company was laid low during the post-World War I recession as a severe depression hit the nation's farms after farmers had over-expanded their holdings. To bail out the company, Rosenwald pledged $21 million of his personal wealth. By 1922, Sears had regained financial stability. Two years later, in 1924, Rosenwald resigned the presidency, but remained as chairman; his goal was to devote more time to philanthropy. First he oversaw the design and construction of the company's first department store within Sears, Roebuck's massive 16-hectare (40-acre) headquarters complex of offices, laboratories, and mail-order operations at Homan Ave. and Arthington St. on Chicago's West Side. The store opened on February 2, 1925. After leaving the presidency, Rosenwald was appointed chairman of the Board of Sears, a position he held until his death in 1932. Philanthropy After the 1906 financial reorganization of Sears, Rosenwald became friends with Goldman Sachs's other senior partner, Paul J. Sachs, who often stayed with Rosenwald during his many trips to Chicago and the two would discuss America's social situation, agreeing that the plight of African Americans was the most serious in the U.S. Sachs introduced Rosenwald to two prominent educators and proponents of African-American education, William H. Baldwin and Booker T. Washington. Rosenwald made common cause with Washington and was asked to serve on the board of directors of the Tuskegee Institute in 1912, a position he held for the remainder of his life. He endowed the institute to free Washington from fundraising and enable him to devote more time managing the institute. Rosenwald became a member of the city's leading Jewish Reform congregation, Chicago Sinai congregation, soon after moving to Chicago. Its rabbi, Emil G. Hirsch, made a big impact on Rosenwald's philanthropy. Rosenwald donated generously to several Jewish community projects in Chicago and served as vice president of Chicago Sinai for many years. African American education Booker T. Washington encouraged Rosenwald to address the poor state of African-American education in the US, which suffered from inadequate buildings and books. Rosenwald provided funds to build six small schools in rural Alabama, which were constructed and opened in 1913 and 1914, and overseen by Tuskegee. As the projects were built by and for African Americans, they showed Rosenwald's intention to remain behind the scenes in this effort. Inspired by the social progressivism of Jane Addams, Grace Abbott, Paul J. Sachs, and the Reform Judaism of Emil Hirsch and