The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-05-05
SIGMAN FORCING
SACRIFICE SALE
OF STRUCTURES
Would Sell Joint Board
Bank Stock Too


That the Sigman clique is ready to
destroy the value of the union build
ings, belonging to the membership in
its efforts to gain control of the union
was pointed out by Julius Portnoy,
secretary treasurer Of the Joint
Board, in a statement commenting
upon the foreclosure proceedings be-
gun against the Joint Board and To-
cal building by mortgages.
"The Sigman clique is now attempt
ing to take possession of the Joint
Board and local building that were
built by the hard earned money Of
the rank and file" he said. "When
the cloak strike began in July, 1926,
the Joint Board and the locals bor-
rowed money from the international
Union Bank. It gave as collateral the
stock of the buildings, which it de-
posted through Hillquit, with his
clerk, Frederick F. Umhey. At the
same time Hillquit gave the Joint
Board q letter in which he promised
that the collateral would be returned
at any time it was demanded.
"After the Sigman betrayal of the
strike, the International Union Bank
threw all its resources at the disposal
of the Sigman clique. Sigman at
tempted to raise loan of $4,000 on
the Joint Board building, and when
we stopped this we found that all of
the papers concerning the buildings
had been transferred to Unihey's
name, in violation of our agreement
with Hillquit. Hillquit then sued the
Joint Board for 100000. He de-
manded judgment against the Joint
Board building proposing, with the
help of the courts, to take possession
of it for Sigman. So far the courts
have not granted him a judgment.
Didn't Meet Payments.
Although Umhey has transferred
the ownership Of the building to his
name, he has failed to make the mort
gage payments when they fell due,
thereby forcing the mortgages to
foreclose. The Sigman clique knows
that If the buildings are sold in auc-
ton, they will lose at least half of
their present value. The equity which
the international Union Bank has in
the buildings will be reduced by half.
But Sigman, OF course, does not care
if the bank suffers so long as he can
destroy union property, Just as he
destroyed union conditions in the
shops.
Rob Joint Board of Bank Stock.
"Sigman is now making another ef-
fort to crush the Joint Board by his
double dealing. They informed us last
Saturday that they are preparing TO
sell IS shares Of stock in the Inter
national Union Bank which the Joint
Board owns as well as stock which
the locals own. The purpose Of this
maneuver is clear. At present the
Joint Board controls the majority of
the stock in the International Union
Tank, and sigman seeks to remedy
this situation by getting possession
Of the stock, which is also in the
hands Of Umhey."
The Mutual Life Insurance Company
has begun foreclosure proceedings
against Local 2, alleging non-pay-
rnent of taxes amounting to s1.501.05.
The Bowery Savings Bank, holder of
The first mortgage on the Local 9.
has begun foreclosure proceedings al
legins non-payment of $500 due on
the principal.
Supreme Court Justice Aaron Levy
has appointed receiver for the Joint
Board Building upon request Of the
estate Of Sophie Benjamin, holder of
the second mortgage. The receiver
is Max Hcrbst.