The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-09-30

The Iron Trade Review Of Cievs-
land reports that Iron and steel quo
tatious have shown remarkable nrm-
ness al through the rumors q price
cuts and falling market. There are
indications hat the consumers are
letting their stocks run very low. and
they are insisting On immediate de-
livery OF ell orders. The structural
demand for public works. II large
factor In keeping up the pricos.
facturers In the market for pig iron.
There 10 q movement on foot among
Detroit real estate men to establish
q daily noon call Ut wants and OFFER
ings. This Was the chat subject dis
cussed In the first weekly luncheon
Of the real estate board held Wednes-
day noon. In the Penobscot Inn.
Welch Bros. have bought . block Of
seven dwellings at Abbott and Third
sts. taking In Nos-- INA Abbott, and
Nos. l7S-lS2 Third. The lot II 76xls0
feet. The seller was the Hammond
estate. The price was not given out
The property rents for about $4,000
per year.
The novel spectacle Of two Of the
largest dealers In motor cars In Eug-
land. battling for the right TO repre-
sent q Detroit manufacturer 10 being
presented this week. The arena Of
the argument L. the foreign sales de-
partment Of the EMF. Co., and the
competitors are the firms OF Whiting,
Ltd. and Jarrot 4 Let's. both Of Lon
don. Representative of the Whiting
company are now In the city. The
Jarrot q Lets negotiations have been
conducted daily by cable. Both firms
desire to secure the agency for Eng
land. Scotland and Wales, and each
insists on an immediate delivery Of
200 cars a. q starter. T. p. O'Grady,
representing Vivian Lewis. Ltd, Ade-
laide, Australia. In also In Detroit. Wis
iting the EMF. company factories
and endeavoring to secure the rights
to Australasia as sales agent. The E.
M.-F. company has also placed an
agency with HI. 8. Honnisberg & Co.,
Shanghai. China, and has shipped this
firm q half-doxen demonstrating cara.
The Wayne Garment Co., capital.
ICED at $4,000, fled articles Of asso-
citation, Thursday. The company,
which will manufacture garments OF
all kinds In Detroit, starts out with a
paid-up capital OF $4,000 The stock
holders are II. j. Hager and Thomas
A. Griffin. of Detroit. and James Soul
ly, OF Ionia. Mich.
The Aldrich-vreeland law. under
the authority Of which national banks
In Detroit and vicinity have formed
themselves into an association, was
passed as an emergency measure af-
ter the other currency bills which
had been proposed. had failed In con-
gress. II provides that banks may
send through the currency associa-
lions, commercial paper and other
approved securities to the treasury
department which will issue currency
upon II just as II Ia now issued upon
government bonds. This currency
will be taxed. however, at tho rate
Of per cent. and the tax will be In
creased monthly unless 1t 10 retired
until the rate has reached 10 per
cent. Thus II can only be used only
when money 10 at q premium. Rich
ard p. Joy, president of the National
Bank Of Commerce, and secretary OF
the Detroit association, says: This
association 10 not formed because
there il any emergency In sight, but
because the secretary of the treasury
asked the national banks In the
larger cities to form these associa-
tions. SO that they will be In running
order when they may be needed. In
my opinion the measure will prove
very satisfactory II 1t has to be used.
or course, we hope that there VIII
be no necessity Of taking advantage
NJ IT"