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Mexican Corporation: Votes $2,500,000 Ten-year Loan to Tel Aviv City

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The Yesur Investment Corporation, a Mexican firm incorporated here, conducting the Yesur Mortgage Bank at Tel Aviv, Israel, today voted a $2,500,000 10-year loan to the Municipality of Tel Aviv.

The directors of the corporation, holding their annual meeting here, also declared a 30 percent dividend, of which 10 percent is payable in cash, and the remainder in corporation stock. The directors also offered a $50,000 bonus to the chairman of the board, Elias Sourasky of Mexico. However, he declined to accept the bonus.

The board heard a report from Sourasky that the bank, established only 18 months ago, had loaned $500,000 to the Municipality of Ramat Gan, in Israel, and had also issued “thousands” of loans to individual Israelis for the construction of new housing. The loan to Tel Aviv, however, is the largest single transaction issued by the bank so far.

Mr. Sourasky is a Jewish philanthropist and Zionist leader of Mexico. He founded the mortgage bank as a memorial to a son, Yaacov Sourasky, who died several years ago. The Israeli Government cooperates with the activities of the bank, whose prime purpose is the aiding of the construction of new housing in Israel.

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