Claims totalling $10,185,000 were filed against the Julius Rosenwald estate by the First National Bank of Chicago and the Chase National Bank of New York, Mitchell C. Robin, clerk of the probate court, revealed. Both claims bore the indorsement for the estate of Lessing J. Rosenwald, executor, who admitted the validity of the claims.
The claim filed by the Chase National Bank was for $7,825,000 borrowed by E. J. Pollack and E. H. Powell as trustees for certain funds set up by Mr. Rosenwald during his life. The loan was secured by 101,359 shares of Sears, Roebuck & Co. common stock.
Attorneys for the First National Bank of Chicago set forth in their claim that the sum of $2,360,000 was borrowed or guaranteed by Mr. Rosenwald at various times during the year of 1931. Of this sum $2,000,000 was borrowed directly by Mr. Rosenwald on Sept. 22, 1931.
The major portion of these loans, it is understood, represents sums borrowed by Mr. Rosenwald in order to protect the stock holdings of his Sears, Roebuck & Co. employes when the market crashed.
One hundred and fifty thousand dollars was borrowed from the First National Bank by the Chicago Sinai Congregation and guaranteed by Mr. Rosenwald on Dec. 7, 1931. Edwin R. Embree, president of the Rosenwald Fund, borrowed $210,000 from the bank and Mr. Rosenwald guaranteed the loan.
The loan at the First National Bank was secured by 500 shares of American Telephone and Telegraph common; 5,000 shares of F. W. Woolworth common; 3,000 shares of American Tobacco Company B. common stock; 15,000 shares of Lehman Corporation common; 3,000 shares of Union Carbon and Carbide common and 47,000 shares of Sears Roebuck & Co. common.
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.
