The Courier News from Blytheville, Arkansas on April 29, 1953 · Page 11
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The Courier News from Blytheville, Arkansas · Page 11

Blytheville, Arkansas
Issue Date:
Wednesday, April 29, 1953
Page 11
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WEDNESDAY, APRIL if, 1IM (AKSt.)" COURIER PAGE ELEYBN Labor Union Funds Grow/ Assets Now $1.5 Billion By SAM DAWSON NEW YORK (AP) — Labor union funds continue to grow. Pushed upward by swelling pension and welfare funds, total assets are estimated now to be around 11^ billion dollars, a gain of about 50 per cent In four years. Search for profitable Investment makes these dollars a potential force In the financial world. One field in which unions report good growth In recent months is .that of Insurance. There are in- ^jhirance companies owned by union locals and by the benefit association of a national labor group. In Texas is a growing company in which the majority of stock .is owned by Individual union members on a strictly business risk basis. - Postwar popularity, of group insurance has given the labor insurance business Its big push. But rising Interest rates are helping aJso to bring In the money. One of the oldest and largest— the Union Labor Life Insurance Co.—reports that "higher interest rates on new investments" boosted its net yield from 2.88 per cent in 1951 to 3.06 per cent in 1952. This compares with the average for all insurance companies, which the Institute of Life Insurance puts at 2.98 per cent in 1951 and 3.07 per cent in 1952. Started 27 years ago,, the Union Labor Life Insurance Co. Is owned by American Federation of Labor locals. Its money is Invested in government bonds, railroads, gas ^and electric companies, industrial TBirms, savings and loan association and first mortgages. . It reports its assets went up 14 per cent last year, cash receipts increased n per cent and insurance in force rose by 55 million dollars to a total ot v ,$4Q5,776,233. It writes life insurance on an individual or group basis and health and accident insurance on a group basis. Own Insurance Company . The Amalgamated Clothing .Workers of Amerca, through ther beneft association, own the Amalgamated Life and Health Insur- , ance Co. of Chicago, and through I Joint operation by union and em- ' ployers the Amalgamated Life Insurance Co. of New York. V Other insurance companies in the union field from time to time have included the American Standard Life Insurance Co. of Wash- ington and the Union Casualty Co. Mushrooming In Texas is a different type—the Insurance Co. of Texas group—which boasts it is teaching union members how to be captialists. Some 18,000 labor union members and 327 locals own two-thirds of the 'stock. Management is in the hands of Jack Cage & Co. Organized in June, 1951, the ICT group of five affiliate companies offers life, fire, liability, automobile, hospitalizatiofi, health and accdent nsurance, and also dis- stallment loans, and makes direct counts commercial paper and in- consumer finance type loans on cars, furniture and appliances. Cage reports total assets rose from under two million dollars in 1951 to more than six million dollars last year. Europe to Get 'Copter Service BRUSSELS, Belgium (/Pi — The first scheduled helicopter passenger service in Europe will be opened early in September between Brussels and Rotterdam, by Belgian Airlines, Sabena. American-made Sikorsky's will be used. The service will have a month's testing in August as a mail carrier. 21-Story Fall Fatal to Student NEW YORK ffi — A student of the Union Theological Seminary fell j or jumped to his death yesterday j from the 21st floor of the Riverside Church at Riverside Drive and 122nd Street. Police identified him as Frank M. Reid, Jr., ,25. The body fell in a courtyard between the church and Me Giffert Hail, a residence for seminary students. MIGHTY MO EATS AMMO—Attesting to the big appetite of the J.S.S Missouri's (ive-incti guns, dozens of empty shell cases lit'.er he deck during the 57.000-ton battleship's bombardment of the ey Communist port of Wonsan, North Korea. The mighty Mo is on her second tour of duty in Korean waters. TV Pictures from Films Promised by New Devices LOS ANGELES (.IV-Better television pictures Irom films, rivaling live programs in quality, were promised yesterday by ne\v devices shown to broadcasters at their annual convention. Both Philco Corp. of Philadelphia and Alien B. Du Mont Laboratories; of Clifton, N. J., demonstrated new: ways of project ing film on television which they .said are radically different from present methods. At the 31st aumml-meet ing of the j National Association of Radio andj Telivic-ion Broadcasters, they dis-, played what are called "continu-j ous film scaners," both adaptable j to showing color as well as black and white. " They said the devices would give better quality pictures than the present method of "jerk-and-stop" projection of movies where each successive frame of film is halted momentarily, scanned, then yanked out of the way and the next im- iii'/e put in position. The new method keeps the film moving at a continuous rate and minimizes jerkiness and flicker on the screen on the TV set, while giving sharper, clearer pictures. The process was described ns solving one of TV's biggest problems in .showing film. Prince Charles Has Swell Time Practicing Salute WINDSOR, England (IP) — Four- year-old Prince Charles had a swell day practicing Ills salute. For some time the manner In which soldiers greet each other has fascinated the heir apparent to the British throne, and yesterday he had a chance to give his right arm a workout in the best military tradition. The occasion was the presentation by Queen Elizabeth II of new standards to the Royal Household Cavalry. Prince Charles, in blue .coat and cap, watched his mother intently, and while he didn't have an official part in the ceremony he saluted at every oportunity. He was quite impartial, saluting the man who beat the drum, a couple of policemen and the crowds which watched the colorful parade. Britain's Slim Meat Ration To Be Increased LONDON «Pi — Britons' slender meat ration will be Increased sight- ly May 17 for the second time this year, the government announced esterday. Food Minister Gwilym Lloyd George said the new increase wil raise the weekly ration to two shillings 28 cents per person from one shilling and ninepence (24 cents). The ration was raised one penny iust over the TJ. S. cent last Jan. 25. The amount of meat, each Briton can get depends on the cut he ihooses. If he picks rump steak, his •ation will rise from eight ounces DO nearly ten ounces. * /15-Z? f ^«a-<s J »2--a<*»~i ** —=.-*• —• >z— ™J**— - - - — — . , • / FLFF MAU MAU TERROR-Huddled in an Uplands, Kenya, Ea t Africa, police enclo ure, native refugees seek safety from the Mau Mau terrorists who roam over Kenya ma»a«mg tho.e v,ho cooperate withThe.government. More than 150 persons were Killed recently by the bloody terror* ists in a forest area near Uolands. French Pianist Claims Record LE HAVRE. France I/P) — French pianist Robert Scrgil yesterday ilaimed a new world record of 245 lours of steady piano playing. The old record of 244 hours was held by a German tickler of the vories, Jeinz Arnitz, who collapsed •esterday after 225 hours of continuous key pounding. Sergil said he would go on play- ng until midnight. plus all these othsr buyer bsneflts that the New C/i3vro/ef offers you! Entirely new Styling Strikingly new —with longer, lower lines that set a new standard of beauty for low-priced cars. Larger, roomier, more luxurious interiors, tool Entirely new Powerglide* Faster- acceleration from a standing start with new automatic starting range . . . new power to pass to city traffic . . . and a substantial gain in gasoline mileage. Entirely new Safety New one-piece curved windshield for greater visibility. New, sturdier construction. New, easier brake action and new Foot-Form brake pedal. Entirely new Durability Chevrolet's new Body by Fisller has been strengthened throughout. New heavier door-posts and sills. New bracing in roof and framing. More rigid construction everywhere for longer life. Entirely new Ecenem Tht most important gain in economy In Chevrolet's history/ Two great en- ginet now offer even more economy than'you enjoyed in the past fclivlilon—Cvtry Tuttdoy and Thursday Evening TUMI IN THE DINAH SHORE SHOW ON NIC ninf Pictured above, you see the great new 115-h.p. "Blue-Flame" engine—one of the most important advances in engine design in many and many a year. New high compression! The 7.5 to 1 compression ratio is among the highest in the industry. Free-breathing carburelion, new aluminum pistons and many other features also play an important role in making this the most powerful engine in its field! And, both the "Bltie-Flame" engine (teamed with Powerglide*) and the advanced "Thrift-King" engine in gearshift models) offer a wonderful gain in economy. Why not take the wheel yourself on a demonstration drive? Why not make it soon? MORE PEOPLE BUY CHEVROLET! THAN ANY OTHER CAKI Entirely new Power Steering* Exclusive to Chevrolet in the low-price field! It lets you swing the wheel easily, permits you to park with finger-tip case. 'Optional tit extra cost. Combination oj PowerRllde automatic transmission and II5-h.p. "Bliie-Fhinc" enxint available on "Two-Ten" and flel Air models only. Power Steering available on all models. (Continuation of standard ranirnnenl and trim illustrated li dependent on availability oj material) Lowest-priced line in its field! SULLIVAN-NELSON CHEVROLET CO. 101 Wtit Walnut Phone 4578 Colonel Says He Recommended Against Waterfront Fingerprinting WASHINGTON UK — An Army colonel testified yesterday he recommended against steps that would have led to the firing of criminals employed at a waterfront terminal which handled materials for airbases overseas. Col. Chane» 7. Tench told a Senate Commerce subcommittee investigating waterfront racketeering he couldn't say the operations, at the Claremont terminal in Jersey City, were hurt by employment of criminals. As New York district engineer for tho Army Engineer Corps, Tench was responsible for operating the terminal from Jan. 1, 1952, until October of that year. Officials of Dade Bros., Inc., a firm that crated materials for the alrbases, testified Friday that Jersey City politicians and a gang- ridden union hampered their job. Tench said there was a clause in the contract that permitted thn firing of persons whose "continued employment was deemed inimical to the public interest." He said fingerprinting was discussed as a possible preliminary to invoking this clause and he decided against this step for three reasons: 1. "I was concerned lest any action against somebody who liad been in prison might result in labor's bringing a shutdown of the Claremont terminal and a shut- clown of the overseas construction j program." j 2. "I waa concerned about my I legal right. There was some doubt if a criminal record was sufficient (.0 exclude a man." 3, "Moral doubt. I did not feel compentent to withhold a man'3 right to make a livelihood because he had been in prison." The colonel went on to say that '.'we preferred not to have them but I am not prepared to say the situation was lax and inefficient because they were there." Actually, he said the records will show efficiency of the terminal was increased under his jurisdiction, with the costs of handling shipments cut from $36 to $30 a ton. Furthermore, he said, Claremont was "not a security operation." South Africa's diamond mines are considered the richest in the world, providing us with 95 per cent of the gem diamonds used. drain. Stufdily built out of htovy- m«tol. Iajy-7oHinf coittri, FOR 10 DAYS ONLY This Speed Queen is a quality-built washer and carries the same guarantee », the highest-priced machines. The combination offer—which includes a set of twin tubn and a year's supply of laundry soap—gives you a special inducement to buy your Speed Qui*n NOW.... and take advantage of the saving offered. \X/e reserve the right to withdraw this offer when our stock of tubs and soap is sold out. Stop in .right away, or phone us to hold a Speed Queen combination outfit for you. HUBBAR Phone 4409 FURNITURI BSytheviUe

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