10 September, 2007
1 July, 1929
The conventional modes of employing great wealth have not appealed to Edith, daughter of John D. Rockefeller, one-time wife of Harold Fowler McCormick, lion huntress, psychoanalyst, philanthropist, social arbiter. Her method of using her money was to incorporate herself. In 1923 she organized the Edith Rockefeller McCormick Trust, capitalized with a five-million-dollar contribution from her and $1,500 apiece from Chicago realtors Edwin D. Krenn and Edward A. Dato. Last week the E. R. M. Trust announced a new financing of eleven million dollars in five year 6% gold notes, "unconditionally guaranteed as to payment of principal and interest by Edith Rockefeller McCormick." The notes are secured by Edith Rockefeller McCormick's holdings in Standard Oil Companies of New Jersey,
New York, Indiana, Ohio, California; Union Tank Car Co., Vacuum Oil Co., Atlantic Refining Co., Illinois Pipe Line Co., Continental Oil Co., Columbia Gas and Electric Corp.
Proceeds of the issue will be applied to the operation and expansion of the Trust's real estate, which is mostly in north side Chicago property. The Trust has developed many a Chicago subdivision, has bought up many a Gold Coast home and erected apartment buildings on the sites. Thus all U. S. citizens with $1,000 or multiples thereof have the opportunity to make a conservative short-term investment with no tremendous yield but with almost governmental safety.