sept.-oct. 1957 - ann arbor district...
TRANSCRIPT
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Sept.-Oct. 1957
, . • A K , ' * * # . * ^
by Joe Detweiler
Early in July Bob Lewis moved toNew York, and I was appointed Gen-eral Manager of the Argus division.You know that there have been nochanges in our policies, and I wantto assure you there are no substan-tial changes intended. Having had ahand in developing most of these pol-icies, it is only natural for me tostick with them. Argus is a goodplace to work—one of the best. Ipledge to do everything within mypower to keep it that way.
This does not mean, of course,that changes will not be made whensuch changes appear desirable. Weare in a competitive business in adynamic economy, so we have tokeep "running" just to stay even.This means that when conditionschange, either in the factory or inthe market place, we must be flexi-ble enough and quick enough to changewith them.
LET'S BRING PROBLEMS TO LIGHT
One key to our continued success-ful operation is to keep our problemsto a minimum by solving them assoon as they start to develop. Some-times the most difficult part of solv-ing a problem is to determine justwhat the problem is. This is ̂ vhereyour supervisors and I need helpfrom you. We want the opportunityto help you solve any problems whichmay arise, but we can't help unlessyou tell us that the problem exists.
A friend of mine who is Managerof a small manufacturing plant nearhere told me a story that illustrateshow important this can be. One ofhis most senior employees, a manwho had been quite friendly for years,suddenly became very antagonistictoward the entire management. Itwas not until several years later thatthe General Manager learned that asa result of a clerical error this em-ployee had received unfair treatmentin connection with a hospitalizationclaim. The employee had blamedmanagement for the unfair handling,but had never brought his problemto light. In this particular instance,it was a problem that could havebeen easily solved if it had beenmade known without delay.
If you should have a problem in thefuture, there are a number of waysthat you can tell us about it. We
have a regular grievance procedurewhich you are encouraged to follow.Or, you can refer a question to AndyArgus, use the rumor board, or talkit over with any member of the man-agement group at any time. Pleasedon't hesitate to come in to see me,or to stop me any place in the fac-tory, if you have any problems orsuggestions or anything at all youwould like to talk over.
SELLING EFFORTS STRENGTHENED
It is no secret to any of you thatour sales this year have not beenup to expectations. Our market isextremely competitive, and requiresaggressive action for sales success.To build our volume, we are hardat work on this strong three-pointprogram:
1. Special activity to stimulatesales between now and Christmas.
2. Development of major new prod-ucts to increase our sales and pro-duction potential.
3. A sharp review of all existingproducts to create improvementswhich will increase sales.
To get a maximum amount of Argusmerchandise into the retail storesas soon as possible, our salesmenbegan taking Christmas orders onAugust 1. We have allowed the re-tailer an extra 3% discount for or-ders received before September 16.This costs the company money, butencourages the dealers to stock upwith more Argus merchandise be-cause he will have a higher profiton his sales.
We intend to introduce several newpackages, and plan a "$2 for $1" co-operative advertising program to giveus greater representation in localnewspaper ads throughout the coun-try. Our salesmen are also work-ing with dealers on special programsoffering free trials, generous trade-ins, etc., each designed to buildArgus sales under the particularmarket conditions existing in vari-ous areas.
Our new product program is inhigh gear, with current progress as-suring us of several important newproducts next year. The appointment
of Carl Chapman as New ProductsManager several months ago hasproven extremely helpful in expedit-ing this program, and in coordinat-ing the needs of sales and engineer-ing to assure us of new productswith outstanding consumer appeal.
We have just completed a carefulstudy of each of our current productsby stylists, engineers and sales spe-cialists. A number of changes havebeen ordered to gain more sales ap-peal and new competitive advantages.You will soon see the results of thisup-dating program.
LES SCHWANBECK APPOINTED
We all know how much interestLes Schwanbeck has always taken inthe Argus Profit Sharing Fund. Ac-cordingly, I am very pleased to an-nounce that the Board of Directors ofSylvania has appointed Les a memberof the Savings and Retirement Com-mittee. This committee has respon-sibility for the general administra-tion of the Sylvania Savings and Re-tirement Fund.
Bill Underwood Accepts
Teaching Position
At a send-off luncheon given inhis honor, Bill Underwood discussesthe merits of teaching with Joe Det-weiler. Bill, our former BudgetDirector, will return to his teachingcareer at Alpena Community Collegein Alpena, Michigan.
COMPANY'S NEW TV SHOW TOSTART IN OCTOBER
It won't be long now. On Thurs-day, Oct. 3, to be exact, the com-pany's new weekly television show,"The Real McCoys, " will premiereover Channel 7 at 8:30 p.m.
The show stars three-time Acad-emy Award winner Walter Brennan.Also featured will be Richard Cren-na, best known as the squeeky-voiced Walter Denton on the "OurMiss Brooks" show, andKathy Nolan,who played Wendy in the unforget-table "Peter Pan."
ou:
By-
When Do We Start ?A question was sent to me asking
why some Projector Assembly line(Dept. 21) employees were allowedto start work before the regular shiftbegins. Jim Brinkerhoff, Dick Leg-gett and Dick Caley explained thatthe situation had already been broughtto their attention. This practice,they pointed out, is contrary to com-pany policy and has been stopped.The policy is keeping with that fol-lowed by other manufacturers.
Safer This Year
A report from Safety DirectorGene Rossbach indicates that so farthis year we have made substantialprogress in the area of safety andaccident prevention. In the firstseven months only four lost timeaccidents occurred. (Lost time ac-cidents are those where the injuryprevents the employees continuingwork during the convalescence.)While this is approximately a 50%reduction from last years' rate, westill had a total 38 working dayslost. On the plus side again, wehave worked over half a million man-hours since the last lost time in-jury.
S.U.B. Is Big MoneySpeaking of reports, I saw one
recently on S.U.B. (SupplementaryUnemployment Benefit Plan). Therecord shows that since our firstcheck was issued in February ofthis year, over $4,000.00 has beenpaid to Argus employees affected bytemporary lay-off. This money isin addition to the State unemploymentaid.
SCHOOL'S I N -
DRIVE CAREFULLY;' ,
New ) U SylvaniaTV & Radio Models
SLIMLINE TV ANNOUNCEDPictured on this page are some of
the Radio and Television Divisions1958 product line. The new modelswill soon be on display in the Em-ployee Store.
A radical change in the TV setsrevolves around the 21" 110% deflec-tion picture tube pioneered by Syl-vania in the widely accepted SlimJim 17M portable. This advancedpicture tube design permits the useof console cabinets only 13-3/4" indepth which is many inches shorterthan previous Sylvania models andmany current models built by ourcompetitors.
The division has expanded its HI-FI line to 12 models including sev-eral tape recorders. In addition,three new lower priced transistorradios have been introduced.
Cabinet Cut in Half
Sylvania leads the industry withthe first truly modern TV—in a cabi-net slim enough to fit where big-screen TV would never fit before.The revolutionary 110° Silver ScreenPicture Tube cuts up to 12 inchesfrom the cabinet depth. Sylvania'sexclusive S-110 Wrap-Around Chas-sis cuts inches from the height andwidth. And the picture is betterthan ever.
1958 DeluxeHi-Fi Combination
This deluxe console combinationin the HI-FI line contains an AM-FM tuner, a tape recorder and arecord player. It will sell for around$500 list price.
New 6-TransistorPortable Radio
Model 3305, one of the three newtransistor portables in the 1958 line,will have a retail price of $50. Ithas a 6-inch oval speaker. In animpact-proof, two-tone plastic casewith carrying handle, it will be avail-able in terra cotta red and gold andin navy blue and gold.
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Argusites fromCanada VisitAnn Arbor
Mr. and Mrs. Robert Wilson andMr. and Mrs. John Lackenby fromthe Argus Canadian operation inToronto stopped in to visit us lastmonth. Bob Wilson performs a mul-titude of jobs for our Canadian head-quarters in addition to sales duties.John Lackenby has taken over mostof the actual repair work since hebegins working for Argus Canada.John and his wife have only been inCanada for six months. They hailfrom London, England where Johnwas formerly employed by WallaceHeatons, a major English photo-graphic distributing firm.
The "Snake Pit"
A mighty big hole in the floor isabout the only way to describe theconstruction job done in Plant I dur-ing the vacation shutdown last month.
The "Snake-Pit" as it has becomeknown, was constructed to facilitatethe installation of an enormous de-greasing machine and storage tank.Total cost of the installation is ap-proximately $17,000.00 which willbe recovered in the savings that thisunit will provide over our previousdegreasing methods.
A look at our competition is always interesting. Atthis moment, and concentrating on 300 watt, 2 x 2 slideprojectors, it is a particularly enlightening study whichdemonstrates the need to keep improving product designand production efficiency.
Argus has long been a leader in projector sales, andin the development of new projector features. But, hard-working competition has recently narrowed the gap withfine new developments of their own. As always, Argus
is hard at work on product development and improve-ment, and this effort assures us of continued leadership.
One of the facts that will stand out as you compareprojectors is that Argus know-how and production abilityallows us to offer our top-quality equipment for some-what lower prices than almost all leading competitivemodels. This is a credit to everyone involved in themanufacture of Argus projectors, and is a big plus forArgus when the customers pick and choose.
MEET OUR
PROJECTOR
COMPETITION
...more models on the market
...new designs and features
...but argus maintains price advantage and quality
ARGUS 300 AUTOMATICThis popular projector shows slides through a high-quality 4",i f:3.3 lens to give large
pictures even in a small room. A single-slide "editor" is included at no extra cost, alongwith the "push-pull" automatic slide changer. Remote Control unit and Timer maybe addedas accessories, or projector may be purchased in a Remote Control model. Price is$64.50 for Automatic, $79.50 for Remote Control, complete with case.
1 ' ti
BELL & HOWELL (TDC) HEADLINER 303Die-cast aluminum construction like Argus, arid in case similar to Argus, but with stor-
age space for 6-slide trays vs. 2 magazines in Argus. This projector uses a slide-filetray in lieu of the Argus magazine, thus not offering the complete slide protection given bythe aluminum frame placed around each slide in the Argus system. Remote Control modelis $83.00, while model comparable to our Automatic is $59.50. Bell & Howell also offersa variety of other lenses for this projector to equip it for use in special situations.
KODAK 300 PROJEC-TORS
Eastman has the new-est projector on themarket, with a smalland low appearance.This model is lighter inweight than most on themarket through use ofplastics and lighter met-als in the body. Oneadvancement is a newoptical system that givesoutstanding coverage forthe new, larger super-slides. Another con-venience is knob-oper-ated focusing and ele-vation. Remote Con-trol is not available.Price with changer sim-ilar to Argus is $74. 50($1200 more) and$64.50with a new changer thatdoes not use any maga-zine.
KEYSTONE K-300This model is very
similar to the Argus 300in terms of operationalfeatures, but it appar-ently lacks two impor-tant advantages offeredby Argus. First, thereis no arrangement forshowing a single slidefor editing purposes.Second, there is no wayto convert the Automat-ic model to RemoteControl operation, al-though a separate Re-mote Control model isavailable. Appearanceis lower than Argus, butbulky looking. Slidesare filed in open trayrather than magazine.Automatic model costs$69. 95, Remote Controlmodel $89.95.
All information in this article has been gathered from official manufacturers' literature and is believed to be accurate and current.
r nil I Ion Staples
rJLetter 5 bu the Uon
Call to ZJokyo
IT'S ALL IN A DAY'S WORK FOR
THE ARGUS OFFICE SERVICES GROUPHow to keep track of 1,200,000
staples, mail over 300,000 lettersand place over 6,000 long-distancephone calls is only a small portionof the year's work performed by ourOffice Services Group.
Under the supervision of Irv Hal-man, this division of Purchasing De-partment is responsible for all theincoming mail distribution, the inter-plant service, and all outgoing mail(with the exception of bulk advertis-ing mail).
Other functions of this group in-cluded the operation of our stationerystock store and the division phoneservice. The stock room stores anddistributes such items as adding ma-chine tape, paper clips envelopes and
countless other items by the thou-sands.
While our inter-plant and local out-side phone calls run through an au-tomatic switchboard, all incomingcalls as well as all outgoing longdistance calls are handled throughour two station P. B.X. board. Ourtwo operators, who also double asreceptionist, handle all incomingcalls and between 500-600 outgoinglong-distance calls every month.
During a recent 15-day period,376 long-distance calls were placedto cities in 32 states and 3 foreigncountries. The friendly "Good Morn-ing or Afternoon, Argus" is repeatedas many as 800 times daily on in-coming calls.
1. Supervisor Halman (he also isa buyer for the Purchasing Depart-ment) explains that the five employ-ees in the Office Services Groupfind their work demanding and attimes plain/ hectic, but always in-teresting.
2. Joyce Hoag reaches for a box ofpencils as Dorothy Callaghan (Dept.50) ponders over other stationerymaterials she needs.
3. After determining the weight,Dave Thomas will affix the properstamp value to this airmail specialdelivery package.
STATIONERY STORE
EACH
STATISTICSYEAR ARGUS USES THESE
QUANTITIES OF OFFICE SUPPLIES
745,000385
260,000430,000
11,52090,000
126
Sheets duplicating paperRolls typewriter ribbonsSheets letterhead stationeryEnvelopesPencilsPaper clipsLbs. rubber bands
4. Tory Brown and Irv Halman pon-der a problem concerning handlingof a mail-room problem. Just aswith the U.S. Post Office, the Argusmail must go through despite vaca-tions, personnel illnesses or lack ofhours in the day.
5. One of the familiar voices onour public address system belong toArdie Everard. Here she is pagingto locate the recipient of an outsidecall.
6. Faye Gannon waits for clearance
6on a long-distance call she has placedfor one of our Purchasing Agents.
SEPTEMBER-OCTOBER
ANNIVERSARIES
JJOE O'DONNELLDept. 44—20 yrs.
HERB OLIVERShipping—20 yrs.
IRENE McCOWANDept. 44—20 yrs.
CECILLE FITZGERALD MARGE SINDLINGER DOROTHY MINGESDept. 44—15 yrs. Dept. 19—15 yrs. Dept. 15—10 yrs.
WALTER RICKHOFFSales—10 yrs.
RALPH WARNERGrinding—10 yrs.
d
IDA HUBBARDPaint Shop—10 yrs.
BILL DIXONService—5 yrs.
C. CARRINGTONDept. 25—5 yrs.
LILLIAN EHRLICHDept. 24—5 yrs.
**
JACK SCOTTInspection—5 yrs.
RAY GREGORYDept. 62—5 yrs.
MARY FLINTDept. 10—5 yrs.
ESTHER SCHENKDept. 19—25 yrs.
PAULINE JOHNSONOpt. Asbly. — 15 yrs.
VEOLA DeWOLFDept. 19—15 y r s .
FRAN FRANKLINDept. 15—10 yrs.
HAZEL EGELERDept. 15-10 yrs.
MARY KURTZDept. 62—5 yrs.
ROBERT ROSEFinal Inspection—5 yrs.
RALPH CUTLERDept. 43—5 yrs.
EUGENE CONNELLYGrinding—5 yrs.
STAN RUFFINGuard Force—5 yrs.
BOB BILLAUPolishing—5 yrs.
GRACE QUINTONDept. 21—5 yrs.
LORETTA DuPUISOpt. Asbly. —5 yrs.
MARTHA LUCKHARDTCentering—5 yrs.
PAT HARNISHDept. 21—5 yrs.
PHYLLIS DEVINEService—5 yrs.
WILLIAM GOODINGDept. 10—5 y r s .
MARY LOU BROWNDept. 21—5 yrs.
BEN ADAMSGuard Force—5 yrs.
CHARLOTTE BOBONDept. 25—5 yrs.
KATIE DEANHOFERDept. 21—5 yrs.
MEL BOUTAINDept. 10—5 yrs.
DOROTHY DESBROUGHDept. 21—5 yrs.
HELEN FIDLER JOANNE BARNUMDept. 15—5 yrs. Quality Control—5 yrs.
GEORGE THEROSDept. 62—5 y r s .
MARTIN BREIGHNERDept. 89—5 yrs.
ANNA ROYALDept. 21—5 yrs.
MARTHA RIENDEAUService—5 yrs.
\HENRY WIRSZYLLO
Inspection—5 yrs.RICHARD BENISHCleaning—5 yrs.
WAYNE WILLEKEDept. 83—5 yrs.
R. THOMPSON, JR.Dept. 62—5 yrs.
CHARLES RENNERDept. 15—5 yrs.
BRUCE JUNODDept. 10—5 yrs.
ROBERT KALMBACHDept. 19—5 yrs.
BETTY FORSYTHPurchasing—5 y r s .
DON DAVINSONDept. 9—5 yrs.
TOM GOETZDept. 54—5 yrs.
Not Pictured:RUTH HOWE, Time
Timekeeping—10 yrs .CHARLOTTE LEIBISCH,
Accounting—5 yrs .DOROTHY FISHER,
Qualitj^Control—5 yrs .MARY GILBERT,
Receiving—5 yrs .
Dra d. re -view
Pat Harte (Advertising) above, lefton a happy note to await the arrivalof her first child. Pat was pre-sented with the baby car bed bymembers of the Dept.
Central Pack employees gave Ben-nie Koernke the nice jumper pic-tured here as she leaves Argus toawait the arrival on a new memberof the family.
Carriage Preview
Robin Eric Halman Elaine Marie ParsonRobin Eric Halman (above left) was
born July 1st to Mr. and Mrs. IrvHalman. Dad works in Purchasing.
Elaine Marie Parson (above right)arrived June 24 weighing in at awhooping 10 lbs. and 15 oz. Herfather is Willie Parson of Dept. 10.
Two We Missed
John Michael Jaeger born lastMarch to Marilyn Jaeger, Dept. 81.
An April baby, Mark Allan Gard-ner, born to Betty Gardner, alsoDept. 81.
TWO ARGUS SCOUTSATTEND JAMBOREE
Dale Nimke and Jim Thompsonprepare the meal at the Valley ForgeNational Scout Jamboree. Dale'sdad Ed works in the Service Dept.Jim J r . ' s dad works for Dept. 50.
Wedding, (Bells
Joe Detweiler appointedChairman ofProfit-Sharing Group.
SYLVANIA ELECTRIC PRODUCTS INC.
NIWYOR«19.N.Y.
DONG.MITCHBLL
""""•O.T"..*" July 26, 1957
Mr. Joseph H. Detweiler, Oen'l. Mgr.,Argus CameraB DivisionSylvania Electric Products Inc.405 Fourth StreetAnn Arbor, Michigan
Dear Mr. Detweiler:
the Argua Profit Sharing Retirement Fund Agreement,
his deputy is a member of the Managing Committeeresponsible for the general administration of thePlan and serves as Chairman of the Committee.
In view of your appointment as GeneralManager of Argus Cameras Division, I am pleasedto appoint you as my deputy on the Managing
Immediately.
Very)
» SH
Joyce Schlicht McClurg
Joyce Ellen Schlicht and RichardFoss McClurg were married at 7:30P.M. on Saturday, August 10th in theEmanuel Church, Manchester, Mich.The bride is the daughter of Mr. andMrs. Clarence W. Schlicht of Man-chester. The bridegroom is the sonof Mr. and Mrs. Wendal H. McClurgof New Castle, Pa.
In the wedding party were Mrs.Robert Rau and Miss ElizabethClapham.
The couple will make their homein Alloy, W. Va. where the bride-groom is employed by the Union Car-bide Corp.
Joyce formerly handled the em-ployee insurance for the PersonnelDept. and many will remember herhusband as the pleasant and ablesummer lifeguard at IndependenceLake.
Mr. and Mrs. Rudy JanciMarilyn Korte (Dept. 52) and Rudy
Janci (Dept. 53) were married onThursday, July 25th at Angola, Indi-ana. The Janci's honeymooned inIndiana and are now living at 1108Michigan Ave., Ann Arbor.
Elsie Paradise Retires
Seated with her friends, Elsie Par-adise enjoys an informal gatheringin honor of her retirement. Elsiewas presented with a housecoat inhonor of the occasion.
SportJ (Review by Don Crump
After the completion of a very close and exciting season, new winners in each Argus golf league have been estab-lished Winners of each league will play three nine-hole rounds of 27 holes to establish the Grand Champion andwill receive trophies.
Champions Crowned in Argus Golf Leagues
Tuesday Night League
The winners are Bob Barsantee-Henry Smith. It was a two-teamrace between Barsantee-Smith andSpitler-Rossbach. The team ofSpitler-Rossbach was leading mostof the season up to the final nightwhen they ran into the combine ofMcClune-J. Thompson. After thesmoke of battle on the final night ofplay, Spitler-Rossbach were defeatedby McClune-J. Thompson and Bar-santee Sr.-Smith won their match,making them the Champs. Con-gratulations to Bob Barsantee, Sr.and Henry Smith.
Teams FINAL STANDINGS Points
Barsantee, Sr. . 84Smith
Spitler 80RossbachGeiger . . 76GeigerMcClune. 73ThompsonArmstrong 72ChapmanDetweiler 66BrinkerhoffVanDyke 66Carey
Dorow 65Borgerson
Miatech 64Karn
Fraser . 56MooreTower , 55Swanson j
Bullis 54SelentWescott 45Parker, J r ,
Thomas . . . 44Hamilton ̂ H i
Wednesday Night3:30 LeagueThis league had the closest finish
of any league for quite a few sea-sons. Of the eight teams in theleague, there were six of the eightbattling down to the wire for the firstplace position. Schwanbeck-Copewere leading going into the last night,
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but were defeated by Crump-Soder-holm. Thus with the defeat of theleaders, G. Calado-D. Towner camethrough to win their match and takethe championship. Only one pointbehind them in second place areM. Howe-G. Conn. Congratulationsgo to G. Calado-D. Towner.
Teams FINAL STANDINGS Points
Calado 75Towner
Conn 74HoweSchwanbeck 73Cope
Flick 71OttsCrump 66Soderholm
Shattuck 65Allen
Bethke 61Peterson
Conley 36Kline
Father, Sons &
Daughters Golf League
This league completed its firstyear and from the interest shown bythe fathers as well as the sons anddaughters, it will be continued in thefuture. The winners this year wereHarold and Denny Peterson with ScottPeterson substituting.
Teams FINAL STANDINGS Points
1. Denny Peterson 52Harold PetersonSub, Scott Peterson
2. Fred Conn 47George Conn
3. Robbie Howe 40Maurie Howe
4. Carol Leggett 39Dick Leggett
5. Jeff Courtright 38Bill Courtright
6. Stanley Clark 35Ray Clark
7. Steve Leeman 15Fred Leeman
8. Wendy Thomas 14Leonard Thomas
The team of Ambrazevich-Haas seta fast pace at the start of the sea-son and continued their fine play tocapture the championship. Althoughthe teams of Sealscott-Hale and Zill-Wellman gave them a close race,they finished second and third.
Teams FINAL STANDINGS Points
1. W. Ambrazevich 86H. Haas
2. R, Sealscott 80H. Hale
3. E. Zill 75M. Wellman
4. N. Navarre 74R. Leggett
5. D. Dempsey 62R. Ross
6. R. Kaufman 52K. Kaufman
7. R. Nickels 49T. Heermans
8. R. Cuny 42H. Bradley
Argus Two Ball MixedFoursome Tournament
This annual affair will be heldSaturday, September 14 at theInverness Golf Course. All em-ployees and their husband orwife are eligible to play.
CORRECTIONS. . .WITH APOLOGIES
w ,
Herb Pfabe, Jr. Catherine Stotts
Catherine Stotts of Final Inspec-tion is a well-known Argus veteranof 15 years. We are sorry aboutthe error which showed only 5 yearsin the last issue.
When we pictured Herb Phabe, J r .in the June Graduate section of thelast issue, we inadvertently failedto mention that Herb's Mother isKatherine Pfabe of Argus Dept. 10.Our apologies, and congratulationsto Katherine on the accomplishmentof her son, Herb J r .
Published every other month for the employeesof Argus Cameras, and their families.
Coordinator - Arthur Parker, J r .
REPORTERS: Machine Shop - DOROTHY LIXEY, Cam-era Assembly - BETTY FORSYTH, Lens Processing -BETTY SHATTUCK, Maintenance - JOHN KOKINAKES,Optical Assembly and Final Inspection - KATIE DELPRETE, Engineering - HECTOR HAAS and JUNE OS-BORNE, Standards and Production Planning - VIRGINIATool Room - BILL FIKE, Accounting - CAROL WHITE,Service - TOM KENTES, Suggestion Office - PAUL Mc-COY, C-4 and 44 Assembly - THRESSEL CONLEY,Sales - LOIS ELKINS, Shipping and State Street Ware-house - LIZ CLAPHAM, Paint Shop - RON ARNST, NightShift - ART SELENT.
Feature writers: Joe Detweiler,Andy Argus, Don CrumpPhotoprinting: Jan Gala
MATERIAL MAY BE REPRINTED WITH CREDIT TOARGUS EYES
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Capital Is Labor Grown a Li t t le OlderWHICH came first, the chicken or the egg? A tricky
question—but there isnTt any doubt that work came beforecapital. Capital is anything that is used to produce things.A fishermariTs boat is capital. But it took work to buildthe boat. If the fisherman bought the boat instead ofmaking it himself, he still had to work for the money tobuy it.
Since none of us can go on working forever, we are—or should be—turning some part of our work into capital.This capital may be in the form of savings, insurance orpension payments, that we'll have to live on when we stopworking.
%5
MAYBE we don't think of ourselves as capitalists dur-ing our years of active work. But later on we'll haveto be capitalists, profiting from past work and savings,or depend on 'social security.'
The enemy of all personal capital investment plans isinflation. Even if our wages keep a step ahead of thegame, inflation will eat away our savings, insurance orpension funds. At the present rate of inflation—threeper cent a year—in only ten years the dollar will loseone-fourth of its value. The effect would be about thesame as having worked several years for nothing.