 Schapira, who could not attend, sent a telegram to point out the importance of establishing financial institutions, including a general Jewish fund, whose primary task would be to redeem land in Eretz Israel.At the proposal of Pinsker the conference established an institution named Agudat Montefiore to promote farming among the Jews and support Jewish settlement in Eretz Israel.A decision was reached to send immediately 10,000 francs to Petaḥ Tikvah and 2,000 rubles for Yesud ha-Ma'alah.