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Judea Life Insurance Co., Subsidiary of Palestine Company, Starts Business

May 19, 1927
See Original Daily Bulletin From This Date

The opening of business today by the Judea Life Insurance Company was announced by Colonel Francis R. Stoddard, formerly Superintendent of Insurance of the State of New York, who is general counsel to the new company.

The new insurance company, which was chartered on November 6th, 1926, is a subsidiary of the Judea Insurance Company, Ltd. of Palestine, which is transacting the business of insurance in Palestine, Egypt and other countries in the Near East.

Under the articles of the Charter, the Judea Life Insurance Company is authorized to issue the standard forms of life insurance polices and annuities bonds. The Judea Insurance Company, Ltd. of Palestine, the parent body of the new New York insurance company, has been in operation since June, 1925. The Palestinian company has written insurance in excess of $2,000,000. The investments of the company were made in municipal bonds and first mortgage securities.

The actuary and manager of the new company is Morris Pike, formerly an insurance examiner in the Insurance Department of the State of New York. Dr. Isaac Sossnitz will be the medical director and Professor S. B. Ackerman will act as consultant and educational adviser.

Article 4 in the charter issued to the Judea Life Insurance Company contains the following paragraph:

“It is the general purpose of this corporation to interest policyholders in the Zionist movement and generally cooperate with the Judea Insurance Company, Ltd., of Palestine, which is owned by the Judea Industrial Corporation, which two corporations are organized for the purpose of developing trade and industry in Palestine and surrounding countries for their development; to establish a fund to be created from dividends earned on its own stock to be used in the cooperation above described, but only to the extent authorized and permitted by the laws of this State.”

The offices of the company will be at 44 East Twenty-third Street. The company was incorporated with a capital and surplus of $200,000 by the American representatives of the judea Insurance Company, Ltd., of Palestine. The latter is owned by the Judea Industrial Corporation of New York, with an authorized capital of $1,000,000, the stock being held by over 5,000 American Zionists.

Chicago Orthodox Jews may be without Kosher meat. A group of several hundred “Schochtim”, “Kosher cattle killers”, employed by the Chicago packing houses, at a meeting decided to demand from their employers a raise of wages to a minimum of $60 a week.

The “Schochtim” may declare a strike, according to their leaders, if their demands are not granted.

The present salary of a “Kosher cattle killer” is $45 a week. Most of them have large families.

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