davidaulloa/AmericanStories huggingface dataset:
Evening star., 1931-06-23
LARGER INSURANCE
RATES ANNOUNCED
Compensation Companies
Have Sustained Heavy
Losses in Recent Years.
BY ROLLIN M. CLARK.

Increases In rates for worlrmen'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 Z
more than an even break on their COM
pensation lines, and that goal is not
likely to be attained.
In 1880, workmen's compensation in
Surance resulted in an underwriting loss
Of 1873 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 612 per cent last year, while in
1929 it was % per cent.
Shrinkage in Securities.
It is to be presumed that the COM
penSation carriers will exert every ef-
fort to prevent repetition of the S9l,-
100000 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
rates excessively because of the natural
a nENN n
among employers who come under the
various State workmen's compensation
acts.
A reduction in expenses is another
course open to the insurers. The diff
Guilty. however is that the largest single
item in the expense account is agents
commissions and the large group Of
producers who would be affected by
any lowering of commissions have thus
recently instigated by the stock COM
panies with this objective in view, pri-
marily for competitive purposes.
Strict adherence 10 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 choice business. Other
economies have been put into effect,
haps larger than any heretofore record
ed, is foreseen by some of the leaders
of the business.
Auto Insurance.
Automotive liability insurance re-
mains another losing line to the cas-
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 Of the stock market. BY Decem-
Der 81, the valuation date for securities
held by the companies, anything can
happen. If stock values rise appre-
ciably by then, the casualty insurance
business may not have such bad
year after all
Copyright, 1917
Evening star., 1931-06-23
MARKET TREND IS REVERSED
BY HOOVER ECONOMIC PLANS
Complete Reversal of Sentiment Broug hit
About by Announcement of Debt Holi-
day Proposed-Bears Driven to Cover.

$425, 10000 in the period between April
/, 1881, and March 81, 1882, will be
sufficient to change the entire political
psychology In Germany.
It is quite probable that, supplement
tary to this suspension of payments on
political debts, there will be a credit of
between $200, ,00o, 900 and $500, 0,000, 900 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
credits from American bankers to Ger
man bankers will be renewed rather
than called home when they mature and
that additional new credits will be
granted.
LOng-Term Loans.
There is no prospect, however, OF
developing a market for long-term Ger
man loans even under the present
RItdLly uIlpEOfCQ OuJlOOk. A1blOuSL
these loans have rallied sharply in the
past week, with the German 51a pei
cent government bonds today opening
points higher than on Saturday and 1a
points above the recent low, they and
practically all the German dollar loans
are at level which would not permit
of distribution of similar issues at
prices agreeable to either borrower OF
lender. For another thing, it will be
necessary for some time to emphasize
and re-emphasize to the American
investor that the moratorium for politi.
cal debts has no effect whatsoever sc
far as interest payments on CONNER.
cial German debts is concerned. Ir
other words, the semi-annual interest
on approximately 81 ESQ, 900, 900 Of Ger
man bonds sold in the United States
is not in any sense violated under ar
arrangement between the creditors Of
Germany with respect to Germany:
political debts or of those that figure
in reparationS payments.
It has been felt for a long time II
Wall Street that the situation ther'
Evening star., 1931-06-23
CRUDE OIL OUTPUT
GAINS DURING WEEK
Weekly Trade Review Puts U. S.
Daily Average Production In
crease at 32,66S Barrels.
BY the Associated Press.

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 1862 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
weeks figure.
Western Texas had an increase of 5,
O39 barrels, with an output of 215,113
barrels. Kansas production was down
1000 barrels at 100,910 barrels.
The total for the mid-continent area
was 1921 barrels, increase of 48,189
barrels.
Eastern production was unchanged at
10000 barrels. The Rocky Mountain
area showed drop of 983 barrels with
an output of $3.50 barrels
California production fell H. 900 bar
rels to 513,750 barrels.
Evening star., 1931-06-23
BONDS ARE LOWER
ON PROF|T-TAK|NG
Market Shows Moderate
Strength-voIume Smaller
as Prices Recede.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, June 23.-BcndS were
quieter today and not inclined to re-
sumo Mondays advance. The hesita-
ton accompanied prof1t-taking in other
markets and a reaction in commodity
prices. It was natural to expect a
lower trend after the substantial i'm
provement of Monday and it was sig
nificant of the desire of the market
to advance that volume fell of on the
decline.
In the international situation, atten-
ton was fixed on France. The uncer-
,tainty as to what the French reply to
President Hoover's debt proposal will be
contributed not a little to the hesita-
ton 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 of to 8
points. Young plan 5las opened of
nearly point at 74H dropped below
that level and then recovered partially.
German Central Bank issues slipped
in early trading and subsequently
showed stronger tone. German in
dustrials. however, such as Siemens g.
HalSke 612s, United Steel Works 6RS
and German General Electric issues had
a firm tone most of the session.
South American issues, mirroring
Mondays improvement in commodity
prices, were sharply higher, especially
the obligations of the Argentine, Chile,
Colombia, Uruguay and Brazil. Argen-
tine 6s rose points with firm bidding
for all maturitieS. Brazilian govern
mentS we're firm, while the issues of
Sac Paulo State advanced to 2 points.
Australian bonds were also firTner, re-
f1ecting better tone in wheat and wool
prices.
In the domestic list the chief charac-
teristic was the firmneSS of Second-g-ade
Pacific, Erie and Allegheny issues
These roads are part of the Van Swer-
tngen 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.
Frisco 41as were off slightly in response
TO poor earnings statement.
High-grade issues continued to show
heaviness, a significant trend in view
of the decline in preferred stock issues.
There was no doubt that these securi-
ties were being cashed to provide funds
Tor 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
S-52 70 1882 below their recent highs
Evening star., 1931-06-23
MACHINE-T0OL TRADE
REPORTS QUIET DEMAND
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK, June 23.-Slack trad
ing activity is still the order of the
day in the Nations machinery and
machine-tool markets. Summers ar
rival finds conditions fluctuating but
little from week to week, and save for
a well sustained price structure, 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
dispose of, even at greatly reduced
prices. About 425 new tools have been
developed during the past six months.
The impending award for lathes by
the Navy Yard is currently occupying
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 expected upturn in tool
demand resulting from the need for
new dies.
Chicago expects improvement in the
Fall. Indianapolis inquiries are up
slightly, though sales are still largely
of special equipment to sand and gravel,
road building, crushed rock, radio and
refrigerator industries. Quiet prevails
In the Cincinnati market.
New England machinery sales are
principally of small tools, though a
number Of foreign inquiries and do
mestic inquiry for two radials have
Just been released. Southern district
reports q slack market, with current
bookings chiefly for small tools. Ca
madam markets continue to improve,
gains being shown in industrial and
used-tool business.
Evening star., 1931-06-23
BY CHARLES F. SPEARE.

Special Dispatch TO The star '.'.-.'
NEW YORK, June 23.-There has
seldom 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. ~
Saturdays 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 few at the week end who
realized the Importance of the state
ment appearing in Saturday mornings
papers to the effect that the admin
istration 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 poltt-
ical debts, provided there was unant-
nous agreement among the various
governments to waive their own rights
to reparations for the l2-month period.
Bears Caught Mapping.
Speculative Wall street was amazed
at the swiftness with which events were
happening. The bears who have per-
sisted in selling stocks which they did
not own and last week had made a
deep impression on. the market, were
completely taken. of their guard. 1t
was they who were responsible for the
numerous blocks of 5000 shares to
20, 900 shares in prominent issues that
appeared on the tape in the first half
hour today. They had whipping such
as they have not experienced at any
time since the break in prices began
In October, 1929, and in one of the
biggest half-hour turnovers since June
last year. they lost this morning a
considerable portion of their profits.
Banking opinion was optimistic over
the practical, as we'll as the sentimental.
effect that the proposal of a one-year
moratorium would have throughout the
business world. 1t was felt that the re-
lief to be granted to Germany, from
continuing payments amounting in the
. form of annuities to approximately
Evening star., 1931-06-23
Britain's Building Societies.
BY the Associated Press

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 1000
with assets of about $1,754, 600, 900. The
assets are concentrated in the metro
politan area Of London, where the total
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. 1t 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.
Evening star., 1931-06-23
COPPER PRICES GAIN
AS BUYING IMPROVES
BY the Associated Press.

BY the Associated Press.
NEW YORK, June 23.-Copper az
vanced a quarter of cent a pound in
both domestic and foreign markets to-
day as a result of the improved outlook
following President Hoover's debt holi-
day plan.
In contrast with the apathy of buyers
during the past few weeks. demand for
the metal took a squirt when trading
opened after the debt plan was an
nounced and foreign sales yesterday
totaled more than 100000 pounds.
Eight-cent domestic copper disappeared
from the market toward the close of
business yesterday.
The quarter of cent advance brought
the domestic price to 8l4 cents, deliv-
cred, and the export price of 8.525 cents,
c. /. 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
Evening star., 1931-06-23

would change through some unexpected
incident coming at the moment when
1t 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
credit. This is what has happened.
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 close trade
and financial relationships is in the
throes Of an industrial and a political
crisis.
6Copyright, 1917
Evening star., 1931-06-23

Spain plans to construct many coun-
try roads.
Evening star., 1931-06-23
REICHSBANK SHIPPING
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. The
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 commercial banks. Chase
National, Guaranty Trust and National
City, with which the Reichsbank has
correspondent relations
The $l4,600,003 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.
Evening star., 1931-06-23
POTATO MARKET.

CHICAGO, June % P.-(United
States Department of Agricultural =
Potatoes-Receipts, A cars; on track,
GAG cars. total United States ship
ments, 796; market about steady, trad
ing fair; sacked per hundredweight,
Louisiana, Arkansas, Oklahoma, Texas
and Mississippi Bliss Triumphs, 1.45a
1.55; few best, 1.60; heated and de-
cayed, 100 up; mostly around 1.25;
sacked cobblers, 1.50a1 go; poor, LISA
1.35; North Carolina barrel cobblers,
$50.
Evening star., 1931-06-23
NEW YORK STOCK EXCHANGE
Received by Pnvaew DheotO o


Wire Direct to The Star ONCE,
Evening star., 1931-06-23
COAL OUTPUT GAINS.
BY the Associated Press.

6y tne ASSociaJeo FreSSs
Output of bituminous coal gained IA
per cent during the week ended June
Is as compared with the previous period.
Total production. for comparable pc
RODS. as measured by reports to the
Bureau ofNtAines, follows:
Week ended June 13..... 6,674,0 tons
Previous week ......... 6,585 900 tons
Same week last year.. 7.986,000 tons
Evening star., 1931-06-23


1880 AN ....... 100000 1900 Noon. ...... 100000
l:Se Pm. ...... 100000 2:1o PM........ 100000
Dividend rates the annual
Scrip 81 in STOCK ePsd last s ysa4 4
regular rate Payable in stock Payable
Pu pI ~ in stock Plus 6 in stock Plus az in stock
this year--no REGULAR rate n Plus So in stock -
Evening star., 1931-06-23
Washington Stock Exchange

SALES.
Potomac Electric SO pfd.-2 at 1874
Lanston Monotype-8 at 80.
AFTER CALL.
Washington Gas Light-2 at lis.
Capital Traction Co.-l0 at 35, 10 at 35.
10 at IS, 10 at 35, 10 at IS, 10 at 35,
10 at 35, Z at 35h.
Washington Gas 6s "B"-S500 at los,
$500 at los.
Washington Rwy. & Electric pfd.-1o
at 80.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28
ToDAy's ADJUSTMENTS.

Ea;'orsI--Net;ona Players in up
Pops the Devil" at $40 pm.
Gaysty-"Paris!an Beauties" at ais
and 8:15 pm.
Columbia-"S Strangers May kiss" at
II am, los, $40, $40, 7:25 and
9:35 pm.
Palace-"Ladies' Man" at 1l:15 am,
$50, 4:31, 7:20 and 1855 pm. Stage
shows at 1:O6, 3:47, 6:36 and S:l2 pm.
Fox-"Six- Cylinder Love" at IL :06,
2:2l. 4;S6. TAO and 9:55 pm Stage
shows at 1:25, $40, 6:44 and S59 pm.
R-K-O Keith's - 'Donovan's Kid"
at ll:4o am, l:4o, $40, $40, TAO and
9:40 pm.
Earle-'.The Maltese Falcon" at IL 80
am, 2:05, 4:40, TAO and 1910 pm.
stage shows at 1880, 1928, $50 and
9:05 pm.
Rialto-"Hell Bound" at Ii am
l2:45. $50, 4:17. 6:10, 8 and 1888 pm.
MetropOljtan-""Svs at 1;39
am, 1:39, 3:39, 5:39, 1889 and 9:39 pm.
TivOIi--"Scandsl Sheet" at $50,
AIS, 6. 7:sO and GAS pm.
Central-"Kiki." IL am. to II pm.
AmhaSsa dor - "Bac he!or Apartment, "
at 6:15, and $50 pm.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28
TO RID D. c.
OF STOLEN AUTOS
wv. A. Van Duzer, New Traffic
Head, Says Title Law Will
Be Effective.

Washington will cease to be a
| dumping place for stolen automobiles
| in the near future.
/ William A Van Duzer. Pennsylvania
J traffic authority, who viii take Office
July rs the Districts director Of We
hi-les and traffl,. made this announce
/ menk YESTERDAY at meeting OF the
Trafic COMMITTEES of the Washington
Chamber Of Commerce in the Raleigh
Fo ell.
Under the title law which will be
put into effect after Mr.. Duzer takes
Office q record OF every automobile re-
ported stolen i'll the United States will
be kept so that no license tag can
be issued in The District for an auto
mobile not the property of the license
applicant.
Six Months Needed.
It was predicted by Mr. Van Duzer
that more than six months will be re-
CURED to title all the automobiles in
the Dis riot. When application for title
is made. the serial End engine num-
bers on the application will be COM
pared with the stolen car filed before
title Is granted. Effective January l..
1892. nosifc ense tags will b. is-ued I'M
less the automobile for which they are
sought is properly titled.
Mr.. Van Duzer ASKED the co-opera-
ion OF the ch9rbars Traffic Commit
tee in urging WASHINGTON motorists to
secure proper title II thcir automobiles
so there will be no de'SY when the
Trs fic Department sends cut its title
application forms. A bill Of sale or
affidavit should be obtained, he said
Study Traffic Proposal
The Traffic Committee appointed a
special subcommittee. headed by Grover
Blackstone. to study the proposed plan
10 divert north and south bound t:afflc
on Thirteenth and Fourteen h streets
through Logan and Thomss Circles, re-
spectivelv.
The committee recommended that
the ban on angle parking in the Dis
trict be given further trial before the
chamber group took acton fer or against
It. TIE s to $50 am. restriction in zone
No. was commended by the COM
mittee.
Mr.. Van Duzer. Commissioner Her
bert B. Crosby and Inspector z. w.
Brown of the Tram Bureau were made
members ex-oficio Of the chamber COM
mittee at the luncheon meeting. George
E. Keneipp presided.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28

With oil hest, your fuel 10 delivered IN
feet. modern trucks equipped with rubber
tirss 90 protect your driveway. No dust
or noise 10 disturb you.
See this simple new burner at
ourdealers' showrooms near you
-. priced as low as sos. In most
districts this price includes the
complete installation of the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28
STUDENTS GET AWARDS
IN CLASS DAY PROGRAM
Commencement at Marjorie Web
ster School to Be Held Tonight
at 8 O'Clock.

Glass day exercises, featured by
awards for scholastic standing and other
phases OF school life, were held yester-
Gay at the Marjorie Webster School
Sixteenth street and Kalmia road
Commencement exercises will be held
at the school tonight at 8 O'Clock.
Betty Selser. president Of the senior
class. presided at yesterdays exercises
and the awards we're made by Miss
Marjorie Fraser Webster, president OF
the school.
Among those recsiving awards were:
Olga Lofgren, Peggy Dantzler and Mar
garet Dean, postgraduate students
Margaret Shaw. Edwin Drury. May
Irene Wilde and Martha Dellinger
seniors; Frances Brunt, Miriam Pref
lyman, Margaret Irving and Carolyn
Curtin. juniors.
Scholarships for scholastic standing
character, ability and attitude were
awarded to May Irene Wilde Of the
School of Speaking and to Mary Eliza :
beth Fonde OF the department Of phys
ical education.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28

Abundant, world oil
supply and the low cost
Of heating with oil,
attract thousands TO
buy new oil burner -.
Now as low as
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28

GEE how little il costs to heat
~ your home! Abundanceoffuel
oil. .. enough for lifetime. and
this new oil burner now bring
automatic heat within reach of
everyone. In most cities it costs
even less than coal heat!
Wouldn't you like to have q
burner az dependable as those
now heating the three largest
buildings of thear kind in the
world2 London Terrace Apart
ments Riverside Church and
the Cornell Medical Center! The
burner that, is SO popular in
thousands of homes where the
cost of heating must be figured
closely? The same wonderful oil
heat being enjoyed by $4,000
people? This simple new burner
is made by the same company.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28
RESERVE COMMISSIONED

Cromwell Warner. $500 Seventh
street yesterday was commissioned a
first lieutenant, Fleet Marine Corps Re-
serve, by Mai. Gen. Ben H Fuller
commandsnt of the Marine Corps.
Lieut.. Warner, an attorney with the
Interstate Commerce Commission, will
command Company @, LIST Battalion
goth Marines. a unit which he is now
recruiting TO its full strength prior
10 departure TO its training camp
August %.