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 This has been withdrawn was believed that such a readjust- from our loanable funds.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. 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