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