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New York U. J.a. Gets $15,000,000 Loan from Seven Local Banks

March 14, 1960
See Original Daily Bulletin From This Date

The United Jewish Appeal of Greater New York today announced that it had completed this weekend arrangements with seven local banks for a $15,000,000 loan.

Samuel D. Leidesdorf, UJA treasurer, said that the loan was negotiated in advance of the inauguration of the Appeal’s 22nd annual campaign, which will take place at a dinner on Wednesday “so that there would be no delay in meeting the immediate needs of the 600,000 human beings here and abroad who depend on UJA aid. ” Principal speakers at the dinner will be Governor Rockefeller, Israel Ambassador Avraham Harman, and Mrs. Franklin D. Roosevelt.

Banks participating in the loan are the Manufacturers Trust Company, the First National City Bank of New York, Bankers Trust Company, Chemical Corn Exchange Bank, Hanover Bank, Chase Manhattan Bank and the Marine Midland Trust Company. Representatives of the United Jewish Appeal in negotiations for the loan included Mr. Leidesdorf; Gottlieb Hammer, executive director of the Jewish Agency, which receives UJA funds through the United Israel Appeal; and Henry C. Bernstein, executive vice-president of the UJA of Greater New York.

Mr. Leidesdorf called upon New Yorkers to continue and expand in 1960 the upward trend of giving to the United Jewish Appeal that has marked the past several years. “Continuance of the sharply increased standard of giving to the UJA that is already evident this year is absolutely essential,” he asserted, “to enable the United Jewish Appeal to meet its loan obligations while maintaining its support for agencies conducting programs vital to the lives of hundreds of thousands of people in need and distress overseas.”

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