Editor, The Jewish Daily Bulletin:
In your article about the Woolworth stores in Germany, in your issue of January 30, 1934, I noticed a statement by Mr. Paul Hofer, Jr., secretary of the F. W. Woolworth Company, to the effect that the American Woolworth Company has little or no connection with the German stores of the same name.
I am enclosing the financial report of the Woolworth Company for the year ending December 31, 1933, that I have clipped from this morning’s New York Times and yesterday’s New York Sun. You will notice a statement there that the balance sheet of the Woolworth Company carries the investment in their German subsidiary as an asset, To quote, “the investment in the company’s German subsidiary is crried at $7,091,562.00.” In my opinion this statement shows that the American company owns and controls the German company.
In view of the above, I think that Mr. Hofer’s statement not only is incorrect, but is also as very weak excuse
May I add that I find your paper very interesting and useful and that I hope that the paper will prosper and keep up the good work.
PINCUS E. ISESON. Brooklyn, New York.