Pink Fire Pointer February 2013

Jane Addams Hull-House Museum



View Jane Addams Hull-House Museum in a larger map

Visit our Tour Destination: Illinois page to see the entire tour of the state’s
Save America’s Treasures sites.


Jane Addams Hull-House Museum.
Photo courtesy of Jane Addams Hull-House Museum.

Jane Addams Hull-House Museum
The University of Illinois at Chicago
800 S. Halsted
Chicago, IL


The Treasure:  Hull-House was America’s most famous settlement house—a place where the ideals of the Progressive Era were put into practice, improving the lives of thousands.

Accessibility:  The museum is open Tuesday through Fridays from 10 to 4 and Sunday from noon to 4.  It’s closed Mondays and Saturdays.

Jane Addams.
Image from Hull-House
Yearbooks, courtesy of
University of Illinois at
Chicago Library.
Background:  Jane Addams took the ideals of the Progressive Era and put them into practice.  Hull-House, a settlement house co-founded by Addams and Ellen Gates Starr in 1889, was her incubator.  Through a wide array of programs and activities, Addams and Starr endeavored to improve the lives of the residents of some of Chicago’s poorest neighborhoods.  They fought for better urban living conditions, while creating a safe environment where disadvantaged people could benefit from the free offering of arts, culture, and education.

A reformist social movement that began in London in the middle of the 19th century, the settlement movement sought to bring the upper class and the lower class together in environments of mutual respect.  Largely driven by the idealistic concerns of upper-middle-class and upper-class women, the settlement movement was extremely flexible, ready to engage in social work, cultural and art activities, recreational programs, and education.  Hull-House was not the first American settlement house, but thanks to the drive of Addams and Starr it quickly became a beacon of the movement in the United States.

Known as “residents,” the volunteers who worked at Hull-House offered a buzzing environment of classes, concerts, lectures, theater, and training programs.  They served a local community that was a complex maze of small ethnic neighborhoods.  Initially, they primarily worked with Italians, Irish, Germans, Greeks, Bohemians, and Russian and Polish Jewish immigrants.  As immigration and migration patterns began to change the makeup of the neighborhoods, Hull-House reached out to Mexican-American and African-American families, as well.  It was always the working poor that were the focus of Hull-House—the people who worked long hours as unskilled laborers at the garment industry sweatshops and the factories along the Chicago River.

At the Front Door of Hull House.
Historic photo from Hull-House Yearbooks, courtesy of
University of Illinois at Chicago Library.
In the city’s poorest sections, sanitation was poor, wages were low, and young children were recruited for some of the dirtiest and most dangerous jobs.  Hull-House was on the forefront of advocating for improved government services and tougher industry regulations.  Hull-House offered an oasis where families could imagine a better future.  Jane Addams wrote, “To feed the mind of the worker, to lift it above the monotony of his task and connect it with the larger world, outside of his immediate surroundings, has always been the object of art.”  Following her vision, Addams organized and promoted art classes and training programs to unleash creativity and tap latent talents.

Today, the Jane B. Addams Hull-House Museumis an historic site that tells the story of America’s most famous settlement house.  Exhibits explore the lives of neighborhood children, the commitment of the residents who worked at Hull-House, artwork by Chicago artists who trained and taught at Hull-House, historical photographs of the neighborhood, and the restored bedroom of Jane Addams, where you can see her 1931 Nobel Peace Prize, the first ever given to an American woman.

But the real story of Hull-House lies in the thousands of changed and transformed lives that passed through it.  One exhibit explores two of those lives:  Hilda Satt Polachek and Jesús Torres.  Born in Poland, Polachek immigrated to the United Statesand Chicagowhen just a little girl.  At the age of 18, she began attending courses at Hull-House and discovered a talent for writing.  Her memoir of her time at Hull-House, I Came a Stranger:  The Story of a Hull-House Girl, was published posthumously in 1989 and is one of the best windows into life inside a settlement house.  A Mexican migrant, Jesús Torres learned ceramics at the Hull-House Kilns, receiving instruction from Russian immigrant artist Morris Topchevksy in the 1930s.  Thanks to his Hull-House training, Torres became a successful and widely admired ceramic artist, doing much work with Chicago’s Carl Street Studios.

The oldest known photograph of Hull-House.
Photo courtesy of Jane Addams Hull-House Museum.

Hull-House at it looked in the 1920s.
Photo courtesy of Jane Addams Hull-House Museum.

A children's art class at Hull-House.
Image from Hull-House Yearbooks.  These images were
preserved through a 1999 Save America's Treasures grant.
Through this grant, master negatives, use negatives, and
use prints were produced for an estimated 5,000
photographs and 1,500 yearbook images from the
collection of the University of Illinois at Chicago Library.
Image courtesy of the University of Illinois at Chicago Library.

Other Recommended Sites:  Many Mexicans came north in the 1920s, looking for work at the Chicagofactories.  They settled into neighborhoods, bringing a vibrant culture and traditions with them.  Fittingly, Chicagois now home to the National Museum of Mexican Art located in Pilsen on the Lower West Side.  The museum showcases the beauty and richness of Mexican culture which has flourished not just in the country of Mexico but throughout the Americas.

A painting of Hull-House that served as a basis for the 1960s restoration.
Image courtesy of Jane Addams Hull-House Museum.

Tour America's Treasures Itinerary
Thursday’s destination:  Feehan Library, Mundelein Seminary

© 2013 Lee Price

The Once Invincible

Coach Arsene Wenger (above) should have a happier summer
     This past Monday, Premier League team Arsenal F.C published its financial statements for the first half of the season, posting a profit of about 17.8 million pounds.
     While profits from this period are just half of those from the previous period, Arsenal fans can rejoice in the fact that the reduced income is due to an increase in player investments. Over the past six months, the team brought on the likes of Lukas Podolski, Santi Cazorla, and Olivier Giroud, and the club also announced extending contracts with the talented Jack Wilshire and Theo Walcott.
   Although the increase in spending is and should be considered a good thing for Arsenal as a football team, major problems still exist. The team has failed to win a trophy for seven years, and sit at fifth place in the current Premier League table, one spot away from Champions League qualification. Should Arsenal fail to qualify for the Champions League, the team would suffer a huge hit to television broadcast revenue and home ticket sales, most likely prompting the sale of valuable players. The club's estimated wage bill of 155 million pounds per year would not be sustainable with any less fixtures for the team. Having a losing team with such a high wage bill would also put management under even more scrutiny for signing lackluster players to expensive deals.
    While Arsenal does have its fair share of problems going forward, there still exists hope for the Gunners faithful, The team reported a cash reserve of 123 million pounds with plans of having a strong summer transfer period. A sponsorship deal with Emirates in excess of 100 million pounds will also strengthen the club's finances for several more years.
    Still, fans are growing impatient over a perceived lack of investment in the team. As a Liverpool fan, I had to sit and watch as Xabi Alonso, Mascherano, and Fernando Torres all left Liverpool for greener pastures (maybe not so green for Torres). For Arsenal, the loss of Cesc Febregas, Samir Nasri, and Robin Van Persie has not been balanced out, with management sitting on the cash they made in those deals (each being a historic sum in its own right). After this most recent financial report, the promise has been made to the fans for improvement. Now we will have to wait and see if Arsenal will do what it financially takes to reclaim its place as the Invincibles of England.

-Aureen Sarker (Photo Credit: Arsenal F.C)

Italy’s Political Fallout


After the election that took place on Monday, Italy finds itself in political gridlock. The center-left, led by Pier Luigi Bersani, hold a majority in the lower house while the center-right coalition, led by Silvio Berlusconi, won enough seats in the Senate (117) to deprive the center-left of the majority it needed to govern. Beppe Grillo, a former satirist turned populist-politician, received 25.5% of the popular vote and won 54 seats in the Senate in what is perhaps the clearest demonstration of the dissatisfaction by the Italian people with the electoral system. Mario Monti, the outgoing technocrat that led the government after Berlusconi resigned in the midst of a crisis in 2011, received a lowly 10.5% of the votes for the lower house and 9.1% for the Senate, corroborating the displeasure that the public has for the austerity measures and tax hikes enacted under his government that managed to quell some of the fear ever-present in the marketplace.

SX5E - Euro Stoxx 50 Index (5-day performance)
The effects of such a result were clearly observable in the markets. In the immediate aftermath, the Euro Stoxx 50 Index, a Blue-chip Index containing 50 “Supersector leaders” from 12 European markets, fell sharply after initial projections had the center-left with a majority in both chambers were proven wrong. The FTSE 100 in London closed 1.3% lower and the MIB stock Index in Milan closed 4.9% lower. Even more worryingly, Italian 10-year bond yields rose by about half a percentage point to 4.86%, 62 basis points below the premium commanded by Spanish debt – their narrowest margin in 4 months. Unsurprisingly, the spread on 5-year Italian credit default swaps, or the cost of insuring Italian government debt, rose to 290 basis points from 245 basis points a day earlier. According to Market Watch, this means that it now costs $290,000 annually to insure $10 million of Italian debt against default for five years, versus $245,000 on Monday[1]. The euro fell to $1.3018, its lowest level since January 7.

So what does this mean for the Eurozone? After all, more than 50% of voters cast their ballots unambiguously against the Euro, against further austerity measures, and in favor of increased spending and lower taxes. In the now likely scenario that Bersani finds himself unable to form a coalition that communicates the clear message that Italy is committed to the austerity measures and the euro, then the uncertainty and anxiety that plagued Europe for the most part of 2011 might return. If Italy’s borrowing costs start to rise, a weak government could prevent it from reaping the benefits of a European Central Bank government bond-buying program, which could prove disastrous for the region. With this scenario in mind, European leaders have already started to pile pressure on Italy’s rival parties to form a stable government.

Let’s hope that they do.

-- Andrés Muñoz



[1] William L. Watts, "Investors Now Fear a Default by Italy more than Spain", Market Watch, http://blogs.marketwatch.com/thetell/2013/02/26/investors-now-fear-a-default-by-italy-more-than-spain/
Mondays games versus Sonrise Christian have been cancelled due to weather expected in Wichita. We are working on rescheduling for later in the week.
Please join us this saturday for senior night vs. CHEF at 54th Peoria - Evangelistic Temple Church
Saturday, Feb 23 
Senior Day, games vs. CHEF: NOAH Blue @ 3:00, VG @ 4:30, Senior Recognition @ 5:45, and VB @ 6pm.

Then on Monday, Feb 25
games vs. Sunrise Christian, 
JV Boys @ 4pm, VG @ 5:30, and VB @ 7pm. At
Evangelistic Temple Church

Go jags!

Unity Temple



View Unity Temple in a larger map

Visit our Tour Destination: Illinois page to see the entire tour of the state’s
Save America’s Treasures sites.


Interior of Unity Temple.
© Lisa Kelly and Unity Temple Restoration Foundation.

Unity Temple
875 Lake Street
Oak Park, IL


The Treasure:   Unity Temple was the first of Frank Lloyd Wright’s major public building commissions and he seized the opportunity to create a masterpiece.

Accessibility:  Unity Templeis open for self-guided tours and pre-arranged group tours Monday through Friday from 10:30 to 4:30, on Saturdays from 10 to 2, and on Sundays from 1 to 4.  There is a modest admission fee.

Or… since Unity Temple is the home of an active Unitarian Universalist Congregation, consider experiencing Unity Temple at a Sunday morning worship service at either 9 or 10:45 a.m.

Unity Temple exterior.
© Lisa Kelly and Unity Temple
Restoration Foundation.
Background:  Frank Lloyd Wright’s Unity Temple was a game changer.  Completed in 1908 and dedicated by its congregation on September 26, 1909, Unity Templetook the brilliant and innovative ideas that Wright had been lavishing on residential houses for over a decade and integrated them into a sublime public space.  Looking back, Wright later said, “That was my first expression of this eternal idea which is at the center and core of all true modern architecture.  A sense of space, a new sense of space.”  Our built world looks different today because of this building.

For the first time, the relatively new building material of reinforced concrete was celebrated as a bold artistic medium.  Wright made no attempt to hide the concrete under 19th century embellishments;  he ushered in 20th century modern architecture by leaving the concrete exposed and then demonstrating how beautiful it could look, both graceful and austere, with light streaming in.  As Paul Goldberger, chief cultural correspondent of the New York Times, wrote in 1996, “In the temple’s great sanctuary, at once monumental and intimate, all of Wright’s ideas about space and spirituality gain their first mature expression.”

Closeup of the deteriorated
concrete.  Photo courtesy of Unity
Temple Restoration Foundation.
But reinforced concrete posed challenges that were not fully understood in the early years of the 20th century.  As Unity Temple turned 100 in 2008, its preservation needs reached a critical point.  A large section of concrete and plaster broke off the ceiling after several days of rain that September.  A major restoration effort was launched to save the building.

Scaffolding on the east side exterior of Unity Temple
during restoration of the south roof slab.
Photo courtesy of Unity Temple Restoration Foundation.

Reinstalling Frank Lloyd Wright's beautiful art glass
clerestory windows under the south slab.
Photo courtesy of Unity Temple Restoration Foundation.

With funding from Save America’s Treasures, state funds, corporate donations, a generous donation from Unity Temple Unitarian Universalist Congregation, and hundreds of individual supporters, the Unity Temple Restoration Foundation took up the challenge to lead a long-term plan to restore Unity Temple both by shoring up the original structure and by complementing it with new systems, such as a state-of-the-art roof drainage system and galvanic anodes to prolong the life of the reinforced concrete.

Because of the extreme deterioration of the concrete and reinforcing steel on Unity Temple’s south roof slab, an enormous section of ceiling had to be nearly entirely rebuilt.  During this process, a rusted horseshoe was discovered embedded in the concrete, lying open side up for good luck.  The workers replaced it with a shiny new horseshoe, now part of the new ceiling at Unity Temple.

Horseshoe found in the south slab concrete,
apparently tucked in when the concrete was
poured in 1908.  Photo courtesy of
Unity Temple Restoration Foundation.

A view of the underside of the south roof slab which was repaired and
replaced with funding from Save America's Treasures.
© Lisa Kelly and Unity Temple Restoration Foundation.

Other Recommended Sites:  Tour America’s Treasures previously visited the Frederick C. Robie House, another of Wright’s architectural masterworks in the Chicagoarea.  On that entry, I recommended the tour of the Frank Lloyd Wright Home and Studio, just a few blocks from Unity Temple.

While Unity Temple is the most famous of Wright’s buildings of worship, he did build some others.  Very early in his career, Wright collaborated on Unity Chapel in Spring Green, Wisconsin, helping to design the interior when he was just 21.  Much later in his career (1949-51), Wright designed the Unitarian Meeting House in Madison, Wisconsin.  The Beth Shalom Synagogue in Elkins Park, Pennsylvaniais the only Wright-designed synagogue, dedicated in 1959, five months after Wright’s death.  Also completed posthumously, the Church of the Annunciation (Milwaukee, Wisconsin) was dedicated as a Greek Orthodox Church in Milwaukee, Wisconsin in 1961.

A view of the columns on the exterior of Unity Temple.
© Lisa Kelly and Unity Temple Restoration Foundation.

Tour America's Treasures Itinerary
Thursday’s destination:  Jane Addams Hull-House Museum

© 2013 Lee Price

Resume & Cover Letter Workshop


Come join Finance Society this upcoming Tuesday for a resume and cover letter workshop. Members of our executive board will be teaching you the steps of building the two professional documents. At the end of the workshop you will also have a chance for an one-on-one critique session. Bring a copy of your resume.

Fountain of Time



View Fountain of Time in a larger map

Visit our Tour Destination: Illinois page to see the entire tour of the state’s
Save America’s Treasures sites.

The Fountain of Time by Lorado Taft on the Midway Plaisance
in Washington Park.  Photo courtesy of Chicago Park District.

Fountain of Time
Washington Park
Cottage Grove Avenue and 59th Street
Chicago, IL



The Treasure:   The Fountain of Time, a huge sculptural monument by Lorado Taft, was described by art historian Patrick Reynolds as “an unforgettable burst of sculpture at the west end of the Midway Plaisance.”

Accessibility:  Washington Park (where the Fountain of Time is located) is open on weekdays from 6 a.m. to 11 p.m. and on weekends from 9 a.m. to 5 p.m.

Background:   Created by Chicago’s pre-eminent sculptor, Lorado Taft (1860-1936), the Fountain of Time is an enormous work—it extends over 125 feet and its central sculptural figure towers 24 feet above the ground.  In addition to its official function as a commemoration of the centennial of the 1814 Treaty of Ghent between the U.S. and Canada, the sculptural monument functions as a meditation on the nature of time.  Inspired by a poem by Henry Austin Dobson entitled “The Paradox of Time,” it consists of 100 symbolic human figures solemnly passing a huge sculpture of Father Time.  The reflecting pool runs along the entire length of the monument, forming an integral part of Taft’s original conception.

Father Time and the reflecting pool.
© James Iska
The Fountain of Time is located on Chicago’s Midway Plaisance (which joins Washington Park and Jackson Park).  This mile-long boulevard was an important site of the famed 1893 World’s Columbian Exposition.  When that World’s Fair closed, the huge buildings were soon either torn down or lost to fire.  In the early years of the 20th century, Taft and other Chicago leaders became intent on revitalizing the Midway Plaisance.  Taft proposed two monumental sculptures, with a Fountain of Time on the west end and a complementary Fountain of Creation on the east.  Only the Fountain of Time was ever fully realized.

In order to create the very ambitious work cost-effectively, Taft seized upon the idea of using new concrete processes to cast the figures.  For the most part, this experimental approach proved very successful, saving much money while providing the appearance of carved stone.  But the extremes of Chicago weather and the porous nature of the material created long-term conservation headaches.  Over the past two decades, the Chicago Park District and the Art Institute of Chicago (administrator of the  B.F. Ferguson Fund)  have worked together to carefully conserve the monument.  In the first phase, sculpture conservator Andrzej Dajnowski  repaired and restored the fountain’s concrete figurative sculptures.

But water continued to penetrate into the severely deteriorated reflecting pool—threatening the integrity of the restored elements of the monument.  The Chicago Park District received 2003 Save America’s Treasures funding to address this problem. After fully conserving the reflecting basin, water was returned to the sculptural fountain for first time in many decades. Today, the colossal Fountain of Time monument looks much like it did when it was completed in 1922, a grand old-fashioned reminder that we are all just passers-by on the world’s stage.

Historic photo of the Fountain of Time, circa 1935.
Photo courtesy Chicago Park District Special Collections.

Other Recommended Sites:  Washington Park is on the west side of the Midway Plaisance and Jackson Park is on the east, with the University of Chicago to the north.  Lorado Taft’s Midway Studio is a National Historic Landmark owned and operated by the University of Chicago.  In Washington Park, you can find an original Frederick Law Olmsted landscape with an arboretum as well as plenty of recreational activities including a Harvest Garden.  Jackson Park borders Lake Michigan and is home to another Save America’s Treasuressite, the Museum of Science and Industry.

Detail of the Fountain of Time on the Midway Plaisance in Washington Park.
© James Iska

Tour America's Treasures Itinerary
Wednesday’s destination:  Unity Temple

© 2013 Lee Price


Conserving Capital: It All Made Sense Until He Said That EVERYONE Profits


Conserving Capital with Kyle Cameron

It All Made Sense Until He Said That EVERYONE Profits

I have decided to give a central theme to my blog posts for the Finance Society from here on out.  This first post will explore the theme chosen, its centrality to finance, and the chat that inspired the idea. 
Capital conservation has to be the most important topic in finance, and as such deserves a little defining.  Finance poses the question: How do I best allocate assets?  As a subcategory, capital conservation concerns itself with the logical follow-up: How do I avoid poor allocations of assets?  Indeed, capital allocation is what Warren Buffett was referring to in his quote, “The first rule of investing is don't lose money; the second rule is don't forget Rule No. 1”.  However, despite the world famous investor’s reference to capital allocation as the first rule, I would argue that most people – financiers, economists, and other businessmen included – believe finance and investing to be the pursuit of asset allocations producing the largest gains; a cheery view that ignores the often frightening concepts of loss and risk.  This unfortunate view is akin to the gambler who always bets the max and assumes such action will produce the largest gains.     
Upon hearing that I was studying finance, my acquaintance decided that I must be made aware of this business he was involved in that would help save me money.  He began to tell me about Shop.com, a website that he claimed would allow me to save money on the items I normally purchase.  Responding positively to my prodding, he went on to explain that in exchange for the opportunity to purchase this vast array of discounted items, I would need to contribute a small initiation fee in addition to monthly dues.  At this point, his claims have seemed reasonable – in fact, seemingly comparable to my family’s Costco membership.  Like the flip of a switch, however, the conversation turned as he explained how he had made money from selling product himself and networking to find other individuals who would sell products.  I then made the very pointed question, “What percentage of distributors profit from the sale of goods?”  His answer: “100%”.  I will not recount the conversation any further from there, but I did give the acquaintance my contact information and a promise to buy product if he would share his books and prove that he had, in fact, made a profit from his participation in Shop.com. 
I am supremely confident that my acquaintance is exponentially more knowledgeable about his business than myself.  However, I am just as confident that he does not understand capital conservation.  It is highly likely that a significant portion of the  “profits” he has made from product sales, cost savings, and networking to bring in other sellers are illusory.  Such “profits” are surely being destroyed by being tied up in inventory, future purchase commitments, marketing efforts and time, monthly fees, and increased unnecessary purchases.  I hope my acquaintance truly is profiting from Shop.com, but I also know that his mention of everyone profiting from the business is proof of his own complete ignorance of the risks involved.  Even if my acquaintance has profited, his dearth of knowledge around the risk of loss means that he is not conserving his own capital.   
Now ask yourself, are you conserving your capital?  


U.S sues S&P







Last week, the U.S. Justice Department’s legal suit against Standard and Poor’s Rating Services captured much public attention and gave rise to a heated debate. It is by far the first legal case against a rating agency over the cause of the crisis. The government believed that the rating giant should be accounted for its overly optimistic ratings toward mortgage-backed securities and collateralized debt obligations that misled the market and cost investors billions of dollars. Moreover, over the past few years, the government has been investigating whether the firm’s management was involved in intentionally pushing the standards lower for certain kinds of bonds, a misconduct that would potentially bring about a serious disaster for this New York based company.

Indeed, before the housing bubble burst and the crisis began, most MBS’s and CDO’s were given AAA ratings because rating analysts all agreed that the investment was so diverse that it could provide investors a safe net against losses. The government believed that it is this kind of misleadingly high ratings that attracted a huge number of investors into the trap of MBS and CDO investments.

Yet, suing a rating agency for granting certain bonds higher ratings, in some sense, is like accusing a wizard for failing to predict the future, a metaphor that S&P spokespeople have been using repetitively to show their innocence. Furthermore, the rating firm has been emphasizing that this latest crisis is by no means caused by a single financial facility. Instead, it is the result of a combination of complex macro- and micro-economic factors that range from government policies to investor behavior, which as a matter of fact partially affected all rating firms’ credit ratings towards different kinds of equity and bonds.

Whatever the result of this attention-grabbing lawsuit would be, it shows the government’s determination to start seeking the culprits for this passed (or not) financial crisis and to hold them accountable. S&P might just be a beginning.

Ruijia Tan