Election of Joseph Sugarman as president of the Palestine Economic Corporation was announced here today by Robert Szold, chairman of the board of directors. Mr. Sugarman, who will assume office on September 1st, succeeds Julius Simon, one of the founders of P.E.C. and president since 1930. Mr. Simor has been elected chairman of the administrative committee, in which capacity he will devote himself to further the expansion of the Corporation’s activities.
In line with its policy of bringing together American industrial “know-how” and Israel business experience, the Corporation has recently joined with several leading American firms in forming new business enterprises in Israel, the 25th annual report of the P.E.C. says. The report, which is being mailed this week to more than 6,000 American stockholders, is accompanied by congratulatory messages from President Truman, Dr. Chaim Weizmann, Senator Herbert H. Lehman, Supreme Court Justice Felix Frankfurter, and other distinguished personalities of Israel and the United States, Palestine Economic Corporation has assets of approximately $9,000,000. For the past five years, it has pain annual dividends of one dollar per share of $25 par value. Net profits last year were $286,947.
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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.
