davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-04-03
INVESTMENT BOND
MARKET IN SLUMP
Averages at End of Week Are
Near Bear Cycle
Lows.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 2-The invest
ment market this week dropped under
the lows established early in February
and was not far, measured by any of
the accepted indices or averages, from
the extreme bear market low of last
December
Viewed on a chart, the weeks decline
which started two weeks ago and
reached its greatest momentum with
the defeat OF the sales tax and the sub
stitution for it of special imposts-was
as steep as that Of last November and
December. But in point of volume it
was much smaller and less significant
Standard Statistics index of 60 bonds
dropped to within points of its bear
market low and was therefore 80 points
beneath its 1880 top.
Reason for Selling.
There was ample reason for the SELL
ing. In the first place the defeat of
the original sales tax proposal caused
some doubt abroad as to whether Con-
gress would succeed in balancing the
budget, with consequent heavy selling
of American dollars and rapid appre-
citation of all foreign exchanges. This
unsettled the bond market immediately.
Then the substitution for the straight
sales tax of taxes on stock transfers and
bonds, higher income tax rates and
lower exemption limits, and many other
special levies, was calculated to shake
out many long holders of bonds who
had bought at or near the previous bot
tom and still had profit.
But the heaviest selling came when
the Reconstruction Finance Corporation
started to pass on some of the loan
applications before it. 1t was evident
that these were to be pared down.
Railroad bonds broke severely, especial
ly the near-term issues which depend
on r. F. C.. loans for their payment.
Industrial bonds sold off sharply.
The utility list was scarcely better.
At Just above 80, the 20 utilities used
in Standard Statistics index of 60
bonds were only average point above
their December lows. The precarious
position of few public utility holding
concerns and the aftermath of the
Kreuger & Toll liquidation were re-
sponsfble for this movement.
Outlook CIouded.
The outlook is somewhat clouded,
owing to the pessimism engendered by
rapidly falling market but offsetting
this is the prospect that the Federal
budget somehow will be balanced. No
great harm is looked for from the ef-
feet of the tax on bond sales Should
the taxes yield up to their estimates,
Government financing to cover the
deficit will be brought down to a min
imum and it is reasonable to suppose
that Liberty and Treasury issues will
continue to command good prices for
some time to come. There is still
plenty of evidence of the determina-
ton of the Treasury and the Federal
Reserve to keep money rates at low
levels.
In the foreign field there was some
reason for optimism. Great Britain
balanced her accounts at the end of
the 1872 fiscal year, and while the
surplus was not large, the rise of ster-
ling was evidence of the flight to that
currency.
The new capital market was nat
urally inactive. Only $8,042 900 of
bonds were sold, against 6,106, 900
last week and STA, 10000 in the same
1881 week.
Copyright, 1s32)
Evening star., 1932-04-03
IN RAILROAD
TRAVEL ARE COMPARED

Perhaps no other fact more strik-
1ngly illustrates the change that has
occurred in the travelling habits of the
American people during the last IL
years than the fact that in 1920 the
average inhabitant of this country
travelled 440 miles by railway, and in
1881 only lit miles, reduction of so
per cent" says the Railway Age. This
reduction has not been mainly due to
the depression, because it has been
occurring ever since 1920.
'Forty-two years ago-in 1890-the
average inhabitant made eight trips
by rail, in 1920, when railway passen-
ger business reached its peak, IL, and
In 1881 only 5. The average passen-
ger fare charged per mile amounted
to 2745 cents in 1920, and to 2.513
cents in 1881, and therefore the
amount paid by the average person
for railway passenger service amounted
to sl2.08 in 1920, and to S445 in
1881, a reduction of $7.63, or SO per
cent. Considered in the aggregate,
this meant decrease of $738, 900 900
In passenger revenues in 1881 as COM
pared with 1920"
Evening star., 1932-04-03
New Steamboat
Line to Virginia
Points Organized
Towns on Rappahannock
Will Be Served by
Freight Ships.
Special Dispatch to The Star.


BALTIMORE, April Veteran
steamboating men in Chesapeake Bay
service who lost their jobs when the
Baltimore & Virginia Line went into
receivership month ago will be in
charge of new line, to be inaugurated
tomorrow which is headed by Capt
James w. Gresham, former skipper of
the Potomac.
Capt Gresham. who has been mas
ter of boats in the bay trade for over
81 years, has announced the new serv-
ice between Baltimore and Rappahan-
mock River points, which will be oper-
ated under the name of the Western
Shore Freight Line, Inc. The project
has the backing also of business men
in Baltimore and the territory to be
covered by the line.
Capt. Gresham is president and gen.
eral manager. Other officers are: L.
Wilson Davis, vice president. and En-
ory H. Niles, secretary. These officials
will serve on the board of directors
with Oin o. Ellis, H K Smart and
three others to be appointed who will
represent Rappahannock River inter-
estS.
The company will begin operations
with one steamboat-the Hampton
Roads-which has been chartered from
a Norfolk firm. It has capacity for
260 tons Of cargo.
Three round trips will be made each
week. All points on the Rappahannock
from Westland to Tappahannock, in
elusive, will be served, Capt. Gresham
says. The line will not carry passen-
gers.
Evening star., 1932-04-03
Selling From "The Box" "

NEW YORK, April (SpeciaD -
Brokers have been impressed by the
character of some of this weeks selling
especially when they have discovered
that certificates that were being sent
in for transfer had been issued is and
20 years ago. 1t is not unlikely that
many holders of railroad stocks, for
instance, who had carried them since
the big bull rail market in the early
part of this century. have finally be-
come discouraged and are realizing cash
for their stocks or exchanging them for
more promising industrial or pubic
utility shares. Several of the largeHt
private fortunes in the country, in which
railroad securities compose substantial
element. would be appraised today at
only about rs per cent Of their value
three years ago.
Evening star., 1932-04-03
INCREASE IN STEEL
BUYING REPORTED
Railroad Orders Improve and
Motor Producer Places Pre-
liminary Contracts.
BY the Associated Press.

NEW YORK, April 2.-Despite a
further decline in steel ingot production,
which trade estimates placed at only %
per cent of capacity for the week, the
steel industry was hopeful of improve
ment this month based on expectations
OF placement of volume tonnages by
automobile manufacturers and seasonal
improvements in other consuming lines.
AT the close of the week some steel
companies were reporting receipt of
prliminary orders by one motor car
producer whose new models were lust
introduced. Slightly better buying by
railroads was also noted Prices are
held steady at the new second quarter
levels, but thus far have not been fully
tested. Moderate buying of pig iron is
reported at unchanged levels.
Copper continued quiet but steady, a
sharp break in London attributed to
weakness in tin having no apparent
effect on sellers ideas here. Although
domestic buying is at a minimum and
export sales are in small volume. it is
reported that shipments to consumers
have improved somewhat, so that trade
predictions are heard of possible de-
creases in stocks, aided by further cur
tailment in production to or below 20
per cent Of capacity Electrolytic con-
tinued at 6 cents delivered in the Con-
necticut Valley.
Evening star., 1932-04-03
ANACOSTIA BANK PRESIDENT
CELEBRATES 10TH BIRTHDAY
Maurice 0tterback, Native of
District, Has Had an In
teresting Career.
Started as Messenger for
National Capital Telephone
Company.

Maurice Otterback, president of the
Anacostia Bank, is 10 years old today.
Born here on April 3, 1862, and edu-
Gated in the public schools, he started
his career as messenger boy became
the first cashier of the Anacostia Bank
and was elected to the presidency in
June, 1918. Today he is one of the
most active business men in the south
eastern section Of the city
After leaving school, Mr.. Otterback
became messenger for the National
Capital Telephone Co., later absorbed
by the Chesapeake & Potomac Tele-
phone Co. He soon became assistant
chief operator, but gave up his posi-
ton in 1891 to become note teller in
the National Capital Bank of which
H. H. Mckee is now president. In
October, 1907, Mr.. Otterback resigned
to be manager of the Anacostia branch
of the Union Savings Bank.
Mr.. Otterback'S next move was to
assist in the organization of the Ana
costa Bank, being made cashier. Some
years after he took the presidency. the
bank moved into building of its own.
where it is now doing business and
growing steadily. Mr. Otterback is a
director in the Nataional Capital In
surance Co, president of the Eastern
Building & Loan Association, vice pres
1dent of Tidewater Lines, Inc; trustee
Evening star., 1932-04-03
CHICAGO LIVE STOCK MARKET

CHICAGO, April up Omitted
states Department of Agriculture) -
Cattle receipts, 100 head; compared a
week ago light steers and long yearlings
grading medium to good, 25 lower; 9TH
er light steers and weighty offerings
steady, having recovered early decline;
she stock and light yearlings unevenly,
25a50 lower; bulls 15a25 off, and veal
ers mostly so down; late advance on
steers largely a forced affair; general
undertone remaining weak; extreme top
light steers, 815; heavies, $40; bulk
weighty steers, 6.50a7.50; few selling
above IT'S: common steers, all repre-
sentative weights, sold dependably at
$50 downward; most light kinds, Ats
a525; active stockers and feeders buy
ing supported low price steers; best
half fat feeders, $50; quality yearling
stockers 6.25.
Sheep-Receipts, 1000 head; today's
market nominal; for week ending Fri
day 80 doubles from feeding stations,
12,400 direct; mostly 25a50 higher;
sheep and feeding lambs steady; choice
lambs more than recovered midweek
break at close reaching 7.50 the
weeks top; closing bulks follow: better
grade wooled lambs, 7.00a7.40, includ-
ing several loads 95-98 pounds, Colora-
DOS at 7.0OaT.35, desirable clippers, 6.25
a650; unfinished woolskins, 625a6. IS;
throwouts, 5.50a5.75; fat ewes, 3.50a
425; few native Spring lambs, 8.50a
900
Hogs-Receipts, 1000 head, including
5000 head direct; steady to strong;
14O-21o pounds, 4.35a4.50; top, 4.55;
22O-250 pounds, 4.25a4.45; 26o-320
pounds, 4.00a4.25; pigs, 375a4. 90; pack
ing sows, 3.40a3 IS: compared week ago
strong to Is higher; shippers took
1000; estimated holdovers, 1000; light
lights, good and choice, 140-160 pounds,
4.25a4.55; light weights, 10000
pounds, 435a455: medium weights, 200
$50 pounds, 420a4.55: heavy weights,
25o-350 pounds, 3.90a4.30; packing
sows, medium and good, 275-500
pounds, 340a3.80: pigs, good and
choice, l0O.l30 pounds. 3.sOa4.26.
Evening star., 1932-04-03
RELATIVE POSITION
OF LEADING LINES

Industries whose earnings should
make the best showing in the first half
of 1882 are listed by the Standard Sta
tistics Co. of New York as follows:
Chain stores, dairy products, electric
and gas utilities, -four and feed, medi-
cines and drugs, package foods, refrig-
Grafton, shoes, speciality bakeries and
telephones.
The following lines, while they make
a poor showing currently, are listed as
among those which will be among the
leaders in the next sustained period of
advancing business:
Automobile parts, automobiles, pass
enger; beverages, cigarettes, metal con-
tainers and welding supplies
Evening star., 1932-04-03
OBTAINS NEW FUNDS.

Paramount -Publix Corporation has
arranged with a group of New York,
Philadelphia, and Chicago banks for
credit amounting to between $13,-
100000 and $4,000, 900 on six months
notes, renewable for an additional six
months at the option of the company.
Proceeds will be used to pay off pres
ent bank loans amounting to So, 500. 900
and for current working capital. This
Is expected to take care of the COM
pany's financial requirements for the
current Gar.
Evening star., 1932-04-03
NEW YORK BANK STOCKS

NEW YORK, April 2 (SpeciaD -
Bank and trust shares were in supply
today and prices eased
Bankers Trust, at SAY, was off "a;
Brooklyn Trust, 1876, of S; Central
Hanover, 1873, off /; Chase National,
3412, off "a; Chemical, 37B, up "a;
National City. 40, off "a; Corn Ex-
change, SAY, of 1i2' First National,
$500, of 40; Guaranty Trust, 265. off g.
Manhattan. 1854, up "a. Manufacturers
Trust, 1885, off "a; New York Trust,
8119, of ". The following were un-
changed: Commercial, 140: Conti-
mental, 15h; Irving, 18; Public, %. and
Title Guaranty q Trust, 10.
Evening star., 1932-04-03

of Sibley Memorial Hospital and of the
Swartzen Methodist Home for Children.
He is also member of the Board of
Trade, Chamber OF Commerce. Asso-
citation of Oldest Inhabitants AnacoS-
tia Citizens Association, Masonic order
and Trinity M E. Church.
Mr.. Otterback always attends the
annual conventions of the District
Bankers Association. He was brought
up in the same section of the city with
the late John Phillip Sousa and for
l8 years worked in the next cage" to
the late George o. Watson, head of
the Liberty National Bank at the time
of his death.
George Watson and I were close
friends for so years" he said yester-
day. I think of him every day Of
my life and always shall" he added.
Evening star., 1932-04-03
RESERVE BOARD LAUDED
IN SECURITY BUYING

A continuation of the present Federal
Reserve policy of buying Government
securities, states the United Business
Service, may develop considerable i'm
portance, as it puts new purchasing
power into the hands of those who sell
the securities to the banks. New pur-
chasing power is, above all things, the
prime requirement for checking defla-
ton and starting business improvement.
Evening star., 1932-04-03
ENLARGES PORTFOLIO.

In view of fundamental develop
ments and with the Dow-Jones in
dustrial average of common stock
prices at levels which had been ex-
ceeded in every year since 1900 ex-
cept two. the management of Incor-
porated Investors added substantially
to Its investment portfolio during the
quarter.
Evening star., 1932-04-03
INSURANCE STOCKS

NEW YORK. April 2 (P.-Over-the-
counter market.
Evening star., 1932-04-03

CONTINUED on Scond Page)
The midland journal. (Rising Sun, Md.) 1885-1947, 1932-09-16
REPAIR CRISIS
COMING. SOON
Avoidable Home Neglect
Costs Millions; Save
by Painting Now.

Home owners and others through
out the United States face an
avoidable burden of $200000,O00 for
repairs and requirements next
spring, that can be prevented by
adopting proper precautions this fall.
A crisis that has been approach
ing for several years will be
reached this winter, and "a vigorous
offensive program" to lessen its
seriousness will be inaugurated at
once, according to an announce
ment by the Acme White Lead and
Color Works, Detroit White Lead
Works, W. w. Lawrence & Co., Lin
coin Paint & Color Co., the Lowe
Brothers Co., John Lucas 4 Co., Inc,
the Martin-SenOur Co., Peninsular
Paint & Varnish Co., the Sher-
win-Williams Co. Newspaper ad-
vertising in every part of the United
States will be used to tell property
owners Of the danger from further
delay in making needed repairs and
requirements.
millions of dollars can be saved
by giving buildings proper care this
fall. They have been exposed to the
elements three, four and five years,
through neglect and postponement
of needed work. Property and
equipment cannot go longer lacking
proper protection, without further
serious injury.
"When a woman's home Is saved
from foreclosure by coat Of new
paint which led to a renewal of the
loan on the house, as has just been
reported from a small Middle West
ern town, it Is easy to see that
other benefits than just those of
property protection can be derived.
too, from adopting the correct safe
guard methods.
"Prices of good paints are the
lowest in fifteen years. Enough
good, dependable paint to protect all
the badly weathered surfaces on the
average home can be bought with a
few dollars. The general buying
public has already begun respond
ing to advance promotion through
our distributing and retail channels.
Encouraging orders from large key
industries and railways are simply
the forerunner of pickup through
all the various industries. We are
portions. We are moving with
greater confidence than in many
mOnths."-Adv.
The midland journal. (Rising Sun, Md.) 1885-1947, 1932-09-16
PENITENCE
BY THOMAS ARKLE CLARK
Late Dean Of Men,
University of Illinois.

Repent" the prophets in Holy Writ
were wont to advise sinners, and that
The midland journal. (Rising Sun, Md.) 1885-1947, 1932-09-16
RISK CONCERNS HIT HARD
BYLOST AND STOLEN GEMS

these strange, inexplicable disappear
ances, claims totaling approximately
100000 for the country at large. Most
losses, however, were reported in New
York city.
"As l said, we have reason to be-
lieve that at least 80 per cent of such
claims are false" said the executive,
who asks that his name be not used,
"but we seldom are able to prove the
fraud so we try to effect compromise
to avoid litigation"
Old man Depression, who never Is
let out of anything these days, gets
the blame.
Most of the losses are reported by
persons at one time wealthy" the ex-
ecutive explained, "but who have had
reverses. Ever so often we get claims
of losses almost Immediately after
serious reverses in business. Such
cases look suspicious on the face of
them nine times out Of ten, but, as
usual, proof is lacking, so we pay"
In only one case the company
handled last year did the claimant, a
woman, confess fraud. Her reported
loss was Investigated so persistently
and she was questioned so thoroughly
that she finally wilted and admitted
her jewels were nesting in a vault,
safe from loss. The claim was dropped
and the insurance company obligingly
forgot to, prosecute.
In addition to the mysterious"
losses, this particular company handled
claims totaling close to 100000 as
the result of holdups and burglaries
in 1881. This represents an increase
Of about Is per cent over 1880.
Claims have been falling off stead
lily this year." the executive continued,
''mainly because so many were pressed
in 1881. Last year we were getting
an average of 100 claims month.
People once wealthy became hard up.
Suddenly their jewelry disappeared.
In most cases there were suspicious
circumstances, but in the absence Of
proof we had to pay.
"YOu see, most jewelry policies are
written to insure against any sort of
loss, and losses are difficult to check
up. A woman can say she accidentally
dropped her bracelet from ferry
boat. What can we do? How can we
prove that she did not? We have to
pay the claim"
Another unusual aspect of the bust
ness since the depression is that al
most invariably those who have sup
posedly lost their jewelry refuse offers
of replacement. They want cash. The
companies usually. offer to replace the
lost or stolen jewelry, but last year
only 8 per cent Of the claimants &C.
copied the offer.
The midland journal. (Rising Sun, Md.) 1885-1947, 1932-09-16
$50, 600, 900 in Gems Lost or
Stolen in Year.

New York.-These are sad times for
insurance adjusting companies that in
yestigate loss or reported loss of jew
elry. The insurance companies, it
seems, are having to pay and pay and
pay-more so than ever before in the
history of the business.
1t is estimated that from $50, 900
to $60,O00,O00 worth Of jewelry was re-
ported lost or stolen last year and in
nearly all of the cases the claims were
paid. The percentage of recovery was
just about one-tenth of per cent.
But that is not all. The number Of
false claims is greater than ever be-
fore and in the majority of cases the
companies have to pay just the same,
being unable to obtain positive proof
of fraud, even though the circum-
stances are suspicious.
/. Many Cases Frauds.
An executive of an adjusting COM
pany in John street-a company that
represents fourteen of the largest in
Surance companies in the world-says
at least 80 per cent Of the reported
disappearance Of jewelry in 1881 was
false.
Such losses fall in the category of
mysterious disappearance" of jew
elry, and last year saw an increase of
about 30 per cent in the number Of
The midland journal. (Rising Sun, Md.) 1885-1947, 1932-09-16
French Poilu Faces
a Diet of Sardines

Paris.-The word 'sardine" may
in the near future be greeted by the
French soldier with epithets similar
to those which plum and apple"
used to provoke from his British
cOmrade.
The sardine trade has been in DIFF
ficulties for sine time, and those
who are suffering from this depres-
sion have been inspired by the idea
that the army ought to save the
situation.
An influential delegation has
asked the commissariat department
to insinuate more and more of the
oily little fish into the diet of the
poilu. Nothing definite has yet been
settled, but the case for the depu-
tation is, roughly. that big con-
sumption of sardines by the mill
tary would be good both for the
military and the industry.
The midland journal. (Rising Sun, Md.) 1885-1947, 1932-09-16

would fall IL the sinner failed to
change his point of view. 1t was gen.
orally in order that they might flee
the wrath to come" that offenders
were urged to penitence.
Is 1t sorrow. then. for the offense
against law or is 1t fear of the con-
sequences which is most often the i'm
pelling motive to repentance? should
not want to say.
Warner, who had really been
brought up very well and who had
never been in any real need of
money, was caught forging various
checks. He was apprehended, arrest
ed, and put in Jail. His father came
to see me to adjust such matters as
could be adjusted.
"The boy is very penitent," he said.
His stay in Jail has given him time
to think what his conduct is leading
him to, and he is sorry, I assure you,
for what he has done"
as he sorry" asked, "for what he
has done. or is he Inundated by the
fact that he has been detected in
rather crude violation of law, and for
the legal and social consequences
which he is faclng?"
II don't know" the father replied.
''Maybe If he had never been caught
he would never have been sorry"
Jensen, who was working by the
hour, got into straitened financial
situation. He needed money and so
devised the system of marking up his
hours when he handed in his time
check. The thing was detected short
ly, as such things are sure to be.
II am thoroughly ashamed of what
have DONE" he said to his employer,
land more sorry than can tell you.
have hardly slept or eaten since my
crime has been discovered"
"Would you have lain awake at
night, and would you have been sorry
if you had not been found out?" he
was asked, and he didn't know.
True penitence is sorrow for sin
not sorrow for having been discov-
cred.
Q. 1882. Western Newspaper Union.
4 q