Present Administration of Israel Bond Organization Ends Monday

The present administration of the Israel Bond Organization will come to an end on Monday, May 16 after having sold over $190,000,000 in State of Israel Bond in the United States and 28 other countries f the free would, it was announced today by Rudolf G. Sonneborn, president of the American Financial and Development Corporation for Israel, which was founded four and a half years ago to float Israel’s first bond issue in the United State. The control of the bond-selling organization will be transferred next Monday to a newly created agency known as the Development Corporation for Israel, of which Dr. Joseph J. Schwartz is the executive head.

The retiring leadership of the State of Israel Bond drive consists of Samuel Rothberg, national chairman; Julian B. Venezky, chairman of the executive committee; Henry Montor, chief executive officer, and Mr. Sonneborn, president.

“Under the slogan that political independence must be backed up by economic independence, we projected the sale of Israel bonds as an investment in a people that has demonstrated its capacity to stand on its own economic two feet.” Mr. Sonneborn said. “I am happy to be able to report that our success in enrolling more than 700,000 subscribers, most of them in this country, and in providing almost $200,000,000 in investment dollars during the past four years has had a most decisive influence on the economic growth of the new democracy of Israel.

“It is gratifying that as we turn over the Bond organization to its new leaders, the Israel’s economic future is at its peak. On behalf of my fellow officers in the A.F.D.C.I., I wish to state that we are proud that we had the opportunity to serve the State of Israel and to establish Israel Bonds on a sound footing as a new and important financial instrument for its economic growth. We are grateful to the thousands of volunteers throughout the country for their devoted effort and faith in Israel.”