Page 4 of 9 Dec 1949 Issue of Cincinnati The Sun in Cincinnati, Ohio

Cincinnati The Sun December 9, 1949 Page 4 old newspaper archives

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The Sun (Newspaper) - December 9, 1949, Cincinnati, OhioThe Cincinnati Sun Friday 9, it a the Cincinnati sum a Gaberal weekly published by i lie greater Cincinnati Tinli isrial Union Council Cio every week with exception of last week of july and the Issue succeeding labor As second class matter june 30, 1944 at the Post office at Cincinnati 2, Ohio under the act of March 3, 1879 editor. George h. Wartenberg or. Office. 205 e. 6th st. Cincinnati 2, Ohio Telephone. ,.garfield 2550 executive Board William Black Walter Grainger. William Brenner Edward Hellkamp Arthur Hartmann Ray Sowder James Mclendon John Dehner Talmadge Zipperer James Rogers Elmer Kauffman Wilfred Porter Rollin Silver Max Sein John sink John Case Ernestine Locknane. R. W. Schellenberg Nathaniel Jordan Hugo Clug and James Wigbell. Subscription. $2.00 per year p Ress a my Jimmiw pension gains much than strike wage High losses it oily anti soul Guy Gabrielson chairman of the Republican National committee has been going around the country telling newspaper reporters and others who will listen that in 1950 the Republican party is a going to train organizers and our training methods will be patterned after those used by labor a the organizer a said he a is the Backbone of any Union. Without the organizer the Union would fall Flat on its face. Of we Ait going after net level adoption of Pac techniques by the Republican party is we suppose a compliment. But we should hasten to Point out that Pac techniques won t work for the Republican party. Techniques Are Only the body of political action. The inspiration and soul of political action is a deep and abiding Faith in the people of America. We believe that the people of America want to know the truth about things instead of being harassed with slogans. We believe that the people of America want Security and peace and that they want to continue along the path to those goals that has been charted. We believe that the people of America Are concerned More with human dignity and human values than the profit and loss statements of corporations and that democracy is not measured on the corporate Ledger Sheet or in the Stock Market. Those ideals Are something the Gabriel sons and the tafts and the cherries not understand. They think it s All in the technique. All they can copy is the body of Pac. But a body without a soul is a pretty useless thing. By a1 Whitehouse District 25 director Usa most of us Are conditioned to receive our daily cargo of on sided propaganda from Cincinnati newspapers. Ordinarily we pay Little attention to it. We recognize it As an unlovely aspect of commercial journalism. However David Lawrence a column on the editorial Page of the times Star on december 2nd, is such an unprincipled attempt to detract from the unparalleled accomplishment of Philip Murray and the United steelworkers of America in the 1949 steel settlement that it requires an answer. The Lawrence habit of quoting of course each insurance Eom a abroad gauged and Liberal mind Pany has Side benefits to sweeten eds a but unnamed a Exeen j the annuity transaction but those Tives with an axe to grind ought to arouse the suspicion of times Star editors. Arentt they expected to be Alert experienced men to get a True picture of the steel pension settlement we need Only inquire into the Cost of a comparable insurance annuity paying $100 a month at age 65. Here Are the actual figures. They were obtained from one of the largest insurance companies in America and May be easily verified. See table i table i Premium payments to begin Cost of annuity premiums per annul total Cost 1. At age 30 2. At age 40 3. At age 65 payment is to Start at age 30 and to extend Over a period of 35 years until insured is 65. Payment of premiums to Start at age 40 and to extend Over a period of 25 years until insured is 65. Payment for annuity to be made in a Lump sum at or before age 65. ,. $ 421.50 $ 14,752.50 $ 650.60 16,265.00 16,542.60very big bad Iii a a the life insurance companies of this country have doubled their reserves since 1937. They now hold More than $55 billion in securities. William Montgomery 80-year-old president of acacia Mutual told a House judiciary subcommittee last week that if this goes on the life insurance companies which nearly All Are controlled by Bankers will gobble up the whole country. Montgomery said the reason the companies grow so fast is they charge people too much for insurance fail to pay policy holders dividends that Are due them and use the Money to pile up huge reserves they not need but which the banker Bosses find helpful in extending their control of the american Economy. Several insurance company spokesmen denied there was any danger in their huge reserves. However an estimated $40 a j contributory an estimated $60 month social Security retirement a Mont hand wherein the pm pay a High estimate for steel i Ployer pays the entire Cost of the workers is included in the $100 pension we consider Only the a month steel pension. The pm payments the employer must Ployer and the employee each make to provide an annuity for pay one half of the social Securi i the employee of $60 a month at to Premium or a a contributions. J age 65. The $60 plus the social therefore to ascertain the an Security $40 make up the mini Unity value of that part of the mum $100 a month steel pension steel pension that is wholly non i see table ii Cost of annuity table ii annual Premium cos of an annuity Tola Cost of an annul paying $60 a month to which Emly paying $60 a month Loyee makes no social Security con at age 65 wherein pm Fri ution. Loyee makes no social Security contribution. 1. At age 30 2. At age 40 3. At age 65 $ 252.90 390.36 $ 8,851.50 9,759.00 one Premium payment Only 9,925.56 items not modify the applicable figures to any appreciable extent. Obviously when examined from an insurance annuity standpoint the $60 a month steel pension is by far the greatest single gain made by any Union in the history of american labor. Its administrative stability and soundness is provided for a in most cases at no expense to the Union. The steel strike lasted 42 Days Bethlehem a week Lessof which 30 Days Cou have 1 a i working Days. The average straight time hourly wage in the Basic steel Industry is $1.65. Therefore the average Steelworker May be estimated to hav in Vevag a by reason of the strike. But he gained old age Security which measured in terms of an individual insurance annuity will bring him a net gain of $8,455.00 for the age-30 employee $9,363.00 for the age-40 employee and $9, 925.56 for the age-65 employee with 25 years of continuous service. In addition and of major importance the 1949 steel pension settlement gave the Steelworker a feeling of being secure from privation and want in his old age. And it gave him peace and Tranquility inestimable blessings of priceless value. This is something he did not have before the strike As very few steel companies had any pension system whatsoever. In . Steel corporation the average pension was $5.00 per month and in Bethlehem steel company the average pension was approximately $22. 00 per month. Let or. David Lawrence and the journalistic critics of Phil Murray and the steel Union Sharpen their Teeth on these figures and gains before they Trot out far fetched theories about 1 Steelworker losses and declaim i about the futility of strikes. Anti monopoly program ignored by daily press congressman drip by y0men to a Quot that s right election Day s Only about a year away. I continued from Page 1 Inson had said and even reviewed what Charles e. Wilson president of general electric had said along the same line the Day before. But it did not mention the new legislation until the last paragraph of a column Long Story. It did not disclose that the proposal was based on the successful experience of the Sec. The average newspaper Reader even if he got Down that far got no idea of the Story or of its significance. The Washington times Herald a Chicago Tribune puppet reported that rep. Wilson a Tex had announced he would reintroduce legislation to make labor unions subject to the anti Trust Laws. This certainly was not news. Even if Wilson introduces the legislation it is not news. But the the found no room for any mention of the bold new suggestion for curbing Industrial monopolies. Serious debate whether or not the newspapers get excited about the new legislation it is Safe to predict that the proposal will be the subject of a serious debate in the coming Days and years. It was carefully prepared by a Brilliant Young professor of economics from Michigan state colleges or. Walter Adams a at the request of chairman Celler d., by. It provides a practical Way to some thing Many liberals Long ago abandoned Hope of Ever being Able to unscramble the big Industrial concentrations of Power that have been built up in this country. Only a few Days earlier the Sec had submitted a report showing How successful the Public utilities holding company act had been in breaking up Gigantic aggregations of Power. The report showed that instead of hurting investors in these companies they had benefited from tremendously increased Market values on their securities and so had the Public. Bunk in other words the propaganda put out by the companies when Congress was battling Over the legislation that it was a a death sentence for the companies was pure bunk. This experience suggests that if Congress enacted Adams Bill stockholders of big Industrial companies like be and pm and Dupont would likewise Benefit As Well As the country generally. Adams Bill was accompanied by a report from Howard j. Trie Nens who teaches anti Trust Law at Northwestern University that the Public Utility holding company act was legally and practically the Model for use in breaking up big companies under the anti Trust Laws. He noted that the Utility act was itself modelled on the procedure followed by the supreme court in breaking up the tobacco Trust in 1911. So altogether the procedure has been used by the government for almost 40 spent in fight against health plan the organized Medicine lobby plan a new million Dollar Campaign against Universal health. Starting the first of the year Whitaker and Baxter the propaganda experts for american medical association plan to run big ads in every newspaper in the country both dailies and weeklies. The result of such a Campaign is brought out by the recent a amp p Case. After being convicted and fined for violating the antitrust Laws the a amp p grocery Chain faced a new civil suit in which the government asked the courts to put a Stop to a amp p use of its great monopoly Power a amp p countered with a million Dollar and Campaign which said nothing about the criminal conviction. When the National federation of Independent business tried to buy space in the Washington Star to Tell the people s Side of the Case the stars and manager Godfrey w. Kaufman turned the and Down. He said a it is hot our policy to permit any advertiser to discredit the advertising

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