PAGE SEVEN
THE DETROIT JEWISH CHRONICLE
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IN FINANCIAL DETROIT
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DETROIT STOCK EXCHANGE
Office of the Secretary.
TO ALL MEMBERS:
This is a copy of a letter received
from the J. W. Murray Manufactur-
ing Company today:
"For your information, wish to ad-
vise you that at a directors' meeting
O held last evening, it was decided to
pay a live per cent extra dividend in
O Liberty Bonds on March 16th, payable
to stockholders of record as of March
10th.
"Might also add, for your informa-
tion, that we have recently purchased
from the L. A. Young Industries the
plant of the General Spring & Wire
O
Company,*at a cost of $200,000. This
has been done to protect the company
as regards further expansion.
'Prom the present outlook, our sales
for the current year should total be-
tween five and six million dollars. As
you arc also aware, the Michigan
Company owns the controlling inter-
0 est in the Murray Ohio Mfg. Com-
pany, which concern should have sales
of upwards of one million dollars dur-
ing the current year.
"If there is any additional informa-
tion you may require, will be very
glad indeed to give it to you upon re-
quest.•
"Yours very respectfully,
"J. \v. MURRAY MFG. CO ."
0
National bank protection for your
savings; the highest possible type of
service and co-operallon on comma.
cial accounts; and, If you desire to
send money or to business overseas,
a world-wide connection that assures
satisfaction; these are just a few of
6
the advantages you gain by doing
business with this bank.
O
U
Capital and Sur.
plus $7,500,000.
6
O
FIRSTALD DETROIT
XMONAL !KW
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rizriBrit FEDERAL RESERVE atmi
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Bonds
Bonds
HOUSE FOR SALE
Weekly Market Review
Furnished
by Statistical Department
of O'Hara, Ferriss & Co.
Thru 67 Years---
The recent sessions of the Detroit.
Stock Exchange have been more act-
ive than those of any period during
the past history of the local exchange.
The spiritist trading of the past few
(Jaye Is the result of the decisions
w hich were handed down by the Unit-
ed States Supreme ('ourt on Monday.
The findings of the Court in the case
of Eisner, Collector, versus Macomb-
er, in the matter of stock dividends,
may be summed up in a quotation
from Justice Pitney, "Stock dividends
are nothing more than the book ad-
Justment, and represent the increased
value of a corporation's stock because
of increased earnings." This decision
of the ('ourt that stock dividends are
not taxable will result In the dietribu-
lion by prosperous companies of stock
dividends which have been withheld
pending the disposition of this ques-
tion by the Court.
Another event which will have an
important bearing upon market con-
ditions was the victory of the rail-
roads over tho Commerce Commission,
in which it was decided that In de-
termining the rates the present worth
of the company's properties must he
the determining factor Instead of the
original cost. This will mean that
the reproduction cost will be the basis
of determining rates.
local stocks which were affect-
ed by the stock dividend decision were I
principally Packard, Reo, Ford of
Canada, Paige-Detroit, and Federal,
while there are many more whose di-
recters have been awaiting this sled
siOn before announcing their policy in
the matter of stack dividends.
This bank has enjoyed !tlie even in-
creasing confidence and patronage of
Detroit depositors—a record of which
we are justly proud
.104
0{7.
Irak
LiTATE BANK
OF OFT ir-,
■ 101,11•/
Investment Bankers
Nine Convenient Branches
The
The Supreme Court of the United States has declared stock divi-
dends non-taxable.
The supine funds of the following companies are sufficient to
Justify the distribution of substantial stock dividends should the vari-
005 boards of directors of these companies favor this policy.
Columbia Sugar
Detroit Creamery
Federal Truck
Ford of Canada
Mich. Copper and Brass
Detroit
Stocks
DO YOU WISH to start your
child in music, but dread the long
period of "beginning to play?" My
new method delights both the par-
ents and the pupils with its results.
A child of ordinary ability can play
third-grade music correctly in a short
time. See Miss Cecil. Hodges, 79
East Warren. Sorthwast 1122.
Stocks
PACKARD COMMON
FEDERAL TRUCK
PRUDDEN WHEEL
REO MOTOR
TIMKEN-DETROIT AXLE
FORD OF CANADA
PAIGE MOTOR
BARGAINS IN VACANT
GO ft. on Harper Ave. near Helen.
Ripe for stores.
38 ft. corner Duncan and Sheridan.
Small apartment site.
SCHULTESIS,
1456 E. Grand Blvd.
Lincoln 146.
SIOP!!!
$450 will buy the best
1918 Studebaker—Commer-
cial car, panel sides—in the
city. Excellent mechanical
condition. New cord tires
on rear wheels. Car belongs
to florist and body is in ex-
cellent condition. Must sell.
Call owner, Walnut 3648 or
sec car at 335 Linwood.
DON'T l'ASS THIS UP!
JEWISH YOUNG MAN can have
nicely furnished rooin with private
tastily. \Vest IrVarren section. 41
Barium St.
TO RENT—Nicely furnished room
with private family to refined young
Jewish gentleman. Address Box
850, care of Detroit Jewish Chron-
icle.
are specialists in the above-
W E named
named stocks and believe tin-
der existing conditions that they are
worthy of your consideration.
We will also be pleased to execnte
your orders in other stocks and mar-
kets at all times.
WANTED—Large front room, or
two bedrooms, by three refined
Jewish young men. Address S.
Blumberg, 580 Woodward Ave.
kVANTED—Young man would like
to have private tutor to teach him
English. Only a school teacher
need apply. Address Box 601, care I
of Detroit Jewish Chronicle.
O'Hara, Ferriss & Co.
A. W. WALLACE & CO.
We desire to announce
the removal of our offi-
ces from the Dime
Bank Building to 520
Penobscot Building.
Telephone Main 1041
Members Detroit Stock Exchange
Penobscot Building
Cherry 2800
Members Detroit Stock Exchange
Second Floor, Dime Bank Bldg.
Cherry 829
NEW ISSUE
$1,000,000
Truscon Steel Company
YOUNGSTOWN, OHIO
7r; CUMULATIVE PREFERRED STOCK
Par Value $10
0
Dividends payable quarterly: :Vlach 1, June 1, September 1 and December t. Redeemable in whole
or in part at $11 and accrued dividends at any time before September 22,.1933, when it.
is subject to redemption at $10 and accrued dividends
Transfer Agate and Registrars: The First Trust & Savings Co., Cleveland, 0., Security Trust Com-
pany, Detroit, Michigan, and The Dollar Savings and Trust Company, Youngstown, Ohio
FREE FROM THE NORMAL FEDERAL INCOME TAX
Exempt from Personal Taxation in the State of Ohio and Michigan
LisTED ON THE DETROIT STOCK EXCHANGE
Mr. Julius Kahn, President of the Company, has summarized his letter to the Bankers regarding this
preferred stock as follows:
Corporation:—The Company was incorporated in 190:1 and manufactures and sells the universally known
"Kahn Building Produces." and other material used its reinforced concrete construction and concrete
road building of every description, including steel roils, metal lath, trussed hare, column hooping, struc-
tural pressed steel, sashes, steel windows, etc.
Capitalization:—Upon completion of the present financing, the capitalization will be as follows'
Authorized
Issued
7• Preferred Stock (par ($10)
$2,500,000
$2,500,000
Common Stock (par $10)
2,000,000
1,444,650
Surplus ..
2,508,551
Sales and Earnings:—The Company's sales have increased from $1,080,442.94 in 1907 to $12,520,568.37 in
1919.
Net income after prodding for Federal Taxes:
Yearly Average January 1, 1916, to December 31, 1919'
Calendar Year 1919*
Calendar Year 1920 Estimated
*November and December, 1919, estimated.
Net
Income
$912,829.67
760,000.00
1,500,000
Times Dividend on
Preferred Stock
5.22
4.34
. 8.56
Assets:—After giving effect to the new financing, the Company's balance sheet as of October 31, 1919,
shows net tangible assets of $6,425,735.99, which Is equivalent to 257% of the l'referred Stock
value $10), and net quick assets of $3,628,576.59, or 145 of such stock.
Preferred Stock Provisions:—The Company has no funded debt and none can be created without the con-
sent of holsters of at least two-thirds In amount of the Preferred Stock. No stock having priority over
the present home can be created or issued without similar consent. The l'referred Stock has voting
power at all meetings of stockholders.
Sinking Fund:—A sinking fund of at least 175.000 per annum is provided beginning December, 1920, for
the purchase and retirement of the Preferred stock at not more than $11 per share.
Legal details have been approved by Messrs.
Chadbourne, Hun tand Jaeckel, Attorneys for the Bank-
ers, and Messrs. Butzel and Butzel, for the Company. The Accounts have been audited by Messrs. Ernst
and Ernst, Certified Public Accountants.
(par
NOTICE OF REMOVAL
tr
Mich. Smelting 8c Refining
Packard Motor Car
Paige-Detroit
Parke-Davis
Reo Motor Car
Aur Trading Department will gladly tarnish details
CLASSIFIED
47 CongressiSt. W.
)
Lafayette and Griswold
The following is an ad received by
Henry Decker, of the Benj. F. blot,
Unison Co, Real Estate Dealer in the
Dime Bank Bldg. from a friend of his,
who is one of the largest real estate
dealers in his city. As he and his as-
sociate, Mandel Meyers, specialize In
business property only, they could no:
make use of it.
FOR SALE
Six room house on the bluff, down
town;
Three rooms up stairs and three more
down.
Hard wood floors, made of old soft
pine;
Big spare room, measures four by
nine.
First clans place for a bath and bowl,
Piped for furnace; a hole for coal.
Isadore Lubin, instructor in Eco-
Roof leaks some, only when it rains; nomics at the University of Michi-
Walls all covered with daubs and gan, addressed the Young People's
stains
Auxiliary of Shaarey Zedek, NVednes-
Glass In window was cleanest last year. day evening, March 10, on "The De-
velopment of Modern Jewish Liberal
Basement—plenty of roses for beer.
Tendencies."
Good strap hinges on eviry door;
His subject, in the light of the
Get your locks any hardware store.
present day social and economic un-
Sink in kitchen is full of grease;
rest,
proved of unusual timeliness. In
Shades cost almost ten cents apiece.
Ten bucks down, anything that's fair. an interesting manner, clearly and
logically,
Mr. Lubin traced the causes
lest on ikk—what you've got to spare.
of Liberalism and Radicalism in other
Lawn grass died seven years ago.
ages and climes, giving to them mod-
You won't have any lawn to mow.
ern interpretations.
See this house any time you wish,
A delightful feature of an unusually
Deal wills owner and save commish.
interesting meeting was the singing
EUGENE BROWN, Peoria.
by Miss Myra Cohen. She was as-
sisted by Miss Sylvia Simons on the
piano in the rendition of several very
attractive
numbers. A pleasing num-
RAGTIME TAUGHT, also Classical
Music, according to modern school. ber on the program was the appear-
Miss Helen Krause, 220 Medbury ance of Miss Leah Wedawer in a few
Ave. Northway 3436.
entertaining readings.
Isadore Lubin, U. of M.
Instructor Addresses
Shaarey Zedek Y. P. A.
Dansard-Hull-Bumpus Co.
sia
eva:
Certified Public Acrourttants
Dime Bank Bldg. Cherry 271
Woolworth Bldg., Now York
Price—$10 Per Share
Merrill, Lynch & Company
Members New York Stock Exchange
Penobscot Building
• CHICAGO
105 So. be Salle Street
February, 1920
Detroit
120 BROADWAY, N. Y.
LOS ANGELES
Van Nuys Building
All Statements herein are based on information which we regard as reliable and
while we do not guaran-
tee them, they are the data upon which we have relied In the purchase of these securities