Palestine Mortgages to Be Issued in U.S. Dollars

(Jewish Telegraphic Agency)

The bonds of the General Mortgage Bank of Palestine will be issued in United States dollars for a period of fiften years, according. to a decision of the Palestine government yesterday.

The government finally approved the new statute of the General Mortgage Bank as suggested by the Palestine Securities, Inc., an American Jewish company representing American investors in Palestine mortgages.

Judge Bernard A. Rosenblatt, President of the Palestine Securities, Inc. commenting on the cablegram declared:

“Our contention that Palestine mortgages should be recorded in American dollars has been finally approved by the Palestine Government. This will enable us to sell mortgage bonds in this country in dollar denominations instead of in pounds sterling, as was the case with the bonds of Tel Aviv. It means that holders of Palestine mortgage bonds will not be affected by any change in the exchange rate but will receive their interest and principal in American dollars. It has taken us a whole year to clear up this matter but our directors are now confident that we can dispose of the entire first issue of $1,000,000 bonds in a short time and realize the plan of encouraging the building of a thousand homes for Jewish immigrants in Palestine. Nearly $300,000 has been already subscribed by our directors and their friends. A special meeting of the Board of Directors will take place on Monday evening, May 10, at the Zionist headquarters, to deal with this new and favorable situation. As is well known. the Palestine Securities, Inc., is not a private company; it is owned and controlled entirely by the Zionist Organization and the American Zion Commonwealth, in the public interest and for the benefit of Palestine. Our Finance Committee, consisting of Mr. Israel Matz, chairman, Mr. Morris Dlugash. who has agreed to purchase $50,000 of these bonds, Mr. Jacob Gold and Mr. Isaac Meister, will now make effective plans to raise enough money quickly so as to relieve the housing situation and to solve the unemployment problem that still confronts us in Palestine.”

DEAN OF HEBRON YESHIVAH WELCOMED BY N. Y. MAYOR

Rabbi Moses Mordecai Epstein, dean of the Yeshivah of Slabodka, now located in Hebron, Palestine, who comes to this country to obtain additional funds for continuation of the Yeshivah, arrived Wednesday on the Olympic.

This is Rabbi Epstein’s second visit to the United States.

Rabbi Dr. S. M. Machtel, former director of the American Hebron Yeshivah Committee, was at the head of a group of welcoming rabbis who met the visitor at the pier.

Mayor Walker received the rabbi at City Hall.