The safety of Palestine investments was emphasized at a gathering of several hundred New Yorkers who are stockholders in the Judea Industrial Corporation operating in Palestine, and owned by the Order Sons of Zion, a Zionist fraternal organization.
The meeting of the shareholders and members of the National Advisory Committee which took place Wednesday night at the Hotel Waldorf Astoria, was called to enable the stockholders of the Corporation, which has an authorized capital of $1,000,000 which has been fully subscribed, to hear the report of Theodore R. Racoosin on the results of his visit to Palestine where he investigated the situation and audited the records of the Corporation.
A remarkable fact, brought to the attention of the shareholders, was that not a single case of mortality has been recorded during the past fifteen and one half months of the company’s insurance activity in Palestine, where it has six hundred policy holders, holding policies amounting to Â£2,000,000. This fact is one of the numerous selling points of the insurance agents in Palestine and the neighboring countries. The company is investing heavily in Palestine mortgages. Payments of the principal and interest are met satisfactorily. The company maintains its resources in a liquid condition, in order that the proper reserves may be available for any eventuality, Mr. Racoosin reported.
Saul Friedland, the chairman of the Judae Industrial Corporation, reviewed the company’s history. Samuel Mason, managing director, stated that the sale of stock was completed on August 31, with New York state’s quota completely allotted. Dr. Leopold Freudberg, lecturer on insurance at George Washington University, addressed the gathering on the social aspects of life insurance companies. Col. Francis R. Stoddard, Jr., ex-superintendent of the Insurance Department of the State of New York, said that the Insurance Department follows the development of the Judea company, because of the altruistic aspect of its work in Palestine.
The board of directors of the Judea Industrial Corporation also reported that plans are under way to extend the activities of the insurance company to other countries. Requests to open branches of the company have come from Poland, Roumania, Greece, Holland and England. The hope was expressed that the company will build up an international business in the insurance field, recruiting its policy holders-mainly from the Jewish population and thus making available for investments in Palestine such funds which are above the legal reserve requirements of the company.
“One of the most impressive economic trends in Palestine is the large increased investment made in orange groves,” Mr. Racoosin declared. “If properly developed the orange industry by itself could probably support Palestine. The importance of this development and of agriculture is borne out by the fact that the cities today practically live from the trade intercourse with the colonies. The much discussed crisis centers largely around Tel Aviv. Haifa, Jerusalem, and Tiberias do not suffer as acutely from this depression. The development of agriculture as substantiated by the official bulletins issued by the Palestine Government shows that numerous products are being produced in Palestine that had not been produced heretofore and that the amount and value of imports is being reduced. It is noticeable that people settled in Palestine over two years, and some of those in the colonies for a shorter length of time, are imbued with the idea that Palestine is their home, are satisfied that they can earn a living there and can weave themselves into the economic structure of the country.
“Though the accomplishment of this huge, historic task will take a great number of years, there seems to be every possibility that Palestine can and will ultimately become economically self-supporting, and I believe that the investment of our funds in selected first mortgages and government bonds is a safe one,” he said.
The other subsidiary of the Judea Industrial Corporation is the Palestine Exhibitions and Fairs Corporation. Judge Jacob S, Strahl is president of the company.
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.