New Britain herald., 1924-06-11
Wall Street Briefs

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 New York, June 11.-Prevailing high prices of liberty bonds have turn ed the attention of observers in the financial district to the probable means by which the British govern ment will meet the s6S.o00,000 semi annual payment under the debt settle ment plan which is due June 1b. It is not expected these bonds will be tendered, as specialists in L. S. gov ernment issues assert the yhsye seen little evidence of buying for British account in recent months Sources having knowledge of the method of payment declined to comment, but it
 has been suggested that steady gold
 shipment to ]. P. Morgan <, Co.,, Brit
 ish fiscal agents, may have been for
 British government government ac-
 count.
 An initial quarterly dividend Of i
 S-4 per cent on the prior preference
 stock of the Standard Gas & Electric Co. and the regular quarterly dividend of 75 cents on the common have been declared. both payable July 2s to
 stock of record June 30
 The Great Northern Railway moved 1,6S1.S1l tons of ore from the Mnne-
 sota Iron Ranges in May, larger quantity with one exception. than in 1 any similar month in the roads his 1 tory. Most of the tonnage was inde- pendent company output, but the l Great Northern ore properties were expected to mine their full quarter this
 year. probably duplicating the good ' showing of 1928.
 ! In addition to the s26,05S, 00n bond issue of the new Nickel Plate rail- ] to yield about 5.s4 per cent, si.000,- GOO Chicago, Indianapolis X Louisville
 railway company 1st and general mortgage per cent. gold bonds,
 series R, were put on the market at
 as l-2 to yield about s.io per cent. ! Operations Of the 2t British Fire Insurance companies doing business in l the United states show total premium
 income in 1923 Of s1s2,sii,0 ,0oo, an l increase of sls,s06,000 over 1922, ac- cording to the Bankers Trust Co. of
 New York. Claims paid and out standing amounted to S7S,ls4, 0oo compared with s75,S45,0 ,00o. Expenses and commissions were s70,e93, 0on
 against ss3.s37,oO0. The apparent
 surplus of premiums over outgoings
 was sl4,434. 900, compared with sS,- l a2S,000 the year before. In order to ascertain the actual underwriting i profit and loss 1t is necessary 10 al- 1 low 40 per cent Of the increase in premiums each year as reserve 1 against the increased liabilities, the bank stated. This adjustment brings out the profit for 1928 as ss,S11.000 or per cent Of the premiums, against 1 fractional loss for 1922 Of s7S,o0o. | A quarterly dividend of s2h cents
 share on the common stock of the i United Shoe Machinery corporation,
 was declared today. Previously 50 cents share had been paid.
 Wall street faced today two strik' i ing evidences of the recent marked
 slackenng in business activity, a dror
 Of nearly 600, 1000 tons in the untitled | orders of the l.. S. Steel corporation
 and a vast surplus Of idle funds which 1 has sent money rates to their lowest { level in several years Absence of any
 heavy commercial demand for funds i has resulted in widespread employ
 mcnt of idle money in the bond mar ! ket, which accounts for the outstand- | ing strength Of [. S government is-
 sGos and tho brisk demand for high
 grade industrial and railroad securi- l ties.