Israeli Orchestra to Begin U.S. Tour Millionaires Problems Trouble ^ Israel Banks and Orhtodox Circles NEW YORK, (JTA)—The 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 here. 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 heart. — Izaak Walton JERUSALEM (JTA) — Re- 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- ROW HARVARD sh,opp.f eed. COMPLETELY ENCLOSED MALL • 24 PERSONALIZED SHOPS • FREE PARKING Open Thurs., Fri., Sat. til 9 SUNDAY 1 2 to 5 S.O .S. 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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 concerns. 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 allege. these three setbacks. All Worsening Bank Crisis JERUSALEM (JTA)—Pre- 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- LOS ANGELES (JTA) — Small Combos tures. 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- Occasional Flower last week. But the rate may ing to S. Samach, an official • WEDDINGS rise again and the negative of Israel Aircraft Industries • BAR MITZVAS effects of world-wide inflation Ltd. • SHOWERS Samach, marketing direct- on Israel's economy makes • PARTIES any predictions a gamble, ac- or for the Westwind model, CALL ANY DAY — ANYTIME! 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 HAI...011DON Israel Unveils Executive Jet 626.3346 Flowers For Every Occasion ...