A merica Aprish Periodical Colter
CLIFTON AMU' • CINCINNATI 20, OHIO
PAGE NINE
PIEVLTKOrVEVIIMiORONICLE
BUSINESS AND FINANCE
a.... M11111•1■11.
iinn
- -
i
-- yawnweiwt
i
How to figure
Your Income Tax
THE FINANCIAL
OUTLOOK FOR 1921
FINANCIAL NOTES
By NATHAN M. GROSS.
YEAR TURNS WITH
BUILDERS EXPECTANT
Over the protest and veto of the
hesitient, the Senate passed a resolu-
tion for the revival of the War Fin- Price Ranges Believed to Presage
Conditions a Year Ago.
ance Corporation. The President, in
a lengthy message to the Senate, set
forth
lute
opposition
to
the
proposal
la a partnership of three with the
NEW PEAKS POSSIBLE
to finance exports of agricultural prod-
same ineoille on the same Invested
ucts. It Is stated authoritatively that
cumulated
taxes
of
the
the
capital,
the President acted on the recom- Only Contingency for Low Levels
partners blisring equally are $1,219.89.
Oa
mendation of Secretary of the Treas.
Continuing Hinges
(1frpriplvil
Irma
Nev.
V.Jrk
Thnex
I
shore and other similar exam
ury Houston. The President stated
f ,
Sluggishness.
•
illustrated
In
our
Tax
Book
that he was of the opinion that the
are
Please write for your copy on
I. The fall in prices, in so far as it Government should not resume war-
The qualifying reservation which
Turning the year with certain build-
has accompanied all prediction for the means reduction in the high cost of time financing of foreign trade. in ins practices disrupted and with con-
your letterhead.
financial and industrial new year is living, which to the average citizen view of the face that corporations are ditions shaping themselves for a
easy to understand. To the minds has become intokrable a year ago; being formed to finance foreign trade straighter course in favor of the pros-
even of expert observers the nuset• also in its effects on the credit situa-
pective building investor, construction
tied markets and complicated business tion. now returning to normal after under the Edge law. Alan that the interests await eventualities, accord-
situation. whose results were bound the highly dangerous condition of last proposed revival of the War Finance ing to the current Dow Service Daily
to extend at least some distance into year; also, through the collapse of Corporation would be an unwarrant- Building Reports.
1921, have seemed to render certain inflated markets and inflated specu- ed Interference by the government
If no further adjustments develop
least an unfavorable beginning to lation, in its release of capital for In private business, and that it was I in the building situation, either in the
Accountants and Auditors at
the new year. In addition, the appar- financing legitimate home require- his opinion that the corporation not matter of prices or practices, the
Main
1041
Penobscot Bldg.
ently controlling influences were so ments and the requirements of Eu- only would exert no beneficial
building investor can take comfort in
Woolworth Bldg., New York
novel, so confused, and in their larger rope; also, not least of all, in the ence on the situation, but that it the fact that he can enter the market
economic consequences so obscure, sobering influence on labor radicalism
today with promise of less frustration
would
raise
false
hopes
among
the
of
the
discovery
that
employment
and
that even the most hopeful forecasts
than he has been able to expect in
of the future hesitate to pin down wages may, after all, be still depend- very people who would expect most, the better part of a decade. It is a
and would be hurtful to the natural
prediction to time and circumstance. ent on efficiency.
2. The past year's demonstration of and ordiirly processes of business and question, however, as to whether this
Nevertheless, it is possible on this
fact will bring the builder into the
occasion in a very unusual degree to the power and readiness of the Fed- finance. Former Secretary of the market at once or whether he will
eral
Reserve not only to alleviate Treasury W. G. McAdoo, who at one
offset each discouraging argument
await further developments in the
with an argument of distinctly reas- financial crisis when It comes, but, time was the President's closest fin- form of a building millenium.
suring character, derived from pre- through applying in time the brakes ancial advisor, was of the opinion that
It is this element of doubt that per-
cisely the same facts. It is the busi- against credit inflation, to avert the the War Finance Corporation should vades the building material and con-
ness, both of the economic prophet crisis itself.
struction
industries today. It is the
3. The fact of the greatest total again be placed In active operation.
and of the practical man of affairs, to
Now that we have entered upon the existence of this uncertain factor that
weigh against one another the two harvest in our history and of one of
is
retarding
the production of build-
sets of considerations and strike the the largest winter wheat crops on year 1921, there Is much epeculation ing materials in anticipation of future
record sown this autumn, at a moment and comment as to what will hap-
balance.
market needs.
when the whole world needs it; this
Grouped in this way, the half dozen being one of the foremost traditional pen commercially this year. Some
If the prospective building investor
875 Gratiot Ave. MeL 245 conspicuously
unfavorable elements in influences in sustaining American people are more optimistic now than decides to await the fullness of prom-
the immediate financial outlook may prosperity; the lower prices for the ever, and others are more pessimis- ised reformation of building policies
Lin.
236
YanDyke & D. T. Ry.
be thus defined:
crops being also accompanied or tic than they have been before. It is the best part of the 1921 building
Wal. 247
Warren & P. M. By
1. The fall in prices in so far as it quickly to be followed by adequate in-
interesting to note the actions of season will probably slip by before
•
has involved and for a time will con-
knew..
the manufacturers will be able to hair-
stead of insufficient farm labor and by
tinue to involve severe business losses, lower prices for the farmer's mate- the larger corporations throughout ly gauge their market. with the re-
the country. Lower wages and lower
curtailment of production, reaction in
rials. No one ought to forget that, prices for products seem to be the sult that the history of early 1920
We offer for trade, reduction of dividends and par- a year ago, many economists deemed
will he repeated, in that demand was
your considera- tial unemployment of labor,
it the greatest economic problem of aim of the large producers. It is also greatly in excess of supply of ma-
tion a complete
2. Disturbances to credit as a conse- our national future that labor, under Interesting to note the statement of terials.
selection of quence of the reaction and the losses, the influence of the extravagant bids Judge Gary, Chairman of the United
It is exactly this contingency that
Granite and Mar- with increase of business failures over of manufacturing industry, was aban- States Steel Corporation, In which leads some authorities to believe that
ble Monuments, those of recent years.
doning the farms, reducing the army he states that the daily bookings of there is a possibility of a new peak
Tombstones,
3. Condition of agricultural pro- of food producers while increasing
in building material prices being
Grave Markers, ducers as a result especially of the the army of city consumers to whom the corporation at the present time reached in the latter part of 1921. The
exceed the total capacity for Its mills
and Grave En- long decline in prices of grain and
dlerence will be, however, that in
the
food
must.
be
distributed.
closures of very cotton; a condition which is causing
at the time of organization, and that the early part of 1920 building mate-
4. The new and vastly more hope-
high quality. At propaganda both for uneconomic Gov-
ful outlook of the railways, not yet there was plenty of money in the rials felt their first abnormal upward
the same time ernment assistance and for deliberate even approximately tested as to the country, and the capitalists are will- price impetus at the same time that
our prices are reduction of next year's acreage and
profit-earning power of the new rates ing to invest In new enterprises us labor lost much of its efficiency and
low.
production.
under the Government's altered rail- soon as prices are on a reasonable, the resultant cost of building con-
4. Possible effects of the trade re-
struction became greater than the
policy; while in the export trade, fair and stable basis.
GRANITE AND MARBLE action: on the one hand upon volume the ay teaching
average building investor could sus-
of our whole past eco-
The controlling factor of business
of railway traffic and therefore upon nomic history is that a fall in prices,
tain.
railway earnings, on the other hand however sudden, invariably places generally today, Is the comparatively
The cost of constructon as repre-
upon the export trade, especially with American foreign trade on a sounder small movement of raw material and sented by greater efficiency on the
Closed Saturday—Open Sunday
South America and the East, whose and surer basis.
manufactured goods, even at the pres- part of labor is already much lower
markets a year ago seemed to be the
5. The fact that reduction in the ent reduced prices. The Christmas than it was, and competent authorities
mainstay of our foreign commerce, proceeds of income and profit taxes
say that it will probably go lower for
but arc now in the grip of severe (which, on their present scale are ex- trade this year undoubtedly was much a while, but let construction work de-
564 WINDER
economic readjustments of their own. pedients for war-time, not peace-time smaller than it has been heretofore,
velop, as it is bound to do sootier or
which
simply
means
that
the
retailers
5. Unquestionably heavy impairment government finance) will force the
CADILLAC 48
later, and with the limited supply of
of the Government's revenue in con• hand' of Congress to reform the whole have considerable quantities of mer-
building craftsmen available many of
sequence of the very great curtail- unfair and precarious present system chandise left with which to meet the
the features incidental to the build-
ment of incomes and business profits of taxation
demands of the consuming public, and ing movement of early 1920 may be
during 1920, from which under exist-
These, then, are the counterbalanc- the public are restricting their pur- expected to return.
ing law the great bulk of the 1921 ing influences on even the immediate chases because of curtailment of their
Thus there are two factors encour.
Federal taxes will have to be raised. economic future. As to when and how
This is a formidable list; the fact s soon the favorable consideration will purchasing power due to the great aging construction work to proceed
Theatres. Dry Cleaning Plants,
at
an early date, the present com-
wave
of
unemployment
throughout
on which it is based are known t o
paratively low price of basic building
Tailor Shops, Confertioneries, Dro- everybody, and there is little reason counterbalance the unfavorable, or, in country.
other words, how long the forces of
materials
and the fact that labor is
The bIg Improvement of business
lleries, Hotel, Rooming Houses, for surprise at the hesitation even of reaction will supersede the positive
hopeful prophecy in the face of such though largely latent forces of re- activity will come with the adjustment at the moment not only hungry for
Restaurants, Etc.
work,
but
is
willing to work. Neither
visible economic obstacles. Sometimes covery, that is a question which no of retail prices to a new low level
the cheerful prophet answers by bas- CITIC can answer at this moment. But which would be satisfactory to the buy- of these conditions may present them-
selves
so
favorably
to the building in-
WAGSTAFF & CO.
ing his prediction altogether on this the economic history even of 1921 will ing public. It is a known fact that
vestor after the turn of the first half
country's immense natural resources, depend quite as much on the business
911 Majestic Bldg.
Chore, 65
farmers,
who
constitute
the
largest
of
the
year.
the imperative need for its products community's intelligent recognition of
•
Offsetting these two considerations
by the rest of the consuming world, the reassuring offsets as on the auto- single class of consumers, and who
have experienced substantial reduc- is that which prompts the prospec-
and the fact that the American busi- matic play of economic forces.
tive builder to defer his building
tion
in
the
prices
of
their
own
prod-
ness community has in the past in-
A. D. N.
variably emerged from periods of se-
ucts, will not 'renew their buying of projects in anticipation of still fur-
ther disruption of the influences
vere depression stronger and more
merchandise and commodities, except which have made construction costs
aggressively successful than ever be-
CLASSIFIED
as they absolutely need same, and un- hifth. Good early spring building
fore.
til the prices of merchandise re, weather stay have an influence in
All these are perfectly sound argu- FURNISHED ROOM for refined
sernbles more closely the prices of favor of prompt resumption of build-
ments, but it is more convincing in
young couple, Call Market 271-M. what they have to sell. Of course this ing, but the chances now seem to
the present case to argue from par-
readjustment is now under way, and favor a continuance of the general
ticulars than from generalities. From
the facts of every one of these groups FURNISHED ROOM for gentlemen is making more rapid progress daily. policy to await the enactments of new
of
refinement,
with
or
without
of adverse influences, deductions of a
As the new merchandise which is be- laws and the repeal of recent ones
A-I MILD
board, in private Jewish home. Box ing sold at cheaper prices is being that deprive the speculative builder
wholly opposite character may lie rea.
of much of his proprietorship in his
100,
Jewish
Chronicle.
suably drawn, and they have this
placed on the market, retail prices finished structures, especially if it is a
advantage that, whereas the unfavor-
naturally are lower.
residential type of investment.
able circumstances just enumerated FURNISHED ROOM in nicely-furnish-
The relationship of banking and
There is a noticeable change for
are mainly matters of the past, the
ed steam-heated fiat for young mar- business now becomes very clear.
the better in the construction outlook
counter-considerations are matters of
ried couple. Housekeeping privil-
Both ara concerned in the present sit- as the new year turns. Projects long
the future. The reassuring financial
eges. Tel. North 4850-M; 525 Fred- uation, and the interests of both de- deferred are being re-estimated and
and industrial influences may be thus
erick St.
mand that the readjustment he gone the day of general free competition is
enumerated:
through -with in orderly fashion so nearer to actual realization.
that business activity may be resum-
ed on a sound basis. It is believed SAYS ADVERTISING
that the peak of commercial borrow-
SHOULD NOT BE CUT
ing has definitely passed and that
from now on there should be a gradu- Stanley E. Gunnison, of Brooklyn,
Warns Manufacturers.
al and moderate reduction In the vol-
NEV YORK, Jan. 2.—Advertising
ume of bank loans. The pressure
should
be
maintained and not cut at
for funds is already considerably less
this time, when many manufacturers
than it has been the past year.
are
seriously
overstocked, Stanley E.
Much interest is manifest in the
Cunnison, director of the Brooklyn
New York Automobile Show which
Chamber of Commerce, writes in the
opens this week. Several new cars current issue of the Chamber Bulle-
and numerous new models will be on tin.
display. Manufacturers are of the
"We have come to a period criti-
opinion that a great many cars will cal in the growth and even existence
be sold which of course will have a if many business houses," he says.
direct effect upon the unemployment "-Decisions made today will he de-
situation in Detroit. Nlanufacturers termining factors in the success or
642.658 Grand River Ave.
believe that they will be running full failure of the years to come."
"The greatest and most successful
capacity by March 1st. The city is
about to let contracts for public im- concerns have always been the most
consistent advertisers. Mindful of
provements which will give work to lessons of the past, they safeguard
a great many men. Their work Is the present and anticipate the future."
mainly upon school houses and Street
Improvements.
OPPRESSION OF JEWS
The cost of building materials have
IS RUINING HUNGARY
dropped approximately twenty per
LONDON—The "London Financial
cent since August, 1920, and It is safe News" speaking today of Hungary's
to assume that beginning early in the financial depression and the heavy
spring there will be a tremendous drop on the exchange, declares that
Grand River and Warren.
building program launched In Detroit. this is due entirely to the anti-
Hague A... •nd Russell
There is plenty of money for the fin- Semitic policy of that country. Jews
Macomb St. and G. T. Ry.
ancing of real estate operations on do not invest any capital in anything
2nd Blvd. and Terminol Ry.
which cannot be realized at a mo-
well located, desirable property.
Waterloo and Terminal Ry.
11 What kind of coal is that?
ment's notice for they never know
when they will he obliged to leave
FOREIGN JEWS IN
the country. Their investment in for-
C Peacock Coal is a high-test, soft lump
eign currency has raised the foreign
HUNGARY ARE INTERNED exchange
coal—unusually low in smoke and ash—
in Hungary to a height it
had never attained before.
unusually high in heat units.
VIENNA—The Hungarian .author-
ities are taking steps to intern all LEMBERG JEWS HONOR
alien Jews according to a Budapest
If your steam furnace or heating stove is
POGROM VICTIMS
dispatch. The dispatch states that
VIENNA—The entire Jewish com-
during the last few nights, SOO Jewish
"fed up" on cheap, low-grade mine run,
munity
of
Lemberg participated in a
families from the Galician quarter,
try a ton of Peacock Lump.
have been dragged out of their beds service commemorating the victims
Phone the Order
and removed to an internment camp who fell there in a pogrom a year ago,
Main Office 57 Gratiot Ave.
in Pilesczacabo. Owing to the unsat- according to a dispatch from that
isfactory condition of the barracks, a city. Everyone of the community
AU Yards
large number of the interned are said who was able to walk marched in
to be seriously ill, while 20 are report- solemn procession to the cemetery
ed to have died. The Assimilationist where a service was rendered over
the grave of a number of holy scrolls
Jews, the only ones who have any
in- torn during the pogrom. The grave-
fluence with the government, re used
yard was strewn with flowers.
to intervene.
On the net income of $25,000 a cor-
poration *twee inveated capital la
p200,000 'stye In income and excess
profits tax f8,380.
Good and Bad Influences Which Will Pre-
vail in the Country's Economic
History This Year
Arthur L Holmes
Lumber
Company
ZIONISM DISCUSSED IN
HOUSE OF COMMONS
LONDON—In the House of Com-
mons today Sir Frederick Hall ques-
tioned the government whether Sir
Herbert Samuel had been requested
to submit a report on prevailing con-
ditions in Palestine before provisions
would be made for the settlement of
the Jew s in that country. The same
member also questioned whether the
government's policy regarding the
%ionization of Palestine would be af-
fected by the secession of the Ameri-
can Zionists. Under-Secretary Cecil
Ilarnisworth, in reply, stated that the
government knew nothing of the de-
cisions of the American Zionists and
that its policy towards Palestine had
in no way changed but that policy
was not properly characterized by the
term Zionization. Sir Frederick Hall
further questioned the government re-
garding conditions of immigration in
Palestine upon which Harinsworth re-
ferred him to Sir Herbert Samuel's
last report which had been submitted
before the house.
ALLIANCE NEGOTIATIONS'
SEVERELY CONDEMNED
PARIS -The memorandum submit-
ted by the representatives of the "Al-
liance Israelite" to the League of Na-
tions is being much commented on
locally and is calling forth severe
criticism. Their request that the
League should control emigration is
characterized in some quarters as na-
tional treachery and the document,
generally, it is said is circulated to
weaken the claims of the Jews to
minority rights. Geneva reports re-
late that the Alliance representatives
refused to join the other Jewish rep-
resentatives only after they had con-
ferred with Professor Askenasy.
1111111111111 M oup
•
V ,earnW stuf0
CAP 7 VAS OhLr
To
If You
WANT
RE SURE
Of REALLY &TRULY FRESH
EGGS INSIST
UnoN
Sunbefitiet Eggs
IN THE YELLOW SEALED
CARTONS
oil/HOLD rofSrf [Mar
70 ■ 009 GOOCIR
EO.R.ELDRIDBE
Deluca
Jewish Calendar
3680-1920.
Fri, July 16
Roach-Chodeeeh AD
Sun., July 1119
Fast of AS
...... —Sus.. Aug. 13
Roech-Chodeech
3681.1320.
Sun., Soo. 12
New Year's Eve
Wed.. See. 22
Tom Kippur
27
Mon.,
Succoth (First Day)
Sep.
Succoth Gael Day—Shinan.
Men., Oat. 4
Alsereth)
Tues., Oct. 3
Sirnchath Torah
Wed., Oct. 13
Roactsthodeech Closes,
Fri., Nov. 12
Resoll-Chodesch Kislev
Chanukeh (Feast of Dedloation) Mon, Doe. 4
Sun.. Doe. 12
Teboth...
Rosch-05
Tue., Doe. 21
Fast of Tette('
3611-1921.
Mow, Jan. 10
Reech-Chodenh Shebat
...—
..,,, Issilli 11 8
00111110111
MONUMENTS
Manuel Urbach
The food to
romp on
AT work or play, young or old, the body needs 51 times
as much "energy" food as "Tissue building food".
We Sell
H-0 supplies energy and builds tissue in just the right
ratio-5M to I. No other oatmeal does this as well.
Oatmeal
2,300 Rye flour
1 420 Nile wheat
flour
1,E60
2,300 Cornmeal
1 660
Force
1,330 Hominy
1 160
A ideal cereal 2,E00 Macaroni
Graham flour , zeoo Anoiher cereal, 1,360 Mee (white) , 1,160
Burley
1,160 Farina
1,350 Cornflakes ... 1,100
THE 1-1 - 0 COMPANY Dept. B. [Weal°. N. Y.
"I want some more'!
.G. D U
Bend pow paw's ,
morns and we will
send you free,
snough //-0 for a
meallorsi.spemons
THE
HORNBY'S OATMEAL
nownwnwwwwnewa
HAVANA CIGAR
5 YARDS
Main 2570
Peacock Coal
J. T. SINCLAIR CO.
Na 2.
This table is from U. S. Health Education Bulletin
See how Oatmeal leads in nourishment!
•
TAXI
Broadway Taxicab and Messenger
301
CADILLAC 302
303
ABE HERTZBERG, Mgr.
l rtmoz=somto=romto===ormo===sono0
Motors, Oils, Mining and Curb Industrials for Cash
or on Moderate Margins
o
g
CHARLES A. STONEHAM & CO. 11
Real Estate Exchange Bldg., Detroit
TELEPHONE CADILLAC 6150
0
(Established 1903)
0
Direct Private Wires Il
Weekly Market Letter Sent Free
41 Bread Street, New York
I
s
"No Promotions"
anno=rocso=o=o1=tocsol=umo
PLACE YOUR ORDERS NOW FOR
Cronin's Clean Coal
Bituminous for Steam or Domestic
CRONIN COAL COMPANY
318 Woodward Avenue.
Telephone Cherry 6538