NEW YORK (Feb. 28)
A total of $662,410 in dividend checks was mailed today to some 10,000 United States stockholders of Palestine Economic Corporation. This was the largest single dividend disbursement in the 35-year history of PEC, representing a five percent return for the year 1960 on the $25 par value common stock outstanding as of last December 29. Dividends for the previous year were at the rate of four percent and totaled $482,251.
Accompanying the checks was the company’s Annual Report which notes “an encouraging picture of headway being made” in Israel and which lists over $18 million in assets in industrial, agricultural, commercial and other enterprises. PEC president, Joseph Meyerhoff, stated that the company “seeks to set the pace for constructive new private enterprise that will encourage, lead and inspire the business community for the benefit of Israel asva whole.”