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THE DETROIT JEWISH CHRONICLE

PAGE TEN

IN FINANCIAL DETROIT

i4 sil

CREDIT RESTRICTION SHOWS
LITTLE EFFECT ON MONEY • ,
MARKET SAYS N. Y. BANK

$15,000,000

Desired Liquidation Is Not Accomplished While Crop Movement
Means Further Demand for Cash.

Morris and Company

Policies of the Federal Reserve
Board in the restriction of credit is
found by the National City Bank of
One of the Three Largest Packing Companies
New York to have made but little
in the World
impression on the money market dur-
ing the last two months.
The bank. in its current analysis
Total Assets over $114,000,000
of business conditions in this coun-
try, states that it is now evident
10-YEAR 71/2 Per Cent SINKING FUND
that the liquidation which bankers
had hoped for during the summer
months has not been accomplished,
GOLD NOTES
with the crop moving season now
fairly on. Liquidation which has
Due September 1, 1930
Dated September 1, 1920
been accomplished has been offset
by new demands, it says.
Interest Payable March and September
The report states that "a con-
siderable degree of liquidation has
taken
place in merchandise stocks in
$1,000, $500 and $100 Denominations
the last three months, and the tact
that loans are practically unaffected
indicates not only that the volume
We Offer These Notes at 981/ 4 and Interest to Yield
of business in the aggregate is still
Investor Over
heavy, but that the banks are carry-
ing an unusual amount of loans
which represent capital investments.
73/4 PER CENT
The pressure for greater facilities
in all lines of businesshas resulted in
the use of earnings and credit to
finance expansion, and it will take
time to free the banks of these com-
mitments.
Feeling Confident.
"The feeling in banking circles is
more settled and confident because
of a belief that the spiral movement
of wages and prices has been check-
Main 3410
Members Detroit Stock Exchange
ed, and that this being trite the sit-
nation is in the way of working it-
self out. When the people of this
country really set themselves to the
task of paying their debts they arc
• 1= 1=1
1301= ... :10=1 •
certain to accomplish something,
and nothing will help them to that
Motors, Oils, Mining and Curb Industrials for Cub
O resolution like falling prices.
"Nevertheless, it is probable that
or on Moderate Margins
the present deadlock over prices
11
will be adjusted early enough to
permit a large volume of fall busi-
2 0
ness to be done, and unless the new
price level is lower than now seems
Real Estate Exchange Bldg., Detroit
likely this trade will necessarily re-
TELEPHONE CADILLAC 6150
quire sonic expansion of bank
(Eetahllehed 1903)
O credit. The hankers expect to sup-
41 Broad Street, New York
Direct Private Wires
ply the credit that is necessary to
enable business to be done, but if
Weekly Market Letter Sent Free
loans go up sound banking policy
tt
O
"No Promotions"
will require that interest rates go
"At this time, when the industries
00=01=20=0
0=10•.01=01==0=
and exchanges of the whole world

Dansard-Hull-Bumpus Co.

47 Congress St. W.

CHARLES A. STONEHAM & CO.

By Jessie Cohen

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

ORDERS EXECUTED IN MOTOR, RAILROAD AND INDUSTRIAL

STOCK ON ABOVE EXCHANGES

r

CADILLAC 6502

Z.

Real Estate

Rentals

Leases

Insurance

HOMER WARREN
& CO.

Established 33 Years

REAL ESTATE DEPARTMENT

HOMES—BUSINESS PROPERTIES

FACTORY SITES—ACREAGE

VACANT LOTS—SUBDIVISIONS

BUSINESS LEASE DEPARTMENT

LEASES OF ALL DESCRIPTIONS

PROPERTY MANAGEMENT DEPARTMENT

MANAGERS OF OFFICES, APARTMENT BUILDINGS AND

BUSINESS PROPERTIES

INSURANCE DEPARTMENT

WE WRITE THE FOLLOWING FORMS

FIRE
ACCIDENT
HEALTH
AUTOMOBILE
LIABILITY
BOILER
PLATE GLASS
BONDS
PROFITS
BURGLARY
TEAMS
COMPENSATION
TOURIST BAGGAGE
CREDIT
TORNADO
EXPLOSION
USE AND OCCUPANCY

1227 CHAMBER OF COMMERCE

Main 6406

t

L

REFERENCES: PEOPLES STATE BANK—DIME SAVINGS BANK—

TAXI

Broadway Taxicab and Messenger

_

301
CADILLAC 302
303

ABE HERTZBERG, Mgr.

Price Law Governs.

"One of the common facilities is
the theory that sellers can make
any prices they please, and are
wholly responsible for prices, buyers
occupying simply a passive position.
We have an example of this theory
in the presumption that the increase
of freight charges will be multiplied
several times over as passed on to
the consumers of products. Manu-
facturing and trailing would be
itinaz:ngly easy if business men
could have things so much their
own way, but experience has shown
that under ordinary conditions costs
and expenses must be watched
closely to enable a business to keep
a margin on the right side.
"In time of scarcity, goods will
bring high prices, in conformity to
the law of supply and demand and
regardless of costs. Prices depend
V rimarily upon the relation between
supply and demand. Cost is a factor
as fixing a limit below which they
will not be long maintained, because
the supply will fall off. Hundreds
of producers sell their goods in com-
mon markets at substantially the
same prices, although their costs
may vary much more than the
freight charges which enter into
them. Freight charges are a com-
mon influence and undoubtedly a
factor in prices, but prices are the
result of all market cpnilitions while
freight charges are a minor factor
The efficiency of railway service is
more important clement in
prices than the (Night charges."

BAR MITZVAH

OTIS & COMPANY

Second Floor Majestic Bldg.

are out of balance, and there is
great need for patience and co-oper-
ation among all classes, ill-feeling
is constantly stimulated by hasty
and uniformed comment. People
write and talk loosely, often without
knowledge of the facts they discuss
and still more often without intelli-
gent comprehension of the economic
laws which arc involved. The nat-
ural economic law is always work-
ing to restore normal conditions,
but time is required for its opera-
tions, and meanwhile the impatient
people are wanting to adopt arbi-
trary and puntive measures, which
usually have all sorts of results not
anticipated and interfere with the
natural process of recovery.

Bar Mitzvah, the thirteenth birth-
day of the Jewish boy is regarded as
One of the most important events of
his life as it is on that day that he
readies his religious majority.
The occasion is usually marked by
a celebration, both in the home and
the synagogue. He is sent long be-
fore that day by his parents to a
teacher who gives him instruction in
the whole section or in one of the
sub-sections of the weekly pentateuch
portion read on the Sabbath according
to the Jewish calendar, following his
thirteenth birthday in order to read
the unpointed test from the scroll of
the law during the services. In addi-
tion to rhe pentateuch section he is
also instructed in the prophetic por-
tion that accompanies it. In sonic
communities the boys are allowed to
read the scriptures without the tra-
ditional melody, but in the majority
of communities the reading with this
melody is not only required, but de-
manded. In addition to the instruc-
tion received in the scriptures candi-
dates for Bar Mitzvah are instructed
how to lay the phylacteries and they
are required to In this every day for
three months before their thirteenth
birthday.
When this eventful day arrives they
arc regarded as Bar Mitzvah, a son
of the commandment by which it is
understood that Jews are expected to
perform the duties of their religion
and are to be punished if they violate
them. The father is responsible for
every failure of his son to comply
with the laws of God according to
tradition until they reach the age of
thirteen and previous to that time he
is compelled to provide for their prop-
er training.
When his sons become Bar Mitz-
vahs he thanks God for having freed
him from further responsibility for
the transgression of the laws of God
by his sons. \\'hen the boy who is to
be Bar Mitzvah enters the synagogue
on the Sabbath of that great event he
is called to the bema where he sings
the sub-sections for others who re-
cite the traditional benedictions. He
usually receives the benediction on
himself over the last eighth sub-sec-
tion called the Maftir. He follows
this with reading of the prophetic
portion. Sometimes lie delivers an
address before the congregation in
which is mentioned the duties and be-
lief of the Jews.
Upon returning from the synagogue
there is a family feast in honor of the
liar Mitzvah, who after the meal is
finished makes a speech thanking his
parents and relatives for the love and
care they have given him. He is the
recipient of gifts on this occasion
from relatives and friends.
The reason that thirteen years is the
age of Bar Mitzvah according to the
:Unleash is that at the age of five one
must begin to study the Bible; at the
age of ten the Midrash and at thirteen
one must assume the commandment.
Another reason assigned for this age
of liar :Mitzvah is that in the Orient
the Jewish boys reach physical matur-
ity at that time
Girls do not participate in that cere-
mony.
The Bar Mitzvah has lost the elab-
orateness which it had in previous

We Sell

Theatres. Dry Cleaning Plants,
Tailor Shops, Confertioneries,
series, Hotel, Rooming Houses,
Restaurants, Etc.

WAGSTAFF & CO.

311 Majestic Bldg.

Cherrf 65

and Hamburg and other German
states soon followed. The ceremony
was introduced into France in the
early forties, and in the United States
shortly afterward. Temple Emanuel
of New York was one of the first but
not the first in this country to incor-
porate the ceremony in its services.
It was met with a setback in Ger-
many for a time because the Prussian
government was opposed to reform
movements in religion, and the cere-
mony was prohibited for a time. The
same conditions prevailed in Bavaria.
At first confirmation services were
hel4 nit the Sabbath, particularly Sab-
bath Chanukah or l'assover, but later
it 16as decided in America to hold it
on Shebuoth, the Feast of Weeks, be-
cause that is the festival which coin-
momorates the giving of the Ten
Commandments to Israel at Mt. Sinai
and this time was regarded aa best
suited to impress on Confirmatits'
minds their religious responsibility.
The age of confirmation is about
the same as that of liar Mitzvah, but
an attempt is being made to raise it
on account of the necessity of a high-
er mental development to comprehend
the true significance of the ceremony.

Declares British King is
Descendant of King David

LONDON.—That King George V
of Great Britain is a direct descendant
of King David of Israel was the as-
sertion made by Herbert Garrison,
secretary-general of the British-Israel
World Federation at the opening of
the British-Israel Congress at Kens-
ington. The organization many years
ago made this assertion regardi jg the
late Queen Victoria and the t,tate-
ment of Secretary Garrison was in
the nature of a reaffirmation of the
Federation's position in this matter
as well as its belief that the Anglo-
Saxon race is of the stock of Israel.
Mr. Garrison declared that proof of
King George's Davidie descent is in
a building in London. He declared
further that during the war the or-
ganization members hadpointed to
passages in the Bible that appeared to
foretell the outcome of the war, espe-
cially in its relation to the destiny
of the territory then controlled by
Turkey.

TO AID UKRAINIA

LONDON—S. Belkin, president of
the Federation of Ukrainian Jews in
Canada, H. Herschman and H. Salz-
man, the other two Canadian dele-
gates who attended the Carlsbad
Conference, arc now reported as be-
ing in Copenhagen where they are
conferring with the International Re-
lief Committee of that city. From
there they are proceeding to the
Ukraine via Rival and are taking
with them five hundred and thirty-
two cases of clothing, containing over
107,000 articles and $28,000 which will
he used for medical supplies.

times and in some communities it has
disappeared entirely and been re-
placed by confirmation, which was
first introduced into the synagogue at
Cassel, Westphalia. in 1810. The cere-
mony of confirmation for girls was
introduced into the Berlin temple in
1817. This innovation, which was so
entirely new, caused much excitement
in the congregation assembled on that
occasion.
Does Your Accounting System
Such a service had never been held
Meet Your Needs?
ih the synagogue before. The pretty
sight of young girls attired in the pic-
In recent years many organizai
turesque gowns of that (lay publicly
Mons have expanded on rapidly
acknowledging their loyalty to the
that they have outgrown their
ancient faith of Israel made a deep
old accounting systems, and un-
impression upon those present. Old
knowingly are sadly in need of
ladies, drying their eyes, said: "How
new methods.
lovely it was," and some benevolent
In few cases it Is possible to
and broad-minded old gentlemen
meet the needs of a new stage
dressed in the costume of the days of
of development by tacking on
Napoleon, wearing great stock collars
addition to the old accounting
and high heaver hat, nodded their
systems.
heads in approval. but the majority
of them frowned upon the new in-
Certified Public Accountants can
novation and declared that Judaism
truly Judge the needs In those
was going straight to perdition.
canes.
They said confirmation was bor-
rowed from the Lutheran Church and
that it was wrong to introduce it into
the synagogue. Notwithstanding the
V-ta:
violent opposition to the ceremony
within and without the ranks of Juda-
Certified Public Acrountants
ism the rite of confirmation was in-
Main 1041
troduced into various communities. Penobscot Bldg.
Modest little Denmark, which did not
Woolworth Bldg, New York
want to be outdone by Germany, in-
troduced it in the same year as Berlin

4

Merchants
National
Bank

DETROIT, MICHIGAN

s4 sh

O

-'FIRST MORTGAGE?

B 0 N D 5
,s.t.,..osetz 44'

Industry no longer purchases—'sight
unseen' .—

All materials are submitted to exacting
physical and chemical analysis—

You cannot examine an investment
with a microscope—but you can investi-
gate the worth of the tangible property
which secures it—when it is Detroit
property.

Our first mortgage bonds are issued
against property located in Detroit—and
Detroit only; property worth at least
double the amount of the mortgage;
property whose earninig power substan-
tially exceeds all interest charges.

These bonds pay 6%; are tax exempt
in Michigan; normal Federal tax of 4%
paid by mortgagor; the denominations
range from $50 to $1,000.

BET Ft OIV

No

Racm.drak..(0-3

CORPORATION ._....

Third Floor

Real Estate Exchange Building

Main 1823

Can You Save $50.00
a Month?

Would You Do It
for $5,000.00 ?

Open a Systematic Savings Account

Save $50.00 Each Month

84 months x $50.00
5r;c Compound Interest

$4,200.00
800.00

Draw out in Cash

$5,000.00

Systematic Having Is what does It. It Is the only positive way of
getting ahead. You can draw cut every dollar paid In any time with
Interest at 4% after 3rd payment, 5% after 12th payment, full earnings
if carried through for 84 months.

Accounts from $1.00 per month up.

The National Loan and

Investment Company

420 Farw:II Building

A MUTUAL SAVINGS INSTITUTION .

Member Federal Reserve System

Ask for Booklet Explaining Our Four Savings Plans

Commercial Accounts

Savings Accounts

OFFICERS

John Ballantyne, President
David Gray, N'Ice-President

John P. Hemmeter, N'ice-President
Alfred T. Lerchen, Vice-President
Benj. G. Vernor, Vice-President and Cashier
Henry Wiegert, Assistant Cashier Walter R. Joy, Assistant Cashier

DIRECTORS

John Baliantyne

John Endicott
Albert E. Sleeper
Walter 0. Brigs*
David Gray
Frederick W. Stevens

Horace E. Dodge
Oren S. Hawes
Emil Stroh
Lumen W. Goodenough
John P. Hemmeter
Benjamin F. Tobin

Industrial
and Municipal
Financing

As underwriters and distributors of corporation and
municipal securities, we are in a position to meet the
requirements of the discriminating investor and invite
inquiries when funds are available.
We have on hand at all times a comprehensive list
of bonds and preferred stocks. As members of the

Detroit Stock Exchange, we are in a position to con-
summate your trading orders promptly.

WATLING, LERCHEN & COMPANY

INVESTMENT BANKERS
56 W. Congress Street
Telephone Cadillac 2303
Ground Floor, Peoples State Bank Building