Jewish Industrialists in U.S. Form Group to Survey Investment Opportunities in Israel

Leading American Jewish industrialists and financiers today announced the incorporation of a non-profit organization–The Industrial Institute of Israel–which will undertake extensive investigations and surveys of investment opportunities in the Jewish state.

As a non-profit enterprise, the Institute as such will not participate in investments. Its major function will be to channel and encourage the flow of American capital and industrial experience into larger industry in Israel. The Institute will have affiliations with a similar group in Israel headed by Eliezar S. Hoofien, chairman of the board of directors of the Anglo-Palestine Bank. Ralph Friedman is the president of the Institute. William S. Paley and Maurice Wertheim are co-chairmen of the board, while Samuel I. Rosenman is chairman of the executive committee.

Israeli Ambassador Eliahu Elath today sent a telegram to the directors and officers of the Institute extending the congratulations of the Israel Government on the establishment of the organization and emphasizing that his government is greatly interested in supporting private enterprise in the Jewish state and is encouraging foreign investments. “Legislation will soon be introduced into the Knesset from which new investors will benefit,” the message said. It emphasized that “the names of the founders and members of the Industrial Institute of Israel serve as the best guarantee for its success.”

The board of directors of the Institute includes B.R. Armour, Barney Balaban, James A. Becker, Benjamin J. Buttenweiser, Joseph F. Cullman, Jr., Ralph Friedman, John Hertz, Fred Lazarus, Jr., Samuel B. Leidesdorf, Adele Rosenwald Levy, Harold F. Linder, Isador Lubin, William S. Paley, Victor S. Reisenfeld, Samuel I. Rosenman, J.W. Schwab, Paul Uhlmann, Sidney J. Weinberg and Maurice Wertheim.