Alton Evening Telegraph from Alton, Illinois on January 6, 1950 · Page 25
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January 6, 1950

Alton Evening Telegraph from Alton, Illinois · Page 25

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Alton, Illinois
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Friday, January 6, 1950
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Page 25
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PAOst TWEMTY-itX ALTON BVltttMO TELRORAPM FRIDAY, JANUARY i, Iftft Pension Demands t Bring Misgivings National Policy Should Be Framed, Officials Say By STERLING r. QftKCN WASHINGTON, Jan. 6 UPi — The administration nods unspoken approval of labor's headlong rush tOt privately bacgained old age pensions. But many officials to day have misgivings. Some think It is time to frame A national policy, In terms like these: 1. That some standards for pen •Ions should be applied to al workers—a standard at least baset on the needs of the workers more than on the sheer power of his union to bend the employer to its win. Impact on U. S. 2. That If, as seems likely, potent new economir forces are being turned loose by the piling- up of huge private pension reserves, the government should at least know their probable Impact on the national goals of con slant ly rising production and standards of living. Already some agencies are considering whether the government should not regulate, or at least Inspect, the hastily-planned pension plans sprouting In every corner of Industry. The safest pension plan Is built on a reserve fund. Chairman Harry A. McDonald of the Securities ft Exchange Commission reported this month that a pension reserve big enough to com pensate workers for past services would "wreck most corporations" •nd Impair the finances of even some strong firms. Investors Have Stake •FC thinks Investors should know what pension demands hang vore the corporations, since they •re as much a potential liability •s, say, a pending damage suit. The agency has asked the American Institute of Public Accountants to recommend how such pending claims should be shown when companies invite the public to buy Its stock. The Institute will report next month. The major type of plan simply Involves setting aside each year— by company contributions alone or with workers contributing too— enough money to cover pension costs that year. John L. Lewis' pension fund Is of that "pay as you go" type, except that it Is Industry-wide. It Illustrates the hazards: The plan didn't take in enough to cover the pensions; Lewis demanded a bigger levy per ton of coal; most employers refused. No pensions have been paid since September. The pension problem reaches 'Into unexpected corners of Washington. The treasury Is alarmed over a possible loss of tax revenue/ The earnings which go into pension funds are tax-exempt. If the pension stampede continues, the losses In tax collections could run into billions of dollars. Some Labor Department officials — while applauding the movement more , vigorously than •ny others—have been struck by this thought: Will older workers be refused jobs? Meantime the federal social security system, still geared to the "basic minimum" needs of an elderly person during the depression, has started to move forward. And when Congress sets up shop again next week, labor won't ba alone in the push for bigger •octal security pensions. A large section of industry will be in there quietly pushing too. The reason is obvious. The current fashion In private-industry plans is for the company to foot the whole bill or most of it. In the federal system workers ,and management split the cost equally. Enlargement Expected Congress is expected to approve, In the coming session, an enlargement of social security benefits roughly in proportion to next Sunday's boost In the social •ALl-tAND PETE AND Mltl'S WHY ... •ALL-BAND Arctics era •soda of tou|h, live rubber/ proporly reinforced; buckle* era flrmly anchored. They coal you lew, became nay SO ro* A ffrrcft Bur BUY BALL-IANDII LOOKFMTMI MO IAU.TIAOI MAIKOMTHISOU UM of i WOMEN 1 * AND CHJUJKCVH I wwfPi •m ex L'S COUJGGK A VIC. ALTON, ILL. WARD IN U. S. — U S. Con- firsl' glimpse of the United States, su! General Angus Ward gets his as he and his party of twelve, including Mrs. Ward, arrive in San Francisco aboard the SS, Wilson. —NEA Telephoto. security payroll tax. It goe» up 50 percent, from 1 percent to 1V4 percent on employers and workers alike. The coverage of social security may be broadened to cover 11,000,000 more persons, bringing the total ot protected workers to 49, 000,000. This has been approved by the House. Republican Sen. Taft Is proposing that Congress study the "feasibility" of $100 pensions for all 65-year-olds, says: "If a steel worker Is entitled to a pension of $100 a month, why not a waiter?" A CIO demand for $100 pensions for all workers In New York state has provoked a similar question: If In New York, why not elsewhere? The Issue of a national pension policy Is almost certain to get much attention In the coming session of Congress. Economics Concerned So far, the only expression' of federal policy on pensions Is the report of President Truman's fact- finding board In the steel strike. Some of the government's top economists are concerned right now about this prosect: That In 1950, when more companies have figured out what the pensions will cost them, there will be a wave of price increase like this month's $4 a ton boost In steel prices. And that this wave may come about the time that Industry Is facing a moderate deflation, with the result thnt sales fall off and the mild decline become a real downspin. IVnuion Demand* not Inflationary Not that labor's pension demands are any more Inflationary than wage demands. They are leu so, because they don't put ready Hope to Complete Wood River Baptitt Church by February WOOD RIVER, Jan. 6—Plaster- Ing will begin next week on the Whltelaw Avenue Baptist Churth building which is In the final stages of completion after more than a year's work by the congregation. Work on the auditorium may be completed by February. In Nov- spendlng money In the workers' pocket. But the economic balance Is delicate, as Mr. Truman emphasized In his midyear 'economic message calling for moderation In wage demands. An opposite view is held by many. They point that pensions, by Improving the buying power of retired citizens, will be a boost for business. Also, that to stab- llze the Income of this large section of the public will lessen the chance for wide swings of inflation and depression. The present goal of national policy Is to maintain a constant Increase In production, Income and standard of living. Some of the officials who have been advising Britain to go slow In burdening her production with heavy, fixed costs arising from welfare services are wondering whether America is starting down the same ro».d. ember, 1948, construction of the new church building at the corner ot Whltelaw and Chessen was begun with Ray Williams of Harri* burg as supervisor. Since then, members of the congregation have worked in their spare time, com- pieting the basement last March. When finished, the building will include an auditorium and basement measuring 41 by W feet. A nine by 27 foot terrace, lined ,with masonlte blocks and bricking, spans the front of the church. The main auditorium will have a seating capacity of 380 persons, and Sunday School rooms are to be In the basement. Also contemplated is construction of a two- story educational building, which would form the arms of the T- shaped building. The entire building program has been a congregational project except the brick work. The Rev. A. A. Capron, pastor, says that approximately 25 church members have devoted much work to the building, most of which Is done In the evenings. Some shift workers have alloted their time of work to the day, and presently, work is done from 6 to 9 p. m. on the inside of the auditorium. Chellls Ragsdale, deacon, and R. C. Woods, trustee, pro- Scout Dinner Set for Jan. 23 At Wood River WOOD RIVER, Jan. S-PlaM are underway for the first recognition dinner meeting of the Wood River Girl Scouts, to be staged Jan. 23 at Lincoln School auditorium. The meeting will feature an Installation of officers of the Wood River board and a quest for talent program with various troops competing. Officer* to be Installed will be elected at the regular board meeting, Jan. 16. The talent winning troop or Individual performer will be picked to represent Wood River Scouts at the Roxana talent show, Feb. 17. Instigated by the Roxana board, all towns in the area have been invited to participate In the final area show and winners will receive passes to various theaters of the area. Parentl of Girl Scouts will be special guests at the Wood River dinner and each, troop is to arrange Its own table. The dinner will be served In family potluck style. bably are two members of the congregation who have contributed the most hours to the project. , RIVER *~ The offktrs and Installation Miff of Thonp* son-Rebekah Lodge WO wilt Mage a rehearsal session at the tOOF hall at 1:30 p. m., Sunday. Public Installation of newly elected officers will be held at the hall Jan. 16. New Chtysler a4 Stuart's WOOD RIVER—The 1950 Chrysler has arrived at Stuart Motor Co., 318 East Ferguson, and may be viewed today. The Chrysler has been restlyed, featuring a larger rear window and new radiator grill. The New Yorker model has 139 horsepower spitfire engine. Joseph Batt m WOOD RIVER—Joseph T. Ball, sophomore at Illinois Wealeyan University is confined at the home of his parents, Sgt. and Mrs. Vaughn Ball, 541 Wood River avenue, suffering from a bronchial virus Infectlnon. He arrived home Tuesday. ' Merrikellea al Oaurck WOOD RIVER — A discussion concerning New Year's resolutions highlighted the regular monthly meeting of the Merribelles class f a* Will Net Wl ftEftUHD W. J. RECDER i SON WaaklagtM A Uelleg* At* et the fit* Evaflfclleat United Brethren Church it the church Tuesday evening. Morten* tot the evening were Mrs. William Acker and Mrs. Adrian Klstner. Mm Pete Pattios and Mrs. William Hamilton will entertain the class Feb. 7. Weed ftlver Notes WOOD RIVER — Howard Myers, civil engineer with the California State Highway, return* ed to his home at Stockton, Calif, Wednesday after a holiday visit with his parents, Mr. and Mrs. Randall Myers, 859 Halloran avenue. Murray Haworth, jr., resumed his studies as a freshman at UM Illinois State Normal University, Wednesday, alter spending the Christmas and New Year's holidays with his parents, the Rev. and Mrs. Murray Haworth al *f East Beach street. Construction of the United States pavilion at Haiti's Bicentennial Exposition, aoon to open, la being rushed and the site will be deeded to the United States m perpetuity for a possible permanent building later on. 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They bring you a choice of two great engines and two great drives—the Automatic Power-Team* and the Standard Power-Team— described in detail below. And they also bring you quality feature after quality feature of styling, riding comfort, safety and dependability ordinarily associated with higher-priced cars, but found only in Chevrolet at such low prices and with such low cost of operation and upkeep. Come in. See these superb new Chevrolet* for 1950-tho smartest, liveliest, most powerful cars in all Chevrolet history -and we believe you'll agree they're FIRST AND FINEST AT LOWEST COST! ONLY LOW-raiCID CAK TO OPPIR A CNOICI OP STANDARD OR AUTOMATIC DftlVIMO AUTOMATIC WWII- RAM * LOWIST.PRICID UNI IN ITS FIELD •itro-(c*n*mical I* •wn MOVED CERTI-SAFE HYDRAULIC MAKES (Built by Cfctvroftf- fVovacf by Cnevro/ef— f irciuiive to CnevrofefJ NEW POWERGUDE AUTOMATIC TRANSMlSSlON-jfor finest Automatic Driving (with no clutch pedal-no clutch pushing-no gearshifting). 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I HE FAMOUS SILENT SYN- CHRO-MESH TRANSMISSION (with Extra-Easy Hand- E-Gearshift). Long recognized, by automotive engineers and the motoring public alike, as the pattern of smooth, quiet gear transmissions . , . assuring extremely simple and easy gear- shifting ... in fact, owner* say easiest car operation, next to 'automatic driving'itself. 7 CHEVROLET ^America's JZest Seffer DueMMe riraMMi B*ake Itotoa*. REILLEY BROS., Inc. ALBRECHT CHEVROLET, Inc. 912 Eoit Iroodwoy Piol 3-7787 222 idwordivillt ALTON, ILL WOOD RIVER, ILL. Diol 4-4338

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