Evening star. [volume] (Washington, D.C.) 1854-1972, 1954-12-03
; New NAN Head Sees
Gain in Employment
Il
!: And Output Next Year
By Froncis P. Douglas
Sior Staff Correspondent

I NEW YORK, Dec. 3.-Henry
&c. Ritter. Sd. newly elected
president of the National AS
+-sociation of Manufacturers, said
today the biggest problem indus
try faces is creating additional
Jobs for newcomers to the ex-
Fpanding labor force.
4 He added that this Is indus
trys responsibility. not the
Governments. He looked for
ward to a gain Of 5 per cent in
business activity and the pro-
%duction of goods and services in
the coming year. with employ
nent forging ahead and the
average worker receiving greater
take home pay.
Mr.. Ritter is president of
Thomas A. Edison, Inc, of West
'Orange, N. j. He was elected
by the Board Of Directors last
night to succeed H. c. Mcclellan
spf Los Angeles, the association 5
1854 president.
=. The new president is 81 and
has we'll brushed whitening hair.
He wears nose pincher glasses
\ and gold chain across his
i .waistcoat.
X: He said he regards the 1854
business rise as little short of
phenomenal"
RI Tax Cut High on List.
81. The NAM tax program. which
calls for reduction In rates to
s35 per cent both in individual
and corporation taxes, he said.
as high on the list of NAM aims.
s@ Mr.. Ritter said he believes cap
ital expenditures of industry will
be at least as much in 1855 as
in 1854, and perhaps more. He
also expressed the belief a heavy
volume of new fnancing-mostly
equity financing would have to
be carried out next year and that
At would meet a favorable mar
ket.
The new NAM president is q
!. manufacturer, but for many
years he was an investment
banker. He was with Dillon,
Read & Co., from 1919 to 1888,
first in Philadelphia and then
an New York. He then organ
lied his own firm, Ritter g. Co.
- Headed Montclair YMCA.
= Mr.. Ritter is also chairman of
the board of the Copperweld
Steel Co. His home is in Mont
clair, N. j., where he served as
president of the YMCA for 10
Il years. He is also a trustee of the
First Congregational Church.
y The MANS 59th annual meet
sfg,ing-or Congress of American
e5Industry-comes to an end to-
might with banquet at which
Clarence B. Randall, chairman
Saof the Inland Steel Co. and spe-
sscial consultant to President Ell
eisenhower on foreign economic
Apelicy, is to be the chief speaker
i Walter Chamblin. jr., NAM vice
Q president, who is head OF the
organizations Government rela-
stions Office in Washington, to-
sday gave a group of the Indus
I. trialists a preview of what tc
:. expect from the coming Congress
dominated by the Democrats.
Tax Revision Effort Seen.
q He predicted that business
would be put on the defensive to
retain a number of provisions OF
1.-THE general Tax Revision Act
passed in the last session. He
cited as an example the Slight
relief in the tax on dividends"
1.-THE Democrats" he said,
Twill undoubtedly seek to in
crease the personal exemption
In income taxes by $500 or 5000.
AS nothing would suit them bet
ter than to vote that increase
and place it on the White House
doorstep. Nothing would suit
/ them better than to have Mr.
Eisenhower veto such legisla-
tion. I wouldn't hazard a guess
las to what he may do"
DR.. Leo Wolman, Columbia
University economics professor
addressing the convention yes.
t-terday, said that while he once
looked on the Taft-Hartley Act
as an improvement on thu
Wagner Act, he has since come
to the conclusion there is little
difference between them II
actual practice.
Wage Guarantee Approved.
Charles r. Sigh. jr.. NAN
board chairman, turned thumbs