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Nazi Securities Unsound, Says Research Man

September 6, 1934
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The boycott against Nazi Germany must be extended for moral and practical reasons, declared Dr. Max Winkler, research director for the Boycott Committee of the American Jewish Congress. Dr. Winkler was to speak at the Shaare Zedek congregation here tonight under the auspices of the Boycott Committee.

Speaking of the moral reason, Professor Winkler described the systematic torture of Jews, liberals, laborites and pacifists in Germany.

The practical reason for the boycott, he said, is the fact that since Hitler has come into power American investors have lost more than a billion dollars by German refusals to meet her obligations.

Until Hitler’s advent, Dr. Winkler pointed out, Germany was prompt in paying her debts. With the accession of Hitler to power, a law was passed which made repudiation of debts possible.

Dr. Winkler declared that a number of American bankers are trying to interest investors in German credits to gain commissions although they know German bonds are unsound.

“It is the American of average means who is the principal sufferer,” he asserted, “not the bankers. It is foolish to invest in German securities.”

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