PAGE SEVEN THE DETROIT JEWISH CHRONICLE sza gi IN FINANCIAL DETROIT o0ao=or=o==0=0=zonor=o=0 0 0 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 • rizriBrit FEDERAL RESERVE atmi .).•0=0=0.,==)=0,===0=a r)/ I :\.. 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