▪ 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. 0 Bonds Bonds Dansard-Hull-Bumpus Co. Investment Bankers 47 Congress"St. W. Detroit Stocks Stocks c- 1•••••••••••••••••••••••••••••••••••••••1 ■ Conservative Investors ■ ■ ■ • ■ • ■ ■ ■ • • • ■ • 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. ■ 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. ■ Carlyle & Povah Members Detroit Stock Exchange • 606 Penobscot Building • 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 ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ 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 ■■■1■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ • 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 — 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. • A. W. Wallace & Co. USED CARS • emseims•sm•smosimas••••••••••••• • 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 ■ • • stl As 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