Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-12-31

! ness, some of it, lost its head" 1t
| seemed to lose sight of the fact that
sometime the price peak must be reached
and the frenzy Of buying come to an end.
! The peak was reached, the demand did
j recede, cancellations began to be fire.
quent, and we have arrived at the day
after" stage. Business has a headache
To those individuals and business enter
prises that have most flagrantly violated
the laws and rules Of the game it may
prove fatal. All business will bear the
resultant marks Of its orgy, but that por-
ton which is fundamentally sound will
recover. Nineteen hundred twenty One
will be the period of recovery. AS usual
during the period Of recovery, the patient
win have time to do some very straight,
careful thinking along the line Of bust
ness ethics which will result in a better
business conscience. Conscience Is as
good for business as it is for an indi-
vidual A better business conscience
, means fewer cancellations OF orders, less
preparation Of fraud, more truthfulness
In financial statements, fewer suspicious
fires, establishment of courts of CONNER
cial arbitration and, best of all, finer
sense of confidence, respect and CO.
operation among all business men.
Prosperous times are wasteful times. A
ready market and wide margins Of profit
result in rising wages, lower labor eff
iciency, and a Iaxness in business man
agement. We already have a declining
market and 1921 will doubtless see some
reduction in wages and q great improve
ment in the efficiency of labor. The loss
of Job by an indifferent workman will
have a tendency to make him work Oh
the next job II he can get one. The en-
suing year will see, in the words Of j. II.
Tregoe, secretary Of the National Asso-
citation Of Credit Men. "a great reduction
in labor cost IL not in the labor wage"
Nothing short of business depression
could bring about this corrected condi-
ton.
Another, and probably the greatest aid
to the recovery of business lies in the
hands Of the credit men OF the country
the men who pass on the extension If
credit The National Association Of Credit
Men is made up of representatives Of
more than $4,000 Of this count-y's leading
business firms. These men are constantly
studying all the elements that are essen
tial to a business enterprise and entitls
it to credit. Many a business has been
saved by itself and It's creditors by the
wise, constructive criticism Of an alert
credlt man because bill cannot be
paid when due does not necessarily prove
tie debtor either crooked or insolyent
In 1921 there viii be more widespread
cooperation between creditor and debtor
than ever before. Arbitrarily to close
IN on delinquent debtor and compel a
reccivcrship or bankruptcy proceedings
viii not be the rule in 1921
Cooperative council, advice and super
vision will prevail 20 the end that the
debtor as well as the creditor may lie
saved. This sort Of spirit. and this alone.
viii save many a business enterprise In
this crisis
Another recognized agency which will
have u stabiliz.ng effect on business and
should contribute to it's speedy recovery
- the Federal reserve system, which pre-
Guides the possibility OF a money panic
Summed up, business has been on a
drunk, IS now soDered up. is thinking
seriously how 10 bring order out OF con
fusion. and will emerge with higher
ideals and clearer standards OF operatio.
and a hrmer foundation than ever be
fore. How long will II take? No oZe
knows Let Us hope not long.