether
city, county, town or village. Vari-
Gus local insurance boards throughout
tie state are indulging in the same
false and malicious propaganda.
"The state fire fund has nearly
100000 with which to pay fire losses.
These assets are largely in liquid
form and can be used to pay losses
promptly as soon as the adjustment
of the loss is made. In event of this
fund being exhausted, the state treas
urer must pay the loss out of the
general fund on the warrant of the
insurance commissioner.
at is not necessary and it is not
the practice to wait until the legisla-
ture convenes in order to pay for
fire loss. Neither will the individual
members of the board be liable for
any portion Of fire loss by reason
of the fact that they have insured the
county in the state fire fund.
"It is true that preceding admin
istrations have reinsured in stock
companies, but the state would be
nearly 100000 ahead if it had not
carried this reinsurance"