Indianapolis Times, Volume 46, Number 200, Indianapolis, Marion County, 31 December 1934 — Page 13

Financial Section

OPTIMISM MARKS INDUSTRY HERE AS NEW YEAR STARTS Considerable Improvement Shown in Retail Trade and Durable Goods Industries, Local Heads Declare in Expressions. BY CARL R. THORBAHN Times Financial Writer. A greater spirit of optimism and a complete change of mental attitude prevails in the nation as 1935 is upon our threshold. This is the consensus expressed by leading business men of the city in a survey made by The Indianapolis Times. During 1934 conditions improved considerably in the retail trades and showed periods of improvement in the durable goods industries. This change for the better was aided -by the improved condition of the farmer through increased prices and crop benefit payments. *

While there are still great numbers of people unemployed, the aid received by them from the Government helps to swell the ever increasing tide of buying. Some of the expressions of confidence follow: Frederic M. Ayres <president of L. S. Ayres & Co.)—There has been considerable and steady improvement in 1934. Christmas business was the best in several years. Asa result of this improvement we have been able to add materially to our staff, thus helping to relieve in some degree the unemployment situation. While we avoid prophecy a:; a most unsafe form of entertainn ent, we believe, and are panning accordingly, that we may expect a steady expansion of business activity for the spring of 1935. M. S. Block (vice president of The Wm. H. Block Co.)—We hare experienced a very satisfactory increase in business during 1934. We look forward with assurance to a continued increase during the year 1935. Asa tangible expression of ottr confidence in the future of Indianapolis and the country, we will complete our new building during 1935, which will enable us to contribute in a larger measure to the increasing prosperity which we confidently expect. John Burke (manager of SearsRoebuck & Co.)—Locally, the present year has been a most satisfactory cne from a sales standpoint. Increases have obtained throughout the year in a most satisfactory percentage volume. We anticipate that 1935 will present a more satisfactory r ade volume than has prevailed. during the current year. Reports from our units throughout the country indicate increased volume in industrial centers and elsewhere, and this condition which is present elsewhere must surely more or less reflect itself in the industrial section of our local area. E. E. Whitehill (of Banner-White-hill)—The year 1934 has been The best we have experienced since 1929. We are of the opinion that 1935 will show corresponding improvement. W. C. Griffith (president of Griffith Distributing Co.)—There is no question but that there was a steady improvement in all electric appliance lines during 1934, particularly in radios, refrigerators and washing machines. The new year should see a continuance of this trend.

R. S. Sinclair (president of King- | an & Co.)—The latter part of 1934 has shown a definite improvement in certain lines of business. This improvement is somewhat spotted, both as to location and the lines of business affected. On the average, the situation is definitely improved at the present time, and this can be said not only for trade in this country, but also for trade in some other countries not affected by financial handicaps. The situation looks favorable for a moderate improvement in conditions during the early months of 1935, but this improvement will depend on many factors that are at present unrevealed. Guy A. Wainwright (president of Diamond Chain and Manufacturing Co.)—We depend largely upon the durable goods industries for our business and the very low state of these industries is a matter of common knowledge. Lately the Administration has taken a more sympathetic attitude toward the problems of these Industries and this, together with the accumulated demand, which can not be much longer deferred, makes us believe that 1935 will be a substantially better year than 1934. J. S. Watson (vice president of the Link Belt Co.)—While the durable goods industries showed spotty improvement in the past year. 1935 finds this section of business in an optimistic frame of mind and ready to take advantage of further national economic gains. Merle Sidener (president of Sidener. Van Riper & Keeling, Inc.)— Statistical facts indicate definite improvement in business. But even more important is the improved mental attitude. There will be opportunity for increased business all along the line In 1935, but there must be a conscious acceptance of the opportunity by business men. Advertising in 1935 will be an increasingly important factor in busiM ess. The Indianapolis business *§ immunity will prosper in 1935 just flbout in proportion to the intelligent use of advertising. . Frank Hoke (of Holcomb & Hoke

Full Leased Wire Service of the United Press Association

Manufacturing Cos.) —This year has been by far the best stoker year the industry has ever known and prospects for next year are better and brighter than ever before. Increased demand for automatic coal stokers during the last year is an outgrowth of the recent depression. With such encouraging reports as these business in Indianapolis should swing into the new year with increased vitality and anew confidence in the people of the nation.

MOTOR FIRMS SEE J 935 GAIN New Models Displays Are Set by Companies in Next Week. By United Press DETROIT, Dec. 31.—01d cars are getting older and there’s one New Year’s resolution the automotive industry would like to help the public /ulfill in 1935. “I’m going to replace that old ’2B model this year for sure,” it promises. Partial observance of such a resolution, whether in 1935 or some year soon, would go far toward returning the industry’s normal operations. Statisticians for the Government have figured that car owners still are driving approximately 5,000.000 machines which were manufactured in 1928 or earlier. Production for this year—probably double the depression ebb in 1932 —may exceed 2,800,000 cars and trucks. Improvement Is Seen Comparative figures show the possibilities of improvement along this line. There are approximately 5,000,000 seven years old or older; 7.500,000 cars six years old, and 11,000.000 five years old. Manufacturers’ figures for 1928 production totalled 4,,601.000 cars and trucks; 1929, 5.621,000; 1930, 3.510,000; 1931, 2, 472.000; 1932, 1,431,000, and 1933, 1.986,000. Trade agencies say replacement of those old machines, together with many other gradually improving market factors, may help reach a production total of 3,500,000 units next year.

One recent editorial comment emphasized that annual manufacture of even 5.000.000 cars “seems perfectly assured’ as soon as the average purse still jingles after food, clothing and shelter are provided. Meanwhile, production is being speeded up, with introduction of new models well under way. Among those scheduled for public introduction during the year-end and early in January, are Ford and Pontiac, the Chrysler line, excepting Dodge, already introduced, and General Motors. including the “standard” Chevrolet models; Oldsmobile, Nash, Reo and Packard’s new low-priced car. Advance Orders Heavy Advance orders for new models are heavy. In some cases greater than in years, manufacturers announced after dealers previewed them. Factory employment might be spread over a longer period, however, if this ordering also were spread. One of the largest producers is attempting to eliminate peaks and drops by “spreading” introduction of new cars, but warned that the public would have to cooperate. Canadian automobile production during the first 11 months of the year rose 72 per cent over the same 1933 period, the Windsor (Ont.) Commerce Chamber reported. By Dec. 1, 114.188 cars had left assembly lines, 40,011 for export. Manufacturing of trucks and chassis in the same period jumped 263 per cent. COCOA EXCHANGE ACTIVE By Times Special NEW YORK, Dec. 31.—Business on the New York Cocoa Exchange will establish a high record for the year, according to the exchange. Up to Dec. 15 the total sales amounted to 53,305 contracts, compared with 49,140 contracts during the entire year of 1933.

The Indianapolis Times

DRIVE GAINING

■••• *-• . .. .A

P>esident Roosevelt

1935 SEEN AS TURNINGPOINT Indiana Agriculture Looks to New Year With Encouragement. BY EDMOND C. FOUST Editor, Hoosier Farmer. Indiana farmers look back upon 1934 as the turning point in agriculture favorable to the occupation. The general rise in farm commodity prices, coupled with a fair production, is encouraging. Benefit payments for crop reduction have increased the farm income, and consequently have added to the improved business conditions in each rural community of the state. Crops have not yielded as high as in some previous years. Livestock has been reduced in numbers, but a higher quality remains on the farms. In round figures the 1934 corn production was 102 million bushels, compared with 127 million bushels in 1933. However, corn now is selling at 85 cents to 90 cents a bushel, whereas not far in the past 25 cents a bushel and even as low as 15 cents a bushel were the prices received for good Indiana corn. Oats Crop Reduced

The lack of sufficient moisture last season reduced the oats crop from 28 million bushels in 1933 to 16 million bushels in 1934. The substantial increase in price did not overcome the bushelage loss in final returns. Wheat, in spite of the crop reduction program under the AAA, showed a shade above an average crop. The price received showed approximately a 10 per cent increase. Soy bean production increased nearly a half million bushels. The price is about $1 a bushel. Fewer milk cows are in production at present than a year ago. The average milk production is decreased, owing to a shortage in pasture during last fall and the shortage of forage for winter feeding. Butterfat prices have increased more than 50 per cent during the year. This has been reflected in the 'milk market, although the dairy industry is still lacking in improvement as compared to other phases of agriculture. Pig Crop Pared The 1934 pig crop in the United States shows a decrease of approximately 37 per cent. The Indiana situation compares favorably with the national figures. Prices of hogs have increased about 50 per cent during 1934. In addition to these increased prices, Indiana farmers have already received more than 12 million dollars in benefit payments under the Agricultural Adjustment Act, and more are to follow. Through the various co-operative organizations affiliated with the Indiana Farm Bureau, a great volume of agricultural commodities are marketed and farm supplies are purchased. Through the Central States Grain Assn, more than 5)4 million bushels of grain were marmarketed in 1934; 10 per cent of the wool reached the market through the Indiana Wool Growers’ Assn; 25 per cent of the livestock in the state was marketed co-operatively through the Producer Agencies; 25 million pounds of butter were manufactured . by the Midwest Producers Creameries, and milk was handled co-operatively at several points.

90,000 Go to Co-Op. More than 90,000 farmers purchased part of all of their farm supplies through the Indiana Farm Bureau Co-Operative Assn. The commodities handled by the Cos include feed, feitilizer, coal, fence, petroleum products, seeds, and other supplies which enter into the cost of production on the farm. Each week 275 trucks supply petroleum products to farrjiers in every county in the state. In 86 counties co-operative units distribute the products. Co-operative contracts exist now and operate on fertilizer and implements. Farmers in Indiana are co-operat-ing to adjust production to demand. They look upon the year of 1935 with encouragement. They will contribute toward any movement that will be beneficial to society in general. The Indiana Farm Bureau asks only a square deal for agriculture. PROPERTY VALUE SET By Timm Sprcial FRANKFORT. Ky., Dec. 31.—The State Tax Commission has fixed the final assessment of the Illinois Central Railroad Co.’s properties in Kentucky for 1934 at $26,693,437, the same as last year, it was learned today.

INDIANAPOLIS, MONDAY, DECEMBER 31, 1934

1934 —* 1935

BY VINCENT S, LYONS Times Financial Editor OBLIVION today captures for its own the year 1934 and sets it up as the latest milestone along the avenue of the past. Future tomorrow intrudes itself upon the scene and lays the foundation for what a year from today will again be the past. Looking back along the avenue we perceive alternate stretches of dark clouds of depression and roseate clouds of prosperity. Throughout these years of the past business and industry were called upon to make adjustments to wars, to the inventive genius of man, to the increase in the population rate, to the enactment of legislation and to numerous other elements. In the year 1934 business and industry again was called upon to make adjustments and in 1935, undoubtedly, more of the same will have to take place. All these adjustments spell the march of progress and when a business can not stand to make these changes its very existence is threatened. Business has made numerous sacrifices in the last few years, as witness the cedes for certain industries, under the New Deal. Certain recovery legislation moulded by the Roosevelt Administration drew down the wrath of some spokesmen for business. Big business felt that the Government was poaching on a domain which was its own, and Government, in turn, thought its actions were justified by the temerity of business. While the squabble did not reach the stage of open warfai'e, nevertheless there was enough lack of coalescence to give the view that the maximum of results was not being ■ hown for the amount of effort expended. Within the last few months there has been a sustained improvement in ousiness; an improvement, incidentally, that contains many elements that other recent upward surges in the business curve did not ha e. The financial world and the Roosevelt Administration have smoked the pipe of peace. Timidity of capital is not as apparent as it has been, winch is indicated by the increase of new public offerings of securities. Banks, ostensibly annoyed by the abundance of idle funds in their vaults, are beginning to extend loans to business on a more lavish scale. The National Industrial Recovery Act, to some people nothing less than a terror, is scheduled to be subjected to some sharp revision. Certain measures taken by the Government to carry us through the emergency are either off the books or ready to be removed. Many other straws could be cited to show that there is a firm foundation for confidence —which has been sadly missing in recent yeai-s. n n n nan RETAIL stores throughout the nation have benefited from increased spending by the public. All of this expansion, however, can not be thought to have been converted immediately into profits for the storeowners, as a large part of the gain is obviated by rising costs. The dollar turnover and the volume turnover are two distinct things and both must be taken into consideration before we judge the extent of retail stores prosperity. Other lines of general business also appear to have enjoyed a better year than in 1933, according to statistics. So many commentators on things economic have expressed the view that recovery can not take place unless there is an appreciable expansion in the durable goods industries that this contention can not be pushed aside. Henry Ford has, or will, use $20,000,000 for improvements and betterments of his plants. James A. Moffett, Federal Housing Administrator, in a recent speech declared that domestic corporations will spend a, billion dollars in the same manner over the next twelve months and, in substantiation, told of contemplated expenditures of several individual firms. Such huge outlays can have but one effect—reviving the durable goods industries. Spending of this kind, sadly absent in the last few years, is one of the most potent forces on the economic horizon at the present time. The banking fraternity, which has suffered greatly in public esteem as a result of the sins of a few, is slowly coming to the conclusion that little is to be gained by sitting on the sidelines and adopting a hope-and-wait attitude toward recovery. With their vaults swelling with idle funds and United States Government bonds, which yield very little, profits in recent years have experienced a rather sharp recession. In an effort to bolster this profit ratio the institutions have assumed a more liberal lending attitude. Many units refrained from making “borderline” loans for fear that such activity would bring down upon their heads the wrath of bank examiners. Banks have so many different sets of examiners poring over their books that they have been hard-pressed serving all masters. A uniform examining procedure undoubtedly will be mapped out in the next few months, removing one of the problems they have faced. n n n n n n AGRICULTURE has plenty to be thankful for. Government adjustment, rental and benefit arrangements for various crops have lifted cash income of the farmer a billion dollars over a year ago. The FrazierLemke act tended to blot out the shadow of foreclosures. A large share of the farmer’s additional money has been injected into the business stream of the nation through purchases of equipment, clothing and other sundry articles. The only branch of agriculture which is openly discontented at the present time is the cotton grow’er. In this connection the Bankhead Act is the focal point of attack as it is claimed that this measure has destroyed the foreign market for the staple. The national budget, inflation, the eventual fate of the currency, and unemployment are all imbedded deeply into the financial fabric of the nation. They are the uncertainties which tend to send shivers of doubt up and down the spine of business and industry. The key to all of them is held by the all imposing problem of relief for the destitute and idle. This activity today is the greatest drain on the national treasury so it can be seen readily that the amount of money spent for this work is inextricably interwoven with the number of persons unemployed, with the budget, inflation and, naturally, the fate of the currency. The national treasury has been providing the greater part of the funds for the alleviation of this social problem, but it is getting too immense foi it to remain as a strictly federal function. States will have to take ovei a large proportion of this relief, which means that some new means of taxation will have to be sought. . . , . Stock market trading remains only a fraction of what it was back in the boom days of 1929. Brokers felt the pinch of depression and the vear witnessed further amalgamations of firms in the interests of economy Recently there has been a slight improvement in the daily turnover and the brokers are keeping their fingers crosed in the hope that the betterment will be extended. The presence of the Securities and Exchange Commission as the watchdog of security trading, if anything, should be a protective influence rather than a restricting influence, as the stock market community thought at first. The SEC has given definite indication that it is not going to hide in corners and pounce down on brokers, but that it will act as a cushioning factor between the buyer and the seller. The New York Stock Exchange and the Assn, of Stock Exchange Firms both have come to the belated conclusion that there is much to be gained for themselves by making themselves human.

TRYING to forecast the tempo of business in 1935 with a conviction of assurance offers many pitfalls. True'enough, one can visualize what may happen in the new year from the mass of evidence now at hand, but no one can say with certainty that business will follow the course to which current statistics point. Clairvoyancy and executive ability do not exactly cross each other’s paths, but at least the latter is one up on the former in that he bases his views on something more substantial than a crystal ball. If the tenor of expressions on the outlook for 1935 is favorable it certainly demonstrates that hope springs eternal in the business leader’s breast. After all, so many spokesmen for the Administration, including President Roosevelt himself, have attempted to drive fear out of the m; nds of the business interests of the country and replace there confidence. Business and Government are at variance on many points, but it is doubtful if there ever was a time when the two groups reached a stage of complete concord. The main thing is that both factions have one goal in mind and that is the bringing about of a semblance of the prosperity we all enjoyed a few years back When there are enough evidences of this Government and business alike will willingly make sacrifices, if necessary, in order not to obstruct recovery. Undoubtedly, the machine for recovery is better geared as we enter the new year than it has been at any time since the inception of the current depression. All of this recognizes only the domestic influences; there is still foreign trade to be considered. And this immediately poses the question of whether we can have recovery at home without an improvement in world trade. Opinions on this subject are mixed and any attempt to unravel the hundred and one complexities involved in such an argument Is indeed a difficult task. Actually, United States imports and exports of merchandise have risen substantially this year, but the same can not be said of many other nations. Foreign markets represent an integral part of the world economy and it is quite possible that revival can not be whole-hearted unless we are able to lift foreign trade of the world from the decimated level to which it has fallen in comparison with recent years. n n tt n n TIME alone will relate in its own fashion whether the constructive items which have appeared on the economic horizon will prove to be harbingers of better days. If hope alone could turn the tide the country, and the world as well, would have emerged from the doldrums this great while. But in the absence of the workability of such a notion the country must continue its endeavors to bring about the recovery by the utilization of more tangible instruments, such as spending, creation of employment, lending, etc. While Gen. Hugh Johnson’s brain-child, the Blue Eagie, may have lost some of its early appeal, its appended verbal offering, We do our part," still constitutes what ought to be the battle cry of the nation as it enters into its 1935 skirmish with depression,

CITES UPTURN

S fl9fli jji

Louis J. Borinstein

UTILITY CHIEF GIVESOUTLOOK Favorable and Unfavorable Factors Detailed by McCarter. BY THOMAS N. M’CARTER President Edison Electric Insitute. Looking forward to the new year, holding of its gains by business in general and the satisfactory results of electric appliance sales campaigns are favorable factors in the prospects for the electric light and power industry in 1935. Except for the effects of the textile strike, production of electricity during 1934 remained fairly regular throughout the year at a considerably higher level than the low point of sales during the summer of 1932. Mounting taxation, pressure for rate reductions without due process of law, and the duplication of power facilities subsidized by funds from the Treasury, are the unfavorable factors. Electricity produced in 1934 for all public purposes (including subways and traction systems) was estimated at 90,000,000.000 kilowatt hours by the Edison Electric Institute —an increase of 514 per cent over 1933, but 6 per cent below the high record of 1929. Industrial power sales were up 8)4 per cent, but below 1931 and 12 per cent under 1929. Commercial Sales Up Commercial sales began to reflect the increasing volume of retail trace during 1934 and showed an increase of 6 per cent over the previous year. Street lighting uses were little changed from the year before, while sales of power for traction purposes increased by 8 per cent. Total generating capacity showed a net decline for the first time in the history of the industry. The total of 33,300.000 kilowatts was 200,000 less than the year before and this was due to the shutting down of several older and less efficient plants. Consumers, on the other hand, increased by about 500.000 to a grand total of 24,850,000 at the end of 1934. The number of farms served by utility lines showed a net increase of about 15,000. Investors Get Less Book value of the plant and equipment approximated $12,800,000,000 as before. Gross revenues were about $1,833,000,000, an increase of $60,000,000 or 3 per cent over 1933. Rate reductions continued on much the same scale as in previous years, the average price of domestic service being reduced to 5.30 cents a kilowatt hour for 1934 as a whole, compared with 5.40 cents for 1933, 5.58 cents for 1932 and 5.78 cents for 1931. Prices for industrial power rose substantially during the latter half of the year as the result of the increased costs of fuel. In spite of increased gross revenues, the investors in the industry received somewhat less net income than during the previous year. Every item of operating expenses was increased. The imposition of the 3 per cent Federal tax on retail sales for a full year added $25,000,000 to the tax burden; 5,000,000 tons of additional coal (or its equivalent in other fuels) were consumed, the price of all fuel was higher, and this added some $30,000,000 more to operating costs and another $lO,000,000 were added to the pay roll through the full year’s operation of the NR A. In addition to this, the cost of supplies and all the materials of construction showed large advances. # Average Bill Off The position of power company securities was greatly impaired during the year by further threats of Government regulation and competition and new low records were made by all the well-known indices of stock prices during the last quarter of 1934. In line with the established practice of the industry, rates for domestic service have been lowered from year to year. At the end of 1934. the average price of electricity tor household use had dropped to 5.3 cents per kilowatt hour. Since 1913 the average price of domestic electric service has declined by 39 per cent, although the general cost of living still remains 37 per cent above the 1913 level. If the element of taxes is eliminated, the average price for electricity has been reduced to 4.5 cents per kilowatt hour, or only a little more than one-half the price charged in 1913.

Financial Section

Entered as Second-Class Matter at Postoffice, Indianapolis, Ind.

CITY BUSINESS UP, 1935 OUTLOOK GOOD, BORINSTEIN AVERS Statistics and General Sentiment Are Evidence of Measurable Improvement in 1934, Head of Chamber of Commerce Says. Statistics as well as general sentiment are evidence of a measurable improvement in business in this community during 1934, and give rise to hopeful expectations for 1935, Louis J. Borinstein, president of the Indianapolis Chamber of Commerce, told The Times today. “It is evident that 1934, weighing the earlier improvement, mid-year slump, and late Fall upturn, marked an advance over 1933, just as the 1933 record was an improvement, though small, over 1932,” said Mr. Borinstein. “There is also no doubt of a greater determination on the part of business Organizations now than heretofore. I believe we can expect continued improvement during 1935.

LOANS RISE, THEN DIP ON STOCK EXCHANGE By Times Special NEW YORK, Dec. 31. Stock Exchange brokers’ loans advanced early in 1934. reaching a high of $1,088,226,358 on May 1, but declined beginning in August. The following table shows total loans, as compiled by the New York Stock Exchange, as of the first of each month for the past two years: Month 1934 1933 January .$ 845,132,524 $346,804,658 February. 903.074,507 359.341 058 March 938,010.227 359,957.056 April 981.353.947 310.961,581 Mav 1,088.226.358 322 492.108 June 1.016,386.686 528.509.438 Julv 1,032.240,126 780,386.120 August... 923,055,826 916,243.934 September 874.207,876 917,215.274 October... 831.529 447 896,595.531 November 827.033.416 776.182.033 December. 831,115,348 789,229,539

THOMAS URGES CUTINDOLLAR Economic System Viewed Threatened Unless Step Is Taken. BY ELMER THOMAS Senator From Oklahoma Written Expressly for The Times WASHINGTON, Dec. 31. A cheaper dollar for 1935 is needed and unless it is forthcoming the very existence of our units of government, as well as our entire economic system, is threatened. When the Thomas amendment was passed our annual total tax bill for Federal, state, county, city, township and school support was some 15 billion dollars. Our annual interest bill was some 10 billion dollars and our total massed debts were some 250 billion dollars. To pay our taxes, interest and debts, we had to get dollars. To get dollars we had to give up property, wealth and services to the value of 167 cents for each dollar. Hence, to pay our 15 billion of taxes, we had to give up wealth to the value of some 25 billion dollars. To pay our 10 billion of interest, we had to give up wealth to the value of some 16 billion dollars; and to pay our billion dollars debts we would have had to give up wealth to the value ‘of some 417 billion dollars. My fight has been waged against the excessively high valued dollar. To date the purchasing power of the dollar has been reduced from 167 cents to 130 cents. Summarizing the results to date from operation under the Thomas amendment, we find taxes have been decreased in value six billion dollars; interest has been decreased in value three billions dollars; massed debts have been decreased in value 92 billion dollars, and our total national wealth has been increased in value some 60 billion dollars. When we ad these figures we find that already the amendment has caused the shifting of values in the total sum of 161 billion dollars. We arc demanding that the dollar be further cheapened by elimination of the remaining 30 cents of excess value. President Roosevelt has power to bring this about. His proclamation, tying the dollar to 15 grains of gold, should be rescinded. Then, with the dollar freed from gold, new money can be placed in circulation until the value of the dollar returns to 100 cents or to the 1926 level. MEETING DATES SET Shippers’ Regional Advisory Boards Arrange Schedule. By Times Special Washington. Dec. 31.—Announcement has just been made of meetings to be held by several of the Shippers’ Regional Advisory Boards. The following meetings have been definitely scheduled. Midwest Board—Jan. 3, 1935, at Chicago. Atlantic States Board— Jan. 10. at New York. Southeastern Board—March 21, at Nashville, Tenn. Great Lakes Board—March 27, at Cleveland.

Indianapolis in general has not been so hard hit as many other cities, and for this we as a community have reason to be thankful.” Mr. Borinstein presented some statistics to show the trend of business in Indianapolis in 1934, as follows: Bank deposits in Indianapolis to Nov. 1 increased to $160,386,000 from a total of $134,237,000 in 1933 and bank clearings to Nov. 1, 1934, were $551,663,933, compared with $490.245,000 for 1933. This seems to indicate a definitely increased business tempo. Grocery Jobbers Prosper Grocery jobbers report increases in their volume of business running from 40 to 50 per cent; hardware jobbers say increases are running from 30 to 50 per cent, and drug wholesalers report an increase of 25 per cent for 1934 over 1933. Department store sales this year are 82 per cent of normal, a gain of 10 per cent over last year, and this gain may be still greater when final figures for the year are available. New car registrations in Marion County for the first ten months cf 1934 total 9,693, against only 8,510 for the whole of 1933. Rental collections are better and the percentage of unoccupied dwellings in Indianapolis now is 7.5 per cent, contrasted with about 11 per cent a year ago, according to informed real estate dealers. The dollar volume of new building permits so far in 1934 is $2,609,440, compared with a total of $1,937,260 in 1933. The local Federal Housing Administration program is showing definite results and just is getting well under way. It is not unreasonable to suppose that in the spring of 1935 this program in its expanded form will give a decided impetus to the building trades and construction industry. Loadings Show Drop Combined carloadings in and out of Indianapolis show a decrease of approximately 4000 cars for 1934, compared with 1933, but this is undoubtedly accounted for by the fact that loading of merchandise cars carrying less than carload lots has been done in a more efficient manner in 1934, thus carrying more freight in less number of cars. Carloadings for the nation are between a million and a half and two million cars greater for the first eleven months of 1934 than in 1933. Employment figures for November, 1934, which are the latest available, are slightly larger than in 1933. The pay roll statement of 50 representative industries in Indianapolis for this year shows 23,165 persons employed, while for November, 1933, the same 50 industries had 22,935 persons on their pay rolls. The best available figures indicate that of the 160.000 employable persons in Indianapolis about 25.000, or approximately 15.5 per cent are out of work today, while in 1933 about 25 per cent were unemployed. This figure is definitely encouraging, Mr. Borinstein said.

BUTTER. EGG PRICES UP IN LIGHTER TRADE Hopeful Attitud' Toward Future Expressed i; Authority. By Vnited Press CHICAGO. Dec. 31.—The year 1934 proved fairly profitable for the butter and egg industries and a considerably more hopeful attitude toward the future is apparent than was the case at this time last year, Lloyd S. Tenny, business manager of the Chicago Mercantile Exchange, said today. Producers received higher prices generally in 1934, according to Mrs. Tenny. Trading, however, wa3 lighter than in 1933. the decline being around 20,000 cars. Fluctuations were less violent, he pointed out. Butter prices made new three-year highs with the November storage contract at 28 U cents and the cash price of fresh extras reaching 30 cents a pound. Government buying operations involving 16,000.000 pounds of butter fr ,n July 1 to De.. 1 also aided the market, Mn/Tenuy explained.