Image provided by: University of Oregon Libraries; Eugene, OR
About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (March 14, 1954)
Pension!) FuDU'dD . Acti Sharp SiiocC; Drops Statesman, Salem, Ore Suxw March 14, lS5-(Sec S 7 YouthfulCrmtures;From - By ARTHUR MERIMS NEW YORK m w The wide-eyd: optimists in Wan Street who claim that securities markets will never i again decline more than tnoder . ately often back their arguments: by referring to the blossoming of ! pension funds. And even the most dour "bear"; admits their case is strong. i Expertslo Steer Salmon Oyer Ladders ment experts said Saturday they nope to help salmon keep -their spawning dates by steering them over fish 'ladders in the Columbia River. . . , A Senate appropriations subcom mittee was told that many salmon spend so much time groping for . ladders which provide access over dams that -they arrive at their spawning grounds too late. William Hagen Jr., chief of the Fish and Wildlife Service's salmon propagationection, testified that steering testsare being made with color, signs, sounds and pulsating electric currents. Y - He said no estimate has been made of how much salmon produc . tion has been lost as a result of ' Columbia dams built in Washing ton and Oregon. "We hope that a substantial por tion of the run can pass through x the fishways and get upstream to the spawning grounds and we can divert , young fish safely down stream so they don't run into the turbines.' he said. Sen. Dworshak (R-Idaho) said "we should know whether we de stroy the fish industry while build ing these dams." Hagen said that all dams cause some loss in salmon but it is im possible from, information avail able to say how much, x Dworshak said a number of dams have been proposed in Idaho and it has been said they would hurt or block the movement of the fish from the Pacific Ocean to spawn ing waters far upstream. Hagen said the government hopes to help the salmon negotiate the fish ladders and also to build ad ditional hatcheries in the lower Columbia River Basin.. He testified in support of the service's request for $1,360,000 dur ing the year starting July 1 to build hatcheries at Cascade on Eagle , Creek in Oregon and at - Washougal and Skamania on the Washougal River in Washington and to plan hatcheries at Spirit Lake and German Creek In .Wash- ington. ; - :"v. . A-Board Plans Full-Scale Power Plant WASHINGTON W The Atomic Energy , Commission announced Saturday night it is negotiating an agreement with the Duquesne Light Co. .Pittsburgh for the construc tion, and operation of the nation's first full-scale central station nu clear power-plant. it is not expected, the an nouncement said, "that this first plant will produce electric power at costs competitive with power from conventional fuelsXThe proj ect has been undertaken in order to gain more design and 'more technological experience, than could be obtained otherwise, such as . from a smaller plant, and to pro- vide firm cost estimates for the . future." The AEC said the Duquesne company's proposal, on of nine submitted, was the most favorable to the government Under it, the company would: 1. Furnish a site in the greater Pittsburgh area for the entire proj Y ect and build and operate a new electric generating plant at no cost to the government. 2. Operate the reactor part of the plant and bear the labor costs thus entailed. t 3. Assume five million dollars of the cost of research, develop ment, and construction of the re actor portion of the plant. VBack in 29 pension funds were few and far between," the buoy ant prognosticators begin, "buf to day .they invest billions of dollars each 'year.. Not speculative pur chases, either, but for long terms. And whenever securities dip, you can always find some managers of these monies johnny-on-the-spot buying." X - Furthermore, add these pro phets of joy and boom, "with new financing on the downgrade,, pen sion fund managers will become bigger buyers of outstanding se curities than ever.' . The Federal Reserve recently added fuel to the argument by re porting more than 17 billion dol lars 'currently lodged, in pension funds and more than two billions flowing into these : coffers every year. : , - , The FR warned, however, that widespread coverage of ' factory workers make pension funds vul nerable to downturns in employ ment "During slack times, em ployes at or beyond the retirement age who might otherwise have re mained in the labor force may be expected to retire. Others who might become unemployed may take advantage of early retirement provisions of many plans. Thus benefit payments may spurt just when the volume of contributions is falling off." ; ! 20,000 Faads i In 1930, according to the social security administration, there were only 720 pension plans cover ing 2,400,000 people. Today there are about 20,000 such funds cover ing 5 more than 12 million people. And the U.S. Treasury reports that new plans are being formed at the rate of 200 a month, v B. Frank Patton, vice president, Guaranty Trust Co. (NY), said "the right of unions to bargain on pensions had . a tremendous influ ence on the growth of the pension idea and the provisions of plans subsequently adopted." This right was established by decision of the National Labor Relations Board involving Inland Steel Co. in 1948. It was affirmed by the Supreme Court in 1949. . x A striking example of how pen sion funds buoy bond prices was disclosed recently by the Pennsyl- r 1 ..t. 7 V J. Y- Y ' Y"' - T- A " j.A- AY ''texY I v v V 'v't1 "- Waiting for the judges decision Saturday were these youngsters in the Downtown Merchants Assn. kids parade, ana tbe pair at left got Into the winner's circle with their honeymoon express. The bride polled the bridegroom, nateheriy. (Statesman Photo.) r High voltage winner In Saturday's Kids parade in downtown Salem was Gordon Taylor of the tngiewood oistnct. mis ingenious aecor of light bulbs, radio tubes, connectors and cyclometers gave him a modern electronic appearance. (Statesman Photo.) (Story on page one.) '; ? '; , Services for Hera E. Lee Set Tuesday ISinanl tonnMfl f ft TTPTITV M. MUA AWWV vf, Ernest Lee. 79. world eaveler. vania state legislature. That body former member of the Edtish voted to guarantee a 4 per cent mnwhsmt marine and forhe return on investments of the 600 past 40 years a sign .painter in muuoa uouar Pennsylvania ieacn- Salem, will be held at i 1:30 p.m. ers and employes retirement Tuesday in the W. T. Rigdon funds. Incoming money had been Mrs! Hunt Heads Oregon Amaranth PORTLAND W Mrs. Lois Hunt, Eugene, was seated Saturday night as grand royal matron of the grand court of Oregon, Order of the Amaranth. Fred L. Helbock, Portland, -was installed as patron. Some 500 mem bers and guests witnessed the in stallation which ended the court s 27th annual session held here last week. directed toward marketable gov ernment bonds.- But with yields on these .bonds fast diminishing, the state authorized investment in cor porate bonds at the rate of one million dollars a week. 500 Million Dollars .General Electric Co. has about 136,000 employes participating in A late resident of 765 N Lib erty St, Lee died Saturday in a Salem hospital. He had been in ill health for several months. Born at Portsmouth! England, Oct 1, 1874, he was the son of British naval officer! and his mother. Mrs. Charlotte Meakin ince the end of World.War n, U. S. state and local jobholders have increased about VA million, diately. if. rrivt inrin T .Za Lee, was a member of the family Tr"r" r """" 1 u:-i. -i U.aVfnc Willi: 11 UMUUICIMUCU ;l mwhmu - 15,000 drawing benefits. Assets of tbe trust approach 500 million dol lars, currently invested as follows: 15.8 per cent in government bonds, 71.7 per cent in other fixed income securities (mostly corporate bonds) and 1Z5 per cent in common stocks. A GE spokesman said: "The present investment program is de- Chamber to Visit Moore Forms Fiim An Industrial visit is on tap Monday for members of Salem Chamber of Commerce. The chamber will hold a lunch eon meeting at the Southeast Sa lem plant of Moore Business Forms, located near Pringle Road and Hovt Street Members will eat no-host lunch eon at the plant lunch room, then make an inspection of the big printing operations of the con cern. V. -: Salem's plant is one of 27 Moore plants in the biggest manifolding ' business for m. producer in the U. S. ' . The local operation is planning to increase - its production 24 times, according to Plant Man ager Claude A. Miller who will explain' the business to the , cham ber members Monday. wThevlocal plant recently was doubled in Size. There ire about 1200 million teres classified as land in farms in the CtaMed State, China in England. Lee served in the ; merchant marine for seven years following his graduation zrom the Bi-iusn Naval- Academy and I sailed to points in Europe, Africa, Asia and Australia. He was on active duty at the time of the Boer War. Following his naval service, signed so that eventually tbe com- Lee went to Australia for a time mon stock investments will amount and later came to Canada. Com- to between 20 and 30 per cent of the total. This will be done: on what is known as the dollar aver aging basis." American Telephone & Tele-1 ing to Salem from Canada, Lee set up a sign painting shop and painted scenes for many Salem theaters and state I buildings. With the exception of a few graph Co. started its. pension fund years in San Francisco, he made back in I9iaiwhen the idea was! Salem his home for the last 40 still considered radical. Today years of his life. more than 700,000 employes of at&t and its affiliated compan ies are enrolled in the plan -with nearly 18,000 men and 15,000 wo men receiving benefits. Monies Invested Bankers Trust Co. (NY) admin-1 ' . Lee is survived by his widow. the former Lela Tarpley whom he married in Salem in 1912: one daughter, Mrs. Patricia Hug of New York; and one! grandson, Wallace Lee Hug of New York. Services will be conducted by i?eftt?..Sye!nfundswli fellow members of the Christian at tbe end of 1953 amounted to $1,761,954,113. These monies are currently invested: 67.3 per cent in utility, railroad and industrial bonds, 15 per cent in Bell System bonds,x13 per cent in government bonds and 4.7 per cent in other ob ligations. Last year Bell compan ies contributed about 190 million dollars from 1953 income to the fund.. .' -;' The Federal' Reserve estimates that life insurance companies han dle about 40-45 per cent of the nation's pension funds, the remain ing 55-60 per cent being adminis tered principally by bank trust de partments. A "typical" bank - supervised fund, says the FR, is invested about 55 per cent in corporate bonds, 15 per cent in government bonds, 5 per cent in preferred stocks and 25 per cent in high- grade common stocks. Most insur ance companies steer clear of com mon stocks, relying on bonds and residential and commercial mort gage. V Science Church with Reader Clarence Holder in charge. Willamette U. Teams to Conduct Church Services Foresters Due At Conclave More than 150 foresters are expected to attend the confer ence in Salem March 25 and 28, when many forest problems will be discussed, Assistant State Forester James H. Walker an nounced here Friday. Members of the - State Board f Forestry, along with repre sentatives of various protective associations, also will attend. Onexof the important objec tives Of; the meeting, Walker said, is to familiarize the newer men in the department with I the policies and activities of the state forestry organization and its cooperating agencies. These include protection, administra tion, management, research, re habilitation and insect s and dis ease control. One day will be devoted, to general meeting during which matters of interest to all em ployes of (the department will be There will be a banquet and other social affairs. Two deputation teams from Willamette "university will con duct Sunday morning services today at Buena Vista and Mon roe Methodist churches. : l Snslr1n ; mi . "liarphinff tntn the Future at Buena vista win Rose Society to be-Thomas Whitehead, ci Port- tt f ' cl,rM1W will be Earl Pickett, Portland; Ruth Ana Acklin, Grants Pass and Mary Anne Schloessler. Y. kama, Wash." David Hienz, Salem, will de liver the sermon at Monroe. . Mrs. Knapp Schoen of Van couver, Wash., winner of many sweepstakes awards in Salem and Portland Rose Shows, will be the speaker at the Thursday night meeting of the Salem Rose So- Other members ofxthe deputa- cjety at the YMCA. The meeting tion squad include Shirley Wit- jj get for 8 o'clock, ters. Cottage Grover fed McH- Mrs. Schoen. a director of the Tenni, ; Hood River; Dirrell Pacific Northwest District Rose Crossler, Gates and Joea Carrie, Society, will talk on "Renewed Bridsesv Uont, 'Xntenet as Old Xoses. v.J ! i $ Iran Police Capture Aide ToM.ssi.degh i - ( TEHRAN, Iran (A Police Sat urday captured Hossein Fatemi, the firebrand foreign minister of the old Mossadegh regime, and later announced he had been stabbed and beaten by a bystand- W. , I J y Fatemi in hiding was disguised by a heavy black beard. After the attack he wa? taken to a hospital, a police source said. where his Wounds were reported severe but not dangerous. A fugitive since the August 1953 revolution that overthrew Premier Mohammed Mossadegh, Fatemi was caught in his Tudeout in a Tehran suburb early Saturday. He faced a possible death penalty be cause he allegedly stirred up mobs against the Shah in an effort to overthrow the monarchy before tile Mossadegh regime itself- was up set. ' He was taken to tbe headquar ters of the military governor of Tehran, Teimour Bakhtiar Police said he I was being transferred to a police- prison when a bystander suddenly, fell upon him with a knife . -I No arrests were reported imme- Final Rites for , Mrs. Osterman Set in Lakeview Funeral services for Mrs. Myrtle M. Osterman, 45, former resident of Salem, will be held at 2 p.m. Monday in the Lakeview Presbyterian Church. She died at her home in Lakeview Thursday. Mrs. -Osterman and her hus band, Everett Osterman, lived in Salem from 1931 to 1937 where they were associated with the Clough-Barrick Funeral Home. They operated a mortuary at Lakeview. She is survived by her widow er and one daughter, Carole Os terman of Lakeview; and broth er-in-law, Lawrence Osterman of Salem. Concluding services will be held at the Evergreen Memorial Park, McMinnville. Bird Club to Meet at YW Building Tuesday Meeting of - the All Variety Bird club will take place at the new YWCA building on Tuesday, March 16, from 1 to 4 p.m. The Capital Budgeriger Breed er's Association will meet April 14 at the Bird Paradise, 318a Liv ingstone Ave. Portland Man Indicted in Robbery Case KLAMATH FALLS (JB - Ray- mond J. Bodinet, 31. Portland, was indicted by a grand jury Saturday on a charge of armed robbery. He was arrested Jan. 8 in a rooming house holdup here In which his companion, Edwin Coyle, 28, also of Portland, was fatally wounded by a Klamath Falls po liceman, James O'NeiL i The shooting touched off an antU vice crusade by District Attorney Frank Alderson. ' He charged , at the time that a civic improvement fund had been taking payments from bawdy houses,' which since have been closed. Circuit Judge David R. Vanden- berg reduced Bodinet's bail from $15,000 to $10,000 but he remained in jail Also indicted by the grand jury on a manslaughter charge was Alfred J. Carter, 59. Klamath Falls. He is accused in the fatal Christmas eve shooting in Klam ath Falls of Cruze Unzueta. ; A honey of a bonny that crossed I up the Judges by turning oat j to be a boy was Roy Talley of Salem, an easy winner in the j costume division. (Statesman i Photo.) BUT THEY DO NT FLY CARS PHOENIX, Arix. (JV-Airplane-type safety belts have been in stalled in Arizona highway patrol cars as a safety precaution.. Supt Greg O. Hathaway said the belts offer better chance to survive' a crash. ; . ' Free Book on Arihrilis And Rheumatism HOW TO AVOID C5IMIXG RHEUMATISM I An amazing newly enlarged 44-page book entitled "Rheum atism will be sent .free to any one who will write for it. ; It reveals why drugs and medicines give only temporary relief and fail to remove the causes of the trouble; explains a specialized non-surgical, non medical treatment which has proven successful for the past 35 years. ! You incur no obligation in sending for this instructive book. It may be the means of saving you years of untold mis ery. Write today to The Ball Clinic, Dept. . '2612, Excelsior Springs, Missouri. 5 4fe f I II II I J w rinnrpi7T lii i i i i i i i mm with Hudsons New Instant Action Engines In three great Hudson -at prices 1 starting near the TTtrDsoN's sensational Twin H-Power com Xi bines with hewjnstant Action Enginea to i give you quick pickup at any point in the driving 1 ranges the great safety of surging engine re ; sponse beyond anything you've seen! i v . ; i Twin H-Power is a multiple fueling system that ; develops more power from every drop of gas. i Premium fuel is not required. Hudson's rugged i Instant Action Engines the most durable built j today make Twin H-Power trouble-free. ' Y i And when the road-hugging ride of Hudson's exclusive "step-down" design is added, you have i xV-a new kind of delightful motoring. We have a - Twin H-Powered Hudson ready for you to try. 1 See us! ' i " Y ' Y - tiUDSOIl Spectacular running mate of: the Hudson Hornet, gives you Hornet-like glamour and power in the low-medium price field: at a new lower price for 1954. A" nuDson v. . i. i v . . . Compact edition; of the Hornet, with outstanding gas economy and handling aae. Ha the amazing readability of too Hornet. Prices start near the lowest. A TOP VALUE WHEN YOU BUY.;. TOP VALU VMEM YOU TRADE! A A v -:. 316 North Churh Street Shrock Motor Company Sal cm, Orccn