The stocks of four companies registered on the New York Stock Exchange jumped sharply last Friday following the announcement of the discovery of oil in Israel. Some 360,000 shares of Israel-American Oil, Israel-Mediterranean Petroleum, Pan-Israel Oil and Pantapec Oil changed hands before the exchange closed Friday, the last day of trading in the week.
A message from Israel Finance Minister Levi Eshkol to the Israel Bond Organization in this country declared this weekend: “The people of Israel rejoice today in the knowledge that oil has been struck in the Northern Negev. You, too, have a share in this historic discovery. The Mekoroth Water Company is one of the major partners in the oil companies which made the find. Mekoroth, as you know, has received millions of dollars of Development Budget revenue derived from State of Israel Bonds.” He called for further bond sales “so that Israel’s chain of economic successes may continue in the face of increased emergency immigration and despite the blockade of our neighbors.”
Abraham Feinberg, president of the Israel Bond Organization, said “American investors in Israel Bonds have played a key role in financing the work of Mekoroth, which in turn has made possible these oil explorations. Since the inception of the Israel bond drive in 1951, a total of $28,181,000 in Israel bond funds was invested in Mekoroth up to March 31 of this year.”
Mr. Feinberg also pointed out that bond funds provide more than one-third of the capital for the development budget. The organization announced today that seven New York Jewish leaders have been named chairmen of a special Greater New York drive to raise $10,000,000 through the sale of Israel bonds before the end of this year. The drive will start with a dinner in honor of Israel Ambassador Abba Eban on October 13 at the Waldorf-Astoria.
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.
