America Aprish Pedalled Cotter
CLIFTON AVINUll • CINCINNATI 20, OHIO
PAGE SEVEN
PIE PUT KonJL-wwt 01KOA ICU;
BUSINESS AND FINANCE
ill gl
CONVENING
OF
CONGRESS
Business Competition
l'or successful business coin.
los Ohm It Is Just as essential
to seek good business counsel
,• to employ the most up-to-
oat, methods of doing busi-
By N. M. Gross.
Financial Editor, of the
DETItolT JEWISH CHRONICLE
ness.
There can be tangible busi-
ness value to the advise and
service of Certified Public Ac-
c ountants.
Ac countants and Auditors
Main 1041
Penobscot Bldg.
Woolworth Bldg., New York
Jewish Calendar
5680.1920.
Frt., July 16
Rosch-Chodssch AD
Sun., Au g.
Fast of ab
Rosch.Chodasch LIM ...... ... —Sun., Aug. 13
5681.1920.
Sun., Sm. 12
New Tor'sEm
Wad., Sao. 22
Yon, Kippur
Mon., Sm. 25
Succoth ((Last Day)
Succoth (Last 04Y—Shimlnl•
Mon., Oct. 4
Atareth)
Taw., Oct. 5
Slmchath Torah
Wog., Oct. 13
nosch-Chodeach Choy.
Fri.,
Nov. 12
poach-Chomsch KW.
Chanukah (Feast of Dodkallon)..Mon.. Do. 6
Sun., Doc. 12
Roach-Chodssch Tahath
Tuve., No. 21
Fitt of Tablith
3681.1921.
Mon..
n. Ja
Po—sch-C.-- Shebat
—._.--.-----._._
—. —
We Sell
Theatres. Dry Cleaning Plants,
Tailor Shops, ConfertIoneries, Gro-
series,
Hotel, Rooming Houses,
Restaurants, Etc.
WAGSTAFF & CO.
Cherrf 65
311 Majestic Bldg.
R.G.D .14
THE A-1 MILD
HAVANA CIGAR
14
N. F. Hamilton
Wm. J. Otter C. E. Otter
Wm.
Hamilton
and Co.
Funeral
Directors
TELE. GLENDALE 7545
709 Cass Avenue
Cor. Alexandrine
The opening of the C
• ongress of the
United States Is of the greatest in-
terest ut present under the existing
tittles and uondltions, to the entire
country, especially to those who are
commercially actIVe, whether they be
so in a large way or in it 81111111 way.
Many important questions will be dis-
posed of. A great number of bills
dealing with farming and industry, to-
gether with the desire of the leaders
in Congress toward a readjustment
of business offal., hair 'nude It ap-
parent that the attention of Congress
will be turned to business matters
Immediately that the appropriation
bills are out of the way. Ponsibly
none of these large, important mea.
stores will be concluded (luring this
short session of Congrese, but It 19
safe to assume that they will be ready
for presentation and speedy disposi-
tion after the reconvention of ('.on-
next March
e 4th. Tax and Tariff
reforms and agricultural relief, are
arnong the moat important matters to
I Alisposed of. 'The hearing on the
'Flinn Legislation of the House Ways
and Means Committee, will commence
shortly after the holidays, according
to representative Fordney of Michi-
gan.
The annual Appropriation 11111 will
bear heavily on the question of taxes,
as a reduction in saw can only be
brought about If Government expendi-
tures are reduced. If the expenses
of the Nation remain as great in the
coming year as they have been for
the pant year, it Is needless to say
that the money necessary will have
to be raised In one manner or au-
other.
The financing of American exports
is a matter of serious contemplation
at the present time by some of the
most prominent bankers in the Uni-
ted States, who will hold a toppling
on December 10th and 11th at Chi.
cago, to consider ways and means
of financing in this country, great
amounts of exports. Industry and
production In this country has extend-
ed to such proportions, that produc-
tion Is for greater than the domestic
consumption In the United States for
this year, has been estimated at Two
Million bales of cotton, Two Hundred
Million bushels of wheat, Seven Ilan.
due and Fifty Million Dollars worth
of serni.manufactured X11111' material
and finished products, and Two hun-
dred and Fifty Million Dollars worth
of packing house products. If the
American producer is to continue in
the same healthy and prosperous
Manner of the past few years, it will
be necessary to continue his supply
to the foreign markets. Production
In those foreign countries which have
been such large buyers of American
goods (luring the War, is far below
the requirements of their own mar.
kets, and this country continues to-
need the surplus output of the Amer-
ican producer. Foreign nations, im.
poverished by the last six years, have
no liquid assets with which to pay
for our goods. American manufac-
turers and producers cannot accept
long term payments for merchandise,
and the only way in which this di-
verse position can be adjusted Is
through an agency capable of accept.
Mg offerings for long term payments
from the foreign buyers, and advanc•
Ina the money on them immediately
to the American producer and nianu•
(adorer. This is a task beyond the
scope of the ordinary commercial
bank of the country. whose assets
must always be In readiness fur de.
mend.
An organization to handle this great
amount of business, operating under
Federal incorporation With the super-
vision of the Federal Reserve Board
was made possible in December, ISIS.
by the passing of the Edge Act. This
corporation would be permitted to re.
opine the promises to pay of foreign
buyers, and issue liniterest beating
debentures against them. These de.
reollin
ftrnftm.
,
be stores would be publicly offered
for investment, and the proceeds
therefrom would pay the American
manufacture' or producer for his pro.
ducts. The thought In view, by the
development of such a corporation,
Is the plan to have an institution
large enough and strong enough to
have the same relation in regard to
the foreign business, that the Federal
Reserve Board has in this country
with relation to our domestic bust.
In other wonls, a national In-
'MIS.
stitution to open the way for the
financing of foreign trade by the
American people.
The capital stock of such a cor-
poration would undoubtedly be (Inc
Hundred ;Million Dollars, and banks,
manufacturing exporters, farmers and
Individuals from every section of the
country would be naked to subscribe
to the capital stock of the corpora-
tion. Control of this corporation
would he vested in a national body,
the personnel of which would be corn.
posed of the ablest experts available
in the country, upon whose judgment
would rely Its operation.
The report of the United States
Federal Reserve Hoard has a review
of the past year, and points out a
very gratifying aspect of the year as
seen In the fact that the changes thus
far reported have been small when
thereat activity in producing and
thereat extension of credit which
occurred during the War Period ore
borne In mind. The transition through
which the country is now passing,
while necessarily uncomfortable, has
thus far been accompanied by only a
minimum of enfavorable symptoms.
While 501110 11111.A of business may be
expected to less through a still fur-
ther period oTreorganizalion, there Is
good reason for belief that with our
present strong banking structure, the
difficulty of a transition will not be
much further aggravated ,and that a
normal situation will he restored with
far less than usual distress. A mar-
ked decline in price levels in one of
the encouraging features.
Notwithstanding the persistent
rumors to the contrary, it can be
stated authorltIvely, that the New
York Federal Reserve Bank has no
intention of altering its present
schedule of discount rates. However,
It is the opinion of bankers generally,
that It will not be many months be-
fore there is a change. The Federal
Reserve System does not believe that
if their rates were lowered In ad.
nonce of a decline In the general in-
terest rates, that there would be any
appreciable reduction in the rates
member banks would charge their
customers.
NOTICE OF REMOVAL.
Harold FL Smilansky announf es
the removal of his law offices front
1300 Detroit Savings Rank Building
to Suite 1326-1330 Dime Bank Build-
ing on January 1, 1921.
Louis Smilanslq will retain the
present offices in the Detroit Sav-
ings Bank Building and occupy Hie
entire suite after this date,
LONDON -- The 'municipality of
Jerusalem has decided to float a loan
of €30000 to provide the city with
an adequate system of electric street
lighting, says a dispatch front Jerusa-
lem.
The historic spot known as the
Pool of Soloam has been converted
Cc the municipality into a water sup-
ply. which furnishes the city steril-
ized water at to low cost.
INDUSTRY IS BACK ON
airilI M AgrAT AM MUtli g Ur4ig nitA0igfa r:e'
"PROSPERITY HIGHWAY"
Factories Leave "Slump Detour" and Plan to Increase Curtailed
Production as Result of More Active Retail Demand;
1921 May See Shortage of Cars
Indications are that the factories ers' Association, pointed out in his
will start increasing their production Irecent address to the Detroit Auto
this week as a result of the recent Dealers' Association, the slackening
slight increase in demand for motor in sales of motor cars is not peculiar
cars in various sections of the coup- to this one industry, as there has
try. The majority; of the Detroit been a curtailing of buying in almost
ine
ss.
bus
plants have greatly curtailed produc- every line of nusIlless.
The Replacement Market.
lion in the last 60 days and will hardly
It is estimated that the manufac-
gel back on a normal basis before
tur•rs will have to meet a demand
spring.
NI en who have a grasp on condi- for at least 1,000,000 to 1,500,000 cars
lions in the industry believe that the on replacements ill 1921 which alone
spring demand will exceed the supply, should insure a year of prosperity
as the factories by March I will have without any new business, and a cer-
practically lost four months' produc. lain percentage of the demand is
lion. The instability of prices for two . hound to he new business. Some of
months has had much to do with the . the students of automobile merchan-
slump in demand. It is not unlikely dising profess to believe that the in-
that a number of price increases, in- thistry would not be in sore straits,
stead of further reductions, will be even if it were forced to exist on the
made before spring buying starts, as , replacement business alone. The size
numlier of factories are losing , of the replacement market can be
money on car , now produced, be. best understood by the fact that there
cause of material and labor costs, on is now more than 'seven and a half
which prices have not been cut. ' million cars in thk country, averaging
one car lo every 14 per.eS,
Reaches Lowest Point.
hung atommihile row the dealcr• .Nutomobile factories can not hope
feel that the slump reached its loyv-it0 equal the present year's production
cot point two weeks ago and that the ' of almost 2,000,000 cars in 1921 but
upward curve of demand, both retail this number Na. fail in excess of
and wholesale, will increase render- previous year and a reduced produc-
atcly until spring. Manufacturers ex- Pon would not spell ruin for the man-
peel good business from the first of ofaclurers. One Detroit factory has
the year, especially • after the national held steadily to its production sched-
shows in New York and iihicago, tile, but the majority have reduced r•-
Which will be held iu January. eently, but the factory heads almost
Harry ti. Moocis, general man- without exception remain optimistic
ager of the National Automobile Deal- tour the future.
"There Is nothing mysterious about
conditions In either the commodity
or security markets," says Charles
H. Sabin, noted New York finacler.
"For months It has been certain, and
it has been repeatedly so stated by
students of the situation. that there
must be a liquidation of commodities,
securities and labor before thin coun-
try could fully recover from the effects
of the war. The regrettable thing Is
that, US commodity and security prices
reach points for above their teal value
in the boom period, so they are today
falling to points far below their real
value. Necessary liquidation is pro-
ceeding after the manner anticipated.
but there are yet several steps to be
taken.
A Happy New Year
To All
"Perhaps the most important of
these is for retail merchants to realize
that they, too. must meet the Inevi-
table economic trend and adjust their
prices to meet the r,71 ,.itions.
Only in that manner et ,47,`" ,11tion
be stabilized and frozem„ ). ';,( haw-
INSURANCE
REAL ESTATE
Homer Warren & C
0
1
I
1227 Chamber of Commerce
MAIN 6406
o=o==locio=onoc,
Motors, Oils, Mining and Curb Industrials for Cash
or on Moderate Margins
ml out. Dodging the fa turned tctniPtr
lug to postpone the Inevl so,s,will not
bring immunity to anyons whether his
"These are the simple fundamental
Interest Iles in production or distribu- facts of our Molinesa situation, and to
tion, capital or labor.
consider the present reaction as any
"There is so much In the present thing but a temporary setback from
situation to inspire confidence and the destruction, Intlation, extrava-
hope for the future that It In little gance and unsound economic condi-
short of criminal for anyone to paint tions precipitated by the war lo sim-
the picture so blackly, through either ply not to reckon with the truth "
The "Humanity Populier" and the' ite Portlier" published au article- from
"Journal Du People," the leading So- 1 the pen of Jean Lange, in which he
cialist organs. are starting a vigorousIscores the French government for
campaign against anti-Semitism which lending Poland its support in spite of
has barn showing signs of increased the :HIP-Jewish excesses in that coml.
activity in this country. The "Human- try.
Real Estate Exchange Bldg., Detroit
TELEPHONE CADILLAC 8150
(Established 1903)
41 Broad Street. New York
Direct Private Wires
Weekly Market Letter Bent Free
"No Promotions"
What Do You Know About Lumber?
When you want information concerning the proper
material to use for building, talk to the lumberman in
your neighborhood. Visit the lumber exhibit on display
at the office of the
DETROIT LUMBER DEALERS ASS'N.
700 Vinton Bldg.
Then join our CHRISTMAS MONEY
1921 — Christmas Money Club —1921
shown at the right, and next December you
CLUB OPENS MONDAY, DECEMBER 13th.
get our check for all you have saved, plus in-
Payments are due on any day in each week as shown by the pars book furnished .
If you keep up your payments regularly we arid throe per cent Interest. If you do not
keep up your payments what you have paid In will be r( turned to you next December
151h. without Interest. No withdrawals are permitted.
EXPLANATION OF CLASSES.
5c CLASS GOING UP.
To Accumulate $63.75 and Interest
You pay Ic the 1st week, 10c the 2d week, 15c the 3rd week, and so on, and you get
a check ten day, before next Chriatmas for $5:1 75, with interest at 3 per cent.
5c CLASS GOING DOWN.
gifts for all.
To Accumulate $63.75 and Interest
Same as be Class Going Up except that you begin with 12 50 the first week,
12.45 the second week, and so on, ending with 5c the last week
Or you can use your check to place in your
for your taxes, interest, insurance, or for any
25c UNIFORM CLASS.
To Accumulate $12.50 and Interest
50c UNIFORM CLASS.
To Accumulate $25.00 and Interest
$1 UNIFORM CLASS.
To Accumulate $50.00 and Interest
$2 UNIFORM CLASS.
To Accumulate $100.00 and Interest
$5 UNIFORM CLASS.
To AccAaplate $250.00 and Interest
You pay 50c each week and you get a check ten days before next Christmas for
$25.00, with Intermit at 3 pr cent.
No fines or red tape of any kind.
Over
You pay IL 00 each week and you get a check ten days before next Christman for
$50.00. with interent al 3 per cent.
22,000 people were in our 1920 Club.
You pay $2.00 each week and you get a clock tell dayn before next Christmas for
$100.00. with Interest at 3 per cent.
They saved one million dollars and are now
cashing their checks.
You pay $1.00 each week and you get a check to days before next Chrinimas for
$350.00, with interest at 3 per cent.
Come to one of our branches and let us ex-
At all of out offices our Christmas Club members transact their business in nun
main banking rooms on the first floor, and have the same facilities and the same easy
access to our officers as other customers. '
plain all about our big CHRISTMAS MONEY
CLUB.
Commonwealth-Federal Savings Bank
BRAN CH
AT
HASTINGS AND FREDERICK STREETS
MAIN OFFICE—HAMMOND BLDG.: ACROSS FORT STREET FROM CITY HALL
SEVEN OTHER BRANCHES FOR CITY WIDE SERVICE
witatamtrearanitAtativamoostatatrata
pay
You pay 35c each week and you get a check ten (lay's before next Christman for
$12.50, with interest at 3 per cent.
savings account, for a payment on your home,
worthy purpose.
TF
114 Woodward
Do YOU Want a Check for '12.50 to '250.00
To Spend Next Christmas?
CLUB, deposit the small weekly payments as
•
g
CHARLES A. STONEHAM & CO.
go o
loved ones if you have enough money to buy
Wm. Livingstone
LEASES
BUILDING MANAGEMENT
mro
Think of the joy you can bring to your
4,
and
Ignorance or intent, that these vital
facts are obscured. To cite a few per-
tinent facts: This country will harvest
this year one at the largest crops in
Its history; its transportation conges-
tion has been relieved and Its railroad
system is for the first time In a decade
on a sound financial and operating
basis; we have passed through a na-
tional election and assured four years
of sane administration of public af-
fairs; our banking system has with-
stood the greatest credit strain In its 0
history and is on a mound and work-
able basis; the accumulated surplus of
five years of splendid prosperity Is
stored in many ways for our continued
use; the markets of the world de-
mand our products and a great mer-
cantile marine is prepared to transport
them; this country has not been over-
built or over-extended In any of Its 0
underlying activities, and faces no
program of readjustment along these
lines such as usually precipitates pan-
ic conditions. We are In the soundest
financial, industrial and political con-
dition of any important nation In the
world.
ularly.
Sl
A Merry Christmas
N. Y. FINANCIER SEES SILVER
LINING IN BUSINESS CLOUD
terest at 3', if your payments are made reg-
The Season's
Greetings
gl
g4
O
O