Evening star., 1949-05-05
New Capital Needed
Ito Finance Expansion,
u. 5. Chamber Told

Businessmen were told today
that to forestau q begging down
Of business the greatest problem
facing them is TO fnd SUFFICIENT
private capital to moderu.se and
expand the Nations industrial
plant
Murray Shields. vice prexiden,
of the Bank Of Manhattan. ad-
a luncheon session OF the
United States Chamber OF Com
merce convention. said "our num-
Der one task today" Is TO set the
stage for q great revival In pri-
vate investment by business and
by individuals.
All Of the Nations resources. he
said. should be mobilized to this
end as an alternative TO plans
which rely almost wholly on Gov
eminent OUTLAWS.
The sequel TO the postwar
BOOM" he said. will be a mod
crate readjustment. followed by
a great period of prosperity or
a long debilitating period OF de-
preston. depending on how real
istically we approach the prob
lem Of restoring the drive In the
private enterprise system"
Sees $1e0. 100000 Needed.
He said only II Government
relies solely on its spending power
to turn the tide will we have q
severe and prolonged depression.
Another speaker put at $780,
900 900 the sum necessary TO put
American industry in first-class
shape. He was Dexter M. Keezer
of the McGraw-Hill Publishing
CO.. New York. Contrary to the
general impression. he said. large
parts Of the American industrial
establishment are run down and
rickety."
A survey has disclosed. he said.
that American business already
has plans to spend SIS COO. 900 900
on new plant and equipment over
the next five years If prosperity
continues"
The crucial question Is whether
business can. get the money for
capital expenditure. he said, adding
that II administration plans to tax
corporations an additional $3.o00.- :
900 900 are carried out. 1T would
raise havoc with investment In
new plant and equipment. and
hence. general prosperity"
Generosity Used to Bleed U.s."
Francis Adams Truslow, pres
ident OF the New York Curb Ex-
change. discussing the foundation
Of confidence. warned Of Com
tactics and said:
Our generosity Is being used
to bleed us. By creating condi-
tions throughout the world which
require our help. our enemies en-
courage us to tax away the very
rewards on which we rely for
growth. Deliberately fomented
demands for stability and security
foster the same destructive forces
as demands which are only the
result Of Ignorance. Our freedom
is being bent into q shield to
protect, those who plot our de-
struction."
Earlier. those attending the ma
tional chambers meeting heard
speakers urge that hisness In bust
ness. in labor and IN government
should be curtailed. This ses-
sion was held In the Hall Of Flags
In the chambers building.
Registration Reaches 1900.
Registration Of members at
tending the convention reached
1000 last night.
. Directors will elect officers this
afternoon and the choice Of Her.
man w. Steinkraus. president oi
the Bridgeport Conn Brass CO.,
to the presidency to succeed Earl
o. Shreve Of New York is regarded
as certain. At the same time, 10
directors whose election was an
last month will assume
their duties. Among them is Ed
gar Morris. president and treas
urer Of the Edgar Morris Sales
Co.. Washington. who was re-
elected to represent this area on
the board.
The concluding event OF the
will be the annual din
ner at the Hotel Statler tonight.
The new officers will be presented
and the chief speaker will be Sec
retary Of Defense johnson.
Fair Deal Fares Badly.
The organization at q dinner
at the Hotel Statler last night
adopted more than so policy state
ments In which President Tru.
mans Fair Deal Jared badly.
The chamber indorsed the North
Atlantic Alliance and urged every
reasonable assistance" 10 Western
Europe and Canada TO mobilize
strength against aggression and
insure peace. The administrator 8
national defense policy also was
indorsed.
But the Brannan plan for direct
payments to support farm inceEne
and Mr.. Tr1lman's health insur-
ance plan were opposed. The
chamber said the latter plan would
reduce medical care to q uniform
level of mediocrity.