Indianapolis Times, Volume 46, Number 150, Indianapolis, Marion County, 2 November 1934 — Page 34

PAGE 34

COTTON TRADE DROPS;SOUTH FACES CRISIS Loss of Foreign Markets, AAA Blamed for Troubles. Hy I mfrtf rrri> DALLAS Tex. Nov. 2—Lom of foreign cotton ourlvt.' has brought the south to the verge of the greatest economic crisis since the Civil war. That view was shared today by three of the south's foremost cotton authorities. It wax put into words by A B Cox. director of the bureau of business research of the University of Texas, and was amplified with facts and figures by W. L. Clayton of Houston and Victor H ftchoffelmaver of Dallas. Mr. Clayton w the president of the Anderson-Clavton Cotton Cos., the world's largest institution of its kind. He is internationally recognised as an expert on cotton economics. "Fifty years ago the south produced 75 per cent of the world's cotton, - ' Mr. Clayton pointed out. Six years ago it produced 60 per cent. Now, because of acreage reduction and price-pegging under the Bankhead act and the AAA the aouth produces only 41 per cent of the world supply.” "It is not extravagant to say,” he asserted, "that there is strong danger of this great industry bleeding to death ” Mr. Schoffelmaver. who as agricultural editor of the Dallas News has achieved a national reputation as a student of agrarian economics. blamed tne American government's tariff policies of the past for a situation which he said threatens destruction of hundreds of millions of dollars in capital investments and the livelihood of tens of thousands of cotton farmers. "The policy forced on European countries by their inability to trade with the United States in the only way they ran—by exchange of goods and services—is at the bottom of America's export problem." he said He cited statistics which showed the value of cotton exported from

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AWARDED NOBEL MEDICINE PRIZE

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Three American physicians will share the Nobo. prize for medicine for 1934 as result of their discoveries in pernicious anemia research. Dividing the prize of $41,000 will be Dr. George H. Whipple, left, dean of the medical school at Rochester <N. Y.' university; Dr, William Murphy, center, and Dr. George Minot, right, both of Harvard

! the United States foil from $1,137,000.000 in 1919-20 to $438.000 000 in 1933-35. , "Under the AAA program, the south took 12.000.000 acres out of cotton production in the last year, reducing acreage from 40 000 000 to 28.000.000 acres.” he said. "At the , same time foreign countries increased their acreage from 42.000.000 to 49 000.000 M > acres. "For the first time in history, foreign countries last year produced nearly 59 per cent of the world's rotton. *he United States only 41 j per cent.” Mr. Clayton declared there was "only one sound course.” for regaining lost markets—"immediate and substantial reduction of tariff • barriers.” If for political reasons such a course Is not immediately available, Mr. Clayton would reverse the pol- ! icy under which farmers are paid not to produce cotton. He would spend the sllO 000.000 which the government Is paying to southern cotton farmers annually for acreage reduction to encourage greater production. O. E. S. to Meet Monday Irvington chapter No. 364. Order of Eastern Star, will meet at 8 Monday night in the Masonic temple. Johnson avenue and East Washington street. Following the meeting a pageant entitled " Heroines of 'the Order" will be presented.

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THE INDIANAPOLIS TIMES

BORAH'S ROUTE TO MIS-STATE Senator Robinson Not to Get Speech Aid of Idaho Man. Bu Timrt Sprrin 1 WASHINGTON, Nov. 2.—Senator William E. Borah 'Rep.. Idaho', will not go to Indiana to speak for re-election of Senator Arthur R. Robinson, his office here announced today. The veteran senator from Idaho will leave his home town of Bosie ' today and will return to the Capitol without any stopover in the Hoosier | state. ASKS AID OF TIMES City Man Not Youth Held on PurseSnatching Charge, Gilbert Wright, 22. of 723 North Delaware street. Apt. 8, today asked The Times to state that he is not ! the Gilbert Wright, alias Whit, 18. address city, who was arrested Wednesday night as an alleged purse 1 snatcher.

FOLDING BED IS TRAP Police (ailed to Rescue City Man from Predicament Slumbering in a folding bed yesterday, Frank Moore. 52. of 637 East Ohio street, was rudely awakened to find himself a prisoner. The bed had folded with Us occupant and police had to release Mr. Moore from his unusual trap. He was taken to city hospital and treated for hand injuries.

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Enter November 5 Beginning: First Winter Term. Arrange to start your business training next Monday, or as soon thereafter as possible, day or evening. Special b"siness courses are demonstrating daily their definite value and effectiveness. Young men and women who nre specifically prepared are finding their way into desirable positions. This is the Indiana Business College of Indianapolis. The others are at Marion, Muncie, I.ogansnort. Anderson. Kokomo. Lafayette, Columbus, Richmond, and Vincennes—Ora E. Butz. President. For Bulletin giving full particulars, get in touch with the f. B. C. nearest you, or Fred W. Case. Principal. Central Business College Architects & Builders Bldff., Pennsylvania Sc Vermont Sts. Indianapolis

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