Indianapolis Times, Volume 38, Number 230, Indianapolis, Marion County, 31 December 1926 — Page 13

Year End Section

INDIANA “BUSINESS MAKES NEW RECORD IN 1926

STATE AND NATION ENJOY YEAR OF UNPRECEDENTED PROSPERITY 011 1926 All Branches of Industry Save Farming Enter New Year m Strong, Healthy Conditions,

Hush McK. ijartlon, Vico President Fletcher Savings anti Trust Company. No one can deny that tho United Siutea ban heen prosperous in 1926, even though the farmer and some others may complain that tho prostperity ban not been evenly distributed.

The .year has amazed people by tho continuance of extraordinary building activity. It in probable that the figures for tho year will 3how In excess of £200,000,000 over tho record figure:; for 1923. Thlo in spite of of the spectacular collapso of the Florida real estate boom, a debacle which in

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any ordinary year year would have had national consequences. The railroads, “the country's largest spondors,”* have enjoyed the her; year cir.cc the palmy days of 1519-1.2. For the firs: time ricco the art earnings have reached a -■■l': which affords the carriers a i hrt.c! to raise additional capital rei n.reraents ’ey means cf common clot': Issuer, Public utilities, now a group cf first Importance, have had the best year Ir. their history. Their growth to meet the increasing demands of the country seems woll assured. Industry in general has had much fi • which to bo thankful. The aggregate of the country’s industrial profits will surely be higher than ever before in peaco times. Tho iron an.l steel producers will show the 1 ■nviost output ever attained and l'-fices have been well sustained. The ■ ; f .iio industries have not'done so ►v. el!, but low priced cotton has <• awed a market pick-up toward the of the year, and the industry is now operating at close to single : lit capacity. Tho automobile industry, as a whole, has held up bei'or.d expectations; but the strong 1 mpan.ea have monopolized the larger shufe of the prosperity,. and there has been a slump or rather disconcerting proportions during the l-*st two months of tho year. Reiail Trade Good Iletuil trade has been moderately food. If somewhat spotty. Mail > •rder house:; and chain stores have >-one a record volume business. Labor has certainly had a most prosperous year. The index of employment has beet*. steadily high throughout yie year, and the worker has received the highest wages i ver paid In this or any other country. The really discordant note in this harmony comes from the farmer. Taken the country over he has had : cod crops, but he certainly has not a l tho combination of good crops •' r.d high prices which makes for his : utlsfaction. Government estimates indicate that he will receive a billion dollars l4ss for what he has produced in 1926 than he received in 1925. half of which falls on the cotton farmer. This cut of 11 per cent In tl e faqner's purchasing power is a really serious matter. liut Americans are not much interested in retrospects. “Man never :s but always to be blest.’’ There will be fairly general agreement that 1926 has been prosperous. The inkteresting inquiry is as to 1927. “Will ■the good times continue?” is what fr.iost men want to know. R It is not easy to give an entirely answer. Business conditions as 1926 draws to a close are quite different from what they were •it the end of 1925. That was a period of great activity and the trend was definitely upward in almost every type of business. Now building uctlvity, automobile output and -steel production, while still large, are showing evidence of having passed the peak. And the drop In bank clearings In the twenty-three leading cities of the country indicates clearly a slackening of the pace In general. Fundamentals Sound Nevertheless the f undam an tale are sound. This has been a period of restrained and prudent prosperity. In spite of abundant and easy . credit there has been little apparent to speculate In inventorlies. Doubtless one explanation of Whs lies In the fact that the trend of commodity prices has P>oten a gently declining one during I the\whole two year period. At any rato \ business generally Is not expanded; employment is good; purchasing power is high. The contracts already let Insure a continuance of building construction at approximately the present rate during the next five or six months. So it |is reasonable to expect that there I will be no marked change in the I pace of business in the first half of Ll 927. The trend should be slightly if building contracts continue to decrease as they have In November and December. This ' ownward trend should be augmented if the expected revival in the utomobile industry does not mail erialize promptly In the first q oars'er of the year. It may be further ■augmented if the change In the foreign trade situation continues its present unfavorable trend. Stability is being effected abroad In cur-

rency and industrial conditions an' wc shall undoubtedly feel increasing competition from Europe in tho quest of markets. On the whole the conclusions reached by Brookmire in his bulletin cf Dee. 23 resms to this observer to sum up the situation as well as has been done by any one. They are: (1) That a recession in general business from current levels will occur and that the decline will continue through the first half of 1927. (2) That more severe competition and lower business profits are in prospect for the next six months. (3) A recommendation that inventories be kept low and that credits extended be scrutinised with unusual care. Perhaps some of the considerations in tho back of one’s mind winch influence one to agreement with these conclusions may be c.': Interest. We say. that the United States in on a solid, uninflated basis industrially, financially, commercially. Credit i3 undoubted y abundant and easy, and a firm basis for a continuance of this condition, exists in the large gold supply. It is also true that "inventories in the hands of manufacturers and merchandise on the shelves of merchants are light. But itis is questionable whether excessive use of low cost credit has not already led to a sort of concealed inventory expansion in at least two directions which is a potential cause of trouble; 1 mean over-building and installment selling. Were unemployment for any reason to become acute what proportion of several billion dollars worth of merchandise in the of installment buyers would come back on the shelves of dealers as inventory of extremely doubtful value? And with the trend of rents already downward what would be ,tho effect on the holders of real estate securities of a large increase in

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the inventory of unsold office and apartment house space? But the optimist will ask, “What reason is there to anticipate any considerable degree of unemployment?” Coal Strike Threatened One answer might be that developments in the soft coal industry are weekly increasing the probability of a strike on April 1. If the test of strength should be prolonged, the effect will be felt in all lines of industry and can hardly fail to result in much unemployment. A second answer might be found in the crisply sketched statement of the situation in the automobile industry which appears in the last issue of Automobile Industries: “Automobile production is at the lowest point since 1931 as a result of drastic curtailment by most of the factories and complete shutdown by several of the largest plants . . . Current orders to equipment and material makers dfl not suggest resumption of anything approaching full time production. . . Sales of cars are still slow in nearly all sections of the country, but trucks are holding up much better. Used car stocks are heavy and moving very little. Export sales are under the level of a year ago.” Add to this the uncertainty still existing as to the policy of the Ford Motor Company for 1927, and one has a diverting little puzzle as te the situation in this industry which is worth some study. Ford’s produc(Turn to Page 5. Second Section.)

The Indianapolis Tinges

Typical Indianapolis Buildings Erected in 1926

Reflecting the prosperity of the city, construction cf modern buildings in Surge number, has been the rule rather than the exception during 1926. Only a limited number can be herein shown and they have been selected as typical of various types cf buildings. Tito Illinois Bid:... (top) at the corner of Market and Illinois Sts., a ' beautiful office and business block erected d:::'kr, ike year at a rest of ?1,£033,CC0. The Marcli hotel (center) is a beautiful throe-miliior dollar family hotel at ‘1623 X. Meridian. Below is nr.yn lhe new Armory erected during (he year. Tills Is one of (he most modern and best equipped arniarie: in (lie middle West.

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CHURCH PROGRESS GREAT DURING 1926 Over Million Dollars Spent on New Buildings in City During Year and 6,000 New Members Received.

By Rev. E. N. Evans. Executive Secretary Church Federation More than a million dollars was spent by Indianapolis churches in construction work in 1926, and even more is being planned for 1927. Tho Presbyterian demonination alone is planning to erect buildings to cost approximately $750,000 in 1927. Over 6,000 new members were added to the Protestant churches, bringing the total membership to 120,000. This figure shows that the Protestant churches of the city have one of every three persons in the local population on their church rolls, not considering the large number of adherents not listed among members. New Buildings Among the buildings completed in 1926 are the Church of God, 900 W. Thirtieth St., $40,000; St. Paul’s Presbyterian (colored), $20,000; Carrollton Avenue Reformed, $85,000; River Avenue Baptist, $40,000; | Garfield Park Beptist, $20,000; I Fairview Presbyterian. $16,000;

Fifty-First Street M. E., $20,000; Irvington M. E., $275,000; Wallace Street Presbyterian, $40,000; Speedway Disciple, $14,000; Morris Street M. E. Community House, $13,000; Speedway Boulevard M. E., $10,000; Blaine Avenue M. E., $20,000; Beech Grove Disciple, $26,000; Fountain Square Disciple, $45,000; East Sixteenth Street Disciple, $12,000, and basement units of Bethany and Garden City Disciple at $12,000 and SB,OOO, respectively. Within a few weeks the Woodruff Place Baptist Church, costing $150,000, will be dedicated to replace the old church burned during the year. The date of dedication of the St. George’s Syrian Orthodox Church, Twenty-Eighth St. and Sherman Dr., await the arrival of church officials. Under Construction Buildings under construction are North Methodist, Meridian Heights Presbyterian, Broadway Methodist, Roberts Park Methodist addition, Brookside Park United Brethren, (Turn to Page 5, Second Section.)

MORE Ai BETTER ARE CITY’S HOMES Quality and Quantity Were Noticeable in 1926. By Frank E. Gates Reliring President of Real Estate Board During 1926, Indianapolis has

enviable reputation as a city of homes. In every direction, north, east, south and west, hun(kr ed s' o f new homes have been built. Homes that are better built. 1) ell e r planned, more convenient and more artistic. Builders are to be congratulated o n their conscientious and careful effort to improve tho quality and attractiveness of the home without unnecessaril y

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—Photo-Craft. Gates

increasing its cost, The homes in Indianapolis today are more livable and furnish more real cause for family pride and contentment than ever before. This is largely due to the organized effort of the realtors, who are ever applying themselves to the grave responsibility which they realize is theirs. Home construction during 1926 has been of a diversified character, from the neat four or five-room bungalow to the palatial residence, showing that people in every walk of life appreciate the wisdom and the many advantages of home ownership. It is particularly gratifying to see the great number of modest, yet attractive. homes that have been built during the last year on the outskirts of the city. Many of these homes have been built by those who bought lots in the outlying districts a few years ago upon the monthly payment plan. Since their purchase the growth of the city has, so to speak, brought them closer in, and they now find that they have a much more valuable lot than they could have, if compelled to buy on the present market. These modest homes in the outlying districts are a healthy indication. It shows the quality, character and thrift of our wage-earners. This is an asset of which Indianapolis may justly boast. I have had occasion to study the conditions in many other cities, and fear no contradiction to the statement that in no other city the size of Indianapolis can homes be bought at such reasonable prices and upon such liberal 1 terms as in Indianapolis. Owing to the everincreasing desire of our citizens to own their own homes certainly the year 1927 will be marked by even greater activity In home building.

OVER 12 MILLIONS I SPENT ON HOADS BY STATE BOARD More Than One-Fourth of Highways Paved —223 Miles Laid in 1926. Indiana ha:? 1,416 miles of paved ! roads in its State highway system | consisting of 4.591 miles. As 328 miles are in cities over 2.500 popu- | iation and classified as city streets, j there remains 4,263 miles under ac- ! tive maintenance.

These figures were made public today by John D. Williams, director, in advance of the State Highway Commission’s eighth annual report being compiled, which, on completion in a few weeks, will show that during the present construction year this department, in face of a par-tic-ularly dis-

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couraging building season, due to unprecedented rains, actually completed 223 miles of mavement. The forthcoming report will show, Williams declares, that of a total of 2&3 miles of pavement laid in fiscal 192 C, ending Sept. 30, 190 miles were of cement concrete and the remainder of bituminous types. The major pavement was on State roads No. 31, between Peru and Plymouth via Rochester, a distance of more than forty miles, on the same road between Franklin and Columbus; on Road No. 37, between Martinsville and Bloom'ngton; on Road No. 9 between Marion and Huntington, i and on Road No. 41, between Hazelton and Vincennes. 2,000,000 Less Than 1925 Total department expenses for fiscal 1926, according to Mr. Williams, were $12,499,467.50, and of this sum the Federal Government contributed $2,499,728.50 as Federal aid. The total expenditures is approximately $2,000,000 less *han for fiscal 1925 because rain tee seventy days during the middle of the season prevented completion of all contracts, leaving approximately ninetylive miles to be carried over until 1927. The forthcoming report also will show $7,661,211.67 spent for pavement which includes betterments constructed by the maintenance division; $1,383,263.94 for bridges; $2,559,164.42 for maintenance, and $771,872.15 for the motor transport division. The latter figure includes expenditure of more than $75,000 for new equipment, principally new trucks, and $258,000 for repair of rolling stock. The report will further show that cost of the general administration office was only $48,945.91. Surfaced 210 Miles During the fiscal 1926, the mantenance division independent of the construction division, surface treated 210 miles of which sixty-seven miles received the first treatment. The outstanding work of this division other than the splendid maintenance of all mileage entrusted to it was completion of bituminous pavement on Road No. 37 between Martinsville and Bloomington, some nineteen miles in all this type. The division also completed anew stone road on Road No. 35 between Salem and Palmyra, heavly graded 217 miles, built .31 mile" of concrete slab to close pavement gaps, 4.64 miles of rock asphalt type, 34.4 miles of bituminous macadam; 20 miles of stone road and 5 miles of gravel road. There was rebuilt 40 miles of gravel highway and 41 miles of stone roads. It fell to this division to also construct 340 n|W culverts, extend 391 (Turn tu Me 2, Second Section.)

Year End Section

ORGANIZED EFFORT BUILDS 'MR OF OPULENT STATE Cu amber of Commerce Is Leading Factor in Phenomenal Growth \ V of Indianapolis.

By 1 ienry T. Davis, Managei * Bureau Indianapolis Chamber of Commerce Without ha v - n£? entertained any outstandingly 'a rge conventions in 1926, Indianapol 'a br °ke previous records by entertal TL n S a total of 320 conventions and events—more than one for every wee. c da >’ in the year, according to *annu report of the convention bureau °- f tbe Indianapolis Chamber of Cl 'u.'merce. This figure represents an , (Jn’ rease of 10 per cent over last yet *\ and a Al 2 per cent over the best . records available for 1923, the year p receding organization of the present convention bureau. Out-of-town attendance a t the seventy national, international > ftnd regional conventions, and the 3,. V meetings held in Indianapolis IV 1926 was approximately 114,500. Th ®' total

Increased .Prosperity for City Forecas t By Chamber

By John li. Reynolds, General Secretary, Chamber of Y Commerce.

The Indianapolis Chamber of of Commerce, on this, the last day of 1926, extends felicitations and best wishes to the citizens of Indianapolis, with the hope and with the confidence that the

new year will bring increased prosperity and happiness to all. The Chamber, during the year 1926, has enjoyed one of the most eventful years in its long eareei;. The most outstanding accom plishmert of the year was that of occupancy of our new and magnificent build-

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ing on N. Meridian St. in September. The citizens; of Indianapolis joined in a movement which added more than 2,000 citizens to our membership rolls and face the new year with an

attendance at the fifteen events of more than local interest, such as the Speedway races, State fair, radio and beauty expositions, exceeded the half million mark and it is reasonable to estimate that the attendance from outside the city was about 100,000 for these events. 440,000 Days These visitors spent about 440,000 days in the city. Also they spent about $4,960,000, figuring on a dally average expenditure of $11.26, the minimum established several years ago by the International Association of Convention Bureaus. The peculiar advantage of this money is that it was earned in other localities and left here as new cash capital—new blood to run through the financial veins of the city’s business. This money did not benefit just a few favored establishments, such as hotels and restaurants, but enriched hundreds of business firms. It is safe to say that this sum represents a handsome return on the $21,000 invested in the convention bureau, the only agency interested the year round in bringing conventions here and in extending them courtesies and services as the city’s official host. The new year will eclipse 1926 in every respect. A total of 160 conventions and events already has been definitely scheduled for 1927, as compared to 98 conventions and events listed for 1926 a year ago at this time. A number of large and very desirable national conventions will be held next year, including such as those of the International Typographical Union, International Gideons, United Mine Workers, National Association of Commercial Organization Secretaires, National Tuberculosis Association, American Industrial Lenders, International Union of Gospel Missions, National Postoffice Clerks, National Rural Letter Carriers, etc. Attendance at. conventions already listed will reach 75,000, it is estimated. Many New Ones New conventions are being added to this list almost daily, and the number of conventions, as well as the attendance, should greatly exceed the 1926 record. In the next few months, Indianapolis stands at least an even chance of securing a number of very large conventions for 1927 and 1928—meetings such as the quadrennial general conference of the Methodist Episcopal Church. A representative of the bureau was in attendance at practically all conventions held in 1926. The bureau was actively in touch with the secretaries or convention chairmen several months before the organizations met here. More than fifty speakers were procured; special courtesies for delegates were obtained from city officials in scores of cases. Registration service, including provision of trained clerks and typewriters, was

j furnished to more than tlfiry coni ventions. During the year, more than 30,000 pieces of literature were distributed, Including a large number of two new folders prepared and printed; one a guide, ‘“What to See in Indianapolis,” hotel folder. Anew feature oVyi\w <C e inaugurated in 1926 was the provision of piW convention publicity to local newJ papers, which carried hundreds ol columns of news resulting more or less directly from the bureau’s cooperation. The convention bureau has had a very successful year from the standi. . point of entertaining conventions ,-uR| securing new ones, largely becaufl of the unselfish work of the convefl tion bureau committee, headed )■ William A. Atkins, and of the reau’s executive committee. S by Walter H. Smith Tim ■

j enlarged program of activity. While the Chamber during 1927 will concentrate Its efforts principally upon Industrial develop nent, all phases of commercial ai, <4 civic endeavor will receive tin Vir full share of attention. India uapolis, in the last few years, hat* received its reasonable styfre of 1^b industries. Mos t industrial additions have came trough the establishment of bran Tft’ l plants, and the Chamber, nex ' year, will devote much of its eti A toward this phase. Surveys trfc r l studies which have been mad V -In the last year will enable the \ organization to present a most Ia onvinclng argument for the ad ia ability of locating industry in tn(lianapolis, and the recent survey ’ made by the Cleveland Chamber, Y revealing the fact that living * 1 in Indianapolis are lower than those prevailing other and competing \ will provide added argument. Other activities are being planned by departi\ >entsN The ■ wholesale tiade dlvlr rfton Is working on a most elabor program of local transportati- development, to Increase sentiye to numerous points in the .Indianapolis trade area.

cooperation of the Indiana,;xj lis newspapers and of the city anfl ’State officials has also been a vital' factor in building up our city's repu lation as a capable host to convention. V

C. OF C. AIDS Ilf tv EDUCmWOI' Promotes Hygiene and Re-* search and Gives * Scholarships. By Harmon E. Snoka, Secretary Education Committee Indianapolis Chamber of Commerce. The education committee of the Indianapolis Chamber of Commerce, of which G. A. Millett is chairman, continued active Interest In the affairs of the- Indianapolis Public Schools system as well as other educational matters throughout the year just closed. ( The first important action was the indorsement of the educational pro gram of the child hygiene division of the State board of health In the establishment of child health clubs and the annual physical examination program. / With the advent of the new school board and its determination to change the Shortridge High School site, the committee opposed this a' tion. The vocational guidance and schol arship aid work was carried on under the direction of Miss Merlca E Hoagland, vice chairman. The or ganizatlon of a scholarship aid clear ing house started last year was con summated with a number of clubs represented. Eight college and tuition scholarships were awarded by the committee to graduates of Indian I apolis high schools. Later several i more scholarships were through the scholarship aid house. A-frf. One of the outstanding ments of the yenr was the :,s-> hfHBBg the research department Indianapolis public schools. found that assistance was not to the research department dianapolis institutions, and terial and other information (liana po’ is products was sired, a joint meeting was nrrHgHb with the manufacturers’ and because*of tins meeting firms volunteered to furnish uni e and material to the res*ar^Hggl iMi Uu-.u; ill pfepai dig its s'UdM" .