Indianapolis Times, Volume 46, Number 200, Indianapolis, Marion County, 31 December 1934 — Page 14

PAGE 14

1934 TURNOVER IN U. S. BONDS BREAKSRECORD Average Interest Rate Cut From 3.23 to 2.96 Per Cent in Year. By Times Special NEW YORK, Dec. 31.—The achievement of the United States Treasury Department, in effecting a substantial reduction in the average interest rate on outstanding Government issues, in face of the heavy borrowing and refunding operations which were accomplished in 1934 was the outstanding development of the Government bond market during the last year, according to C. J. Devine & Cos., Inc., Government bond specialists. Because of the record breaking refunding and other operations carried on by 'he Treasury during the j last year, the volume of business i transacted in ‘Governments’ in the over-the-counter market surpassed all previous records. The total vol- ! ume for 1934 approximated $72,000,- ! 000.000, or about two and one-half times the total debt now outstand- 1 ing, and compared with a turnover [ of some $50,000,000,000 for 1933.

Interest Charges Up At the present time the total in-terest-bearing debt of the Government approximates $27,714,017,000. an increase of 18.1 per cent, compared with an incerest-bearing debt of $23,450,148,000 outstanding at the close of 1933. The annual interest charges for 1934 approximate $820,463.000, an increase of 8 per cent compared with $758,943,000 for 1933. The average interest rate on all Government obligations now outstanding has been reduced to 2.96 per cent compared with 3.23 per cent on Dec. 31, 1933, and with 3.39 per cent on March 1, 1933, just prior to the present Administration assuming control. During 1934 the Treasury issued a total of $8,624,139,380 of new securities, of which $4,360,000,000 was used to refund higher interest-bear-ing debt with securities carrying a lower coupon, and $4,264,000,000 was raised for the purpose u supplying the Government with fu as to carry on its program. The latter amount, therefore, represents the increase in the Government’s interest-bearing debt for the year. The following table shows the total amount of interest-bearing Government securities outstanding classified as to interest rates: E *‘es iOOO omitted) 1000 omitted* Coupon Dec. 31, 1934 Dec. 31, 1933 Per Cent. 3 3 . or more $ 6,457,859 $9,964,500 ?'* or more ... 12.402,428 7 593,674 2 to 2 7 s 5.130.799 3,900.375 Less than 2 3.722.931 1.991.599 Total $27,714,017 $23,450,148 Action Was Favorable The action of the Government bond market as a whole has been exceptionally favorable during the tear 1934. At present the market is within one or two points of the highs established in July after a continuous rise of 7 to 9 points from the January lows. During the past six weeks there has been a noticeable change on the part of many banks throughout the country from a policy of holding only short term low yielding issues to an attitude which favors the purchase of long term onds and notes. If this continues, and barring any unexpected unfavorable developments, it would be natural to expect even lower yields on Government bonds in the future. The first major operation in the Treasury’s financing operations in the new year will be the refunding of' the $1,800,000,000 called Fourth 4Us prior to their maturity date on April 15. This may occur around Feb. 1, and a long term maturity may be expected to be issued in exchange. . Evidence of this expectation may be found in the current market for this issue which is quoted on the same minus basis as the March 2 1 is, although the called Fourth 4Us are a month longer in maturity. Looking to the future, conditions m the Government bond market today are more favorable than prevailed a year ago. when the problem of revaluing the dollar and meeting the largest Government deficit in history were factors receiving most attention. Today, however, fears of outright currency inflation have been for the most part dissipated. But, more important than all of these factors is the problem of balancing the national budget, for which a definite plan must be presented. UTILITY’S NET HIGHER The Detroit Edison Cos., including all subsidiary companies, reported net income for the 12 months ended Nov. 30 of $6,942,412, a gain of 8 per cent over the twelve months ended Nov. 30, 1933.

WRITE 1 |j,* Automobile H Os Plate Glass i yj Compensation R Fidelity and Surety I 'mmY% Consult your broker as ■ SBf \ M you w ould your doctor or ■ lawyer.. Investigate our I

Government Bonds Home Owners' Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 12C *. Market Rne 7 5341

!•< BUM. LOAN GO'S. NEWTON JR •™®

Only 11 Indiana Banks ’ Revampings Incomplete, Kreisle Avers in Review

.

M. J. Kreisle

REALTY FIELD AIDED DY HOLC Federal Activity Kept Off Market Thousand of Homes Here. BY W- G. ALBERSHARDT IndianapoUs Real Estate Board No review of the real estate situation in Indianapolis is complete without mention of the Home Owners’ Loan Corp. and its aid to the needy home owners, on Dec. 13, the HOLC had disbursed 34.923 loans in the state of Indiana, for a total of $79,534,269.14. In addition there were 10,296 applications in the hands of the abstracters and pending for closing. Indianapolis, of course, received its proportionate share of these loans. The aid given by the HOLC kept off the market the several thousand homes mentioned above. In addition to these homes there were a number of houses torn down, burned or otherwise made unfit for habitation. To drive around the city, one might get the idea that there were still too many houses for our population, but a survey conducted by the Indianapolis Water Cos. last March showed a total of 7679 vacant houses, of which number only 3352 could be classed as desirable living quarters. Acute Shortage Seen At the same time the United States Postoffice survey showed an excess of 10,515 families, indicating that as soon as these families move to themselves there will be an acute shortage of houses. During 1934 there has been a perceptible increase in the building of new houses and moderizatlon of older houses. In addition the sale and exchange of farms, suburban homes, and city property was greater during 1934 than during 1933. It is believed that most of the distressed properties have been removed from the market through sales to individuals or through investment purchases by the larger holding companies. During the latter half of 1934 the prices of real estate have been more stable and with a decided upward trend. Expected Activity Gain While we do not expect a boom in real estate during 1935, we do expect increased activity in all branches of realty. The activities of the Federal Housing Administration toward cheapening of mortgage money and the aiding in building and modernizing should have a very far-reaching and stimulating effect on the market. The re-entry of the insurance companies, banks and other agencies in the mortgage lending field has created a feeling of hope among the builders. It is expected that real estate will have a slow, steady, healthy increase during 1935. We predict that people who delay purchasing until after the end of the first quarter of 1935 will pay, much more and will have considerably smaller selection.

GAIN IN CONSUMPTION PROPS OIL INDUSTRY Statistical Position Improved, Head of A. P. I. Declares. By Times Special NEW YORK. Dec. 31.—Increased consumption of oii products helped considerably to reduce the petroleum industry's surplus supplies, Axtell J. Byles, president of the American Petroleum Institute, declared. This factor, he explained, combined with the failure to discover new oil fields of magnitude to improve the trade’s statistical position. A high degree of co-operation among the great majority of producers of crude oil and gasoline was stressed by Mr. Byles as a contributing factor. Moreover, he pointed out, the efforts of the oilproducing states having proration law's to enforce them met with considerable success. Recent application by the federal government of Section 9-C of the National Industrial Recovery Act, whereby interstate commerce in crude oil produced in violation of State laws is prohibited, was characterized by Mr. Byles as a powerful weapon in the drive against I “hot oil" producers.

Indications Point to Better Conditions, Head of State Group Says. BY M. J. KREISLE President, Indiana Bankers Assn. As we leave 1934 and enter 1935 it is reasonable to believe that the period of alarm and panic is history and the reorganization and strengthening of the Indiana and nation-wide banking and economic structure Is compleced. The Indiana Department of Financial Institutions and Governmental agencies have accomplished an outstanding piece of work as we look back over the year from an early 1934 perspective. Records of the Indiana Bankers Assn, show that 420 state banks and 125 national banks in Indiana now are operating on a normal basis, while only 11 banks have not yet completed their reorganization plans. Bankers face 1935 with confidence. It is expected that earnings may be improved by improved business—both individual ai.d corporate borrowings from the banks, thereby putting to work the reservoir of cash and credit reserves now lying idle. As banks are invited to make loans which show security and assurance that the loans can be paid within a reasonable time, just to that extent are we moving along the road to recovery. The banks have more reserves than they want or need and many are actually advertising for loans. As industry and business, Imbued with genuine confidence as to the future, plan for their future undertakings, then banks will have demands for good loans. Present indications are that conditions are fundamentally better. Progress along the road toward recovery must necessarily be slow. Real progress, however, is being made, and we are justified in looking toward the future with new hope. Department stores, for example, report that buying was fully 10 per cent better than a year ago. There has also been a noticeable mental recovery during the past 90 days, which is being gradually reflected in improved business. Indications now are that the year 1935 may prove to be the year of actual reconstruction accomplishment during which period the relative balance between distribution, consumption and the various components of basic wealth production can more nearly be approached. We are not justified in concluding that all business is to be immediately bigger and better, and that our troubles are over. However, perhaps in greater measure than any year since the crash, 1935 may be the year in which really definite gains toward a more permanent economic stability will be apparent.

BUILDING AND LOAN STOCKS UP IN YEAR Appreciation Aided by Work of HOLC Refinancing. Market prices of securities of local building and loan associations have risen substantially during the past year and activity has decreased substantially. A year ago prices were around 65 and today they are in the neighborhood of 80. This rise has taken place due to the helpful influence of the Home Owners’ Loan Corp. in enabling the associations to refinance their distressed loans and obtain HOLC bonds. Now that the HOLC is practically finished with its work, the outlook is a bit hazy. The demand for these stocks has fallen off materially. Approximate bid prices on the following Indianapolis building and loan association stocks follow (some quotations are nominal): <Bv Schloss Bros. Investment Cos.) Dec. Dec. 31. 31. 1933 1934 Railroadmen’s Building & Savins: 66 83 Fletcher Avenue Savinas & Loan 71 84Va Celtic Savings & Loan 49 75 Union National Savings <& loan 45 50 Arsenal savings & Loan 63 77 Atkins Building & Loan 75 78 Indiana Savings & Investment.. 48 66 Monument Savings & Loan .48 60 Peonies Mutual Savings <fc Loan. 82 60 Plvmouth Savings & Loan 42 56 . Co-onerative Savings & Loan 35 64 Colonial Savings & Loan 64 60 Indianola Savings & Loan 50 75 Merit Savings & Loan 60 60 Provident Savings & Loan 53 60 Prudential Savings & Loan 4040 Shelbv Street Building & Loan. 80 80 USED CAR SALES GAIN Census Figures Show Substantial Increase in October. Bp Times Special WASHINGTON, Dec. 31.—A con-tra-seasonal increase in the financing of used car sales during October w’as responsible for the gain over September, shown in the total volume of retail financing, it is shown by the Bureau of Census figures. Financing of new cars declined slightly from September. In all categories, however, the monthly rate of gain over 1933 was accelerated.

STOCKS-BONDS Zaiser & Zaiser Incorporated 129 E. Market LI. 9375

DanW.Flickinger.C.L.U. GENERAL AGENT Associates W. Lichtenstein, E. R. Grisell, C. H. Bond, D. W. Mcßurney, E. B. Mills, S. Mahalowitz, B. A. Burkart, R. O. Woods, J. T. Wise. i John Hancock Mutual Life Insurance Cos. 1222 Circle Tower LI-2494

. THE INDIANAPOLIS TIMES

CARRIERS OPEN 1935 RADIATING RENEWED HOPE Freight, Passenger Traffic Showed Gains Over 1933 and 1932. BY J. J. FELLEY President American Assn, of Railroads WASHINGTON, Dec. 31.—The railroads of the country enter the year 1935 with renewed hopes as to their future. While . the last 12 months have not bean fully up to expectations, so far as traffic and earnings are concerned, there have been notable accomplishments during the year in other ' respects. Although the railroads have, as has industry in felt the effects of the depression,. rail transportation service has continued to improve. Freight traffic 'is now being handled nearly half', again as fast as it was ten years (ago. Dut to improvements in locomotives, and in operating methods, it\ now requires only 120 pounds of coal to haul 1000 tons of weight a distance of one mile, compared with 149 pounds a decade ago. Many other improvements\in facilities and methods of operation have also been made, all of 'which have been directed to providing the public with the best rail transportation sendee ever afforded it.’ PWA Loans Helpful | Partly due to Public Works lAdministration loans made for the purpose of stimulating employment, \the railroads in 1934 installed in sendee more new freight cars and locomotives than in any year since 19390. New freight cars installed totaleid 24,000, compared with 1874 cars in 1933. On Dec. 1, 1934, they had 1771) new freight cars on order, compared* with 125 the preceding year. Fifty new steam locomotives and 35 new electric locomotives were placed in service in 1934, compared with one steam in 1933. On Dec. 1, 1934, there were 23 new steam and 95 new electric locomotives on order, compared with one steam locomotive on Dec. 1, 1933. Both freight and passenger traffic in 1934 showed an improvement over the two preceding years. Prelminary reports which will not become complete for severe! weeks indicate that loadings of revenue freight in 1934 will total 30,684,000 cars, an increase of 1,463,000 cars, or 5 per cent above 1933, and an increase of 2,504.000 cars, or 8.9 per cent above 1932. Passenger Traffic Up For the first time since 1923 the railroads showed an increase in the amount of passenger traffic. Preliminary estimates for the year, based in part on actual reports for the first ten months, indicate that that traffic, measured by passengermiles, the number of passengers multiplied by the distance traveled will total 17,875,000,000 passengermiles in 1934, an increase of 9.4 per cent above the preceding year and an increase of 5.3 per cent above two years ago. Preliminary reports indicate that the Class 1 railroads of the United States as a whole will have a net railway operating income in 1934 of $445,000,000, or a return of 1.7 per cent on their property investment. Class 1 railroads in 1933 had a net railway operating income of $474,000.000, or a return of 1.8 per cent on their proprty investments. Due to the increase in traffic, gross operating revenues, preliminary reports indicate, will amount to $3,240,000,000, an increase of 4.7 per cent above those for 1933. Operating expenses in 1934 totaled $2,435,000,000, an increase of 8.3 per cent over 1933. The major items in causing this increase in operating expenses were the restoration in part of the 10 per cent deduction in wages of employes and the increase in the cost of materials and supplies. HIGHER RAYON PRICES SEEN Rayon trade reports today say that manufacturers are declining February business because of belief that prices will be further advanced in the near future.

The INDIANA NATIONAL BANK of Indianapolis Statement of Condition at close of business December 27,1924 . RESOURCES Cash on hand and due from Federal Reserve and other banks $28,(XL3,517.13) U. S. Government bonds, notes and certifi- [ $63,355,303.83 cates 35,341,786.70) Other bonds and securities 965,176.32 / Loans and discounts 11,522,943.34 Overdrafts ' 35.20 5% redemption fund and due from U. S. Treasurer 150,000.00 Bank building and fixtures 1,142,258.63 Other real estate owned 115,736.58 Interest earned, but not collected \ 31,878.12 Other resources * 45.080,69 fc ' 1 $77,328,412.71 LIABILITIES Capital $3,0Q0,00(>.00) Surplus 2,500,000j00 1 $6,196,036.49 Undivided profits 696,036.49) Circulation 2,979,300.00 Deposits i 68,147,433.60 Bills payable and rediscounts ..... \ None Securities borrowed ) Other liabilities 5,642.62 \ $77,328,412.71 Specializing for 70 Years in Commercial Banking

Substantial Progress Experienced Along Path to Recovery, President of Indianapolis Clearing House Says

Prosperous Holiday Trade Held Good Augury for Impending Year by Arthur V, Brawn; Rise in Clearings and Debits Cited. Arthur V. Brown, president of the Indianapolis Clearing House Assn., declared today: “It must be obvious to every one that business has already made substantial progress toward recovery, "If there were no other evidence than the holiday shopping crowds, the inference would certainly be encouraging,” he said, “but there Is other evidence, and in considerable variety—statistical reports from various fields of commercial and industrial activity show beneficial gains.

“For the local situation, there can hardly be a better index than the figures reported by the Clearing House. Comparing the reports for 1933 with those of 1934, it will be seen that almost every week of 1934 (only three or four weeks excepted) shows a substantial gain over the corresponding week of 1933, and for the entire year the sum of these gains makes a total increase of most encouraging volume, “So, too, the fact that the improvement is constant throughout the year, culminating in a prosperous holiday trade, is a good augury for the new year of 1935. Expressions by other local bankers follow': James S. Rogan, (President, American National Bank) —While a review of 1934 clearly indicates that further progress has been made toward recovery from the low point of the depression, it hardly appears reasonable that we should anticipate in the new year any abrupt healing of the severe fractures w'hich have occurred in our social as well as our economic fabric during the past several years. Undoubtedly the patient is improving. although slower than some (would like, but steady and sound progress, even though slightly irregular at times, appears decidedly more desirable than a spectacular

TWO-YEAR TREND OF DEBIT, CLEARING TOTALS, (WEEK BY WEEK, SHARPLY ABOVE 1933 FIGURES

Tlie weekly trend of debits and clearings in this city for 1934 and 1933 is, shown in the following table furnished by the Indianapolis Clearing Hdiuse Assn. The last three ciphers are omitted.

Debits Clearings Jan. Ist! week 1933 $30,795 $13,575 Jan Ist Week 1934 33,307 13.474 Jan. 2nd*} week 1933 30.863 12,345 Jan. 2nd ’week 1934 31.633 14.642 Jan 3rd week 1933 26,045 10.474 Jan. 3rd week 1934 30.787 10,965 Jan. 4th week 1933 21.671 9.572 Jan. 4th week 1934 25.797 9,824 Feb. Ist week 1933 25.825 12.407 Feb. Ist week 1934 24.617 9.968 Feb. 2nd week 1933 23.220 10.834 Feb. 2nd wtfek 1934 26.321 10,310 Feb. 3rd webk 1933 27.222 10,460 Feb. 3rd week 1934 26,106 10,127 Feb. 4th weak 1933 23.974 8.118 Feb. 4th week 1934 22,312 8.475 March Ist we,ek 1933 .... 31,638 7.569 March Ist weak 1934 28.652 10.576 March 2nd weeyk 1933 2.597 808 March 2nd week 1934 ... 26.499 9,736 March 3rd weak 1933 17,925 6,244 March 3rd wee& 1934 .... 30.136 11.389 March 4th week 1933 .... 25,187 7.430 March 4th week 1934 .. . 26,190 9,773 April Ist week i1933' 21,226 6.850 April Ist week 1)934 24,208 8.608 April 2nd week 11933 24,753 8,743 April 2nd week V 934 29,126 11.921 April 3rd week April 3rd week 1934 27.687 11.363 April 4th week I£>V3 24,017 7.565 April 4th week 1934 30,445 10,855 April sth week 19i’3 22.434 8.179 April sth week 193)4 28.245 10.543 May Ist week 193$ 29,810 10.818 May Ist week 19314 30.951 12.456 May 2nd week 1933 *. 24.304 9.406 May 2nd week 1934* 29.248 12.316 May 3rd week 1933 i 26.009 8.881 May 3rd week 1934 1 35.158 14.282 May 4th week 1933 J 22,358 7.768 May 4th week 1934 U 29,254 10.427 June Ist week 1933 .V 23.045 8.382 June Ist week 1934 26.872 10.755 June 2nd week 1933 1.... 22.716 8.451 June 2nd week 1934 y..... 28.752 11.499 June 3rd week 1933 X 28,708 10,416 June 3rd week 1934 .1 32.292 12,613 June 4th week 1933 24.283 8,549 June 4th week 1934 ...... 29.108 10,651 July Ist week 1933 24.730 9.513 July Ist week 1934 28.963 10.802

Breed, Elliott & Harrison Established 1912 Dealers in Investment Securities 'Telephone Riley 2561 Ml 5-1117 Circle Tower Indianapolis, Ind.

recovery with a subsequent relapse. Every day marks some further adjustment, making for improvement in a basic foundation for further advancement and as progress is made in the retirement of old debts, additional purchasing power comes into play, accompanied by improved business, decreasing unemployment and a more compla cement conception of what life holds in store for us. As we enter the sixth year following the culmination of the boom period there remains much confusion and divergence of opinion as to some of the methods employed to ameloriate our economic picture. However, we will have achieved a firmer base for continued progress la 1935, if there might be accorded a more general recognition that full recovery to normal economic activity is a long pull and w'e are gradually moving along up the road. Timothy P. Sexton (President Fidelity Trust Co.)—lt is especially gratifying to observe that we are emerging very successfully through the financial crisis that we have been obliged to reckon with since the latter part of 1929. It appears that the dark economic clouds are on the wane and with the great

July 2nd week 1933 27.359 9,933 July 2nd week 1934 33.273 13.620 July 3rd week 1933 31,892 11.791 July 3rd week 1934 36.892 15,668 July 4th week 1933 30,779 11,154 July 4th week 1934 33.566 13,670 July sth week 1933 28.375 10,572 July sth week 1934 28,948 11.269 Aug. Ist week 1933 27.435 10.260 Aug. Ist week 1934 31,255 11.868 Aug. 2nd week 1933 22,556 8.924 Aug. 2nd week 1934 26,723 11.052 Aug. 3rd week 1933 26.560 8.901 Aug. 3rd week 1934 30.262 12.188 Aug. 4th week 1933 22,125 8.352 Aug. 4th week 1934 26.852 10,729 Sept Ist week 1933 23.908 8.755 Sept. Ist *eek 1934 26.160 9.861 Sept. 2nd week 1933 21,784 8.267 Sept. 2nd week 1934 26,147 10,068 Sept. 3rd week 1933 26.328 10.493 Sept. 3rd week 1934 33.531 13.057 Sept. 4th week 1933 26.250 9.524 Sept. 4th week 1934 31.281 12.834 Sept. sth week 1933 23,940 9,093 Sept. sth week 1934 31,914 11,333 Oct. Ist week 1933 29,041 13,442 Oct. Ist week 1934 34.130 14,774 Oct. 2nd week 1933 24,489 9,375 Oct. 2nd week 1934 24.142 11,399 Oct. 3rd week 1933 | 28/566 10.191 Oct. 3rd week 1934 38,867 14.439 Oct. 4th week 1933 24,410 8.854 Oct. 4th week 1934 30,488 11.777 Nov. Ist week 1933 27,642 10,862 Nov. Ist week 1934 31,370 13.947 Nov. 2nd week 1933 23,772 10.034 Nov. 2nd week 1934 33.244 13.179 Nov. 3rd week 1933 35.015 13.713 Nov. 3rd week 1934 35,583 14.561 Nov. 4th week 1933 24 230 8.958 Nov. 4th week 1934 33,532 11.991 Dec. Ist week 1933 23,605 8 458 Dec. Ist week 1934 24,527 9.625 Dec. 2nd week 1933 25.750 9.703 Dec. 2nd week 1934 31,992 11.94 r Dec. 3rd week 1933 27.720 10 053 Dec. 3rd week 1934 31.910 H. 048 Dec. 4th week 1933 27.890 10.085 Dec. 4th week 1934 37,116 13,073 Dec. sth week 1933 22,400 8,753

■Hp v 9

Arthur V. Brown

humanitarian policies advocated and actually put 'in force by President Roosevelt no such repetition will occur again. I have found a more cheerful attitude and a “better feeling generally for the future and my opinion in the main is mostly from observations I have made in contact with the people in moderate circumstances. No apprehension seems to exist and all fears have been allayed as to the safety and security of savings and deposits in banks iid trust companies. Employment, generally, I believe has improved and seemingly there is more improved mental condition. If gersral business conditions continue to rnprove there is no doubt that the year 1935 will administer the last blow to the depression. LARGE GAIN SEEN IN 1935 BUILDING Uptrend Shown for First Time in Six Years. Building has at last turned the corner and is again on the upward trend, for the first time in six years, the American Builder says in its January issue in a review of 1934 building and a forecast for 1935. “Although government expenditures were responsible for w r ell over a third of the total building volume in 1934, all divisions of building and construction showed considerable improvement during the year,” this survey states. “Based on 1930 census figures as a constant, building of all kinds averaged slightly more than S2B per capita, compared with an estimated expenditure of about SIOO per capita in 1929.”

A Complete Investment Service We specialize in the purchase and sale of local, state and Federal taxexempt bonds. Through the facilities of our office we are prepared to execute orders in all securities. City Securities Corporation 420 Circle Tower Lincoln 5535

• • • • Following are a representative few of our large list of homes for sale in all sections of the City—Others correspondingly priced. NORTH EAST SOUTH WEST i 4961 MANLOVE AVE.—S2,SOO. 1415 KENYON ST. Bungalow, 5 rooms, bath and Bungalow', 5 rooms, electric furnace; garage. lights, well; garage. 4925 CAROLINE ST.—s2,ooo. LYNHURST AND KELLY Bungalow, 5 rooms, furnace, $2,-100. Lot • 100x200, 4-room room for bath; garage. bungalow, bath; 2-car garage. 2129 DEQUINCEY ST.—sl,6oo. 618 S. TAFT 5T.—52,400. BunBungalow, 5 rooms, room for galow, 5-room, bath, furnace, bath; garage. garage. NORTH WEST SOUTH EAST 614 W. SOMERSET AVE.— 227 N. 18TH. BEECH GROVE—--52,500. Bungalow, 5 rooms, $2,750. Bungalow’, 5-room, bath, bath, furnace; garage. furnace; garage. 1029 TIBBS AVE. Bungalow, 5 rooms, bath and Bungalow, 5-room, bath, furfurnace. nace, garage. All the foregoing properties can be purchased on easy terms—We will be glad to tell you about others we have—i C. C. GROVE 44 Virginia Ave. Lincoln 7361

.DEC. 31> 1934

COTTON RISES ! T 0 1930 LEVEL; EXPORTS DROP Futures Are Practically Stabilized Above 12Cent Figure. By United Press NEW YORK, Dec. 31.—Cotton futures prices in 1934 rose to the highest average in three years, while American cotton exports declined about 33 1-3 per cent and the crop value declined to the smallest total since 1922. • * Prices practically stabilized above 12 cents a pound lending level of the Agricultural Adjustment Administration. Spot at New York rose to 13.95 cents in mid-year, the best since 1930, but an earlv low of 10.45 cents cut the average to around 12.35 cents. In 1933 the average price was 8.63 cents; in IPo2, .6.44 cents; in 1931, 8.56 cents, and in 1930, 13.58 cents. The value of the crop w r as around $625,000,000. compared with an approximate $675,000,000 in 1933, largely because the crop declined to 9,731,000 bales, against 13.047.000 bales in 1933, and the smallest since 1922. Government payments to farmers under contract totaled about $117,000,000, against $113,000,000 in 1933. Carryover Steady Although production declined sharply, through operations of the Bankhead Act and the summer drought, the carryover was only slightly changed form the 10,000,000 bale total of a year ago because of the drop in exports. Foreign production rose to 13,566,000 bales, anew record high. Then, too, the Government loan plan created a tight spot situation in the South, the price of American staple rising above parity with foreign growths. Thus American exports dropped. Loan Cotton Absorbed The Government pool absorbed loan cotton which ordinarily would have gone into trade channels, In December it was estimated the pool controlled about 62 per cent of the available supply of American cotton. Although some opposition developed to the AAA’s policies, cotton farmers voted overwhelmingly for retention of the Bankhead Act. Despite the improved textile position, consumption of American cotton declined here and abroad. Foreign consumption of all kinds of cotton held slightly above the 1933 total, w'hile American usage of all growths dropped some .1,000,000 bales, CALENDAR YEAR COTTON DATA (Compiled for the United Press by th# New York Cotton Exchange Service. Latest figures partly estimated on the basis of current data.) CONSUMPTION U. S. 1934* 12,671 12,265 24 936 5.756 1933 14.502 10.749 25.251 8.426 1932 13,222 10.027 23.249 8,894 1931 11,737 11.227 22.964 6.870 1930 11,737 II 583 23.139 6.440 1929 14,791 11.301 26,002 7,527