Toledo union journal. [volume] (Toledo, Ohio) 1942-current, 1949-10-14
Loss of Freedom For Workers:
a Good Thing For Officials:

a Good Thing For OffIeioIS:
A study of steel companies own Off
cial statements, filed with the Securities
and Exchange Commission, is truly an ex-
pose of the inconsistent position of the
steel industry. 1t resolves itself to this:
Q For an official of a company to re-
eieve a penison paid solely by the COM
pany is good thing.
For the worker to receive the same
benefits is Gloss of his freedom"
Here Are Some Outstanding Examples:
United States Steel-The corporations
own proxy statement, dated March 25,
1949, shows that at the age of 65, Irving
S. Olds, chairman of the board, Enders M.
voorhees,, chairmon of the finance COM
nittee, and Benjamin F. Fairless, presi-
dent, will each receive pension of $780,
600 paid for by the company.
Bethlehem Steel-This plan is entirely
non-contributory. Pensions are based on
average compensation 10 years prior to
retirement. A. B. Homer, president, will
be 65 in 1861. At his 1948 compensation
Of $263,280 year, he will receive pen
sion of $110,4 ,460 year, to which he con-
tributes not one cent.
Allegheny-Ludlum Steel Hiland G.
Batcheller, president, in a recent address
before the Connecticut Manufacturers
Association at New Haven, Conn, de-
clared that non-contributory social insur-
ance and pensions for Steelworkers are
definitely socialistic
Mr. Batcheller, if he retires at 65, will
receive retirement compensation, in
consultative" capacity, for 10 years at
salary of $4,000 year. E. B. Cleborne,
vice-president, will receive $4,000 for 10
years as a "consultant" after retirement;
r. J. Hanley, vice-president, will receive
$4,000 for 10 years as a "consultant"
after retirement, and F. B. Lounsberry,
vice-president, will receive $14, 400 for 10
years as "consultant" after retirement
In addition, if any of these four Off
GERS should die before completing 10
years "consultantship, the money will
then 60 to the beneficiaries.
Where does socialism start, Mr.. Bat
eheller?
Jones & Laughlin Steel-Ben Moreell,
chairman and president, If he retires in
1888, will receive a pension of $25, 900
annually. If he continues to work for an
additional five years, his retirement al
lowance becomes $35, 900, all paid by the
company. He has been with the COM
pa1y two years.
Wheeling Steel-This pension plan Is
non-contributory and is based on the
number of years of continuous service at
age 20 Tor voluntarily at 65) multiplied
by one per cent of the compensation. 1t
applies to everybody, workers and Off
GERS alike. William w. Holloway, chair
man, with the company since 1920, now
receives 75,833.36 in salary; Archie j.
Mcfarland, president, with the company
since $780, $75,8333 36, and John L. Neu-
doerfer, vice-president, $56,875.
Youngstown Sheet g. Tube - Frank
Purnell, president, will receive an an
nuity of $4,000 year for eight years
after retirement, paid for by the COM
pany.
Crucible Steel - This is a non-con-
fributory plan and provides a pension of
$500 year for w. H. Colvin, Jr., presi-
dent; w. P. Snyder, Jr., chairman, $7,2l2
year, and r. E. Christie, vice-president,
$500.
Armco Steel-This plan is now con-
tributory, but past service prior to 1945
wah paid for entirely by the company.
And in the case of Charles r. Hook, chair
man of the board, his pension plan is still
non-contributory. Mr.. Hook will receive a
pension of 5000 year.
National Supply-A. E. Walker, chair
man and president, will receive $4,000
for 10 years following retirement, paid for
by the company. The company has an
additional contributory plan which will
give him another $12,0 year, but what
payments are made by the company and
those made by Mr.. Walker are not shown.
In the case of Republic Steel, T. M.
Girdler, Is listed for a pension of $4,000