Anti-Semitis m Historical in Banking
NEW YORK—The noted
economist, Dr. Milton Fried-
man, writing in Newsweek
Magazine this week, adds an
historical note to the grow-
ing refutations of Gen.
George Brown's statement
that, "Jews own the banks in
this country."
Dr. Friedman cited the case
of the failure of the Jewish
controlled Bank of the United
States in New York in 1930,
one of the first major banks
to close. It was one of only
•two "JeWish" banks in a city
with a population that was
nearly one-third Jewish.
He said anti-Semitism al-
most surely played a role in
the decision of the Clearing'
House to reject the New York
Reserve Bank's plan to save
the fairly solvent Bank of the
United States.
"By no coincidence, that plan
called for merging the Bank
of United States with three
other, banks with Jewish di-
rectors, of which the Manu-
facturers Trust was the most
substantial. By no coincidence
also, subsequent reorganiza-
tions eliminated the dominant
Jewish influence from Manu-
facturers Trust.
"For most members of the
Clearing House, the evidence
to this effect is indirect. It is
much less so for those mem-
bers dominated by J. P. Mor-
gan & Co.
"We know how John Pier-
pont Morgan Jr., the head of
the House of Morgan, . felt
about Jews, thanks to an en-
try in the diary of Charles
Hamlin—a Federal Reserve
Board member from 1914 to
1936 and, fortunately, a lover
of gossip.
"Hamlin records that at a
boaid meeting on. Jan. ,20,
1917, "Gov. (W.P.G.) Harding
(chairman of the Fed) said
he had had a two hour talk
Syrian Demands
Almost Started War
WASHINGTON (ZINS) —
Syria's agreement to forego
its insistence on altering the
status of the UN forces in
the Golan Heights averted
a new war with Israel, it is
said here by informed ob-
servers. Syria was unwilling
to agree to a continuation of
the UN peace-keeping forces
unless the charter of those
units was changed.
The Syrians demanded that,
in future, the UN force on
the Golan Heights should con-
sist of "observers" only. Is-
rael categorically rejected
this proposal, knowing that
there is an enormous dif-
ference between "observers"
and a peace-keeping force.
UN "observers" file reports
with UN Secretary General
Waldheim. UN peace keeping
forces, by contrast, consist of
armed soldiers who prevent
border incidents that might
lead to full scale war.
Israel showed its opposi-
tion to this move by a partial
mobilization on the Syrian
frontier. According_ to ob-
Servers, this action convinced
Syria to abandon its demands
for _a change in the charter
of the UN •orces on the Golan
Heights and agree to an ex-
tension of their tenure for
an additional six months.
Knowledge is like money,
—the more a man gets, the
more he craves.—Josh Bill-
ings'
w. J. P. Morgan at the Met.
Club late this p.m., that Mor-
gan . . . seemed very bitter
against Warburg (Paul M.
Warburg, a member of. the
board) evidently thinking he
was dominating the board;
that he said he did not trust
Jews: that they had killed his
father (referring, I suppose
to Untermyer) d t'h a t
sometime he sh1cTget even
with them!"
"The reference is to Samuel
Untermyer, a famous Jewish
lawyer of the t i m e, who
served as counsel to a Con-
gressional committee that in-
vestigated "T he Mon ey
Trust" (the Pujo committee).
"In that capacity, Untr-
myer questioned J. P. MO-
gan Sr. in December 1912,
some months before Morgan's'
death.
"The son no doubt was re-
feri- ing also to Louis D. Bran-
deis, who had strongly, criti-
cized Morgan and who d i d
much \to stimulate and later
publicize the Congressional
inquiry.
"The Morgans` presumably
felt 'that Untermyer and
Braideis had unfairly sub --
jected J. P. Morgan Sr. tp
public obloquy.
".JP. Morgan Jr. finally got
"even with them" but at
what a cost to the nation.
"Of course, it may be that
even , if the Bank of, United
States had been saved in De-
cember 1930, 'a similar epi-
sode later, perhaps involving
a bad bank, would have had
the -same consequences. The
one thing we know is that this
opportunity to avoid financial
collapse was spurned."
THE DETROIT JEWISH NEWS
20—Friday, Dec. 13, 1974
NEW CADILLAC?
A liquidation is something
like a chemical process,
from which the clever insol-
vent merchant endeavors to
emerge as a saturated sau-
tion.—Balzac
ANDY BLAU
Classifieds Get Quick Results
•:•:•:•:
.:• :•:. :
3 or
o
trip to thank you for your
letter about General George
S. Brown's remarks at Duke
University.
"I not only appreciate and
understand your concern but
I have publicly rebuked the
General and privately con-
veyed to him in no uncertain
terms my disapproval of his
comments. •
"Throughout his military
career, as you may be aware,
General Brown has had a
distinguished‘record of serv-
ice to his nation.
"For this reason, although
I consider his remarks a
serious . mistake, I do not
plan to ask for his resigna-
tion. The General has recog-
nized his mistake and has_
publicly apologize•..
"I appreciate your taking
the time to let me know your
views on this:"
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Ford Answers Letter on Brown
President Gerald Ford has
responded to the local com-
munity's outrage about the
anti-Semitic remarks ex-
pressed by Gen. GeOrge
Brow n, chairman of the
armed forces Joint Chiefs of
Staff.
Louis Panush, past presi-
dent of the Detroit District,
and a member. of the national
executive committee of the
Zionist Organization of
America, called on Ford to
either dismiss the general or
ask for his resignation.
In remarks disclosed in
November, Brown had said
earlier this year at Duke Uni-
versity that Jews wielded too
much influence on Congress
and controlled the banks and
the news media in the United
States.
;President Ford wrote
Panush:
"This is the first opportuni-
ty since returning from my
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