SHARING WEALTH

Gisborne Herald, Volume LXXIV, Issue 22339, 26 May 1947, Page 4

SHARING WEALTH

U.S. MILLIONAIRE GIVEN AWAY BIT BY BIT MONEY-MAKING FORMULA When Israel Rogosin began working in the textile industry in 1900, he earned six dollars a week. Today he's finding out how it feels to give away money by the millions. “It makes you feel nice," he said at the offices ot Beaunit, Mills, Inc. here, as he prepared to divide 20,000 shares of stock in his firm, valued at 500,0UU dollars, among 4000 lowsalaried employees in his 10 plants. Ele also is giving an additional 40,000 shares of stock to the Rogosin Foundation. which he started last year for charities ancf universities, and he is placing aside another million dollars in stock distributed 'at the rate of 100,000 dollars annually, for 30 relatives.

This idea of sharing his wealth came to him when he went home to Weehawken, N.J., to celebrate his 60th birthday. Bit by Bit “When I came home and found all the telegrams and gifts, 1 began thinking how it had been made possible for me to get so much comfort and joy out of life,” ne said. ”1 felt that the people with whom ( had worked in my cosiness career had helped to make that wonderful ieeii-ig I possessed. "I -have also come to the realisation that you can't take your wealth with .you, and 1 feel that you accomplish eery litt.e by giving .too much to one individual, even if it's your own son. My son, Lionel, is taken care of, so I intend giving money away, bit by bit

“I felt that the top executives had been taken care of as the years went along by bonuses, pension funds and their stocks in the business, and I came to tiie conclusion that I would allocate 20,000 shares to the common man, who is always neglected arid forgotten Dy everybody.”

A twinklV-eyed little man, with a smiie flickering across his face, Mr. Hogosiu told how he started working foi his father in 1000. In 1927 he bought the controlling interest in tho Beaunit mills and became the president. Last year the gross sales of the business were 40,000,000 dollars. Asked how long it takes to stack up the first million, he estimated that it took him between 15 and 18 years. "It takes anybody 10 years to get set and acquire the knowledge,” he said. "Then five more years to get into proper motion; then you start to make money." The formula? He unhesitatingly answered: “You must find a field and put in plenty of effort to learn it, no rqatter what the expense. Work hard and intelligently and you must be successful.”