The Oregon statesman., July 15, 1954, Page 21, Image 21

New Man in the Family
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BOLLYWOOD Comedienne Joan Davis, right, plants a kiass on her
: new son-in-law, Lieut Alan Norton Grossman, 22, after his mar
riage to actress Beverly Wills, 20, left. Miss Davis' daughter. Fol
lowing a honeymoon In Honolulu, the newlyweds will settle la Fort
Lewis, Wash., where Grossman Is stationed. (AP Wirephoto)
Conferees Accept
Limited Tax Cut for
Widovo, Widowers
;. Br CHARLES F. BARRETT
.WASHINGTON tf A Senate
House conference , committee
agreed Wednesday on a limited tax
cut for widows and widowers. But
the .committee ruled out a much
bigger reduction approved by the
House for all single heads of households.
Wadcat Strike
Closes Two
A-Plant Jobs
OAK RIDGE, Tenn. HV ' A
wildcast strike by AFL laborers
Wednesday closed two atomic
plant construction Jobs. Contrac
, tors said the projects would re
main shut down until the men go
back to work.
The closing came amid wide
spread reports of "violence on pick
et lines and roads leading to plant
area gates., There were no reports
of . Injuries, t ;
The shutdown is the fourth gen
eral one this year stemming from
labor trouble on the two projects,
costing hundreds of millions of
dollars.
Union leaders pleaded with the
men to go back to work but re
sponse was so negligible- contrac
tors stopped operations. The con
tractors. Rust Engineering Co: and
Maxon Construction Co., said they
would keep the jobs closed until
the labor picture is completely
cleared."
: Union officials called a mass
meeting for Thursday presumably
to try to work out a settlement.
. Members of Laborers' Local 818
struck and posted pickets at gates
to the projects Monday. The local's
officials accepted a 5 - cent wage
boost to $1.45 hourly in new con
tract negotiations last Saturday
with Knoxville chapter of Asso
ciated General Contractors.
Rank and - file members of the
local refused, however, to accept
the 5 - cent hike and said they
would stay on strike until they get
IS cents per hour.
Officials of the local and Knox
ville Building Trades Council, bar
gaining agent, for AFL con
struction crafts here, immediately
denounced the walkout as "illegal"
and appealed to the men to return.
About 2.000 of a total of 8,000
AFL craftsmen employed on the
jobs showed up Tuesday. But Wed
nesday only 900 reported and many
of them soon left, resulting in clos
ure of the projects before noon.
None of the work stoppages has
affected production of fissionable
uranium - 235, used in making
atomic aaf hydrogen bombs. CIO
and AFL production workers in
the atomic plants have consistently
crossed me construction workers
picket lines. -
This was the first major decision
as five senators and five senior
House members set out to settle
hundreds of differences between
the two houses over President Eis
enhower's big tax revision pro
gram. .. ,
The tax writers postponed action
for the time being on the hottest
issues still at stake how much to
cut taxes on income received as
stockholders dividends.
The committee decided that for
two years after the death of a wife
or husband, the widow or widower
would be able to continue to split
income for tax purposes just as
married couples do. That often puts
me taxpayer in a lower bracket.
Experts figured the savinz to
taxpayers ' would amount to about
six or seven million dollars a year.
me House bill would have given
all single heads of families wid
owed or . divorced persons or single
persons supporting dependents
tne ruu permanent benefits allowed
from income splitting.
M Millions
This would have been a saving
of about 50 millions a year, for
about 800,000 single heads of house
holds. .
The Senate had eliminated this
provision entirely from the tax re
vision program, . on grounds that
most of the benefits would go to
wealthy persons.
Senators argued that the bulk of
taxpayers already are in low
brackets and thus get little benefit
from splitting their Income. Ex
perts naa tigurea that under the
House plan a household head with
$4,000 income would save S3 a vmr.
At $6,000 income the saving would
have been $36, and at $8,000 income
the saving would have been 192,
with much bigger savings in higher
oracxets.
Status Sam .
Under the conference agreement,
except for new widows or widow
ers, sinsle heads of household
would continue in the same tax
status as under present law. They
now eet one-half the benefits of in
come solittin?.
Also stricken was a House provi
sion which would have nermitted
single taxpayers to qualify for tax
oenents as heads of households
even though their dependents did
not live in the same bouse with
them. -
On divided income, the House
approved tax cuts amounting to
about 240 million dollars the first
year and eventually to about Sfifl
million dollars a year. The Senate
struck most of this and approved
a reduction totaling only about .40
millions a year.
, Most sources expect a compro
mise somewhere between those fig
ures, although the conferees may
remain deadlocked on the political
ly touchy issue for some time. ,
The Eisenhower ' administration
has strongly backed! the House
plan, saying it would boost busi
ness investment and thus heta hoi.
ster the economy. Democrats have
argued it Is a special benefit for
wealthy persons,
No. tt-$0 -;
gmowris ef Annual Statement for
tha year ended December 31, 1953 of
tne maonai Travelers insurance
Company of Des Moines. In the Stats
ef Iowa, made to the Insurance Com
missioner of tne State o( Oregon.
pursuant to law:
ASSETS
Bonds, S2.14S.68S.S4.
Stocks, S17.700.00.
Mortgage loans on real estate.
none. ..-.,- ; .
Real estate, none.
Policy loans and premium notes,
89.27. .... ..
caan ana dck deposits. t1z3.743.03.
Premiums due "and deferred (life
and accident and health), S21.030.49.
Interest and other Investment In
come due and accrued. S21.S9S.S4.
Other assets, none.
-Total assets, $2,331,168.37.
Total. S2.833.270.S7.
LIABILITIES, SURPLUS AND ;
OTHER JTUNDS -Reserves
for life and accident and
hlth Bolides. S740.7S7 33.
Policy and contract claims $384,
637.45.
All other liabilities. I2SU:S 80.
Total liabilities, except capital.
378.943.7S.
, Capital paid-up, S454.224.3fl.
Special surplus funds, 1500,000.00.
. Unassiened surplus, none.
Surplus as regards policyholders.
1954.224.58. , '
Total, S2J31.168.37. '
- SUMMARY OF OPERATIONS
(Accrual Basis)
Premiums and annuity considera
tions. 32.965.684.88.
Considerations for supplementary
contracts, $1,560.16.
Net Investment Income. $53,544.04.
Other income items, $1,698.62.
Total. S3.022.485.70.
r Policy benefits. $1.138 J73.62.
' Payment on suDPiementray con
tracts, dividend .accumulations, and
interest, $203.37.
. Increase In reserves. $31,421.42.
Commissions, claim and general In
surance expenses and taxes, $1,632,-
207.85. ' , 1 '
Other operating deductions, $1S,
183.31. i
Dividends to policyholders. $6,
245.72. .
Net sain from operations, $189,
813.13.
Dividends to stockholders, none. -Other
items affecting surplus and
surplus funds (net), $58,596.24.
TotsL 853.596.24.
. Increase in surplus and special
surplus funds. si30.sis.8S.
BUSINESS IN OREGON"
FOR TEE YEAR
Gross premiums and annuity eon
siderations collected during the year,
$47,742.13.
Dividends paid or credited to pol
icyholders during the year. $93.63.
Gross benefits and claims, endow
ments, surrenders, and annuities paid
during the year, $28,973.23.
Buys Surplus U. S. Wheat
WASHINGTON (JU. Sal nf .15 .
000 Ion? tons t about 9 dm ssI huch.
els) of government owned wheat
4 At M . .
to me government ot the Union of
South Africa was anrwuiTwri Wed.
nesday by the Agriculture Depart
ment, .ue wneai win move under
1954-55 International WhMt A rr ap.
ment quotas and prices. Ie wil( be
ueuverea Deiween March l and
Aug. 31, 1955. v
This country now Is spllinir whpnt
under the international agreement
V
LTa WEATHER- A repairman
Ufces advantage of dryinr power ef the outdoors as he applies
fiatf vynisa to piano keyboard on Budapest. Hunxarr. street.
Ne. Sl-Sl
Synopsis of Annual Statement for
the year ended December 3ft 1953 of
the Order of RaUway Employees of
Saa Francisco, In the state ef Cal
ifornia, made to the Insurance Com
missioner of the Stat, of Oregon,
pursuant to law:
t ASSETS
Bonds. $1,331,960.30.
Stocks, 82,384.00.
Mortgage loans on real estate, none.
: Real estate, none. i
Policy loans and premium notes,
$2,289.48.
Cash and bank deposits. $132,550.78.
Premiums due and deferred (Ufe
and accident and health). $78,057.01.
- Interest and other investment In
come due and accrued, $6,117.53.
Other, assets,' none. i
Total assets. $1.553459.09.
LIABILITIES. SURPLUS AND !
OTHER FUNDS
Reserves for life and accident and
health policies. $168,692.03.
PoUcy and contract claims, $162,-
899.40.
All ether liabilities. S178.4S2.02.
Total liabilities, except capital.
Guarantee fund. $250,000X0.
Emergency reserve fund, $1$0,
600,00.
Unasstgned surplus. $645,155.84.
Surplus as regards policyholders,
$1,045,155.84. .
Total. $LS33.339.09.
SUMMARY OF OPERATIONS
(Accrual Basis)
Premiums and annuity considera
tions, $1,079,181.26.
Considerations for supplementary
contracts, none.
Net Investment Income. $37,567.04.
Other income items, none.
Total. $1,116,748.30.
Policy benefits. $529,440.03.
Payments on supnlementarv con
tracts, dividend accumulations, and
interest, none.
Decrease in reserves. 12 Q3A M
Commissions, claim and general
Insurance expenses and taxes, $49L-
Other operating deductions, none.
Dividends to policyholders, none.
Total $1,019,322.59.
Net gain from operations, $97,.
425.71. -
Dividends to stockholders, none.
Other items affecting surplus and
surplus runos (net), $238.11.
TotaL S238.1L
Increase in surplus and special
surplus runos, sw ,663.82.
t BUSINESS IN OREGON '
FOR THE YEAR -Gross
premiums and annuity con
siderations collected during the year,
$109,558.77.
Dividends paid or credited to pol-
icynoiaers during tne year. none.
Gross benefits and claims, endow.
ments. surrenders, and annuities paid
curing tne year, $48,818.37.
I Ne. S4-S4
Synopsis of nnual Statement for
the year ended December 31, 1953 of
tne Indiana Lumbermen! Mutual In
surance Company, of Indianapolis.
In the State of Indiana, made to the
Insurance Commissioner of the State
of Oregon, pursuant to law:
ADMITTED ASSETS
Bonds. , $14,469,531.13.
Stocks. 8543.103.00.
Mortgage loans on real estate, $$,
750 00. i
Real estate. $768,479.02. .
Cash and bank deposits. $1,734,
265.93.
Agents balances or uncoUected
premiums, $1,541,487.85.
Interest, dividends and real estate
income due and accrued. $132,708.17.
utner assets. szua,aoj.
Total admitted assets. $19,403,
805.38.
LIABTLTTTES. SURPLUS AND
' OTHER FUNDS
. Losses. 816864.00.
Loss adjustment expenses, $178,-
SZ7.87. . .
Unearned premiums, $11.440.78028.
All other liabilities, 81.018J01.60. :
Total liabilities, except capital.
$14,206,073.75.
Capital paid up. Mutual. ' ."
Special surplus funds. $350,000.00.
Unassigned funds (surplus), $4.
847.731.83: ' .
Surplus as regards policyholders,
$5,197,731.63.
TotaL $19.403.805 JS.
STATEMENT OF INCOME
Premiums earned, $12,718,527.06.
Losses incurred, $5,374,720.32. 1
Loss expenses incurred. $621,7048.
. Other underwriting expenses in
curred. $4,559,784.18.
Total underwriting deductions,
$10,556,208.76.
Net underwriting gain or loss, $2,
160,318.30. Investment income, $410,029.47.
Other Income. $12339.
Total, before federal income taxes.
P.570.473.16. -
- Federal income taxes incurred,
$125,659.30.
, Net income. $2,444,813.88.
Dividrnds to stockholders, none.
Dividends to policyholders, $2,014.
981. 85.
,. Capital changes, (net), none,
Other Hems affecting surplus (net).
$252,838.61.
Total capital and surplus Items
(net). $267.920.46.
Increase in surplus as regards pol
icyholders. $176,883.40.
BUSINESS IN OREGON FOR
THE YEAR ,
Net premiums received, So26.184.S4.
Net losses paid. $177,002.31.
Dividends paid or credited to pol
icyholders. $67,060.0$.
Principal office In OregonJortland.
at an average price of about $1.75
a bushel, amounting to a subsidy
of about 45 cents' a bushel.
In a similar transaction a year
ago,- the Union of South Africa
bought 55,000 long tons of wheat.
. Wheat moving under the inter
national agreement ordinarily is
handled through private trade
channels, but the Union of South
Africa for two years has insisted
on wheat from stocks owned by
the Commodity Credit- Corp. -
Farm Credit Agency
Loan Plan Approved
WASHINGTON Cft The Senate
Agriculture Committee Wednesday
approved -a bill to authorize the
Farm Credit Administration to
make loans of the type formerly
made by the land bank commis
sioner. -The measure would restore the
type of loans authorized until 1347
by the Emergency Farm Mortgage
Act of 1933, but would increai;e the
loan limit from $7,509 to $15,000.
" , . .... . -
Steriasxnon, Salem, Orsw Thursw July 13. 1934 (Sec 2V 7
House Votes Use of Seed
WASHINGTON W) The House
Wednesday approved legislation
authorizing use of . surplus hay
seed on federally owned grazing
land.
It would permit the Commodity
Credit Corp. (CCO to transfer up
to 900,000 pounds of seed to the
Forest Service, Fish and Wildlife
Service and the Bureau of Land
Management
Appropriations totaling approxi
mately $430,000 would be author
ized to defray expense of the plant
ing and to reimburse the CCC."
Rep. -Ellsworth R-i-Ore), who
introduced a bill similar to the
Senate measure approved Wednes
day, urged its adoption.
Thv bill now returns to the Sen
ate for concurrence in minor
amendments.
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69c
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IGA PURE FRUIT PRESERVES
Redeem tour Proctor and Gamble.
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for-
27c
IGA PURE FRUIT JELLY
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mm
3045$;
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4200 N. Rher
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24 oz. (oj 10 lb.
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