NEW YORK (Feb. 1)
Abraham Dickenstein, formerly secretary-treasurer of the American Palestine Trading Corporation (AMPAL), was elected president, it was announced here today. He succeeds Benjamin Harris, who was elected to the chairmanship of the board of directors.
In his annual report to the stockholders, Mr. Harris revealed that the corporation doubled its gross assets during the past year from $5,500,000 to over $10,000,000. Also increased were the capital resources which now total over $8,500,000 or $3,600,000 more than last year. In excess of $6,500,000 was invested by AMPAL in the financing of Israel projects during 1949, making a grand total of $13,000,000 since the inception of the corporation. These projects included the establishment of new industries.