Progress in the work of extending the social benefits of insurance to the inhabitants of the Near East, particularly Palestine, was reported at the annual meeting of the stockholders of the Judea Industrial Corporation, which is the holding company of the Judea Insurance Company, an American Jewish organization.
“Three hundred and fifty insurance policies, to the amount of $850,000, were written for Jews and Arabs in Palestine by the Judea Insurance Company since 1925,” Jacob Miller, general manager of the Judea Insurance Company, Ltd, of Palestine reported. The Judea Insurance Company has a paid in capital of $125,000, Mr. Miller stated.
It was voted to increase the capital of the Judea Insurance Company to $1,000,000.
Judge Jacob S. Strahl, president of the Judea Industrial Corporation, stated that the policy of the Judea Industrial Corporation, which thus far secured $225,000 of paid in capital, was to concentrate all efforts and funds upon the development of the Judea Insurance Company. He explained that the Mid-East Exhibition and Fair, the capital stock of which is owned by the Judea Industrial Corporation, and which was established at a cost of $25,000, had earned sufficient income from the 300 exhibitors’ stalls and the attendance of 300,000 people to pay its mortgage leaving it free from all encumbrances, and after its first exhibition it had become a self-sustaining unit.
Exhibits from every civilized country were displayed. A noteworthy exhibit was that of the United States Chamber of Commerce, Judge Strahl stated. Eight hundred and fifty people were employed for eleven weeks in the erection of buildings and stalls for the exhibition. The Fair covered an area of eight acres upon which were erected thirty buildings, a music pavilion and a special railroad siding.
Offices of the company have been established in Jerusalem, Tel-Aviv, Haifa and Cairo. An office will be opened at Alexandria on April 15. From a business viewpoint, Judge Strahl stated, branch offices of the Judea Insurance Company in Egypt and in other parts of the Near-East occasioned no difficulties, since Palestine is employing Egyptian currency and because the insurance laws of Egypt and generally throughout the Near East were flexible enough to permit the investment of reserves outside of the country in which insurance policies are written.
Elections to fill three vacancies on the Board of Directors were held. Simon Fuchsman, Nathan. Bolk and Jacob Hochberg were elected to serve for four years, making up a Board of twelve. The officers of the Judea Industrial Corporation are: Jacob S. Strahl, president; Max Fanwick, vice president; Jacob Ish-Kishor, secretary; Leopold Kehlman, treasurer; and Theodore R. Racoosin, auditor. The Judea Industrial Corporation was organized as a New York corporation in 1919 with an authorized capital of $1,000,000. Fourteen hundred stockholders attended the meeting.
Motion pictures of the Fair and buildings upon which the Judea Insurance Company has issued mortgages were shown at the meeting.
Three hundred and ten loans to needy families, amounting to $23,000 were made during the last year by the Daughters of Peace, according to the report of Mrs. Joseph H. Schwartz, president, at an annual meeting of the organization at the Hotel McAipin, New York.
The organization possesses a revolving fund of $21,000 which is administered under personal supervision of its officers.
Mrs. Sarah Williams is the treasurer and Mr. L. Bromberg, secretary of the organization.
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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.
