New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-15
Excellent Record of Many
of New York's Syrian
Merchants.

Notwithstanding the fact that the whole amount
involved in all six Of the recent failures among the
sy ians does not aggregate $4,000 while other
and individual failures for far greater amounts
T.. this city have passed almost unnOticed. these
collective Syrian have caused quite a stir
in American business circles. The fact that they
fol in such quick succession-a in the short space
OF two weeks-partially accounts for such effect
In consequence. conjectures ran wild as regards
the standing OF the Syrian business community as
whole much a 10 render look into the
real conditions OF the Syrian not only timely
but of some Importance.
The panic OF 1907 and the resultant depression
throughout the country had their effect though
tardily, upon the Syrian trade The Syrian jobbers
~ New York previous TO that tateful year had
done such volume OF profitable business that some
vhad taxed their capacities to the limit in extend
ing credit 10 their out-of-town customers; So when
the panic suddenly struck the country. they found
The amount OF their outstanding accounts nearly at
par with their capital What aggravated matters
was the delay in the remittances, and the New
York JObbers were subjected 20 a severe strain
Tor they had 10 meet their obligations No retain
their credit although money was forthcoming in
no such amounts as would partially cover the
deficit
Then began herculean struggle. such as has
never been recorded OF the Syrian trade in America
The blow had struck home hard and unexpectealv
ihere was no chance 10 ward IL of and all that
remained was TO enoeavor TO counteract its effects
Then the Syrians diligently and courageouslv ST
themselves 10 the task OF reha Utilization. ana o.
they hao 10 save the situation naturally thew
contracted loans and exchanged notes for the DIS
counts OF which they allowed themselves 10 Srift
into debt UNI
For years this condition Of things r,.rs,s, =.
Aho When creditor was insstent upon collection
one hrm had 10 go under and-the other eve 60,
hecteo with II rapidly followed SUN
"hhe these reverses had their effect unon a nor
~ - me trade. so limited is the number affected
ano 30 comparatively Insignificant their losses b
~ rp.,b stress can hardly be taken 10 sTaounI
seems n baSe eo, business In the Syrian section
after The ,5rs, us normal course soC
have Ssi.i sist shock and those strong FIRMS IbsT
recovered appear 10 nave quickly
SAL, All important is the fact in consderinr ,hes.
rs1s + large comprises several h1ndred s SSla
brsncbes 'pf 49, SneeI prlses and embraces many
s6le Ia stisrpfise and pluck. that he has beee
sme-thirty yesrs-since his arsi esm,nsy short
oan,tsi - osTause IN almost every case he had nc
there eS ~ every community. and with every race
syrians. but these are comparatively s among
makes OF them nave si me sterling honesty which
citizenship. element IN our
Ihe progressive spirit of the s,,rians o.,,o. =,
better illustrated than by the FACT that cannot be
notningness, many OF them have affaineS nr mere
their leading houses viii er,et account Of
winch these have succeeded here e eA'eht 10
LEADING SYRIAN DRYGooDs DEALERS
originally all syr1sns here dealt in religion.
GOODS; now their activities successfuIlv cov.r 80,
every line. II Is the elder ho,,s.s 80. nearly
that now 61,,. -, ~ef houses among them
trade fNN'4"eHly III the drygoods
n,ercss, aour Bros. the wei known bankers ana
annie ~ =. ~ u Washington street are an sx
sar ps OF syrian business success III al Lex ex-
bsshl , me brothers George and Dominek ', s
s..tas trained business men OrfginaIIv -
-, isooest quarters, at No 10 Morris $500 az 1
s'oofs of thelr present building sea rcel, A 81
o.nooate their extensive export and doIoss ae
,ae. an general merchandise They did M, a nc
1870 h,sh hhabce, or try TO reach the ION y, =
bound The massive business structurs ,he op az q
reared Is evidence OF the sound and conseryaria
~ shseient, methods they have ernployed ThsSr
position as leaders IN Syrian circles Is f,ll,,
nized by American business men 'S ie0"s-
POI N. est PUNISHMENT I'm New York City OF In.
Syt1an NhainDef OF Commerce and the electtor 20
~, ~ y. fao1r 10 the Office OF president .sTbs
"a fcAhtiie and Financial Times Commented n yar
sDv on ne announcement. IL said OF Mr. Fnonr