THE DETROIT JEWISH CHRONICLE

Weekly Market Review

f urntshed by statatIcal Department of
O'Hara, Perriss & Co.

--‘4011;14ell
EFRONT
S

Willys-Overland Votes to
Increase Common Stock

Boston—Directors of Willys-Over-
land Co. have voted to increase com-
mon stock by 50 per cent. New stock
to be offered to stockholders at $25
per share at the ratio of one new
_Bare .for every two shares of old.
Following statement issued in cornice.
Hon with financing:
"In order to increase working cap-
ital so as comfortably to handle the
record-breaking production planned
ler this year, reflected In a heavy in-
ventory account and in order to make
ample financial provision for the fu-
ture, directors of the company have
decided at this time to Issue 800,000
additional common shares of the re-
cently authorized Increased of 1,000,-
000 common shares. Stockholders of
record April 23 will he entitled to sub-
scribe at par $25 per share, In the
ratio of one new share for every two
shares of old. Arrangements have
Leen made for the disposal of approx-
imately 50 per cent of the offering If
it is not subscribed for by stockhold-
ers.
"Current earnings of the corporation
are very satisfactory."

During the past week trading has
been well distributed throughout the
entire list of stocks dealt 10 on the
Detroit Stock Exchange. Among the
motors Continental, Ford of Canada,
Federal Truck, Lincoln Motors, Pack-
trd, Paige-Detroit, and Reo have been
is strong demand. Gladys Belle has
been prominent, while sales in Mich-
'pm, Columbia, and Holland•St. Louis
sugars have been recorded. Public
utilities have been represented by
.....
American Light & Traction and De-
,•
It NIS-IT 6. DAY
lre
troit Edison.
—
i ll
Other industrials to change hands
on the floor of the local exchange
have been Auto Body, Detroit and
.
Cleveland, Bower Roller Bearings,
i
al. '
Charcoal Iron, C. P. R. & L., Linder-
,
man Steel, Trus-Concrete Steel,
Hayes Manufacturing, Western Knit•
—.
.—
ting and United States Radiator.
'Money has remained at a conveni-
ent level, foreign exchange has con-
"DESCO" Store Front Construction is a combination of simplicity
tinually showed signs of improvement,
and strength, sold at a moderate price. We give one-day service when
and the general outlook among local
necessary.
Investors is optimistic regardless of
the recent disquieting news of the
railroad strike.
A factor which is expected to have
a constructive bearing on market con-
ditions Is the fact that Republican 1919 Net Profit After All Charges and
Federal Taxes $2,491,070. Equival-
Congressional leaders are preparing
ent After Preferred Dividends
a revision and simplified schedule of
97.65 a Share On 250,000 Com-
corporation taxes. Modified principles
mon, Against $7.88 In 1918.
0
0
00=01=3
of excess profits tax now in vogue will
0=
undoubtedly be well received among
a
New York.—Due to the fact that
U investing circles.
earnings of Pierce Arrow Motor Car
0
Co. in last quarter of 1919 were con-
siderably higher than in any other
quarter of the year, returns for full
12 months were somewhat better than
expected. Net profits after all charg-
es
and federal taxes were $2,491,070,
Price Asked by Most Producers Is 19
equivalent after preferred dividends to
Cents, but Many Are Refused Metal
$7.65 a share on 250,000 shares of com-
at Thls Figure—March Sales
mon, against $2,765,741 or $7.86 a
Probably 250,000,000 Pounds.
share in 1018.
Following shows net profits after
Most producers are still selling at
Il cents a pound for second quarter taxes, dividends paid and surplus for
copper. Another large producer, how- each quarter of 1919 and total for
.
ever, Is considering immediate raise the year:
Net profits, 1st quarter, $567,884;
to 19 1-4. All producers are shows
ing reluctance to sell at 19 cents, and second quarter, $625,804; third guar-
only certain costumers can still buy at ter, $470,853; fourth quarter, $820,-
that price.
529; total, $2,491,070.
Amount of copper sold during March
Preferred dividends, let quarter,
will probably approximate 250,000,000 $200,000; second quarter, $200,000;
pounds, although if other companies third quarter, $200,000; fourth quarter,
have sold proportionately as much as $200,000; total, $800,000.
has one of the largest agencies, the to- Common dividends, 1st quarter, $312,
tal of foreign and domestic sales may 500; second third, and fourth quar-
ters, dividend passed. Total, $312,-
reach 300,000,000.
Producers could have sold much 500.
more if they had so desired, but they Surplus, 1st quarter, $55,384; second
are all showing strong determination quarter $425,804; third quarter, $276,-
to keep buying more evenly spread 853; fourth quarter $620,529; total,
T hroughout the months of the different $1,378.570.
Miaiters instead of having consumers
Net profits in the last quarter were
take a large amount one month and almost double the previous quarter
then stay out of the market for sev- and $94,725 in excess of second three
eral weeks. It is in order to encour- menthe.
age this more even buying that pro-
It is estimated that earnings this
ducers have lately been increasing the quarter are running at rate of approxi-
D
0 :rice a quarter of a cent at a time, mately $4,000,000 a year before feder-
0 instead of by one-half cent Jumps. al taxes. In 1917, the best year In the
11
This also Is the reason why regular company's history, net before taxes
c ustomers are able to obtain some- was $4,791,274. Conditions which ac-
shat lower price than spasmodic buy- counted for the poor showing last
North Yard—Lincoln 235
West Yard—Walnut 247
ers.
year are being gradually improved,
Foreign demand is increasing, and end a director says the outlook is very
Van Dyke and Detroit Terminal
West Warren & Pere Marquette
the price for export is firm at 19 1-4 encouraging.
R. R.
R. R.
cents. In every way the copper pro-
Balance sheet as of Dec. 31 last
0
1
ducers are In a strong position sta. shows total current assets of $17,988,-
U Istically, and the undertone of the 705 and total current liabilities of $4,-
o=0=1 =0=1=0=0=101=10=170
market is notably confident. Many 862,15:I, making net working capital
T eel that copper will probably be sell- $13,126,546. This Is a slight decline
i ng at 19 1-2 cents by end of next from close of 1918, when it was $13,-
week.
169,084. While $1,424,168 each on
hand Is about $900,000 less than pre-
vious year and $275,000 Liberty bonds
DREW 258 IN DRAFT;
In 1918 were disposed of dur-
HONORED BY FRENCH carried
ing 1919, bank loans of $2,000,000 rep-
resent a reduction of almost 50 per
Harry Margolin of Brooklyn, N. Y.,
cent from borrowings of $3,837,500 at
who drew 258 in the draft—the first
umber out of the box—and who end of 1918.
Present production schedule calls
:ante through the war unscathed, A-
cr winning several medals for hero- for about 6000 vehicles a year, half
ism, has received word that he is to passenger cars and half trucks. This
b e further honored. The French gov- will be Increased to some extent, but
ernment has recently awarded to Mar- it Is not expected that the plant, which
olin the Medallic Militaire, which is can turn out 10,000 vehicles a year,
given to men who distinguish them-
will be taxed to capacity, at least for
selves in' battle on French soil. It
w as during the fighting on the Grand the time being.
Ballois Farm on July 14 to 15 that
Margolin especially distinguished him-
elf. It looked like certain death to
tackle the job. It meant fighting
o ne's way through a perfect hail of
machine gun bullets an in practically
open territory without a chance to
"Judging from the number of fine
get to cover. Margolin went out
cars sold in 1919, and the outlook for
HICKORY 3790
% RKET G86
alone on the errand, in which several
1920, the point of saturation in the
predecessors had dropped dead in
automobile field is some years dis-
their tracks, and got through.
tant," said W. J. Gordon, of the Gor-
don Motor Sales Co., distributor for
Premier Motor cars.
•
Are You Troubled With
"Let us analyze the situation. Dar-
ing
1916, 1917 and 1918, the lean years
CLAY AVENUE YARD--497 CLAY AVENUE
in motor car production, the number
Nervousness and do your eyes blur
of potential buyers did not decrease
JEFFERSON AVENUE YARD—JEFFERSON & DET. TER R. R.
you at times. If so come to- I. Froth.
Optometrist, 204 Kling Bldg., Foot of
when compared with former years.
Adams St., Opposite Ehrlich's Jewelry
On the contrary—the number was
Store. Consultation Free.
MAIN OFFICE, CLAY AVENUE & G. T. R. R.
greatly increased, because of the un-
usual amount of money in circulation
a due to highly paid labor, large crops
at high prices and the many busi-
DESIGNER AND
nesses converted to war purposes that
MAKER OF
produced large returns to their own-
ners. The production in 1917 and
1918 was largely absorbed by the
Government, the few cars left had to
spread very thinly over a demand
that exceeded the supply at least
eight to one in 1917 and twelve to
one in 1918.
FOR STREET
"Each year, says Mr. Gordon, a
certain number of used and rebuilt
AFTERNOON AND
cars result from one of two causes:
EVENING WEAR
either the owner buys in another class
or feels that his old car has outlived
its usefulness so far as he is con-
cerned. In normal years these cars
— Phone Main 289 —
have a fixed resale value, there being
a schedule on which the average
dealer will market this used product.
M
However, in 1917 and 1918 the price
of cars that had seen two, three and
LADIES' TAILOR—IMPORTER
even five years' service sold at prices
244 Woodward Avenue, Detroit
better than obtained for them when
s.—_ Suits 305 Woodward Avenue
new. These cars, together with the

frg.

it sliiiril4sTiC
ela

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_

ibis bill

—.....,.

-

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-,

_

Detroit Show Case
Co.
_

Pierce - Arrow

476.490 WEST FORT ST
Cherry 6715

1 We Give You

o

What You Want
When You Want It
At the Right Price

0

11
o
ll

Lumber

1

SHINGLES, LATHS, POSTS, INSIDE FINISH,

0
li
9

HOUSE BLOCKS

0 a 1

Foreign and Domestic Demand
For Copper Continues
Strong

o

11

on

0 11
U
0

. a 3 Arthur L. Holmes Lumber . 1
and Fuel Co.

II
0

,c;

171

East Yard and Gen. Office: 875 Gratiot

?

Phone Melrose 245

P
o

Ei

"GET ACQUAINTED WITH US -

Hartwick Lumber
Company

NO SATURATION IN
AUTOMOBILE FIELD
FOR NEXT TEN YEARS

Wholesale and Retail

i

HEADACHES

Lumber, Lath, Shingles

EXCLUSIVE GOWNS
AND FROCKS

INTERIOR FINISH AND SPECIAL MILL WORK

MME.

.

GINSBURG

Rutherford

435 Woodward Avenue

PAGE ELEVEN

JEWISH CALENDAR.
Christians in Syria
Back Independence

00s0-1919

Sew Tear:. Eve
Wed., Sept. 24
1 om hippo,
mat. oet. 4
succoth ,First Day)
Thum, oct. I)
succoth t Last Day—Nhemial
Atsereth
Thurs., (let. le
• imehnth Tooth
Frt., Oct. 17
itosch.-1 hode•ch Cheaven Fel. Oct. 24
Itosell-Chodesch Maley... Sun, Nov. 23
t huaukall (Feast of Dediention)..
'Ord., Dee. 17
tiosch-(-hode.ch Tebeth.,11100. Dec. 22

Unite With Moslems to Oppose
Zionist State; Treaty
Delay Blamed.

London.—There is general dissatis-
faction among the Arabs with what
they expect will be their fate under
the Peace Treaty. This is held in
well-informed circles here to be the
explanation of the reported Syria n
declaration of independence. No ofn-
cial confirmation of that occurrence,
has as yet been received, but there is
no disposition here to cast doubt on
the substantial accuracy of the press
telegrams.
It is indeed suggested that it would
be as well to withhold judgment for
a few days as to the Emir Feisal's
connection with the matter. He has
shown himself a good friend of the
Allies throughout the war and is fully
conscious of all that he owes to the
Entente Powers, which raised his
father from the status of a petty Arab
chief to be King cf the liedjaz, and
it is thought that it is quite possible
he may have had to acquiesce tempor-
arily in a movement which lie could
not otherwise counteract,
It is known that the Arabs have
been seriously disturbed at the course
which events have been taking. They
have strongly objected to the con-
version of the shadowy, friendly in-
terest which France has traditionally
taken in Syrian affairs into a very
active protectorate, and they have
also been alarmed at the prospect of
the establishment of a Zionist State
in Palestine.

Christians and Moslems Unite.

Recently the Christian and Mahom-
medan inhabitants of Jerusalem have
joined hands in an agitation against
handing over the country to the Na-
tionalist party, which forms only a
small minority of the population, and
presented a petition to Sir Ronald
Stores, the British Governor, against
the separation of Palestine from Syria.
Their fears seem to have been aroused
not by the well established Jewish
pcpulation, but by the prospect of ex-
tensive immigration of Russian Jews,
who would seek to crowd them out
of their farms. •
The Syrian situation, like the Ar-
menian, is held here to demand im-
mediate speeding up of the process of
treaty-making. All parties to the settle-
ment are getting nervous, and this
seems to be the explanation of Lord
Curzon's reference in the House of
Lords last night to America. In view
of the statements cabled here as to
the impression caused in Washington
by Lord Curzon's speech, the exact
text of his reference to the United
States is here given from Hansard:
"The Turkish treaty," he said, "should
have been taken up a year ago. The
circumstance's which prevented that,
or rendered it difficult at Paris, are
well known, and the House knows
that the additional delay which en-
sued later in the year was due to no
action or inaction on our part, but
was solely due to our waiting for the
United States. That was thc neces-
sary cause of the delay. It was, in
its consequences, deeply regrettable.
I attribute no blame to anybody, but
what I have said, in fact, what he
who runs can read, is that the situa•
tion which has been grossing up is
due to the fact that twelve months
have been lost in dealing with this
question.
"We are trying to make up for that,
but do not ask us to make up for it
by indecent or imprudent speed."

Want American Mandate.

One fact on which stress has been
laid by several persons concerned
with the peace deliberations regard.
ing Turkey is that, rightly wrong-
ly, they contained the impression
from Wilsonian circles at one time
that America would undertake a man-
date for Constantinople and Armenia.
This impression was confirmed by the
allusions the President made to Ar-
menia in the speech he delivered at
Boston on landing there after his re-
turn from Paris in February last
year. He then called on the people
if America to think of the sufferings
of Armenia and to set their strength
so that she should never suffer again.
As a result of this the British-Ar-
menian Committee has adopted a
resolution urging America, in ac-
ordance with the President's appeal,
to accept the Armenian mandate.

During the past week, annual
scholarships have been contributed to
the Hebrew Union College by the
Isaiah %Yemen's Club of Chicago, Ill.,
Temple Israel Sisterhood of Boston,
Mass., and the Temple Sisterhood of
Indianapolis, Ind.

cumulative wear on all models prior
to 1917, that would naturally have
been scrapped, had there been a nor-
mal output, continued in use. This
very wear based on six million cars
now in use means that not less than
12 per cent or 720,000 must be pur-
chased each year to replace those
used to the point of destruction. For
the two years of lean production we
have a replacement necessity of
1,480,000 cars worn out, and another
720,000 worn out in 1916 not replaced,
or a total of 2,200,000 cars of which
less than 30 per cent were purchased
in 1919.
"We have in America about fifteen
million prospective automobile buy-
ers, with only one-third of the num-
ber sold, this leaves ten million po-
tential owners. Assuming that 10
per cent will buy each year, then the
1920 demand in connection with the
renewal market will be conservatively
2,540,000 cars. This does not contem-
plate the new buyers created each
year from the growing population or
those who purchase more than one
car.
"Considered from the angle of posi-
tive demand, the stability of our
national wealth, the earning power of
our people, I cannot see, despite the
largely increased production predicted
for 1920 any possibility for saturation
either in that year or for ten years
to come."

90S0-1020

Fa.t of Tebeth

Thurs., Jan.
nosch-l'hodesch Shebat Wed., Jan, 21
110,14-C hodesch Adars.Thura. Feb, In
Purim IFenst of 11sther).Thurs.. Mar.4
hodesch Nissan—Nat. Mar, 20
Passel er (Pesach).. ......
April 3
Sat., April 10
Faasoser (Eighth 1)571
nosch-fhodeach lyar..••Sum. April 18
Lnie h 'Omar
Thurs., May fl
Iloach-Chodesch Sivan., Thes.. May 1/4
shabuoth (Confirmation Dny)
Sun. May 23
Itorich-Chodench Tammuz
Wed,June le
Vaal of Tammu•
sue., July 4
nosch-Chodeseh Ab
Fri., July In
Past of Ab
Sun., July 25
linsch-Lhode•cb Ellul
S.t. Aug. 14

Yew Tear'. Eve
Sow.. Sept. If
'The day begin. at salmi' of the day

CLASSIFIED

DO YOU WISH to start your
child in music, butt 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. Sorthway 1121

TO RENT — Three beautifully large

size unfurnished rooms on the
West Side. 20 minutes' walk from
the downtown district. Very nice
neighborhood.
First-class refer-
ences required.
For information
call Glendale 6437.

TO RENT —Beautifully furnished
front room for one or two gentle-
men with references. 151 Garfield
avenue, cor. Beaubien. 2nd floor.
H. Klein.

FOR IMMEDIATE SALE—One of
the finest eighteen apartment
buildings in the city. New, at a
price that makes this building pay
a splendid income. Solid brick
construction. The neighborhood is
exclusive and the building could
not be duplicated for the money
today. Will be sold by Sunday.
Call H. L. Bale, Cherry 238 or 34
Farmer St.

BUSINESS PROPERTY FOR SALE

MICHIGAN AVE.—Two story brick,
store and living rooms above, garage,

between 35 and Campbell. Cash re-
quired, $10,000.

TWO STORY BRICK CORNER—
Near Michigan and Junction, two
large stores, 16 living rooms, steam
heated, 3 car garage, lease expires.
Cash needed $10,000,

TWO F14,511LY B. V.-16 room res-
idence on Warren and 33rd, steam
heated, hardwood finish throughout,
paneled, decorated, garage with side
drive. You will like it when you see
it. $5,000 will handle.

GLUSKI BROS.
1626 Michigan Avenue.

STATEMENT OP THE OWNERSHIP,
MANAGEMENT, CIRCULATION,
ETC., REQUIRED 31T THE ACT
OP CONGRESS OP AUG-
UST 24, 1912,

Of The Detroit Jewish Chronicle, pub-
limited weekly at Detroit, Michigan, for
April 1. 1920.

State of Michigan, County

BS.

of Wayne—

Before me, a Notary Public In and for
the State and county aforesaid, person-
ally appeared Joseph J. Cummins, Who,
having been duly sworn according to
law, deposer' and map( that he Is the
iluelness Manager of the Detroit Jewinh
Chronicle and that the following Is, to
the best of his knowledge and belief, a
true statement of the ownership, man-
agement, etc., of the aforesaid publica-
tion for the date shown In the above
caption, required by the Act of August
24, 1912, embodied In section 113, Postal
Laws and Regulations, to wit:
I. That the names and addressee of
the publisher, editor, managing editor,
and business managers; are:
Publisher, The Jewish Chronicle Pub-
lishing Co., 1331 Book Bldg.: Editor Con•
tributing, Dr. Leo M. Franklin, 680
Woodward Ave.; Managing Editor, Na-
than J. Gould, 1331 Book lildg.• Business
Manager, Joseph J. Cummins, 1334
Book
'

Bldg.

2.
the owners are: (Clive names
and addresses of individual owners, or,
If a corporation. give Its name and the
names and addresses of stockholder.
owning or holding 1 per cent or more of
the total amount of stock.)
The Jewish Chronicle Publiabing Co.,
1334 Book Bldg.; Joseph J. Cummtne,
1334 Book Bldg.; Nathan J. Gould, 1334
Bo sokTB
ha ld t g. t

he known bondholders, mort-
gagees, and other security holders own-
ing or holding 1 per cent or more of
total amount of bonds, mortgages, or
other sec:urine. are: None
4. That the two paragraphs next above,
giving the names of the owners, stock-
holders, and security holder., If any,
contain not only the ilst of stockholders
and security holder', as they appear
upon the hooks of the company but also.
In cases where the stockholder or secu-
rity holder appears upon the books of
the company as trustee or In any other
fiduciary relation, the name of the per-
con or corporation for whom such trus-
tee Is acting, is given; also that the said
two paragraph. contain statements em-
bracing afflanCs full knowledge and be.
lief as to the circumstances and condi-
Home under which stockholders and
security holders who do not appear upon
the books of the company as trustees,
hold Mock and securities In a capacity
other than that of a bona fide owner;
and this Relent has no reason to believe
that any other person, ageociatIon, or
corporation has any Interest direct or
indirect in the said stock, bonds, or
other securities than as is stated by
him.

6. That the average number of copies
of each Issue of this publication sold or

distributed, through the mails or other-
wine, to paid subscribers during the six
months preceding the date shown above

Is

(This information is required from
daily publications only.)
JOSEPH J. CUMMINS.
Hushes. Manager.

Sworn to and subscribed
before me this lit day
of April, 1910.
Anna B. Cohen, Notary Publle, Wayne

(Seal.)

I ),