Indianapolis Times, Volume 35, Number 197, Indianapolis, Marion County, 31 December 1923 — Page 13

Year End Section

VOLUME 35—NUMBER 197

GREAT PROSPERITY PREDICTED AS NEW YEAR APPROACHES

LANDON DECLARES BUSINESS FUTURE IS FAIRLY BRIGHT Posting of Books Brings Some Disappointments, but \ Change Is Seen, KRITICISE TARIFF SYSTEM Inker Sees Danger of Too FMuch Credit to American Farmers, By HUGH McK. LANDON Vice President and Chairman of Executive Committee Fletcher Savin** and Trust Company. J | YEAR ago practically all tr\| observers of business conuitions were disposed to take an optimistic view of the prospects for the immediate future. Confidence in the financial situation had been restored and a period of active business development was generally predicted. In view of this the closing of books for 1923 mvill in many quarters incline to a more or less puzzled retrospect of the year in finance and industry. Some explanation is necessary for the remarkable ehange from the booming markets of last spring to the unmistakable reaction of the middle of the rear.

Anyone who will take the trouble ro read over the story of 1909 or 1895—each being two years after the two preceding panic years—will find Hi; explanation. It was perfectly w-ell known that at the end of 1922 supplies of goods in the hands of either producers or middle men had fallen lo the exhaustion point. With restored confidence the movement to stock up began all along the line. This soon developed into an impetuous flood of “forward orders" and the inevitable rising commodity prices. It lasted until stocks were replenished: then competitive bidding stopped. Explanation Obvious The remembrance of bitter personal experiences In 1920 was too fresh in thousands of minds not to furnish a perfectly sound explanation for the caution attitude which immediately developed. There was a sudden and unmistakable cessation of trade activity. It was especially true in the building trades: large projects in particular were held up for the time being. The last half of the year saw a 20 per cent shrinkage in iron and steel output, a 30 per cent decrease In the Steel Corporation's Unfilled orders, and a 16 per cent average decline on the Stock Exchange between April and October. It was the sequence of events which has Invariably occurred In the first revival from the depression followingAmerican financial crisis. On ail earlier occasion of such an experience the result was to place Industry on a sound and normal footing, and the months of November and December furnish basis for the belief that such has been the result in 1923. There is a very general feeling in financial quarters that on no similar occasion in the past have American markets ended the readjustment process in so strong and sound a position as today’s. So in spite of what the posting of the books at the year end reveals, — (Continued on Page 14)

PROGRESS IS MADE IN SOCIAL WELFARE

Team Play in Solving Problems Is Outstanding Feature in Work of Ola Year,

BY PAUL. L. BENJAMIN, Director Family Welfare Society. mN CREASING team play upon the part of both private and social agencies In Indianapolis is probably the outstanding development In the field of social welfare In the city during the past year. The formation of the Indianapolis Council of Social Agencies is evidence of this. Some hundred delegates from sixty organizations, public and private, are now sitting around a common table discussing yroblems of health, delinquency, care of the aged, recreation, character building, etc. The Impact / on the community and legislation of this unified effort will be far-reaching. Howard E. Jensen, professor of sociology, Butler College, was elected president of the Council and Homer W. Borst executive secretary. The Community Fund on the money raising side has likewise furthered this unifying process. The Fund, itself, has now passed through the experimental stage. Asa result of two campaigns, one held late in 1920 and the other In the spring of 1921, $401,_JCS was raised. Last

The Indianapolis Times

Changes in Rapidly Developing Indianapolis Sky-Line Indicate Fast Growth of Downtown District During 1923

NOTHING INDICATES THE DEVELOPMENT OF A CITY SO MUCH AS THE CHANGES IN ITS SKYLINE. DURING THE YEAR JUST CLOSING A RECORD HAS BEEN MADE IN BUILDING CONSTRUCTION IN DOWNTOWN INDIANAPOLIS. AMONG NEW BUILDINGS COMPLETED OR NEARLY COMPLETED DURING THE Y'EAR ARE: TOP ROW, LEFT TO RIGHT—J. W. WILD BANK ON E MARKET ST., UNITED STATES POSTOFFICE BUILDING NEAR UNION STATION, MEYER-KISKR BANK ON E. WASHINGTON ST.; ROOSEVELT BUILDING, ILLINOIS AND WASHINGTON STS. SECOND ROW, LEFT TO RIGHT—ELKS CLUB ON N. MERIDIAN ST.. MEDICAL ARTS BUILDING ON N. PENNSYLVANIA ST.. GUARANTY BUILDING, MERIDIAN ST. AND MONUMENT CIRCLE. BOTTOM ROW, LEFT TO RIGHT—KRESGE BUILDING, PENNSYLVANIA AND WASHINGTON STS., AND INDIANAPOLIS ATHLETIC CLUB BUILDING, VERMONT AND MERIDIAN STREETS.

raised. The president of the Community F*und Is Fred Hoke, the secretary is Homer W. Borst. The recent selection of Eugene C. Foster, formerly secretary of the Charity Organization Society, as director of the Indianapolis Foundation and the make-up of the board, makes certain that its influence will also be exerted in tnis direction. • • • Child Welfare K*"” - " EEN Interest in the welfare and protection of the child has been one of the most wholesome tendencies daring 1923. There has been a disposition to ask, “What are the facts about child life in Indianapolis?” There are nearly 600 children in Institutions in thq city. This raises the Issue whether the destructive effects of institutionalism are fastening themselves upon this city. Asa rule the institution should be the last resource. The Juvenile Protective Association was taken over by the Family Welfare Society and has added to its Ataff a specialist in that field Already affgoting the

Here Are Fifty Great News Events of 1923

January 2 —Allied Premiers' Conference on German reparations opens in Paris. 10— French troops begin occupation of the Ruhr. 11 — Ex King Constantine of Greece dies. 14 — Germany announces it will suspend reparations payments because of French occupation. 15— Lithuanian Irregulars, known as “Iron Wolves,” capture Memel from small French garrison, 31 —British government accepts American debt funding offer, whereby British debt of $4,700,000,000 will be paid in sixty-two years. February 7 Guatemala, Salvador, Honduras. Nicaragua and Costa Rica sign treaty Insuring peace in Central America. 8 — Explosion wrecks coal mine at Dawson, New Mexico; 120 miners killed. 18 —Many killed and hundreds wounded when Polish force invades Lithuania. 24 —President Harding sends message to. Congress recommending the United States join international court of justice. March I —United States makes formal demand on* Allies for collection of i non nno non gp>li mak tom

INDIANAPOLIS, MONDAY, DEC. 31, 1923

maintaining American troops on Rhine. 11 —Greek transport Alexander founders in gale; 150 officers and men drowned. 26 —Sarah Bernhardt, famous tragedienne, dies. April 4—Earl of Carnarvon, discoverer of tomb of King Tutankhamen, dies from bite of poisonoks insect. 20—House of Commons defeats a prohibition motion, 236 to 14. 26—Duke of York, second son of King George of England, Is married to Lady Elizabeth Bowes-Lyon.

Science Makes Progress

By DR. C. G. ABBOT, Assistant Secretary of the Smithsonian Institution (Copyright by the United News, 1923) WASHINGTON, Dec. 81.—While progress In the realm of science during the past year has not been phenomenal. judged by the standard of the practical Import of the work done, stll the discoveries are of extreme Importance to future work. The verification ofthat portion of the Einstein deals with che bending of a light when ■it passes flie sun

28—United States Senator Knute Nelson dies suddenly. 30—United States Supreme Court rules American ships may carry and sell liquor outside the three mile limit. May B—Lleuts.8 —Lleuts. Oakley G. Kelly and John A, Mac ready, United States Army, complete first non-stop flight across United States. 6 —Chinese bandits wreck China’s fastest train, and rob and make prisoners a large number of foreigners, including several Americans.

Which may cause us to revise many of our scientific principles. Second only to the above was the discovery of the influenza germ and a vaccine which is proving efficient In checking the disease at the Rockefeller Institute. The work of Dr. F. W. Peek, Jr., in the General Electric laboratories at Pittsfield, Mass., In producing artificial lightning will no doubt enable electrical engineers to transmit electricity over far greater distances than is now possible. Aside from the sensation which the spectacular side of this experiment causes, its practical worth t? gJhM

10—M. Vorowsky, Russian Soviet observer at Lausanne Near East peace conference, is shot and killed by Alex Conradl, a Swiss. 18—Seventy-three persons, including forty-one school children, killed in achoolhouse fire in Cleveland, S. C. 20—Andrew Bonar Law resigns as premier of England on account of 111 health. 22 —Stanley Baldwin, chancellor of exchequer, named premies - by King George. 28— Captured by Irish F*ree State troops, Eamon de Valera advises Irish Republicans to lay down arms. 29 — One thousand killed In earthquake in Persia. June 13 —LI Yuan-Hung, President of Chinese republic, Is captured by troops on order of Wang ChenPlng, Governed of Chihli province. 16 —Former Premltr Stamboullsky of Bulgaria killed while trying to escape from troops of new government. 15 —Mt. Etna. In Sicily, erupts and endangers five villages, causing 80,* 000 inhabitants to flee. 22—Leviathan averages 28.04 knots an hour on trial trip, breaking world's records for passenger liners. July 24 —Turks and Allies sign peace treaty at Lausanne. Turkey gets back (Continued on Page 14)

Last Twelve Months Have Seen Growth in City Population, Increase in Retail Business, Unusual Building Activity and Big industrial Operations, By JOHN B. REYNOLDS, General Secretary Indianapolis Chamber of Commerce. A 1- * - YEAR of unusual progress is just closing for the city of of commercial transactions, amounts of financial dealings and production of manufactured products has been recorded during 1923 and the city enters upon the new year with an excellent outlook for continued prosperity.

CHURCHES REPORT RAPID GROWTH IN YEAR NOW PASSING Membership Increases and Sunday Schools Are Active, By DR. C. H. WINDERS, Secretary Church Federation of Indianapolis. mHE year 1923 has beer, one of very satisfactory growth, both in numbers and in all other phases of church activity and life. A new Interest has been manifested in church work for the past few- years. During 1922 over one million people were added to the church. Indianapolis was able to report its full share of this increase, and while full statistics cannot be given for 1923, the reports are sufficiently full to justify us in saying that the increase will not fall below that of 1922, which was approximately 9.000. The years 1921 and 1922 witnessed extensive improvements in church building. More than $1,000,000 was Invested in either new buildings or in improving old ones during 1922. Some of the buildings begun In 1922 were completed during the present year, and other new enterprises were undertaken during this year, hut less money on the whole, was put Into new buildings this year than last. Social IJfe Stressed These buildings Indicate the scope of the work undertaken by the churches. While fifteen or twenty years ago little attention was given to the social and recreational life which the church sought to furnish, the new buildings now being erected and the old ones improved are constructed with a view to meeting these needs of the community. This does not mean that less emphasis is being placed on preaching of the gospel and the worship of the church. These deal with the sources of spiritual life, and to neglect them woul dmean to convert the church Into a club or a society. The church, however, feels that it has been failing to meet Its full responsibility, especially to the young people .and is nowseeking to make Itself the center of social, recreational and educational as well as religious Interests for the community. Sunday School Active Perhaps no part of the church has gore forward more rapidly during the past few years than the educational. Sunday school attendance has increased very rapidly throughout the entire country. The statement recently has boen made that the Sundayschool enrollment of the United State* has Increased 1,000,000 a year for the past four years. The Indianapolis Sunday schools have steadily grown through these years. We feel that the report of the recent survey covering ths field of religious education for this State is hardly fair for the reason that the comps-rlson deals not with the past, which would have revealed very’ great progress, but w-ith Ideal conditions. Such a comparison as this would make an unfavorable showing for (Continued on Pago 14)

MOODY SEES GOOD YEAR FOR FINANCE

Political Developments Will Affect Business Progress, Expert Thinks,

By ALEXANDER HERMAN (Copyright., 1923, by NEA ServiceN— 1 EW YORK, Doc. 31.—Here’s a business and financial forecast made by John Moody, analyst, who probably has a closer touch on the pulse of business conditions than any other man in the country: 1924 —On the whole, a constructive year, with business good and marking the beginning of a period of longer prosperity. Moody is not swayed by sentiment. Cold facts are his fodder. Hd has been In the financial atmosphere for more than thirty years and is now president of Moody’s Investment Service, which was founded in 1908 for the development of the Moody Rating System on Investments and to furnish expert reports and advice on business and investment conditions to banks, bankers, business men and lnvestora He has frequently gone abroad to Investigate the foreign situation and is in close touch with European problems. “Speaking broadly,” he says, "I look upon 1924 with considerable optimism. We will find it. on the whole, a constructive year, with the rapidity of progress depending somewhat on political developments. “There fundamental

Year End Section

TWO CENTS

There were living In Indianapolis at the time of the 1920 Government census 314,19-1 persons. The most recent estimate by- the Census Bureau since that period w-as a steady in- |r -niT-wiTi crease of more Inhabitants s per orri-l,making ar- jSS yin th con- fflrflljwn Jjainßi •-•w reSaafag,-' -jdPyjjfy seen more than ing enterprises in r MW .7 ■ the last twelve months. East year REYNOLDS the city of Indianapolis did $26,038,579 worth of new buildings. Dwellings Constructed The engineering department of the Indiana Bell Telephone Company, which is in a position to know, recently issued a statement that anew dwelling w-as completed in Indianapolis each thirty-five minutes of daylight during 1923. There are in the city today- more than 79,000 dwellings, 35 per cent of them ow-ned by the persons who live in them. In prospect for the near future there is an even greater amount of new building projects, Including among them a building program of the Fairvanks-Morse Company, which has purchased ground and plans an expansion involving an investment of $10,000,000 in buildings and factory equipment. Plans are progressing for the construction of a w-ar memorial plaza in Lndianapolis covering a site one block wide and half a mile long. This project will be five years In completing and •will cost the State, county and city a total of $10,000,000. It is to be a world shrine erected to the memory- of the men who made the extreme sacrifice to their country in the World War. The Chamber of Commerce has sold its present business building home and is planning erection of anew building. Retail Business Grows

Figures are not available on the i volume of retail business that has ■ been done within the year, but it :s known from statements by the leading retail firms —of which there are 4.300 in Indianapolis—a larger volume of business was done each month of 1923 than in the corresponding month of 1922. The Christmas trade of the downtown stores was far In excess of the same season last year. Wholesale business In Indianapolis during 1923 compared very favorably with the previous year. This city is located within sixty miles of the population center of the country and with seventeen steam railroads and fifteen interruban lines and paved highways for motor truck transportation, it is recognized as one of the leading wholesale centers of America. Indianapolis gained importance as a financial center In the last year, due to the natural Increase in the volume of business in all lines. Bank de j posits in Indianapolis at' the end of j this month amounted to more than 8150,000,000 as compared with $112,110,265 on Dec. 81, 1922. The total resources of the banks of the city during 1923 Increased more than $40,000,000. There were organized in the city this year two new banks and a i petition is pending before the Federal (Continued on Page 14)

facts that indicate the possibilities for a good year. Foe the past six months or more we have been in a period of more or less financial contraction. A study of the financial exhibits shows that bark reserves are being built up rmerchants’ liabilities are not greatly expanding; there are no longer great inflated Inventories of the type of 1920; interest rates arc, relatively low and have been tending to remain so all the fall, the season when they usually tighten up. “Notwithstanding the activity In business, reserves are belrg built up which are the usual fororunners of a period of prosperity. The notion which prevailed a year ago, that we might run Into anew period of inflation, has not been borne out by the facta “For big business baa been acting more cautiously than it did during the period of wild Inflation in 1919 and 1920. There has been little tendency to over-expand and stock up with goods In anticipation of a boom. Most business men still remember the smash of 1920 and have learned a leg. Bon In caution. “All these primary factors mtltfi for healthy conditions for the InaugcJ (Continued on Page 13) iI