Dividend checks totaling $482,251 for the year 1959 were mailed today by the Palestine Economic Corporation to stockholders together with the annual report covering the 34th year of operations of the $17,000,000 corporation which is the oldest and largest investment company in the United States devoted to the development of Israel through private capital.
New investments during the current year, for which $3,700,000 have been earmarked by PEC, include expansion programs for several industrial and commercial enterprises, urban development, construction of apartment houses and factory buildings, citrus cultivation and exports, and other products.
The imminent completion of the $24 million 16-inch trans-Israel oil pipeline linking the Red Sea with the Mediterranean was hailed as a giant step forward in Israel’s economic development by Joseph Meyerhoff, president of Palestine Economic Corporation, in his annual report to the 10,000 PEC stockholders throughout the U.S. With an investment of $2,500,000, PEC is one of the major participants in the international syndicate headed by Baron Edmond de Rothschild which will own and operate the 257-mile-long pipeline upon its completion by the Israel Government next June.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
