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Joint-ica Foundation Credit Banks Holding Own Despite Severe Crisis

Severe economic conditions affecting the Jews exist in practically all East and Central European countries, but the credit banks supported by the Joint-Ica Foundation have shown great power of resistance and continued to provide valuable assistance to the Jewish population in maintaining their economic positions, it was reported at the 8th general meeting of the Foundation and the 20th meeting of its Council.

Reports were delivered by Sir Leonard L. Cohen, president of the Foundation, and Dr. Bernhard Kahn and M. Louis Oungre, its managing directors.

The credit banks, it was stated, are practically the only credit institutions available to the large masses of the Jewish population, and operate in 12 countries.

Despite the crisis, the number of such banks has been reduced only by 12 in the last six months, from 756 to 744. The total membership as of March 31st, 1932, was 295,866 as against 313,000 in September 30th, 1931. The funds decreased from $3,556,695 on September 30th, 1931 to $3,435,356 on March 31st, 1932.

The untermed deposits, however, have been very much reduced from $9,785,830 on September 30th, 1931 to $7,644,434 on March 31st, 1932, owing to withdrawals.

Thte danger from this is only passing, it was pointed out, inasmuch as the Foundation has always and especially so in the last two years, emphasized the importance of not taking deposits of this kind.

The Council approved a grant of $306,000 in new credits of the credit banks maintained in the various countries.