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PAGE NI NE
THE DETR011 EWISH CHRONICLE
D9C101=10=01=10=10=10=10=000
Weekly Market Review
Furnished by Statistical Department of
O'Hara, Ferri.. & Co.
National bank protection for your
savings; tho highest possible type of
service and co-operation on commer-
cial accounts; and, It you desire to
send money or do business overseas,
a world-wide connection that assures
satisfaction; these are just a few of
tne advantages you gain by doing
business with this bank.
FIRST/OLD DETROIT
NATIONAL BANK
MEnDER FEDLItALRESTRVE B.110i
AUTOMOBILE AND
TIRE SITUATION
monthly output of preceding year,
55 hen production was running about
full.
N. Y.—With substantially more
than 7,000 000 motor vehicles register-
ed in the United States, there is talk
In some quarters that the so-called
"saturation point" is being reached.
W. 0. Rutherford, vice-president of
B. P. Gocdrich Co., scoffs at this,
pointing out that the same cry was
raised years ago.
"So far as passeng& vehicles are
concerned." Mr. Ittliherforil says, "we
are now at the crest of a buying
market. Production does not equal
demand and I expect this condition
to exist for some (line. I recall be-
ing old at one of the New York auto-
mobile shows way back in 1907 that
the then annual production of 60,000
ears marked the peak point In auto.
mobile manufacture and that the num-
ber of cars to be made annually would
lessen rather than increase. Just as
that prophet WIN suffering from brain-
storm . .50 will I classify those who
today are refusing to advance with
the times. Proposed ear production
for 1920 is 2,250,000 cars. An analysis
of the market at home ,tad abroad
shows an ability to absorb even great.
Cr produ •tion; hence the possibility
of a shortage of cars is imminent."
The figures seem to bear out re-
ports during the strike that opera-
tions were not seriously affected.
Further evid-nce of the thought be.
lug given by the corporation to wel-
fare of employees Is contained in an'
neuneement that 26,080,796 was ex-
pended on various phases of provid-
ing homes. Work on 3800 houses was
in progress (luring the year.
The local market has been rather
active during the past week. Trading
has not been confined to any particu-
lar class of securities, but has been
well distributed throughout the list.
Among the motors Continental, Ford
of Canada, Lincoln, Paige-Pet roil,
Packard, and Res have been promin-
ent. The utilities list has been rep-
resented by sales in American Light
& Traction and Detroit Edison.
Gladys Retie has been active during
0 the past few days, the increase in the
common dividend rate creating a
trong demand for this security. Other
stocks to change hands on the floor
of the local market have been Com-
merce Motors, Detroit & Cleveland
Navigation, Charcoal from Common,
Columbia Sugar, Michigan Sugar,
Miles-Detroit, Parke-Davis, Mexican
Crude Oil, and Western Knitting.
The money supply has been rather
irregular during the course of the pas'
week, but late information is to the
effect that substantial gold shipments
are to he made to this country from
England. This will no doubt relieve
the tension in the money simply and
will be a constructive factor in the
O foreign exchange situation.
Some of the local companies have
already expressed the policies winch
will he followed in rgard to stock
dividends as a result of the recent rul-
ing of the Supreme Court.
The tone of Detroit investors is
N. V.-Evidence of how comply-
very optimistic, and the market is etIvely slight was the cut In steel pro.
generally expected to maintain its duction, dun to the strike Is contained
present strength and gradually seek
bit Ingot output of the Steel Corpora-
higher levels.
tion for 1119. II w118 17200,376 tons,
TELEPHONE COMPANY TO ::.28:1,140 less than 1918. Four fee,
operated to cut production in
SPEND $10,000,000 YEARLY tors
1919 --the price wrangle with Indus-
SAYS PRESIDENT KUHN Itial early in the year. Inade-
quate rail facilities the latter part of
Michigan shares with the nation
the year the coal strike and the steel
ill an industrial activity the like of
which the world has never before strike.
In view of these various causes, to
known, in the opinion of business
and trade experts, and faces a future aFcribe the loss of more than 1,000,000
that holds even greater possibilities. tons or about 40% of the total loss as
The remarkable growth of the state's compared with 1918 to the steel strike
industries is shown in the annual would went unwarranted. Steel in-
reports of many of the leading indus- got output in 1918 was 19,481,391 tons
trial concerns and their statements
or at mmithly rate of about 1,622,000
in nearly every instance outline pro-
tons. Assuming the strike caused a
grams for the coming year that in-
dicate there is to be no pause in the reduction of 1,000,000 tons, that would
represent only about 60'1 of averagt
onward march.
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Bonds
Bonds
Dansard-Hull-Bumpus Co.
Investment Bankers
47 Congress"St. W.
Detroit
Stocks
Stocks
c-
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Conservative Investors
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will find an unusually attractive medium In our offering of the first
mortgage bonds of one of Detroit's substantial and most prosperous
industries—short serial maturities.
Rabbi j D. j urman of East Boston
has left ,or Waterbury, Conn., to
serve as spiritual head of the local
Jewish community. The contract has
been made for five years and the sal-
ary is to be $5,000 per annum.
Assets eight times debt
Earnings EIGHT times interest charges
To Yield 710
Call or write for circular B 110
W. G. SOUDERS & CO.
• 1438 Dime Bank Bldg.
Cadillac 6010
!Boston Stock Exchange
558 Penobscot Building
Phone Main 1800 for Quotations ...
Correspondents
MILLER & COMPANY
120 Broadway
Members New York Stock Exchange
Detroit
Western Knitting Mills Inc.
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Is meeting increase d business monthly
Kay and Company Inc.
INVESTMENT BANKERS
Members Detroit Stock Exchange.
Cherry 2760. Penobscot Bldg.
Listed
and
Unlisted
Stocks
Packard Motor Common
A comparison with other representative motor stocks Indicates that
Packard common at present market is still an attractive purchase.
Book value approximating market price, increased earning power 'for
1920, and prospects of a 100% stock dividend in the immediately future
should result in substantially higher prcies.
To those interested we will send an analysis covering the company's
operations for the past five years.
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Carlyle & Povah
Members Detroit Stock Exchange
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606 Penobscot Building
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SURVEYS—Land Subdivisions, Muni-
cipal l.nyouts.
STRUCTURAL DF:SICNS—Plans, Es-
timates, Reports, Supervision.
225 Farwell Bldg.
Tel. Main 2043
Surveying within 24 hours.
— Let Us Be of Service to You —
Members Detroit Stock Exchange
1722 Dime Bank Building
Cadillac 1390
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E. E. MacCrone & Company
Members of New York and Detroit
Stock Exchanges
Offer to Investors the Superior Facil-
ities and Organized Services of Their
INVESTMENT DEPARTMENT NEW YORK DEPARTMENT
High-Grade Investment Issues Listed and Unlisted N. Y. Stocks
STATISTICAL DEPARTMENT
TRADING DEPARTMENT
Local Listed and Unsolicited Stocks Analysis and General Reports
Liberty Bond Department
301 PENOBSCOT BLDG. TELEPHONE CHERRY 7460
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Members Detroit Stack Exchange
W. E. MOSS & COMPANY
ABE HERTZBERG, Mgr.
•
8,000 SQUARE FEET FOR LEASE
BENJ. F. MORTENSEN CO.
1319 DIME BANK BUILDING
LOCAL OR LOCAL DISTANCE PHONE—CHERRY 2685
Cherry 829
CONTINENTAL MOTORS COMMON
FEDERAL MOTOR TRUCK
FORD MOTOR OF CANADA
HUPP MOTOR COMMON
LINCOLN MOTORS "A"
PACKARD MOTOR COMMON
PAIGE DETROIT MOTOR
PRUDDEN WHEEL
REO MOTOR CAR
Send for our special letter on any of these stocks.
We specialize in Motor and Equipment Stocks and can give quick
service on all inquiries and orders.
301
CADILLAC 302
303
Just north of Grand Circus Park on Woodward. Second Floor.
Suitable for most any kind of business or general offices. Freight ele.
vatr end all late modern conveniences and good display windows. Rent
very reasonable. Consult with Henry Decker, or Mandel Meyers, Bus-
iness Property Department.
— WE ADVISE THE PURCHASE OF —
MICHIGAN SMELTING AND REFINING
COMMON STOCK
Call Our Trading Department for Information
Regarding This Security
Second Floor, Dime Bank Bldg.
Broadway Taxicab and Messenger
RICHARD BRAND COMPANY
Phone Main 4800
O'Hara, Ferriss & Co.
TAXI
STOCKS
CHICAGO
CLEVELAND
WE INVITE YOUR INQUIRIES CONCERNING
CONSERVATIVE
INVESTMENT
SEMI-SPECULATIVE
INVESTMENT
SPECULATIVE
INVESTMENT
NEW YORK
Ni""ber'l Detroit Stock Exchange
CIVIL ENGINEERS
1
Certified Public Accountants
Main 1041
Penobscot Bldg.
Woolworth Bldg., New York
Direct Private Wires to All Security Markets
GOLDMAN & ULLIAN
35 Palmer West, Near Woodward
5-
a.
James D. Crowley & Company
New York
Grand Rapids
Cherry 2800
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ALKON AUTO SALES
The firm which understands
this principle seeks the analy-
tical service rendered by Cer-
tified Public Accountants.
A.W. Wallace & Co.
Penobscot Building
— WE PAY SPOT CASH
Of all the forces working for
the success of a business, those
from within are the more im-
portant. The executive with a
thorough grasp of conditions
within controls outside in-
fluences as a clatter of course.
BOSTON
(Members Detroit Stock Exchange)
Wanted
-
The admonition to seek self-
knowledge applies with even
more force to a business than
to an individual.
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A. W. Wallace & Co.
USED
CARS
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The public utilities of the state will,
of course, be expected to keep step
with the industrial advance but they
face conditions, according to utilities
experts, that may prevent them keep-
ing up and have a serious effect on
business in general.
The necessity that the credit of the
utilities of the nation be kCpt at high
standard is emphasized in a review
of conditions by Stone & Webster,
in which it is stated that $700,000,000
of new capital for extensions and im-
provement of existing plants most
be obtained front investors this year
to keep pace with the growth of the
country. Michigan's needs, in this
connection, are in proportion to its
great industrial advancement.
The position of the Michigan utili-
ties may be instanced by the case
of the MiChigan State Telephone
Company, in the annual report of
which President Franz C. Kuhn, de-
clares that at least $12,000,000 per
year should be spent that the tom
parry might keep step with the growth
of the state's population.
"To secure such sums of money
the company must be put upon the
basis of earning a fair return upon
the fair value of its property," Presi-
dent Kuhn declares. "Until the com-
pany is put upon that basis it cannot
serve the public adequately."
"Know Thyself"
What employees apparently think
of the Steel Corporation is found in
announcement that 66,477 hail sub-
scribes' for 167,107 shares as a re•
suit of recent offering, against 55.813
subscriptions for 155,186 shares the
preceding year.
UNITED STATES STEEL
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IN FINANCIAL DETROIT
IA sil
Members Detroit Stock Exchange
710 Union Trust Building
Main 4612
OTIS & COMPANY
(Members of New York, Detroit, Cleveland, Chicago
Stock Exchange)
ORDERS EXECUTED IN MOTOR, RAILROAD AND INDUSTRIAL
STOCK ON ABOVE EXCHANGES
Second Floor Majestic Bldg.
CADILLAC 6502