An Atlantic City bank announced today it would make loans to prospective purchasers of Israel Bonds to enable them to effect the purchase and would take repayment in weekly instalments.
Elwood F. Kirkman, president of the Boardwalk National Bank, said his bank would lend up to 75 percent of the face value to prospective Israel Bond buyers. To acquire a $1, 000 Israel Bond, Mr. Kirkman said the buyer will be required to pay $250 in cash and he can then take a loan of $750 from the bank.
“The bondwill be sent immediately to the purchaser and he will be able to draw interest from the beginning. He will repay the bank for the $750 at the rate of $15 per week, plus interest and bookkeeping costs.” The bank president is a member of the Christian Committee for State of Israel Bonds.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
