Evening Star Newspaper, January 13, 1932, Page 5

THE EVENINu STAR, WASHINGTON, D.: C. WEDNESDAY. JANUARY 13, 1932. *» A5 BAD BOND MARKETS HIT MUNIGIPALIIE Offerings Held Up Because of Little Demand on Part of Public. By the Associated Press NEW YORK, January 13.—Success of the average American politician will be gauged in 1932 by his ability to make one tax dollar do the work executives of large New York banks said today During tte last boom period, ended in 1929, many States, cities and other municipalities not oniy spent liberally but embarked on costly mprovement prozrams, which left debt burdens for future years. These States and cities are now faced with the problem of pay- | ing off past commitments at a time when tax receipts are unusually low ! The record of the past three months, bankers said, has shown that a channel ordinarily left open for new money for municipalities has been temporarily blocked because of declining interest in the bond market. Investors have ghown little desire to loan money to States and cities Public Confidence Needed. An outstanding example of new barrier which the cities and States are meeting, bankers explained, has been furnished in New York city’s negotia- tions for additional money. Executives of Wall Street houses said they could not continue to advance the money un- til public investors show a desire to urchase the bonds from the bankers ublic confidence, they felt, could be restored only by rigid economies in city expenditures More than $200,000,000 of municipal borrowing has been held up recently because of apathy of stors toward | municipal securities. The City of New| York, it was stated, still_holding back its offerings of city securities, ex- pected to total $90,000,000, in order to meet the city's requirements. The Delaware River Bridge Commission wants $34,000,000 to pay for the cost ©of erecting the new span linking Cam- den, N. J., with Philadelphia, but must await a better market. Based on past| financing, Chicago norgally would have borrowed about $35.000.000 since Summer, but has been obliged to wait, because of market conditions and its ewn taxation problera. Other Offerings Postponed. Smaller items include postponement | fof offering of $10,000,000 State of Ten- nessee bonds, $5,000,000 Missouri, $10.- 000,000 South Carolina, $4,200.000 Bal- timore and $2,500,000 North Carclina. In addition, vast improvement proj- ects which had been planned are being held in abeyance. Among these are the $200,000,000 water supply improve- ment planned by the metropolitan dis- trict of California and the proposed | Thirty-eighth street Hudson River tube by the port authority of New York Bankers said that deferment of new offerings in nearly every instance has reflected the changed condition of the bond market, rather than any serious | change in the credit ratings of pros- pective borrowers Novel methods are being applied, | bank reports indicated, by some city and | State administrators to meet the new | market conditions. : Doing Own Banking. The city of Philadelphia, which two ] ago received no bids on a new ue of $15,000,000, went into the g business itself. The city sold 000 of its bonds to the Phila- ia public at retail y of Chicago, whose school teachers received little more than one month’s salary in actual cash during the second half of 1931, based an ap- peal for money on civic pride. It raised funds from merchants and business men by pursuading them to buy tax anticipation certificates The Delaware River Bridge Commis- sion, which wants to raise $10,000,000 for additional improvements as well as to repay $34,000,000 of borrowed money, conferred with its creditors. By mutual consent, the creditors and the commis- sion agreed that it would be good policy to wait for a rising bond market before selling too cheaply. MILWAUKEE HAS CASH City Enjoying Surplus as Most Muni- | cipalities Are Needing Cash. MILWAUKEE, Wis., January 13 (). —A little trick of municipal finance— the ability to enjoy the benefits of &} bond issue a year before the bonds are gold—was explained today by Milwau- kee city officials It is one of the simple devices which gives Milwaukee, the city that started the year with a surplus of $4,000,000 in cash, amazing financial stability at & time when the credit of many cities is | not so strong. Twé® Reasons Responsible. Milwaukee has financed permanent gmprovements, and yet for &s long as two years has not paid interest on the bonds. James Barr, grey-haired Scots- man and secretary of the board of | match. Equally in Match, Says Culbertson. | ‘ BY ELY CULBERTSON. | NEW YORK. January 13 quent at the bridge table for the mun- successful player to soften the blow to his inferfority and possibly also to his pocketbook by the remark {“You had all the luck” ‘That might | [be true over an evening's session or complex | impartial that when she is given an opportunity, she distributes her favors | with remarkable exactness | It has been pointed out that in my | 150-rubber contract match with Sidney |S. Lenz to test the approach forcing ! and official systems of contract bidding | the cards held were almost even. My and I held 1% honor-tricks more than did Mr. Lenz and his partners They held 26 more aces than we, while | we had 34 more| kings than fell to their lot when fate dealt the cards.| Our margin of | victory was 8980 points. Expected 20,000 Points. | I had expected | to win this match by 20,000 points and at least one-half of the amount| that I fell short of that figure was due to the fact that our opponents used approach bids rather than no trump bids in reaching their final contra:ts, thus disclosing to each other the distribution as well as the high cards contained in their hands and assuring that the final contract would be based on scientifically drawn inferences rather than blind guesses. Before this match began many of my friends told me that it was idiotic to leave such important issues to the luck of the cards. They pointed out to me the fact that no one can protect himself against a run of Yarboroughs and near Yarboroughs. I knew this, but I also knew that blind chance is impartial. I felt. and the facts have demonstrated that 1 was right, that in 150 rubbers, nearly 900 hands, Chance would shower | her favors alike on those who believed | in the approach-forcing system of bid- partners Ely Culbertson. of the official system. I am glad that Chance vindicated my faith in her. Lenz Admits Luck. in which Chance smiled on Mr. Lenz lucky hand.” | MR. LENZ (NORTH). 8—105 2 H—1062 D—A Q876 C—5 4 (WEST). (EAST). ; S8—-KQJ9173 S—A 864 H—J 85 H—K 4 D—K J D—53 cC—J 17 C—K Q1062 COMDR. LIGGETT. (SOUTH). 8.—None H—AQ973 D—109 4 2 C—A983 The bidding: SOUTH. WEST. NORTH. EAST. Pass Pass 1Club lheart 1spade 2 diamonds2 spades 4 diamonds 4 spades Pass Pass 5 diamonds Double Pass Pass Pass Suppose blind chance had dealt to| my partner the king, jack and trey| of diamonds and had given me in-| stead of the diamond I held the king | of hearts, the small cards in place| of them being immaterial. Then, in- stead of scoring the game and rub- ber, Mr. Lenz would have been penalized 1,000 points. | Hardest Breaking Hand. | Contrariwise, take this hand from the 113th rubber, which is, I think, the S—10854 H—9 53 D—-7652 .C—9 8 MR. CULBERT- SON (WEST). 5K H-AQJ1017 D-AQJ 10 D—None C—106 3 C—KJ1T COMDR. LIGGETT (SOUTH) 59172 H—None MRS. CULBERT- SON (EAST). 85-AQJ63 H-K 8642 estimates, who watches the nickels drift into and out of the city treasury, holds two arrangements responsible First of all, city money is in one general fund. There are no stvings on any dollars Milwaukee owns. It may be spent for the health department playgrounds or any other city pur- pose. Only in the budget are depart- ments held to specific allotments, but bt has claims on any specific Bond Sale Delayed. A permanent improvement may be | ment this hand was dealt, Fate was not | authorized and | turning a smiling face in my direction | desired. Bonds are printed. But when the time comes to pay the contractor who effected the ymprovement there may be enough in the general fund to meet the bill. The contractor gets his money from the general fund, Barr explained, and not until the fund is running short are the improvement bonds sold. Mean- while the city has paid no interest charges The second & for by ths ta ad justment measure which assures ready cash in the general fund. Each year Mil- waukee collects & half-mill tax above all budget requirements. As these funds accumulate, Barr explained, they place one department after another on a cash basis. VITAMIN DIET FOR COWS T0 FOLLOW EXPERIMENT Milk Bottle law, & Bunshine Will Fill on Doorsteps When Fed Irradiated Yeast. They're By the Associated Press. MADISON, Wis, January 13.—The bottle on your doorstep which once con- tained only milk may soon be full of sunshine, too. Dr. Harry Steenbock of the University of Wisconsin, who originated tne process of irradiating foods to instail vitamin content, has announced the discovery of a plan by which : amized in its formulative s‘age By his process, still in the expertmen- tive stages, cows would be f<d irradiated yeast, thus transferring the vitamin con- tents of the yeast to the cows’ udders. The resulting ¥ ilk would then contain vitamin D, which, with other sub- stances, is essential to the growth and tection against certain diseases, par- ularly rickets ‘The Brookhill Dairy, Genessee Depot, E‘u_, claims its experiments along this e have been successful. It plans to begin the commercial utilization of the procest by putting 20 cows Bteenbock the vitemized diet, and will increase ;&lgr 85 the demand for the prod- - angement is provided | D-K 9843 C—AQ542 South West. _North. East It is fre-| of two, |even for a week, but blind chance is so | exactly | hardest breaking hand of the entire| SoU The hand and bidding was ;?;;TH' R. LENZ (NORTH). | 1 Spade How the Contestants See It Chance Distributed Favors | Culbertson Plays Heart Bid Under Impression It Was No-Trump. ‘ BY SIDNEY LENZ. NEW YORK, January 13.—Possibly the most curfous incident of the 20- ssion match I played against Culbert- son occurred on the third deal of the nineteenth rubber. Ely ob- tained the contract at three hearts and insdvertently played the hand under the impres- sion that he was playing no trumps. 1 had made a similar error in the first session of play, but in this instance I knew after the first lead that Ely had for- gotten what make Sidney §. Lens. he was playing. , (NORTH) 3 3 CULBERTSON (WEST). MRS. CULBERT- SON (EAST). S5—9 8 H—AB8T1 D—J8542 C—KQ3 JACOBY (SOUTH). 5—QJ5432 H—92 D—Q C—AJ64 The bidding SOUTH. _WEST. Pass 1 heart 2spades 2 no trumps Pass Pass As there was no partial score, this was not a game contract, and when my opening lead of the 10 of spades was permitted to win the trick, I knew something was wrong. Culbertson's declaration of two no trump{ after my partner's spade bid showed either two stoppers in spades or one stop with all the aces and kings that were not in sight. Lenz Points Out Error. Had he held all the missing high NORTH. EAST. Pass 2 hearts Pass 3 hearts Pass | cards he would as v have bi ding and those who followed the banner 'fg'nigl;‘e cumiif“"‘“-‘ ve bid up If Jacoby had the king, queen, jack of spades he would doubtless have overtaken my 10. So, with but two spades in dummy end three trumps to ruff with, the obvious As applied, however, to the individual hold-up fourth hand could mean only hand, luck did play an important factor. | one Take this hand from the 126th rubber, | thought he was playipg no trumps thing, and that was When my partner got in a trump on so broadly that even he admitted, while | the second round of diamonds, Ely the scorekeepers were jotting down the | claimed the trick, and I pointed out record of five diamonds doubled, “it's & | his error. “How did you know that I thought the declaration was no trumps?” ke asked “Psychic reasoning,” I replied Although the contract could have been easily made, the inadvertence re- sulted in a set of one trick, but at the preferred declaration ~of lost. But, of course, Culbertson was not using 'the official system. Bows Head in Shame. In one of our sessions Culbertson pointed out to the press that my poor bidding system was responsible for fail- ing to bid two small slams that I suc- ceeded in making. One of these slams required a single finesse, which came off nicely, so poesfbly his’ criticism was well founded; but on the second one— well, look it over and ponder: LENZ. s—Q2 H-AT65 D—A983 C—A9 2 MR. CULBERT- MRS. CULBERT- SON. SON. 0832 5 h 3 JACOBY. 5—-AJ9 T4 H—9 D—J 10 6 2 cC—Q54 The bidding: ‘WEST. NORTH. EAST. Pass 1 Diamond Pass Pass 1 No-Trump Pass 2 Diamonds Pass Pass Pass I made a small slam on the deal and humbly bow my head in shame. It is true that the Culbertsons heid 11 of the 20 honors and their defense was Just a wee bit wobbly, but if I had had the courage to bid for the slam, it would have been worth 500 points. Some of the experts who covered the match for the press were, at times, rather unfair with their criticisms. Will Rogers 58 H—Q D—K C—K Pass. 1 heart. Pass. Pass. 3 hearts Pass. Pass. 6 hearts. Pass. Pass. Obviously, all that I needed to make my contract of six hearts was either the 2 spades. 5 hearts. Pass. favorable location of the ace or queen | of clubs or the opening of some other | suit than clubs. However, at the mo- | and so Mr. Lenz, departing from the | precepts of whist days, elected to | make a typical Culbertson lead, the | nine of clubs. | " Liggett won the first trick with the queen, laid down the ace and returned tricks before I even obtained the lead ALLAHABAD, India. - Forced down with broken piston. Jails so full way ; have to call this | war off How Is Stim- son versus Jap- anese War go- ing? % (Copyright, 1932.) the third round of his suit, permitting | Mr. Lenz to trump and thus cash three | Ynun jn B “ E !¢ Had a card of any other suit been led. | possibly have made 13 The factor of luck in Iife is incalcula- | ble. The factor of luck on any individ- | val hand may be great indeed. In life there is no assurance that luck will ever distribute its fayors evenly, matters of blind chance, the inexorable laws work to their inevitable end. (Copyright, 1932, by Ely Ctilbertson.) MRS. ROOSEVELT URGES WOMEN VOTERS TO STUDY | | Wife of New York Governor Asks | That Government Problems | Be Weighed. | By the Associated Press. | NEW YORK, January 13.—Mrs. Frank- lin D. Roosevelt, addressing the mem- | bers of the New York City Lesgue cf | Women Voters at a luncheon yesterday. | stressed the importance of study omen voters of the problems confron | ing the Government 2t present | “We—none of us—inow what the | next few years is going to mean to us,” | said Mrs. Roosevelt. “We have got to be prepared to meet these questions with an open mind and go to the roots of questions as they come up. ‘We can- not go on drifting. “We have drifted until now and, na- ' tionally, we are in a bad way along all kinds of different lines and spreading right out into our connections with the | We are learning rest of the world. instead of making 10 tricks, I could | not have made less than 12 and might | but | in dealing with cards and in all other | YOU FEEL Keep Clean Inside | and You'll Look Well and Feel Well Do you have those days when nofhing seems to go quite right . feel tired and listless? The chances are you are suffering from intestinal fatigue; commonly known as constipation. Famous doctors say this condition is the cause of 80% of all human ills. Don’t be guilty of personal neglect, when medical science has provided such an easy way to keep your sys- tem free of poisonous waste matfer. };i\mply take one little E-Z Tablet whenever you feel sluggish, full of cold, “headachy,” \‘(5itlpaled or bilious. It quickly settles upset stomach, banishes coated tongue and livens lazy liver, cleanses and sweet- ens the bowels. E-Z Tablets gently but surely and safely drive out all accumulated more and more that we cannot be pros- | Iperous unless other peoples are pros- perous, too. It is not only our ques- tion—it is & world question and thus far we have not reached a glution.” that Ely | three no | CULBERTSON MRS. CULBERTSON. | trumps the game could not have been | F-Z Tablets are easy to take and emsy to they are the ¢ bowel wmd liver aid you ever used. BLIZZARD SWEEPS MOUNTAIN SECTION [Tornadoes and Floods Kill| | Eleven and Cause Property Damage in South. By the Associated Press. Weather lines of drawn irregularly toda | claiming a toll of life and property in | the South and blizzards ghistling through the Rocky Mountain réfzion. Eleven persons were killed and more | than 150 injured by storms in Alabama | and Mississippl. ‘They rfollowed torna- dags which killed two persons and in- jured 17 in Southeast T:xas. Heavy rains swelled tributaries of the lower Mississippi River to a menacing stage and bogged country roads. | Indian Agency Threatened. | _ Blocked by an ice jam, the San Juan River threatened to flood the Northern Navajo Indian Agency at Shiprock, N. Mex. Steps were taken to dynamite the. jam’ before the flood endangers chil- dren’s quarters | A plane en route from New York to Tucson, Ariz., with apparatus for the | treatment of Miss Alice Hilliard, pneu- | | monia victim, was forcea down at Co- | lumbus, Ohio, by fog. Lisgar Taylor, 16, froze to death near his home, in Glen Ellen, Saskatchewan. A blizzard pushed down temperatures as | much as 50 degrees in 24 hours in| Northwestern States. It was 6 below zero at Great Falls, Mont., last night. Ranchers herded range stock to safety Wy.ommg authorities warned against unhecessary motor travel. Air traffic was. curtailed. Rain and snow fell along the Pacific slope. | Gale Hits Boulder City. | A gale which sped through Boulder | Canyon uproofed buildings and blew | away tents in Boulder City. Government | 1 headquarters of workers on the Hoover | | Dam project. One man was missing. | Officials ~estimated tne damage ati | $10.000 |~ Winter got in a stroke with snow at | | Denver, where golfers thronged out for | | play under a warm sun yesterday. e | " "Colder weather was the immediate prospect for the Middle West, with the Dakotas in the van. Northwestern North | Dakota was hit by a blizzard residents | | described as the most severe in_two | years. It was zero in Minot. Snow | | blocked several South Dakota highways. e | They conveyed the impression that | | both the bidding and play was not up | {to the mark of the average player. | "In one of the leading newspapers appeared the following; ‘Where Is the “Laydown?” “The final hand of the night saw Mr. | Lenz and Mr. Liggett, a bit over-cau- tious, fail to bid what proved to be & | laydown slam.” the Nation were with tornadoes | | | | LENZ. S—-AKT75 -1 D-AK85 C—K Q102 . CULBERT- MRS. CULBERT- North and South vulnerable. West | dealer. The' bidding: SOUTH. WEST. NORTH. Pass 2 Spades 3 Spades Pass 4 Spades 5 Spades Pass Pass 1t is true that T made 12 tricks, but I ask, in all humility, where, oh. Wwhere, is the “laydown’? The gentlemen of the press are either wonderful players or their source of information is heavenly. On deal No. 846 I ventured to bid two clubs over an opening bid at my right | of one spade, and Mrs. Culbertson | doubled and set me 600 points. My | hand was: EAST. Pass Pass | Pass | | 5—Q98 | H | . Of course, Comdr. Liggett had a trick- less hand, and five clubs, headed by the | king-jack, were held by the doubling | | band. The press comment that T had “stuck | my neck out” was an implication that gave a wrong impression, as my bid was | not only proper but actually gained | more than 1,400 points. ‘The enemy could easily have made five no-trumps had they chosen to play the deal. On the following deal they made five-odd at hearts, which would have scored for them a 1,075-point rub- ber, instead of which we actually won the rubber for a net of 410 points. In my next article I shall discuss some of the points which arise in regard to systems, and show also some of the vagaries of distribution. (Copyright, 1932.) New Auto Door Glass Installed 15 Minutes $1.50 to $2.50 Expert Mechanics GLASSER’S, Inc. 2nd and Fla. 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