Israel Rogosin, New York industrialist and philanthropist, revealed to an audience here that he has cancelled plans for a projected $20, 000,000 rayon mill in Israel. Because of circumstances beyond his control, Mr. Rogosin said at a testimonial dinner in his honor, he has had to abandon plans for the plant, already under construction in Israel
He hinted his reason was the lack of response on the part of individuals in coming forth with participation in financing the Israel plant through a two-for-one conversion involving two stocks in the Rogosin mill for each Israel bond dollar. He promised to return dollar for dollar to the individuals who have converted Israel bonds into Rogosin stock and to assume personally the loss involved in the venture to date. Mr. Rogosin said the plant in Israel is nearly completed and expensive machinery for rayon manufacture already designed and built. Everybody will be paid the full amount, he declared.
His announcement came as a surprise to the 500 persons assembled at a testimonial dinner in honor of the industrialist who had originally set aside $250, 000 of his announced gift of $4, 000, 000 to American Jewish educational institutions, for the Hebrew Academy of Atlanta. Around $25,000 had already been converted by Atlantans and another $75, 000 was scheduled for early conversion. Nevertheless, Mr. Rogosin announced he would donate $100,000 in cash to the five-year-old Hebrew Academy of Atlanta, which had arranged the testimonial under the chairmanship of Ben Massell, Atlanta builder and philanthropist.
(Reached by telephone by the Jewish Telegraphic Agency, Mr. Rogosin said that he is definitely not carrying out his plans for the mill in Israel. He stressed that he will finish the building at his own expense–and then will donate it for use as a hospital or some other charitable purpose. Mr. Rogosin emphasized that any monies that will be lost through the cancellation of the venture will be his money. Everybody else will get his money back, he said.)
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
