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THE DETROIT JEWISH CHRONICLE

IN FINANCIAL DETROIT

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MICHIGAN TAX-
FREE BONDS

$14,000

DETROIT EDISON COMPANY First and
Refunding 6%, Due July I, 1940.

Price 89 to yield over 7%.

$29,000

WEST BLOOMFIELD SCHOOL DIS-
TRICT No, 5, Oakland Co., Mich.,
School Bonds 6%, Due 921-34.

Price to yield 5.70%.

Dansard-Hull-Bumpus Co.

47 Congress St. W.

Main 3410

Members Detroit Stock Exchange

Samuel G. Madison

GENERAL INSURANCE

Guardian Life Insurance Co.

OF AMERICA
LIFE
WORKMAN'S COM-
AUTO
PENSATION
BURGLARY
BONDS
PLATE GLASS
FIRE
To Insure Is to Protect Service—Our Motto.
1132 Majestic Bldg.
Cherry 2416

Furnished By Courtesy of
Otis & Co. 200 Majestic Bldg.

Southern Railway was one of the
few large roads which did not accept
the government guaranteed compensa-
tion fo rtbe six months ending Sep-
tember lot. For April, when the ma-
jority of the roads reported a deficit
from operation., this company showed
net of $1,501.105 compared with $381,-
878 In 1919. Gross for the first four
months was $48,921,787, an increase
of $24.5% over a year ago and net open
sting income was $6,265,823 compared
with $1,460,369 In same period last
year. Although earnings for the first
four months are normally below the
average for the year, net for this per
was at the annual rate of $18,-
797,469 or $144,000 more than the gov-
ernment compensation which hi equiv-
alent to 9.55% on the preferred and
2.27% on the common. A 30% Increase
In freight rate. would mean an in-
crease of $30,000,000 in .grosa. If the
company were to save for operating
Income oniyl 2-3 of this Increase, then
net would be equivalent to over 12%
for the common. Except for equip-
ment obligations the company hail less
than $1,000,000 of bonds maturing
prior to 1922.

Southern Pacific

The annual report of the Southern
Pacific shows an increase of $25,582,-
000 In the capital stock due to the
conversion of $31,733,650 of bonds dur-
ing 1919. Fined charges are according-
ly reduced by $1,320,000. If operated
for its own account In 1919, the com-
pany would have earned over $9 per
share. Income from railway opera-
tion after allowing for all fixed
charges was equivalent to $4.50 per
share and the remainder was made up
from outside income. Increased earn.
Inge from the Fuel Oil Department ac-
counted for an Increase of $1,925,629
In Income from miscellaneous sources.
During the year the company', title
to this 161,000 acres of productive and
valuable oil land was confidmed and
profits from this source may be expect-
ed to improve. A 24% increase In
freight rates would mean $39,120,000
additional gross revenue. If 2.3 of the
Increase In groin' were saved for net
Income, It would mean $6 per share
additional after profifit miming with
the government. Accordingly net
earnings of $16 a share may remain.
ably be expected.

GENERAL MOTORS

UNLISTED STOCKS

Protective Service to Client'

BE

WE WILL
PLEASED TO FURNISH YOU WITH INFORMATION
CONCERNING ANY UNLISTED STOCKS OR BONDS WHICH YOU
OWN AND OF WHICH YOU HAVE HAD NO RECENT NEWS.

TIIRU OUR LOCAL AND OUT-OF:POWN CONNECTIONS WE FIND
MARKETS FOR SECURITIES NOT LISTED ON ANY OF TILE
STOCK EXCHANGES.

CONSULT US FOR INFORMATION AND QUOTATIONS.

THIS SERVICE WITHOUT CHARGE OR OBLIGATION.

Murray G. Edelston & Company

Investment Securities

UNDERWRITERS

CONGRESS BUILDING

Cherry 8271

IT'S DETROIT'S DUTY
That Means Your Duty!

Detroit is the fourth city in
the United States in population,
with nearly a million within her
corporate limits and over a mil-
lion in the territory enclosed by
her geographical boundaries.

This I. ono of the Sal
new boa... warns" tae
bond bane now offered

To insure that her growth in the
next decade will be proportionately as
great as it has been for the last to
years, some solution of the housing
congestion problem must be found at
once. Otherwise growth will be a
handicap rather than a benefit.
The Douse Financing Corporation
Is offering an issue of $600,000 serial
gold bonds bearing 6 per cent interest,
barked by a first mortgage on '221 new
houses and the land upon which they
are built in 21 localities scattered over
the entire city. The security is more
than 33 per cent greater than the loan.
This money will be used to continue
and extend the work of building
houses for Detroit workers; which
means to make Detroit • better place
for YOU.

Orders for dim bond. will be received by mail, or
t•l eph e ne (Main 1324) at lM office of
the company.
Better still, call in pecans and got full details at this
unusual offering. Order. also will be received by the
recognized bend houses, the trust companies sad the
banks of Detroit.

HOUSE FINANCING CORPORATION

Suite 306 Dime Bank Building
Telephone Main 1324

Net earnings of the General Motors
Corporation for the first quarter were
$19.603,405 after Federal Taxes, corn-
pared with $17,329.353 for the enure
periad laid year, an increase of FM.
Last year 27% of the year's profits
were made in the first quarter. On
thin basis after allowing additional
earnings of 8% on the $64,000,000 new
working capital supplied by the re-
cent financing net share on the pres-
ent stock outstanding after deducting
dividends on the $99,553,700 of pre-
ferred and debenture stock,.
On
March 31st the company had a net
Working capital of $142,929,932 which
has since horn Increased to $207,000.-
000 by the recent issue of common
stock. After deducting all prior se-
curities at par, there would remain
net quick assets of over $5 per share
for the 19,305,000 odd no par share*
now outstanding and net tangible as.
sets after deducting all good will
would equal $15.50 per share of com-
mon.

U. S. Rubber

ST. LOUIS
SOUTHWESTERN

UNUSUAL PROFITS

Although earnings of most railroads
were adversely affected by strikes and
embargoes during April, the St. Louis
Southwestern continued to make a
favorable showing. Gross fur the
months was $2,089,318, a 47% in-
crease over the corresponding month
last year, and net was $203,177, com-
pared with $117,094 In 1919. Net
operating Income after taxes for four
months was $1,468,269 which com-
pares with a deficit of $83,813 for the
same period a year ago. The cans.
Inge of the company have justified
the decision of the management to
decline the government's guaranteed
compensation (or the six months end-
ing August 31st. For the two months
under private operation net income
has been $891,458 compared with
equivalent guaranteed compensation
of $651,820, an Increase of 37%.

St.

are being earned by the

Union Investment Company

Organized for the purpose of financing
dealers in motor vehicles, building con-
tractors, etc. Incorporated February 6,
1919. Authorized Capital Stock $200,-
000-8 per cent preferred; $200,000
common.
This is not an ordinary proposition, but an unusual
investment.
An increase in capital stock makes available for a
short time an opportunity to share in the substantial
earnings of a going financial institution.
Practically the entire capital is kept in cash or nego-
tiable paper ,affording unusual security combined with
careful, experienced management and moderate ex-
penses.
The officers and directorate are a guarantee of fair-
ness to both stockholders and clients.

Louis SouthWestern

Gross earnings of St. Louis South-
weatern for the first three month, of
this year were $7,106,950 an Increase
of 64% over the corresponding period
a year ago. Net for the period was
$1,165,091 compared with a deficit of
$205,907 in 1919 and was at the an-
nual rate of $4,6660,000 or $750,000 in
excess of the government guarantee.
This would be equivalent to 8.1% on
the $19,893,650 5% preferred stock and
to 3.75% on the common. These
earnings were based on present actu-
al operating results. A 24% rate in-
crease would mean over $3,000,000 ad-
ditional gross revenue. Provided only
2-3 of this Increase were saved for net,
earnings would be at the rate of $16
per share of common or more than
the present market value.

OFFICERS AND DIRECTORS

Abraham Cooper, President
Leonard E. Brown, V.-Pres.
David Cooper, Sec'y-Treas.
Claude M. Beers, Director

Assistant Cashier ational
Bank of Commerce.

Julius Rubnier, Director

Assistant Cashier First State
Bank.

Lent D.. Upson, Director

Formerly Executive Secretary
of the atloaal Cash Register
Company.

Write or Phone for our Booklet—

The Central Bureau of the "Agu:
dath Yisroel" recently held an import-
ant series of conferences at Zurich.
The most important business trans-
acted was the decision to hold a
world congress in the autumn.

ABRAHAM COOPER

TELEPHONE—CADILLAC 7609-7510.

Detroit, Michigan

2219 Dime Bank Bldg.

OTIS & COMPANY

What Are
Your Profits?

(Members of New York, Detroit, Cleveland, Chicago Stock Exchange.)

Business organizations whose
accounts and papers are regular-
ly audited by a Certified Public
accountant, know exactly When
they are, where they are headed,
and what profile they are making.
(blesses, opinions and estimates
are eliminated.

ORDERS EXECUTED IN MOTOR, RAILROAD AND INDUSTRIAL

STOCK ON ABOVE EXCHANGES

= =10= 1=101:30===== izz

Motors, Oils, Mining and Curb Industrials for Cash
or on Moderate Margins

•

0

Certified Public Accountants

Main 1041

Woolworth Bldg., New York

CADILLAC 6502

Second Floor Majestic Bldg.

The Certified Public Accountant
turn. the apotlight on the true
Mate of affair.. and through his
professional knowledge is capable
of correcting dangerous con-
ditions that would otherwise es-
cape attention.

Penobscot Bldg.

A gl

CHARLES A. STONEHAM & CO.

Real Estate Exchange Bldg., Detroit

TELEPHONE CADILLAC 6150

(Eatabliahed 1903)
41 Broad Street, New York

Direct Private Wires

Weekly Market Letter Sent Free

To DETROIT

GAS CONSUMERS

We have- an ac-
tive market in the
rights to purchase
new stock issued
by the Detroit
Creamery Co.

25 foot extra heavy double Copper Coil Tank Hot Water Heat-
ers $25.00 FREE Connection. Why pay more?

Call our trading
department for
complete informa-
tion.

GAS SERVICE STATION

Second Floor Dime Bank
Bldg.
Cherry 829

Have you heard about the Gas Service Station now located at
72 Broadway?

This Gas Service Station was established that you may have
better gas service beyond your meter.

You may now have your stove, range or hot water heater clean-
ed, adjusted or repaired within three hours.

This Gas Service Station was also established that you may be
able to buy BETTER STOVES and Hot Water Heaters for LESS
MONEY.

Elevated Oven Gas Ranges for $47.50. Free Connection.

"Pittsburg" Automatic Hot Water Heaters--Free Connection.

72 Broadway

II

"No Promotions"
otimo=to mo
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Earnings for the first six months
are not yet available, but it le esti-
mated that they are running close to
or slightly above the rate of last year.
Net earning. for 1919 after taxes
were 117.730,237 equivalent after pre-
ferred dividend to $15.66 on the $01,-
000.000 common stock now outatand-
Ins. On December 31 last net quick
assets were $134,903,321 or $3,800,-
000 in excess of the total bonded debt
and preferred stock. Prior to 1919
the greatest part of the company's
sales were rubber foot wear. The se-
verity of last winter depleted the
stocks of arctics, rubbers, etc. held
by most dealers and accordingly a
heavy fall demand is anticipated. In
1919 sales from tires formed the great.
est part of the business and the com-
pany will shortly have In operation
additional tire manufacturing plants
which will by next spring give a tire
output of double that at the close
of 1919. Director, are scheduled to
meet, July 1st and although there has
been some talk of another stock div-
idend distribution, only the regular $2
quarterly dividend is expected.

O'Hara, Ferriss & Co.

0

Cherry 2777-8019

