NEW YORK (JTA)—A pro-
gram for the launching of a
new $300.000.000 issue of State
of Israel Bonds in the next 60
days was adopted to provide
Israel with the economic means
of keeping its gates open to
more than 100,000 new immi-
grants in 1959 and sustain its
economic development.

This action was taken at the
closing session of a three-day
National Economic Planning
Conference of the Israel Bond
Organiation at the Waldorf-
Astoria Hotel. which was at-
tended by more than 500
Jewish leaders from the United
States and Canada. In response
to urgent pleas from Israel ad-
dressed to the conference by
Finance Minister Levi Eshkol
and Ambassador Abba Eban,
the delegates voted to sell
$75,000,000 in 1959 to assure a
successful beginning of the
new bond issue.
The new bonds, which will
be known as the Second De-
velopment Issue, will be offi-
cially launched at a National
Inaugural Conference in Miami
during the week-end of Friday,
March 6, according to an an-
nouncement made by Dr. Jo-
seph J. Schwartz, vice presi-
dent, who presided at the
closing session. The first two
issues of Israel bonds, the
Independence and First De-
velopment Bonds, produced a
record total of more than
$366,000,000 for the economic
development of Israel during
the period from May 1, 1951 to
Dec. 31, 1958, he said.
Addressing the conference
last night, Levi Eshkol, Israel's
Minister of Finance, said that
Israel must be prepared to
receive an additional 100,000
immigrants this year, mostly
from Eastern European coun-
tries. He explained that Israel
would need some $2,000 to
$2,500 a person to provide for
the permanent absorption of
these newcomers into her
economy.
Eshkol estimated that immi-
gration wil proceed at the rate
of more than 8,000 a month
during 1959 and possibly at the
same rate in 1960. He pre-
dicted that, as a result of im-
migration and natural increase,
the population of Israel, now
at the 2,000.000 mark, will
reach 3,000,000 in the next
ten years.
Warning that the overwhelm-
ing burden of settling 100,000
immigrants in 1959 may bring
on a grave economic crisis, the
Israel Finance Minister called
for a new mobilization of Am-
erican support through Israel
bonds. He said that, of a total
of $250,000,000 needed for the
absorption of 100,000 immi-
grants, some $90,000,000 would
have to be spent on housing
alone.

Israel Ambassador Abba
Eban called upon the Western
Powers to avoid giving any im-
pression that they "condone
Nasser's claims to hegemony
over the Middle East." These
claims, Mr. Eban said, are the
"central cause of Middle East-
ern tension." Ambassador Eban
stressed that "the friendship
of the major Western Powers
towards Israel is not merely a
function of their disillusion-
ment with Arab states."
The sum of $46,540,650 was
raised in 1958 through the sale
of Israel bonds, it was re-
ported at the conference. The
amount sold last year brought
to a total of $366,450,000 the
financial resources derived
from Israel bonds since May,
1951 for Israel's economic
development.

Curtis-Meyers Jewish Center Sets Health Club Opening for Feb. 15

The health club and physical
education wing of the Jewish
Community Center's new main
building at Curtis and Meyers
will be open for public inspec-
tion on Feb. 15. Both will be-
gin operations at 9:30 a.m. the
next day.
The public is invited to visit
the building from 10 a.m. to
5 p.m., Feb. 15.
The Max M. and Marjorie S.
Fisher gymnasiums, swimming
p o 01 , handball and squash

courts, health club, lounges and
other facilities will be shown
to visitors by staff and board
members.
A brochure giving the full
schedule of the physical educa-
tion department from February
to June is now in production,
and will be made available to
members and other interested
persons before the opening.
Center president Samuel
Frankel, who is also chairman
of the building committee, in-

dicated that the balance of the
main building will probably be
open to the membership by the
end of March.
The family membership plan,
he said, is gaining wide support
from new and old members. Un-
der this plan for the whole fam-
ily, the swimming pool, gymnas-
iums, handball courts, clubs,
lounges and other facilities are
available to regular members
with no fees other than mem-
bership. This includes use of

squash courts at specific per-
iods.
Families and individuals who
cannot pay the assessed fees are
eligible for membership on the
Center's sliding scale. Arrange.
ments for reduced fees, based
on ability to pay, can be made
by a personal interview with the
membership secretary.
A budget plan is also avail-
able to members who are not
able to pay the full fee in ad-
vance.

AMERICAN SAVINGS

OFFICERS

AND LOAN ASSOCIATION

ADOLPH DEUTSCH

President

SAMUEL HECHTMAN

Senior Vice-President and
Chairman of the Board

ALFRED L. DEUTSCH

Executive Vice - President

JACK SYLVAN

Senior Vice - President

NATHAN 1. GOLDIN

Secretary - Treasurer

FINANCIAL STATEMENT as of Dec. 31, 1958
Authorized Capital $100,000,000.00

FRED J. RUELLE

Vice - President

GEORGE M. ZELTZER

Vice-President

.._AJeto

DIRECTORS

Cash on Hand and in Banks
United States Government Bonds
Stock in Federal Home Loan Bank
First Mortgage Loans
(F.H.A. and V.A. Government Insured Mortgages included)
Loans on Savings Accounts
Land Contracts Purchased
Real Estate held for Redemption
Real Estate Owned
Furniture, Fixtures and Equipment less Depreciation
Accounts Receivable
Deferred Charges and other Assets

CHARLES CANVASSER

JOSEPH B. COLTEN

ADOLPH DEUTSCH

ALFRED L. DEUTSCH

CHARLES L. DODGE

STANLEY N. EARP

SAMUEL N. GERSHENSON

NATHAN I. GOLDIN

TOTAL

SAMUEL S. GREENBERG

S 3,560,635.30
4,799,656.26
1,400,000.00

...

72,419,342.84
33,022.31
1,969,154.63
153,725.44
..
23,720.65
343,824.23
19,209.53
.
429,674.05

$85,151,965.24

SAMUEL HECHTMAN

MAXWELL JOSPEY

cZia tifitieo

GRAHAM A. ORLEY

Savirtgs Accounts
(All Accounts insured up to $10,000.00)
Advances from Federal Home Loan Bank
Leans in Process
Accounts Payable
Advance Payments by Borrowers for Insurance and Taxes
Unearned Profit on Land Contracts Purchased
Unearned Discount on Loans Purchased
Uncollected Interest on Loans and Contracts •
Other Liabilities
Reserves

JACK S. ROSS

JACK SYLVAN

JOSEPH WARREN

ASSETS GROWTH IN MILLIONS

—

TOTAL.

$74,374,640.13

5,361,875.00
81,614.53
18,883.33
860,712.94
98,625.26
451,414.98
64,263.31
513.35
3,839,422.41

•

$85,151,965.24

EIGHTY

A

41 k

SEVENTY

— SIXTY

— FIFTY

—

FORTY

All Savings Accounts

Insured to $10,000 By An
Agency of the United States Gov't.

— THIRTY

—

TWENTY

TEN

AMERICAN SAVINGS

NEW MAIN OFFICE
BUILDING

Main Office WOODWARD AT CONGRESS

• DEXTER at CORTLAND

• LIVERNOIS at W. 7 MILE

• W. 9 MILE near COOLIDGE

• FORT STREET at MILITARY

• VAN DYKE at E. 7 MILE

• TELEGRAPH at SCHOOLCRAFT

Member Federal Savings and Loan Insurance Corporation

3—TH E DETROIT JEWISH: NEWS—F riday, Ja nuary 1 6, 1959

Israel Bonds
Launch Drive
for $300,000,000