The address is different, and the intial B. has been dropped from the name in the 1914 directory, but I believe it is the same W. B. Schwartz. How many William Schwartz, lawyer, can there be in Indianapolis in 1914?
Source:
“U.S. City Directories, 1821-1989,” digital image, Ancestry.com (http://www.ancestry.com : accessed 6 May 2014), Indianapolis (1914), Wm Schwartz.
Genealogy Lady 
Yes, the B was probably dropped. After all, these books were all type-set by hand. There must be dozens or hundreds of errors that nobody will ever notice.
I note that one Schwartz is a “sawyer”…. an ideas on that?
This is probably the same Polk’s Publications that is still going strong. The first 20 years I was in New York I worked with the Polk’s Bank directory.