When Rabinowitsch came into his fortune, he conceived the idea of devoting his energy and his money to the creation of a periodical such as had never before existed in Judeo-German literature. Only two volumes appeared, when bad speculations on 'Change made him a poor man. These two annuals show that had he been more fortunate, he soon would have brought Judeo-German letters to a height where they would have taken place by the side of the best in Europe. His enthusiasm, his critical acumen, his talents, fitted him eminently for that undertaking. Spektor's aim in issuing the _Hausfreund_ was the more modest one of furnishing the people with wholesome reading. How difficult his task has been can be seen from the fact that the articles for his periodical are not paid for. They are voluntary contributions by those who have the welfare of the masses at heart. However good the forces may be, it is not possible in these degenerate days to expect a natural development of a literature when the writers can hope to earn neither glory nor money by their labors. No Judeo-German litterateur has ever been able to make more than a scanty living, and that only sporadically, out of his books. But here came Rabinowitsch, who paid liberally for all the articles furnished him. That was an innovation from which only good could result. But the editor not only paid his contributors; he demanded well-written articles, and he accepted only the best of those. In his annual we find departments,--Belles Lettres, Criticism, Science, Bibliography, each being strictly defined in its proper sphere. In the division of belles lettres we find all the best authors of the time. Here also appeared for the first time articles from the pen of Frischmann, M. J. Rabinowitsch, and Perez, who belong among the most talented of Judeo-German writers. Among the scientific articles there are several of a historical character, such as 'On the History of the Jews in Podolia,' by Litinski, 'The Massacres of Gonto in Uman and the Ukraine,' by Dr. Skomarowski. There are several discussions on popular medicine, mainly from the pen of the indefatigable worker in that direction for more than a quarter of a century, Dr. Tscherny, and there is one on 'The History of Judeo-German Literature' by A. Schulmann. The latter is the result of years of investigation and is remarkably rich in bibliographical data. It would do honor to any scientific periodical. The part given to bibliography is of great importance to the student of Judeo-German literature, as that bibliography is in such a bad condition that it is not possible for certain periods, especially the older, to give absolutely correct data. But the most interesting department in the periodical is that of criticism, which is a new factor in Judeo-German. Heretofore a few scattered remarks on books might be found in the _Volksblatt_, but a systematic treatment of that branch of literature