Word: torgsin
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Dates: during 1931-1931
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Smart Comrade Michael Sklar manages the chain of Torgsin Stores throughout Russia in which above prices prevail. Last week the Soviet Government gave Sklar's stores a mighty boost. The Government decreed that no more packages containing food may enter Russia destined for private persons. Hereafter the tens of thousands of Russian emigres who have been mailing food to relatives and friends left behind in Russia will have just one recourse. They can pay a sum of money to a representative of Torgsin.* They can mail to anyone in Russia a receipt for their money called a "purchase order...
...Torgsin Stores (state-owned) were established two years ago, have grown phenomenally in numbers. They sell better goods than other Russian stores at lower prices-but there is a catch. Torgsin sells only for "valuta," a pre-War Russian word meaning "foreign money." Thus no Russian can buy at Torgsin except by offering dollars, francs, marks, pounds, yen, etc., etc. Also no Russian is permitted to exchange rubles into valuta (except by special Government permit, rarely given). In effect Torgsin stores are baited traps to catch the valuta of tourists, foreigners employed in Russia and emigres. The State desperately needs...
...Moscow last week Torgsin's smart Sklar scored yet another coup. The State Bank had been wondering what to do about Lawyer Charles Recht who recently arrived in Russia representing New York Life Insurance Co. Lawyer Recht had come about the 21,000 pre-War Russian policy holders to whom his company owes some $3,000,000. He wanted to pay the money at once in dollars...
Entered at this point Torgsin's alert Sklar. His chain stores, he said, would be glad to hunt discreetly for the 21,000 policy holders. Moreover no dollars would have to be paid to any policy holder. Torgsin would take the $3,000,000 from New York Life Insurance Co. Torgsin would present the policy holders with Torgsin "purchase orders" equivalent to the sums due them. Without touching or hoarding a forbidden dollar, policy holders would get their due in Torgsin goods...