NEW YORK (May. 11)
Both sides agreed today that no progress has been made in negotiations to avert a strike by 500 employees of the Israel Bond Organization scheduled to start at midnight Friday when the present contract expires. Representatives of Local 1707 of the Community and Social Agency Employees union, AFL-CIO met last night with representative of the Israel Bond Organization management. A spokesman for life latter told the Jewish Telegraphic Agency today that there was “no noticeable movement…nothing new.” Eric Strong, representing Local 1707, agreed that there were “no new developments. The status quo remains.” Further meetings are expected but none have been scheduled. According to Strong, the Bond management said it would agree to meet again when the union reduced its demands. Strong said the union was standing pat. He conceded that the situation represents an impasse. Wages and certain fringe benefits are the crux of the dispute. The Union contends that Israel Bond Organization sales have increased from $105 million annually to $175 million over the last four years. The Bond Organization derives its entire budget from the Israel Treasury. According to its prospectus the Treasury has to remit six percent of annual Bond receipts to cover expenses in the U.S. A Bond spokesman said that even based on the higher sales, the Treasury remittances would fall far short of covering the union demands which he estimated would amount to $7 million per annum.