August 22, 1952
Twenty-five Americans begin a 15-day tour of Israel to see firsthand the effects of purchases of Israel Bonds, which the tour members are responsible for selling in the United States. The mission is organized by American Champions of Israel Bonds and led by Abba Eban, Israel’s ambassador to the United States and to the United Nations.
The mission visits industrial plants, observes Israeli army maneuvers and meets with key officials. The delegation reports on the trip at the Economic Conference for Israel held in Atlantic City, New Jersey, on September 12, 1952. The 600 delegates at the conference pledge to raise $130 million through bond sales over the next 12 months.
The idea for Israel Bonds was launched at a September 3, 1950, meeting between Prime Minister David Ben-Gurion and a group of American Jewish and Israeli leaders at the King David Hotel in Jerusalem. After discussing new ways for Israel to raise money to help build the young country, the group decided to create the Development Corporation of Israel, commonly known as Israel Bonds. The company offered American Jews the opportunity to invest in Israel by purchasing bonds that Israel would use to invest in manufacturing, infrastructure and agriculture.
On May 10, 1951, Ben-Gurion kicked off the first bond drive at New York’s Madison Square Garden in front of 20,000 people. The event was followed by a coast-to-coast tour that sold $52.6 million in bonds. The money helped stabilize Israel’s economy.
