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