British insurance firms will no longer be allowed to issue new policies in France and Algeria, asser a decree signed by Marshal Philip) Petain yesterday.
Reinsurance operations] these countries are also forbid di he British firms.
The decree declares that while French holders of British insurance policies in general may ask have their policies suspended, poli on life, motorcar and labour accident risks, are authorized as exceptions to the rule—Havas. to the March and May options. The quota increase to 90 per cent. was generally anticipated. Disturbed Eu-Topean news and the weakness of stocks precipitated a decline in hides on small volume. Stagnant: conditions prevailed in the sugar market.
The magazine "Iron Age" estimates steel production for next week at 92.5 per cent. of capacity, and states that maintenance of me August rate of production would make the output for 1940 an all-time high. Contracts for 200 warships received this week will require 498000 tons of plain steel. United States Steel Corporation's August shipments were 158,717 tons above July. General Motors' consumers sales of cars and trucks for 8 months have placed at 1,187,667 against 878,611 in 1939. The chairman of the company forecasts a 10 per cent, to 20 per cent. rise in 1941 automobile sales, and announced the receipt of an order from the United States Navy amounting to $19,800,000. Westinghouse Electric—Company's orders last month totalled $57,300,000 and for 8 months $26,500,000. Northern Pacific's net earnings last month were the largest in many years. The Senate Finance Committee has eliminated the sections complained of in the amortization provisions of the tax bill.
Text read from the printed page and cleaned; old type leaves the occasional error.