High Point Enterprise Newspaper Archives Jul 11 1976, Page 80

Low-resolution version. To view a high quality image

Start Free Trial
High Point Enterprise, The (Newspaper) - July 11, 1976, High Point, North Carolina12a High 1 Tinl Enterprise sunday july 11, 1976 Auto Industry Union optimistic about contract Detroit a with the opening of contract talks Between the Auto Industry and United Auto workers just one week away both sides Are predicting with uncharacteristic optimism that 1976 could be the year for a peaceful agreement without a disruptive National strike. Absent from the pre bargaining atmosphere this summer Are the fiery rhetoric stirring Battle cries and unrest among militant Law rank and filers that have marked prior bargain ing rounds and subsequent strikes in 1973. 1970 and 1967 instead the Industry and Union Are showing Little spunk for a fight Over new three year contracts cover ing . Hourly workers at general motors Ford. Chrysler and american motors. Current pacts expire sept. 14, and talks on new agreements begin july 19. The Aloo fresh memory of a disastrous Industry depression and ravaging layoffs that left up to 200.000 workers on indefinite furloughs during 1974 and 1975 have contributed much to the current mood and now that car sales Are booming and indefinite layoffs have receded to less than no one appears anxious to Force a confrontation that could Hurt both the Auto recovery and the National Economy. There Are always sur prise stumbling blocks that surface when we get Down to the one top company negotiator said. But if i had to predict the outcome now i d have to say i Don t read a strike in the cards that s something i could t say in past in an interview with the associated press Law president Leonard Woodcock said Back in 1970, the Guys at general motors were anxious to strike obviously there s none of that now. I Don t think either Side is look ing for a strike certainly. But As the past has shown either Side is perfectly capable of taking in 1970, the Law struck pm for g7 Days to take the or ceiling off the Cost of living wage formula. In 1973, Chrysler was hit by a nine Day walkout Over Union demands for voluntary Over time and retirement at full benefits after 30 years ser vice. The top Issue promoted by the Law this year is Job Security and shortening the work but Wood cock concedes they Are highly technical issues and Don t lend themselves to the kind of emotional response that the other things got. There in t anything that has emerged As an obviously Clear item like take the Cap off of cola Cost of living allowance in 1970 or in 1973, going All the Way on 30 and out when you talk about Job Security then have a whole Range of things that fall under that s not to suggest there won t be a Tough struggle at the bargaining table the Law and companies say. There Are plenty of potentially troublesome issues that already have surfaced the soaring Cost for company paid health insurance premiums restructuring of supplemental unemployment benefits increased benefits for retirees to name just a few. Big wage demands key factors in prior talks have not surfaced this year mainly because current unlimited Cost of living clauses something unions in other industries Are still seeking have protected Auto workers from most of the ravages of inflation. The average Auto worker now makes an hour in straight pay a an hour increase since current contracts went into effect and fringe benefits Worth about an hour. Company officials say both wages and benefits Are among the highest in american Industry. Union leaders say that there has been Little talk about wages this year because members expect bar gainers to push for a hefty pay boost anyhow. Woodcock said the Union would again seek a substantial wage hike adding it could prove to be a contentious Factor 7 if there is a walkout the Law is in its Best financial shape in history to support one with a strike fund that will hold a record million by mid september. That s enough Money to sus Tain strikes ranging from a six month walkout at Chrysler to a nine week work stoppage at Industry giant pm. The big three also Are in. Unexpectedly healthy shape to weather a strike because of the sales Boom which May provide the companies with record profits this year. In the first Quarter pm Ford and Chrysler had aggregate earnings of s1.2 billion com pared with a combined operating loss of million Iii the first three months of 1975. Teamsters fund delinquent in Loans Chicago a the scandal Ridden Central states pension fund of. The teamsters Union has million in delinquent real estate Loans on its books the Chicago daily news said saturday. In unprecedented revelations of the fund s in Ner Workings Daniel Shan non executive director told the newspaper that past mis management had been corrected under his direction. The fund ceased making real estate mortgage Loans in March 1975, he said. Nonetheless he added a total of million in such Loans is outstanding on the fund s books. Shannon could not be reached saturday for further comment. With assets of billion the teamsters fund covers 450.000 Union members and retirees in 33 Midwest South and Southeast states Congress and the departments of labor and Justice Are investigating the fund. In addition the irs last month revoked the fund s tax exempt status retroactive to Jan. 31. 1965, then softened the blow last week by agreeing to allow exemptions through aug 31. Along with mis management Federal investigators reportedly Are looking into charges that the fund doled out Large amounts of Money for dubious business ventures some allegedly linked to organized crime the fund s trustees were scared beyond belief by the irs move according to a source quoted saturday by the new York times. On top of that. Shannon reportedly threatened to quit if the trustees failed to give him Complete control Over the fund s expenditures he also demanded permission to talk openly with the press the times said in an interview with him. The trustees including teamsters chief Frank e. Fitzsimmons agreed to Shannon s conditions the times said in a lengthy interview with j the daily news Shannon who was hired by the fund in february 1973, disclosed the following million tied up in real estate Loans the fund has Between million and million in vested in stocks Bonds and other securities. Another million is in real estate including motels and office buildings to which the fund holds title. 24 per cent of the million in real estate Loans were made to Las vegas hotels and gambling casinos. Shannon termed such Loans some of the Best you could possibly of the dunes Caesars Palace stardust. Fremont and Aladdin Are among the hotels. Fund s investment securities Are managed by do you know about tuesday july 20th six Banks. They Are american National Bank Trust co. Of Chicago with million Crocker National Bank of san fran Cisco chemical Bank and Trust of new York and Cleveland Trust with million each and Equi Bank of Pittsburgh and National Bank of Georgia Atlanta with million each. Fund has obtained title to a considerable amount of land in the la Costa resort near san Diego built with a million loan from the fund. Federal investigators have said the resort is frequented by teamsters officials and crime Syndicate figures. Former pension fund consultant and millionaire sex convict Allen m Dorf m a a who owns amalgamated insurance ser vice Agency screens health and welfare claims for the fund. William Presser teamsters vice president from Cleveland is the sole person to sit on both the fund s executive committee and its banking and invest ment committee. Presser convicted in 1971 of taking Money from employers was barred from being a trustee for five years and just recently resumed the Post. Shannon said the irs revocation of the fund s tax exempt status caused consequences Crocker National suspended trading in the fund s securities and the five other Banks were contemplating similar moves he said. Ward Stevenson senior vice president for the Bank told the associated press that the Bank had t refused further activity on the fund s account. We Haven t traded because there has been no occasion to however he added there is a provi Sion in the investment com Pany act of 1940 that makes it illegal to Trade in the securities of an investment fund where the contributions do not qualify As tax exempt under the irs. That s the hang up. We re seeking clarification of Stevenson said. In addition a fund spokesman said employer contributions which amount to million monthly for pensions have been delayed because of the irs action causing a loss in interest on Short term Loans. Shannon a certified Public accountant said of the current condition of the fund we re not perfect. We re improving every Day. Since 1973, we be made a hell of a lot of improvements some of the charges the government is looking into Are "10 or 15 years he said. This is not a soap Box operation. This is one of the most Complex businesses in the United he said management of the fund is "97 per cent new since i came adding this constant belittling bringing up the errors of the past is not conducive to our goal a pension for All our future plans include in creasing the fund s in vestments in stocks Bonds and other securities he said. In response to a question about reports that some million from the fund was unaccounted for Shannon replied i have no idea about what has been referred to in news stories at All. There would be no Way that could sitting on hard pews add a pod is not a Loose Cushion that will slide Ana move from under you it s a permanently attached Cus Hion using poly Oom covered with Nylon fabric chosen for Church furniture. Add a pad con be installed without interruption to Church activities the fabric comes m a Choice of Many colors open Bam i 5 thru Friday night by appointment Vernon equipment company inc. T 312 new St. Phone 885-4615 in or rental for band or orchestra ask about our 90-Day rent to buy plan new and used pianos and organs Exira discount for Cash on All models in addition to our already Low Sale prices. Where the music starts and Quality ser vice makes the difference. Harris music co. Depend Abr ice and exceptional values since 1939 2432 English re. Call 885-0003 you re a part of it most expansive least expensive Telephone system in the world. How has the investor owned Telephone Industry served the american people during the past 100 years of our nation s life let s take a look. Number of telephones per 100 persons 65.6 today nearly 94 per cent of Ameri can Homes and businesses have Telephone service. In the United states there Are 65.6 telephones for every 100 persons As compared to 34.8 per Hundred in Japan 34.1 in the United kingdom and 21.7 in France. The average Industrial worker in Japan and France pays More than six times As much for Telephone service As the american worker. In Germany Italy and great Britain the Cost is almost three times greater. In the past 15 years the consumer Price Index has increased 50 per cent Basic residential Telephone service has increased just 14 per cent. Greatest saturation of telephones the most reliable service the lowest prices to the consumer that s Only part of the Story North state i a jul a i 1 a pick a House. Any House. Buy it or build it. We have the Money to finance it. Right now four in one Home loan plan lets you pay principal interest insurance and taxes All in one convenient rent like monthly payment. perpetual is j and loan association n main a pm o s Mam m Archdale we Schesler mall

Search all High Point, North Carolina newspaper archives

Explore other publications from High Point, North Carolina

All newspaper archives for July 11, 1976

Browse