Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-07-22
URGES REVISION
OF SECURITY BILL
William J. Graham Defends
Clark Amendment at
New York Session.
RY HAROLD ROGERS.


Vigorous defense of the Clark amend
ment to the social security bill now
before Congress and of vital interest
to many corporations and thousands
OF individuals in this city was ex-
pressed today by William J. Graham,
vice president of the Equitable Life
Assurance Society of the United
States.
Speaking before the Joint Annual
Conference Of the Sovereign Camp,
Woodmen of the World, and Supreme
Forst Woodmens Circle, at New York
City, Graham declared retention of
the Clark amendment would i'm
mensely strengthen the bill"
Graham's declaration attracted at
tention here today especially in view
of the fight to put the amendment
back in the bill, and the general feel
ing that it may be dead, after the
overwhelming House vote against the
proposal.
Private Plans in Danger.
With some such amendment, said
Graham. 1.-The social security bill would
supplement all forms Of security now
in the field. Without the principle
of the Clark amendment he added,
1.-The bill becomes not a supplement to
Industrial pensioning. but 'substi-
tute' to the extent in which 1t would
attempt to replace private pension
plans no less we'll secured and no less
liberal
These pension plans in industry"
said Graham, "repreSert enlightened
selfishneSs if yoI Liease, where en-
ployer and emoloTe work together to
provide old-age secu: tv just as they
work together t. provide other group
insurance benefits tnat protect the
pay envelope tIdav IT the form OF
death benefits AID indemnity against
the loss of time bought about by
sickness and accidents
It was brought out in the hear
ings on the bill before the Senate
Finance Committee, Graham ex-
planned, that more than 900 COM
panies had pension plans in opera
ton of which at least 300 have re-
serves irrevocably set aside with life
insurance companies or other trus-
tees. About 100000 employees, he
said, are contributing with their en-
ployers to provide oid~age incomes
under these reserve Plans.
More important than the large
number of workers now satisfactorily
covered by contractual pension plans, )"
continued the speaker, lis the rapid
growth of these Plans in industry,
which the security act is likely 10
halt unless private plans are ex-
empted. Should tie security act not
stand UP under the test Of constitu-
tionality it will thus Unnecessarily and
tragically have interrupted old-age Sc
curity for untold thou: ands of worthy
workers"
A. B. A. Program Outlined.
The American Bakers Association
Is working along eight different lines
of activity to promote better public
understanding ara CtiEion in regard
to banking, and 20 the attitude Of
bankers toward legislation, it was ex-
planned today nv az official statement
of r. S. Hecht, president Of the
A. B.. A. The sCalenent was pre-
pared in reply Io resolutions adopted
at a meeting IF a number Of MEM
bers of the American Bankers ASSo-
citation at the New York State bank
ers' Association.
In commenting on the eight-point
program. Mr.. Hecht said it was not
the primary objective to attract at
tention particularly to the A. B. A. as
such, but rather to focus attention on
and give impetus to those ideas which
1t believes are beneficial to promoting
understanding and solidarity among
banking, business and the public.
IF all these various projects and
expenditures are set up in single
picture they make rather an imposing
total. No effort to give currency to
this picture as such has been made,
even at the risk of its being thought
by those who do not visualize the
public relations work of the associa-
ton as a whole that it is doing little
in behalf of an improved public att1-
tude toward banking"
The eight points center around the
Public Education Commission, the
constructive customer relations pro-
gram, the publicity department, the
advertising department, the executive
officers and the Committee on Bank
ing Studies, the Agricultural Com
mission, the American Institute of
Banking and the publication Bank
ing, official organ of the association.
Insurance Increases.
At the regular meeting Of the Board
of Directors of the New England
George Willard Smith reported that
insurance in force had increased $25,-
100000 during the first six months of
the year
This compares with gain of ST.
100000 in the same period last year
and a decrease of s16,50o,0Oo in 1888
The insurance in force on July was
s1,306,000 900.
Premiums on new life insurance
for the six months were s4,763 900,
compared with S3,461 900 last year
and $2,412,000 in 1888. Total re-
ceipts from all sources for the six
months were S42,087,0OO and total
disbursements. s23, 72e, 900, leaving
balance of $685., 900 to be added
to assets. Ledger assets on July
were S318428,000
The mortality experience of the
company for the half year of 52.8
per cent was more favorable than in
any similar period since 1927.
New Banks Opened.
Seven new banking Offices we're
opened in six States during the last
week, it is reported in this weeks
Banking Market issued today by Rand
McNally Bankers Monthly.
The institutions. all State banks,
are located in the States OF Arkansas,