H.C. Richards, President New York State Bank, handed Mayor Diesengoff of Tel-Aviv a check for $150,328.97 in payment of the 32,000 pounds of the Tel-Aviv bond issue. This purchase by the State Bank completes the disposal of the 75,000 pound municipal bond issue.
The Bank in acquiring the bonds does not intend to make any profit on them, it is said, but is planning to resell them without premiums to individual buyers.
Mayor Diesengoff only recently arrived in American in connection with the arrangements for the sale of the issue and the rapid disposal of them has been a surprise to all.
Judge Bernard A. Rosenblatt, of the Palestine Securities Company, which floated the bonds for Tel-Aviv issued a statement expressing gratification over the complete success of the first bond issue in Jewish history.
In a statement to the J.T.A. Mr. Richard of the State Bank said “I am satisfied that the bonds not only offer a good investment with a fair profit, but that at the same time, it presents an opportunity to do something for a very worthwhile cause. We took over the bonds with the distinct understanding that the bank was not to make one cent of profit from their disposal.”
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.