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October 04, 1974 - Image 37

Resource type:
The Detroit Jewish News, 1974-10-04

Disclaimer: Computer generated plain text may have errors. Read more about this.

Israeli Orchestra to Begin U.S. Tour Millionaires Problems Trouble ^ Israel Banks and Orhtodox Circles

Israel Philharmonic Orches-
tra, including for the first
time on an American tour
recent Soviet immigrant mu-
sicians, arrived here Monday
to begin a 14-city tour under
the auspices of the United
Jewish Appeal.
In their sole appearance in
New York, the orchestra,
conducted by Daniel Baren-
boim, will perform on all-
Beethoven program at Car-
negie Hall Oct. 13 in a con-
cert which will be the first
public event to be held under
the auspices of the new
_United Jewish Appeal-Fed-

eration of Jewish Philan-
thropies campaign.
Three of the musicians are
also scheduled to appear at
the opening session Thurs-
day of the 1974 Business-in-
the-Arts luncheon series
sponsored by the American-
Israel Cultural Foundation at
the Israel Culture Center

I will tell you, scholar, I
have heard a grave divine
say that God has two dwell-
ings, one in heaven and the
other in a meek and thankful
— Izaak Walton

ports of the "liquidity prob-
lems" of Swiss Jewish fin-
ancier Tibor Rosenbaum's
financial empire flooded the
Israeli press and gave fur-
ther cause for concern among
business and finance circles
here, and among Orthodox
circles, both of which have
been hit hard recently by the
financial collapse of Jewish
millionaires abroad.

While the extent of Rosen-
baum's problems were not
immediately apparent, moves
were reportedly proceeding
in Frankfurt in the hope of
selling his International Cred-



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it Bank of Geneva and there- year. The government man- cause of the worsening crisis
by perhaps saving his vast aged to hold down the price involving investments by the
business and financial em- of fruit and vegetables before Israel Economic Corp. in the
Rosh Hashana — an impor- tottering financial empire of
Rosenbaum's interests in tant element in the cost of Swiss-Jewish banker Tibor
Israel include large shares living index. But these fac- Rosenbaum.
in two major textile con- tors may change as the win-
The government-sponsored
cerns as well as real estate ter approaches. Some econ- corporation, established in
omists believe that some 1969 with the assistance of
and other ventures.
He is the third prominent price increases were ab- Jewish businessmen from
Orthodox Jewish millionaire sorbed initially by middlemen North America and Europe,
in Europe to fall upon hard but will eventually be passed is believed to have sustained
times this year. The others on to consumers.
losses in excess of $20,000,-
were William Stern, his
Dr. Shefer reported that 000 as a result of the failure
brother-in-law from London the price index rose at a rec- of Rosenbaum's International
who is a real estate magnate, ord rate of 18 per cent dur- Credit Bank of Geneva.
and Harry Landy, also from ing the first quarter of 1974.
The situation was discussed
London whose Israel-British It slowed down to 2.7 per at length at Sunday's cabinet
Bank crashed first in Tel cent during the first two meeting where Minister of
Aviv then in London and months of the second quart, Commerce a n d Industry
brought down other family er and in the past three Haim Barley, filling in for
months has been hovering Rabinowitz, announced that
ventures with it.
All three were intimately betwen 0.3 and 1.4 per cent he has asked Treasury offi-
connected with Israel's econ- which is a perfectly normal cials to draft new criteria for
omy: Stern had last year rate for a country that claims investments and deposits by
bought up Pan-Lon, Israel's the world record in inflation, government and government-
largest private building com- Dr. Shefer said.
sponsored corporations.
pany. He was forced to sell
The limitations on credit
Meanwhile, Michael Tsur,
it when his empire in Eng- and freeze on large-scale
land crumbled. Landy owned construction has had a no- managing director of the
the Eliaz wineries here and ticeable impact on the hous- Israel Economic Corp., has
several real estate and other ing market. There is a large been suspended, and board
chairman Baron Edmund de
supply of flats, something Rothschild has reportedly
Israel's taxpayers were unknown in previous years,
not, of course, affected by when prices soared by 300 asked Israeli legal authori-
Stern's troubles. In fact ,Pan- per cent and more. While the ties whether criminal action
Lon had been doing well, prices have not gone down could be brought against
but he had to sell to raise yet, they are not going up, Tsur for his conduct of the
IEC's affairs.
capital in London. The ex- Dr. Shefer reported.
According to unconfirmed
tent of the government's
He said one notices a hith-
losses in the Israel-British erto unknown phenomenon: reports, Baron de Rothschild
Bank is not yet fully known, the same apartments adver- had ordered Tsur to withdraw
and its former managing dir- tised over a period of weeks all IEC funds on deposit with
ector, Landy's brother-in-law, at a constant price. Until a the Rosebaum bank in the
Yehoshua Bension, is still few months ago, the prices spring of 1973 after learning
of Rosenbaum's financial dif-
awaiting trial.
of apartments changed from
But over and above dollars hour to hour, Dr. Shefer ficulties.
Tsur complied but subse-
and cents, Israel has suf- said. If the present housing
fered severely in these in- situation continues, inflation quently •invested larger sums
stances. Both banks were may finally be beaten, he in Rosenbaum's bank and
other companies controlled
known to be closely connec- added.
by the financier without the
ted to Israel.
knowledge of the IEC board,
The Orthodox sector here Minister Called Home,
the unconfirmed reports
will particularly suffer from Cabinet Concerned About
these three setbacks. All Worsening Bank Crisis
three millionaires have been
philanthropists, mainly to mier Yitzhak Rabin tele- THE DETROIT JEWISH NEWS
phoned Finance Minister Friday, October 4, 1974-47
Orthodox causes.
The National Religious Par- Yehoshua Rabinowitz at the
ty has been especially un- International Monetary Fund
fortunate. Landy and Rosen- conference in Washington
baum are two of its most Monday, and asked him to re-
prominent leaders. In fact turn home immediately be-
Rosenbaum is one of its
three-man international pres-
idium. Futhermore, they
both were closely involved
Musical Entertainment
in fostering the party's own
Big pands or
commercial and banking ven-
Preliminary technical specifi-
cations and performance de-
Israel's 'World Record'
tails of Israel's newest ex-
Inflation Slows, Economist
Cautions About Predictions ecutive jet aircraft, the West-
JERUSALEM (JTA) — wind 1124, were disclosed
The soaring rate of inflation here recently at a meeting
that has bedeviled Israel's of the National Business Air-
economy since the Yom Kip- craft Association.
The 10-passenger twin-en-
pur War has slowed drama-
tidy in recent months, a gine jet that will be priced
Or An
leading economist told the at about $1,500,000, will have
Knesset Finance Committ,pe a speed of 500 mph, accord-
last week. But the rate may ing to S. Samach, an official

rise again and the negative of Israel Aircraft Industries
effects of world-wide inflation Ltd.
Samach, marketing direct-
on Israel's economy makes
any predictions a gamble, ac- or for the Westwind model,
cording to Dr. Eliezer Shefer, said the plane's first flight
director general of the Bank will take place in April 1975,
and certification by the U.S.
of Israel.
He attributes the sharp de- Federal Aviation Agency is
cline in the inflation rate to expected later next year.
The planes are manufac-
several causes, only one of
which can be considered a tured at the IAI plant at
direct result of the govern. Ben-Gurion Airport which is
ment's deflationary economic expected to have them ready
policies. This is the tighten- for customers early in 1976.
ing of credit which has
Our American heritage .. .
slowed down the economy
and is felt mainly in the hous- teaches that to be secure in
the rights he wishes for him-
g ing market, Dr. Shefer said.
Other causes were the dif- self, each man must be will-
ficulty of finding customers ing to respect the rights of
overseas and reduced consu- other men.
—President's Committee
MI 6.7272 4
mer spending at home after
on Civil Rights
a buying spree earlier in the


Israel Unveils
Executive Jet


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