Indianapolis Times, Volume 35, Number 200, Indianapolis, Marion County, 30 December 1922 — Page 16

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AMERICA HOLDS RECBRDS II All Aviation Takes Long Strides During Past Year. By DR. CHARLES WALCOTT, Chairmau National Advisory Committe for Aeronautics and Head of thè Smithsonian Institution. (Copyright. 1922. by United News.) WASHINGTON, Dee. 30.—Contributions to thè science of aeronautics during thè past year and startling improvements in design, construction md operation of aircraft have placed America in thè forefront of progressive nations. We now hold thè world’s records for: Speed, 224 miles per hour; altitude, 37,800 feet; endurance, thirty-five hours, and distance in nonstop flight, 2,060 miles. By scientiflc research thè national advisory committee for aeronautics has for thè first time developed means of determining performance and measuring thè forces and loads on an airpjane in flight, which will lead to continued improvement in design. The air mail service, in flying over 2,000.000 miles without a fatality, and safely carrying 49,000,000 lettera, has demonstrated thè practicability of organized air transportation, at least In thè day time over regular route and schedule. The Navy has developed a catapult and an arresting device for thè tak-iner-off and landing of alrplanes on thè decks of airplane carriera and battleshlps. This development will permit thè use of small landing flelds and roofs of buildings as air terminala Increased reliability of aircraft engines is evidenced by thè adoption of a 300-hour full speed test without adjustment or replacement, as compared to thè previous standard endurance test of fifty hours. Commercial aviation has made substantial progress. The aeromarine airways on its New York-Atlantlc City, Key West-Havana and DetroitCleveland Services, has. during thè past year, safely carried more than 10.000 passengers and thousands of pounds of freight. BUSINESS OUTLOOK BETTER, OPINION 0F LOCAL BANKER

(Continued Front Page 1.) ports of reduction of member bank loans from Federai Reserve Banks in thè strictly agricultural distriets show this plainly. At thè saine time thè increased sales of thè mail order houses indicate that this tendency is not. so marked as to negative an ex pectation of purchases beyond last year. Altogether we may fairly expect a reduction of thè agricultural discontent, concerning which we heard so much in 1921 and thè first half of this year. Foreign Situation Disturbine The European situation continues disturbing. That is thè factor most frequently cited as likely to prevent business expansion in this country. But 1922 has in some tneasure demonstrated that this country is self-con-talned in thè prosperity which has accrued. Business conditions in this country and Canada have certainly improved to thè present point Vhile conditions in Europe generally are ss bad or worse than in 1921. Undoubtedly it would be greatly to our advantage if thè tangle over there could be worked out. and a normal export demand for our manufactures be restored. Therefore such slight evidenee as we have of irnproving conditions there are encouraging. Although it will be a long time, probably years, before anything approaching normal conditions prevails there. Europe is undoubtedly showing signs of recovery. There is slow, but steady, improvement of trade, finance and industry in severa! European States. The movement of exchange indicates th.s. Bills on London sold recently as high as 4.69, and while there followei some reaction from this figure ;t is plain that thè masterful flnanciers rf thè British empire are determined to provide thè traders of thè realm with a medium of exchange that stands on a pa- with thè best. Nownere will finer finaneiol courage be s> own than by our English cousins. The president of thè British Board of Trade has recently stated hi *‘absolute certainty” of a generai revival of Great Britaln’s trade. In another European country, little Belgium industries are now reported operatine at about 80 per cent of pre war activities. In France unemployment !s non-existent and tremendous heartway has already been made towaifl thè restoration of thè section devastated during thè war. These installerà f.emcnstrate thè old familiar truth that accumujation of wealth goes .<n even in thè face of forced economie rcndjustment, and that sooner or later the process affords the basis for sound economie conditions, wherever there iu sound fìnancial sense to ratte advantage of it. Of course, whenever onj is dlsposed to think hopefully of Europ-, what is going on in Germanv rocars to darken There is no doubt that Geriman affaire are in tmmoil. that the currency is worthtess, and that the people are to some ex tcnt disheartened. The worst of thè Germany situation Is Its hopeless m*s management by the Germans ttiemselves a mismanagement which mano are disposed to think has been de 'iterate. Hownsr, even nere there is .some evidenee of returning sanit> Pe’rhaps the most hopeful sigi: in con- ; ncction with thè whole European situation is the disposition manifeste:! by our own Government to übandoti its position of aluofttess from thè *'robiem. The really hopeful thing atout this disposition is the evidenee that it is the result of pressure li nougat to bear on Wasnington ì>y the business interests of the country. Indirations of Improvement X£ie October reports of the railroads nere not satisfactory, but indications point to a better showing during the last two months of the year. It must be admitted, however, that the railroads are one of the dark spots in the eie ture so far as 1923 is concemed.

Thelr inability to give adequate Service is the one thing which has retarded business most during recent months. They are in need of everything that money will buy to make . the extensions and improvements needed to give the Service a returning prosperity requires. Any one who has studied the trend of security prices during recent years must have been impressed with the reluctance of the inventor to venture into railway securities. But until the railroads are able to tempt the investor back by reasonable assurance of fair earnings, the transportation systems of the country will continue to hamper business by inadequate service. Car loadings during the fall indicate that transportation capacity has stood stili for two years, most striking evidence of the seriousness of the railway situation. In his Bulletin of Transportation, dated Nov. 11, Brookmire points out that during the past ten years the industriai capacity of the country has been mounting ra.pidly, the estimated increase being thirtyflve per cent. During the sanie period railroads have been unable to add to their rolling stock, and there has

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been an actual decrease in total mileago operated alarming condition. He goe on, "it is at present impossible to attract into transportation the capitai needed to Increase facillties to a point commensurate with the industriai position of the country. It is impossible under exlsting conditions of transportation for industry as a whole to expand to any marked exThis problem Is so dlrectly connected with future prosperity that it is time for business men of the country to forget any past causes of animosity against the railroads and to unite to use their best efforts in seeing to it that the carriere under reasonable government control are given fair conditions of operating rates and coste. It is the only way in which the transportation field will once more attract the capitai so urgently needed for its rehabilitation and development.” Attention has been called this week by the Association of Railway Executives to the fact that there are pending in Congress no less than 134 bills affectlng carriere, ranging in subject from important rate changes and regulation of relations with employes to

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\vl) if l|ffr^ R OUGH thè silent watches of thè night, in thè gloriS ous summer time or dreary winter, when blooming ’c**> flowers are scattering their incense on thè evening breeze or thè air is keen with flying fiakes of silvery frost, thè stars above look down upon their replica, and in silence twinkle their approvai of thè myriads of lesser lights that softly slhne for those who. when thè toil of day is done, go forth to fìnd pleasure in thè friendly byways of “Our No Mean City.” It is with pardonable pride that one of Indianapolis’ greatest industries has written thè history of its development and progress in “Letters of Light.”

. No other city in thè country thè size of Indianapolis may boast of a more efficient lighting System than that whieh adds to thè beauty and economie value of Indianapolis with its widely known parks, beautiful boulevards, delightful driveways and bustling, busy, business streets. The growth of Indianapolis as a city and that of thè Merchants Heat and Light Company as a public utility, have both been built upon thè common foundation of—Service to thè public. Closely connected with thè Merchants Heat and Light Company are big-, broad-minded men of vision, men who are able to visualize thè possibilities of a Greater Indianapolis, and who can adapt themselves to everchanging- conditions and build a business that not only adequately meets all present needs, but who also are capable of planning for thè requirements of thè future progress and possibilities of a fast growing community. To measure to its fullest extent, our splendid lighting Service, one should frequent thè streets of thè city’s business section, visit thè many beautiful parks and motor over thè many miles of boulevards and drive-

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such fool proposals as that all school children who want to take a look at the President shall be carried to Washington free. The average Congressman scema to feel that one of the easlest ways to convince the people “back homo” that he ls on the Job is to take a whack at the railroads. How long will the country continue to permit this harassment of one of the most vitally necessary Services to prosperous business? Just so long will thè investor’s money go where It can command more secure returns. Rad vai Legislation It is a curious, but signiflcant, fact that in most of the talk of radicai legislation, of which we have heard so much since the recent election, those agencies which are most prominently to the fore as objects of condemnation are the railroads and banks. George W. Norris, governor of thè Federai Reserve Bank of Philadelphia, recently declared that the Federai reserve System will be in perii unless every Citizen “lets it be known that he is absolutely oppòsed to any repeal of the act or to any statute that would impair or destroy the independence and utility of the System.”

In view of the demonstrated value of the system to the banking fabric of the country during the stressful period of 1920 and 1921 this Is strange talk. But there is,,unfortunately, basta for it. People demanded for years an elastic banking system, one that would meet the demanda of rapldly expandlng business, as our Federai reserve system did in 1919. But these same people forgot that what is elastic ls also necessarily contractile from thè very law of its being. If it were not it would of necessity break, ani the damage would then be much more scrlous. So when the system began the contracting process, and the deflation of business ensued, those slmple souls who belleve that the bubble will never burst were grievously shocked. They haven’t gotten over lt yet, though, thanks to the beneficent operations of the Federai reserve System, the banking position of the country has undergone a betterment whicn has placed it In a position almost unparalleled in the annals of finance. Fortunately for the country radicai programs rareiy materiallze Into actual legislation. But even the ”gesture” is serious, and we shall at!

ways during thè hours of darkness when such a Service is needed to meet thè requirements of this vast territory covered by thè activities of thè Merchants Heat and Light Company. Aside from these there are thè thousands of homes and public buildings in which this splendid s "ice is maintained to a wonderful aegree of excellence. The pathos progress frequently leads uphill and is not al ways an easy one to travel. It requires pluck, thè power of endurance and an outstanding determination to succeed—a determination that inevitably leads onward to success. Today as we stand on thè threshold of a New Year we join hearts and hands with every loyal Citizen of Indianapolis who believes in thè future growth and prosperity of our fair city. Looking through thè opening door of thè New Year we catch a glimpse of thè sunshine of promised prosperity breaking through thè disappearing clouds of thè dark days that ha ve passed. We shall at all times and under ail circumstances retain our faitli in our wonderful city and its people. We shall ever maintain that high standard of Service that we bave endeavored to give you in thè past, always improving it whenever possible.

breathe more easily aster the next Congress has demonstrated its true character. It is to be hoped that the President wilj not find it necessary to cali it in special session. In the meantlme the high pressure generated by the fervor of campaign oratory will have had an opportunity to subside. In the meantime it is undoubtedly true that the record of accomplishment during the past year has superlmposed upon many minds, recently permeated with gloom as a result of the process of deflation, a distinctly hopeful spirit. Confidence in the future has taken the place of brooding over the Ills of the past. Unemployment is no longer a problem; the iron and steel industry, that safest index of industriai conditions, is improving; the farmer’s position is becoming relatively more favorable; the banking position is secure; conditions abroad at least show hcpeful signs of improvement. It is accordingly reasonable that móst business men and bankers should feel that the first half of 1923 will witness prosperous business, and are hopeful that the whole year will prove a good one.

Evangelist Would Renew Old Religion

BTLLY SUNDAY The noted evangelist, William A. Sunday, would have the Nation resolve “to return to the faith of our

Just a Few of thè Many Users of Merchants Heat and Light Co. Service Link Belt Company Citizens Gas Co. Acme-Evans Co. Kahn Tailoring Co. Langsenkamp-Wheeier Brass Works Interstate Car Company American Car and Foundry Company Federai Foundry Co. Robt. H. Hassler, Ine. Kingan & Co. C., I. & W. R. R. Weidely Motors Co. Kahn Building Methodist Episcopal Hospital Merchants Bank Building Fletcher Savings and Trust Building Odd Fellow Building Indiana Trust Building Occidental Building • . Hume-Mansur Building Murai Tempie Vari Camp Hardware and Iron Co. L. S. Ayres & Co. Rink f s Cloak House Selig’s Dry Goods Co. Robt. W. Long Hospital National City Bank Bldg. Century Building Murphy Building H. P. Wasson & Co. The Wm. H. Block Co. The Indianapolis Star Claypool Hotel Hibben, Hollweg & Co. Havens & Geddes Co. Linden Hotel Shubert-Park Theaier Indianapolis News Bldg.

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fathers, to put His word intcgE heart, homo and school; to respect for law and order, loyalty to the C'onstitution compromising antagonism to B 1 man and thing opposed to thelkfj ROSS GARRIGUS RECEIVeI ADVERTISING APPOINTmI For mer Newspaper Man Reß Member of Haynes Staff. B Indianapolis friends have leß with pleasure of the appointmeil Ross H. Garrigus, formerly ofl Times staff, to the position of] sistant advertising manager of ] Haynes Automobile Company of | komo. Garrigus becom- the asi ant of Walter P. Han v.ai, a fori Chicago newspaper man. Garrigus is well known in InC apolis, having been a member of newspaper fraternity of this city a number of years.

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