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