NEW YORK (Jun. 9)
The International Ladies Garment Workers Union will purchase $1,000,000 of Israeli bonds to help finance housing programs in the Jewish state under the direction of the Histadrut, it was announced here last night. In addition, the union expects to raise another $2,000,000 for the purchase of bonds from its 400,000 members.
The total bond goal sought by the Histadrut among trade unionists in the U.S. is $10,000,000. The Israeli Government will furnish an equal amount to relieve the critical housing shortage in the new state which has arisen as a result of the unprecedented flow of immigrants.
The bonds, which will bear three percent interest, will have a 15-year life and will be redeemable at a rate of one-fifteenth of the entire issue annually. Bondholders will be protected as first mortgage holders on the property of the two projects in Israel. The issue in the U.S. has the approval of the Securities and Exchange Commission.