Word: pensionable
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Back of the musicians' disgruntlement lie two older controversies: 1) management's plan to give a pension to wartime Conductor Willem Mengelberg, who played for the Nazis and now lives in exile (TIME, Feb. 28, 1949), and 2) the desire of Socialists to take the orchestra out of private hands and put it entirely in the hands of the city. At week's end, although both sides were talking things over, the distinguished old Concertgebouw was still out of business...
Died. Edward Agar Horatio Nelson, fifth Earl Nelson, 90, great-great nephew of Britain's Admiral Nelson (1758-1805) and last to get the "perpetual" ?5,000-a-year pension to Nelson's heirs; in London. The Socialist government unilaterally canceled Britannia's promise to the man who made her Mistress of the Seas...
...When a professor retires, his University pension in terms of 1939 dollars is about $2,500." Harris estimates that married faculty on retirement will reap about $1,200 per year from Social Security, while bachelors will receive about half that...
Whatmough warned, "There is a very grave danger that we will lose everything in the end, for somebody may later propose a 'means test' (limiting Social Security to lower income groups). As a Lancashire man, almost as good as a Yankee, I think that we are entitled to this pension and that such a test would be unfair. But it will give us a chance to join the powerful lobby in Washington of those whom Livy unkindly calls 'aetate provectl' (advanced in years...
...Exchange members was only $698 million, less than 1% of the total market value of listed stocks. Such credit was actually lower than in July, when the market itself was far lower. In short, the market's rise had been caused almost entirely by cash buying-notably by pension funds, investment trusts, etc. Last week the market proved again that it did not need the credit. The same day margins were raised, stocks rose to a new high of 248.01 in the Dow-Jones industrial average...