Business: Waldorf Conversion

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In the grand ballroom of Manhattan's Waldorf-Astoria Hotel last week took place the year's most spectacular conversion. Having assimilated last month's election returns, 1,800 high-powered U. S. citizens convened for the 41st annual meeting of the National Association of Manufacturers. Loudly they declared that henceforth their aims and those of Franklin Roosevelt's New Deal were to be one & the same.

When U. S. bankers made their peace with the Administration in 1934, the manufacturers stepped into the breach, became the President's most violent non-political detractors. That the Nation's industrialists were now going to "cooperate" with the White House if it killed them was manifest from the quantity and quality of NAM members' pacific protestations.

"Industry must accept its responsibility for the national welfare as being an even higher duty than the successful operation of private business," keynoted Colby Mitchell Chester, chairman of General Foods and NAM's present president.

From President George Houk Mead of Mead Corp. (paper), who learned about politics as chairman of Secretary of Commerce Roper's Business Advisory Council came three "conclusions" which would have sounded like heresy or horseplay at NAM's meeting last year: "First—that politics is a highly-developed and honorable profession. . . . Second—that it is the obligation of industrial and business executives, as part of their daily work, to give time and consideration to the government of community, state and nation. . . . Third —that Government representatives . . . are giving untiring, conscientious effort to most difficult tasks. . . ."

Converted President Lewis H. Brown of Johns-Manville Corp. thumped for a "wider appreciation and understanding of the social responsibilities of business." It was up to industry, said Mr. Brown, to help supply what the U. S. wanted— "work, more money, still more leisure, security against unemployment now and against poverty in old age, and more and better goods at lower prices."

Steelman Ernest Tener Weir, also throbbing with the spirit of reform, spoke warmly if tritely for redistribution of wealth: "Demand can be increased not only by increase in total national income, but also by distribution of the increase through the whole population. . . . Wage increases or investment returns that are paid solely through price increases are only apparent gains. ... It is probable that work on this problem will indicate that special attention should be given the low-income groups. This would have human value because these groups are most in need."