Amerkan lavish Pe
PAGE FOUR
THE DETROIT JEWISH CHRONICLE
IN FINANCIAL DETROIT
BUYERS, NOT SELLERS,
RULE PRESENT PRICES,
BANKING HOUSE VIEW
Federal Reserve
FIRST MORTGAGE
4.8 0
F THE derelict drifting the un-
charted seas, could narrate its
story, it would tell that its owner
was lured from beaten tracks by the
gleam of gold and sudden riches.
The seas of Finance are strewn with
the wrecks of the venturesome. But
there is a definite course well known to
the experienced--a sure, safe and posi-
tive way to prosperity.
Such a course is offered by our First
Mortgage Bonds with their 6 per cent
interest.
Denominations range from $50 to
$1,000; tax exempt in Michigan; Federal
income tax of 4 per cent is paid by
mortgagor.
nrciAgAV
ETROI 5:12
cortron.A.TioN
A
Third Floor
Board's Method of Guiding Business Back to
Normal Made Plain.
There is nothing serious in the slip out of the country, due to our
present financial situation, according national policy of permitting the free
to a recent letter issued by H. W. movement of gold in and out of the
Noble A Co., bankers. In the past it country. This has been withdrawn
was believed that such a readjust- from our loanable funds. The sur-
ment as we are witnessing this year pins gold, or "free gold," in the fed-
could not take place without a panic. eral reserve banks, was about $150,-
But we have never before had the
l e lst
a wk in une
e eral reserve system to control the against $500,0 00,
0eigh
t
tnonths
ago.
situation. The condition of credit is The federal reserve board has
now beginning gradually to improve, adopted a policy of preventing further
and we have probably seen the worst rise in commodity prices and further
in the money market, and passed it. inflation by curtailing loans to the
The process of liquidation of loans banks. liy the first of July discount
takes but eight or ten months at the rates on commercial paper were up
longest, while the process of extend- to 8 per cent, the highest in a good
ing credit is much slower, covering a many years. These rates reflect the
period of years. Even though the supply of funds available for busi-
period of liquidation is probably al- ness expansion, and this will mean a
most over. business may not pick up considerable curtailment of business
immediately. Money will probably and lowering of prices during the
be hard to get, interest rates high, coming months. Food prices began
and business conditions uncertain for to show an actual decline in the third
sonic time, but reserves will mean- week of June, and other commodities
while be piling up in the banks for are acting in the same manner, some
a new period of prosperity. tog extent.
reater, some to lesser
The key to the present situation is Prices are beginning to be deter-
the scarcity of banking credit. There mined by the buyer instead of by the
are two outstanding reasons for this seller, as they have been for so long.
scarcity, beside the more indirect Buyers are refusing to purchase at
causes. The first is the railroad tie- what they consider unreasonable
up, which is gradually becoming bet- prices, and the consequent competi-
ter, but is still a big factor. Mee- Lion among sellers will bring com-
chants have been utterly unable to modities to lower levels.
secure the goods consigned to them
The security market has already
and liquidate their short time loans. thoroughly discounted the situation
As a consequence banks have been and is looking for an opportunity to
forced to extend loans on rnerchan- discount the upturn which is coming.
dine in transit. The movement of However, it is quite evident that the
crops, which is just getting under bankers will not for the present allow
way this month, will both cause any expansion of loans on securities.
greater congestion on the railroads As soon as stock market prices have
and tie up available banking credit any decided rise call money rates go
still further, until the late fall, when to a figure which has the effect of
the movement of crops is completed. checking the movement. This policy
The other big cause for money will hold prices about where they are
scarcity is the falling off in our gold until the banks feel that their re-
holdings, gold being the basis of
.
loana Since October 1 last, $400 - cial es w I take care of the conuner-
,
i n
III
demands of the country, and a
gold has been allowed to surplus for loans on securities.
paper money whose value is constant-
ly dropping day after day. The few-
er commodities in the country, the
less worth has the money. And the
industry of the region is as yet in-
capable of production. So it becomes
clear that however great may be the
profit made through a business trans-
action at the time of the sale, it
soon dwindles into a loss, because
the money received for the article has
dropped in value during the inter-
mittent period.
And the number of "happy" pos-
sessors of even this worthless money
is insignificant in comparison with
the terrible poverty of the great
masses.
How to aid the Jewish petty mer-
chant of Galicia is a most perplexing
problem. We hope to consider this
problem in a second article. Mean-
while, we simply wish to establish
that Jewish commerce is now under-
going the heaviest crisis in Poland
in general, and particularly in Galicia.
It is in a life and death struggle for
its existence, which deserves the sup-
port of all Jewry.
Rabbi Leon From has been chosen
to head Temple Judea, of Chicago, Ill.,
as successor to Rabbi Rudolph I. Cat-
tee. He has just graduated from the
Hebrew Union College.
47 Congress St. W.
1
CHARLES A. STONEHAM & CO.
OTIS & COMPANY
Main 1041
Woolworth Bldg., New York
THE OPENING
OF OUR
FULLY EQUIPPED
COLUMBIA
GRAFONOLA
SALESROOM
We wish to announce
the opening of our new
and fully equipped Col-
umbia Grafonola and
Record Department.
Our first offering to you
is a welcome and invi-
tation to make our shop
your music headquar-,
ters.
By Dr. Joseph Tannenbaum.
OPENING HITS
If You Could Care—A6144
I'll See You in Cuba—A2898
Lasus Trombone — A2825
Rose of Washington Square
A2908
We Own and Offer
Dansard-Hull-Bumpus Co.
They had gone through a growth
of expansion, with even a bigger
field before them. Certified Public
Accountants made an audit pre-
liminary to an attempt to raise
additional capital,
The report showed that they were
in even a better position than It
had been supposed. They were
therefore able to conduct banking
negotiations on more equitable
terms to themselves.
An audit by Certified Public Ac-
countants eliminates all guess
work as to your true financial
worth,
Penobscot Bldg.
ANNOUNCING
Real Estate Exchange Building
$25,000
CITY SERVICE SERIES C
In the Case of Credit
Certified PublicAccouritants
Russian refugees, who were detain-
ed in Constantinople, have leis fur
Palestine aboard the "Tyrol."
The Destruction of Jewish Trade in Poland
Poland is a rich country. God has
endowed the Polish soil with great them; they were beyond, the law.
natural riches which make possible a There was created an illegal, illegiti-
Main 1823
magnificent development. Yet, the mate trade—the so-called "Schleich-
economic position of the country is Ha Tic
el.:
The
Schleich-Handel" Market.
difficult enough, because, in general,
At the market of the "Schleich-
Polish production and trade are still
in a transitory state. They are not Handel" everything could be pro-
adapted as yet to the modern, large cured if the high price was paid. All
scale, capitalistic forms. Formerly, took part in it, not excluding the
Jews.
when Poland was part of Russia,
Anti-Semites insist that the Jews
where industry and trade stood at an
(sell lower level, she could send her and the Jews only were and are
products there. Against the competi- guilty in the "Schleich-Handel." This
tion of other lands she was well able charge is as absurd as it is false.
The Jews are just as much the vic-
to hold her ground, since no tariff tims
this "order" as the ot her
was levied upon her products. The
boundary between Poland and Russia sections of the population. Often the
was free and open.
Jews are the only ones to suffer
through it. But all sections have a
Competition Will Be Keen
Now the situation is entirely chang- share in the trade. Its origin is not
a
Jewish one. It begins with the
ed, and the new state will have to
compete with neighbors who are land owner and peasant, therefore--
not
Jews. These sell their food prod-
much more powerful economically
ucts to private persons at very high
than she and better developed. Po- prices,
which is contrary to the law,
l and will
now be compelled to rival
so the commodities often pass
German, Czecho-Slovakian, and Aus- and
thr ~ –at bomber of hands before
trian industry, all of which are or-
the Jewish petty merchant.
ganized for the east European mar- reaching
And the police does become active
ket.
If Poland wishes to be the vic-
7 Convertible Gold
and
seeks
these "criminals," who is it
tor in this struggle, if she wants to
rem ain economically and politically that is arrested and branded b efore
the whole
community?—The Jewish
independent, if she desires not to fall
Debentures
under the sway of German capitalism small merchant, of course. But the
first
salprits,
the landowners and
—she has only one recourse; to give
Dated 1 -1- 1 9
the Jews economic freedom. The peasants, are never punished, neither
Due I-1-66
do
they
lose
their
extorted profits.
Jews have created Polish industry
and trade; they are the pioneers and The money remains in their pockets.
Control Injures Trade.
chief workers in this field; and they Government
Normal Federation Income Tax
So it continues to this day. Com-
will also make Poland victorious merce is still
controlled by the gov-
in competition with her neighbors, if
not exceeding 2(q- Paid.
the Poles cease persecutng them, Po- ernment. For the smallest business
land may become a paradise for all, a permit from the government is
The Polish anti-Semitic
when it will cease to be a hell for necessary.
bureaucracy now has the means of
the Jews.
Convertible feature is unusual and attractive.
persecuting
the Jewish trader, and the
Thirteen per cent of the population
of Poland is Jewish; of Galicia— Jewish merchants of Galicia are dis-
turbed
in
their
initiative
initiative and enthusi-
Take this up with us.
eleven per cent. Statistics of these
two lands show that the majority of asm for useful activity. But this is
not
the
only
catastrophe
which has
the Jews were engaged in trade. Of
the Jewish business man
the 871,804 Jews who lived in Galicia overwhelmed
in Galicia.
in 1910, 462,000 earned their liveli-
Still other momentuous causes op-
hood through commerce.
one the revival of Jewish trade af-
Jews Controlled Commerce
Moreover, the statistics for the I er the world conflagration. Before
he war the Jew was financially bet-
same year show that sixty per cent of er off than the peasant. Regardless
the whole trade of Galicia was in Jew- 0 f the
movement, the co-oper-
fish hands and only forty per cent in a fives, boycott
Main 3410
and the so-called self aid so-
Members Detroit Stock Exchange
the hands of the other peoples who blies, the peasant still came to the
inhabited the province. Both figures / ewish trader, because the Jew of-
adequately show: the important role f ered him better goods more cheap-
played by the Jews in the economic b :, and again the peasant could buy
life of the land.
111=01===i0=01
fr om him on credit. Conditions en-
0 CS 0 l===i0L:101=01:2$0-
In the last few year, before the a bled the Jewish merchant to hold
war it was attempted to drive out the 0 ut against the boycott movement
Motors, Oils, Mining and Curb Industrials for Cash
Jews from the commerce of the coun- ar id similar organs that were direct-
or on Moderate Margins
try. Special co-operatives were es- e d against him.
tablished for the peasants, and speci-
Now the situation is quite changed.
fic laws enacted, directed against the
War Enriched Peasants.
Jewish merchants. They did not
The
peasant has been enriched by
have a general effect, however. The th
Real Estate Exchange Bldg., Detroit
number of Jewish traders did not de- H e war. His debts were easily paid.
e
needs
no more credit. His pos-
O crease; they merely became even se
TELEPHONE CADILLAC 6150
more concentrated than before in a ou ssions, the soil, have risen enorm-
(Established 1903)
sly
in
value,
while the worth of
41 Broad Street. New York
few commercial branches and over- m
oney has fallen very low. It is the
filled these.
Direct Private Wires
pe asant who is now rich—and the
Weekly Market Letter Sent Free
0
Trade Suffers Through War
Jr w who is poor. And anti-Semites
Then came the war, which brought in cite the rich against the poor. The
"No Promotions"
a catastrophe upon Jewish trade.
ro le of middlemen between the city
01:201===10=10 1=:g0=01=101=01=1000
II
Seeking to safeguard the country an d village, long occupied by the Jew,
against hunger and the profiteers, the is
government took over all trade. She le disappearing. What should the
did not consider the human experi. ru sys do now? Their industry is
fined. With the paper money which
ences of many centuries, and admin- is almost valueless no merchandise
istrators who were Tic t business men ca
n
be imported, and without goods
and knew nothing of commerce were t 1 0 commerce
is possible.
(Members of New York, Detroit, Cleveland, Chicago Stock Exchange.)
put in charge of the exchange and
Such
is the real situation, although
distribution of commodities. As a re- ma
ORDERS EXECUTED IN MOTOR, RAILROAD AND INDUSTRIAL
ny
Jews
are
still engaged in corn-
suit the country was not saved from me
STOCK ON ABOVE EXCHANGES
hunger, and the prices of food prod- si$ rce and some have even become
h.
These
are
only singular and
ucts and clothing did not remain nor- to
Second Floor Majestic Bldg.
mat, but soared to the highest possi- sib mporary phenomena that have no
CADILLAC 6503
nificance for the general condition.
ble stage.
S mall Merchants Suffer.
These high prices were not official.
T
The government did not recognize Ian el. here are hardly any goods in the
The country is flooded with
The Polish government has not ful-
filled the promise it gave to the Jew-
ish leaders to allow the Jewish of-
ficials wrongly suspected of pro-
Ukrainian sympathies to resume their
work, and the career of the latter as
state officials can now be regarded as
terminated.
You will find a wonderful assortment of Columbia
Grafonolas ranging in price from
$32.50, $125, $140, $150, $165,
$225, $275, etc.
in all woods--Mahogany, Oak and Walnut
SOLD ON EASY PAYMENTS.
Third Floor
255 Woodward Avenue
SEND IN YOUR
NEW YEAR
GREETINGS NOW
T
HE CHRONICL
esE will again this year reserve
several pag of the Rosh Hashonah number
for New Year Greetings for our readers. The
charge will be one dollar ($1.50) and fifty cents
prepaid. All Greetings must be in the CHRONICLE
office not later than September
I st.
The advantage of sending your Greetings
to your friends through the Chronicle
are two-fold. You save
several dollars
in printing or purchasing cards and
stamps. And, secondly, you are certain
that none of your friends will be for-
gotten in the last-minute rush.
All Greetings must be paid in advance. No phone orders ac-
cepted. Clip and mail no this coupon below:
. ........................
Detroit Jewish Chronicle,
Detroit, Michigan.
Enclosed
please
End
(11.50)
charges
for our
New
Year
Card. one dollar and fifty cents to cover
NAME............
.........................
ADDRESS ..........................
...