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He said that the lay leaders
who invest these funds "even-
tually will deal" with the
stock ramifications. "We have
no plans to do anything other
than going on with our activi-
ty!' he said. He expressed
relief that the UJA-
Federation held major fund-
raising campaign functions
last week and two weeks ago,
and scheduled others for mid-
November and December.
Looking beyond next
month, he looked for the
economy to recover.
It's too early — and pro-
bably impossible — to assess
the damage to the $2 billion
held in philanthropic and en-
dowment funds of North
American Jewish federations,
according to George Kessler,
director of the endowment
department of the Council of
Jewish Federations, the um-
brella organization of North
American Jewish communal
federations. "There's no way
to quantify it, no way to prove
it," he explained.
If the market doesn't
recover, endowment giving
may be harmed, he noted,
with "the same impact on en-
dowment gifts as it would
have on annual campaigns."
Detroit's Federation has an
endowment fund of about $82
million. Federation officials
were unable to say how much
of that sum is invested in the
stock market, or how the
crash would affect the endow-
ment. "The majority (of the
fund) is not in stocks!' ex-
plained Gary Miller, Federa-
tion's director of finance and
administration. "We won't
know the effect until we close
our books at the end of the
month."
Miller predicted that the
endowment would not be
adversly affected by the
market collapse. "Our in-
vestments in stocks are well
diversified. Things that occur
in the short run don't affect
us much. We're not on the
phone calling brokers, going
`sell, sell, sell! "
"If anything, some of our
holdings are doing better,
because of the rising interest
rate," noted Martin Kraar,
Federation executive vice
president.
Kraar said he sees no short-
term cash-flow problems
among givers and expects no
late payments of contribu-
tions. "Right now things are
looking positive!'
"There are a lot of other fac-
tors here," CJF's George
Kessler explained. Citing
Jewish communities in oil-
producing areas, he said
"there are an awful lot of peo-
ple who are individually very
well-to-do whose companies

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THE INTERNATIONAL LEAGUE FOR THE

REPATRIATION OF RUSSIAN JEWS, INC.

ANNUAL

Established 1963

TORCH OF FREEDOM AWARD

AND

SOLIDARITY DINNER

Sunday Evening, November 8th
The Plaza Hotel, New York City

THIS YEAR'S "TORCH OF FREEDOM" AWARD RECIPIENTS

Seymour D. Reich

President, B'nai B'rith International

Henry Dorfman

Detroit, MI
Chairman, Thorn Apple Valley

Mayer Gold

Hillside, N.J.
President, Gold Associates

HONORARY CHAIRMAN

Vice President George Bush

HENRY DORFMAN

HONORARY SPONSORS

SEYMOUR D. REICH

Sen. Alfonse D'Amato
Gov. Mario Cuomo
Yitzhak Shamir, Prime Minister of Israel

Atty. Gen. Robert Abrams
Sen. Daniel P. Moynihan

HONORARY CO-CHAIRMEN

HONORARY GENERAL CHAIRMAN

Samson Bitensky

Samuel Hausman

Hart N. Hasten

DINNER CHAIRMAN

James H. Rapp

HONORARY VICE CHAIRMEN

DINNER CO-CHAIRMEN

Morris Brafman
Norman Belfer
George Meissner Esq.
Leo Hausman
Roman Kent
Rabbi Dr. Julius Neuman

Morris Abram Edgar Bronfman Abe Foxm a n
Benjamin Meed
Lewish Lefkowitz
George Klein
Elie Weisel
Howard Silverman

The basic right of men know no time or boundaries and the ideals they strive for transcend the ages. Freedom for Soviet
Jewry is one such undertaking, and we take pleasure in honoring three distinguished members of the community. Seymour D.
Reich, Henry Dorfman, and Mayer Gold, whose efforts in behalf of Soviet Jewry have reinforced the commitment toward freedom
for man everywhere.
Despite apparent shifts in U.S. Soviet relations and the much publicized new "openness" in the Soviet Union, there is no evidence
of significant change in the condition of Soviet Jews. In fact, there is a danger that this seeming progress will blind us to the conti-
nuing plight of the Jewish minority in the USSR - and they could simply be forgotten.
By coming together for this Solidarity function we send a clear signal to the world that we will not forget - that we will leave
no stone unturned in our efforts to rescue Soviet Jews. Your support will help keep alive the flames for the Jews of Russia.

Dinner-Dance 7:00 p.m.
Reception 5:30 p.m.
Dietary Laws Observed Black Tie Optional

FOR RESERVATIONS OR INFORMATION CALL:
DINNER HEADQUARTERS
136 East 57th Street, Suite 1205, New York, NY 10022

(212) 935-1840

Continued on Page 32

THE DETROIT JEWISH NEWS 23