Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-12
transition PERIOD
JAILED BY SCHWAB
IS BUSINESS BOON
eel Maker Points Way
b Early Return of High
est Prosperity.
WORK HARD AND SAVE"
HIS COUNSEL TO NATION
snounces All Idlers and De-
mands Efficient Production
in Every Line.
ANTS FAIR PLAY FOR LABOR
es No Menace to Workers In
Lowered Wages as Living
Cost nropS
WORK HARD AND SAVE"
HIS COUNSEL TO NATION
ANTS FAIR PLAY FOR LABOR
rs No Menace to Workers In
Lowered Wages ns Living
Cost Drops.
IBy Associated Press. ]

NEW YORK. Dec. 1.-The exist
slump In business is only the ma
raj transition Ct industries return
TO normal basis from tho speed
: up OF production necessary By the
IT. declared Charles VI. Schwah.
Altman OF the board Of directors
the Bethlehem Stce! Corporation.
an address here tonight at the
nual dinner or the Pennsylvania So
,ty.
Il want % go on record here" said
:. Schwab. AS saying nothing could
healthier for American business
an the very condition through
s!ch we are now passing. The Sc
II be over. and the sooner NC can
|lergc into clear weather. and shape
r course upon the sea of prosper
Commenting upon the status Of IN.
|,ploycd laborers. Mr.. Schwab stated
ut the great need OF the world
lay is 10 WORK hard and save"
This. he said. applies 10 men Of
sans AZ well rs worhingmen. The
IN who fails 10 work WAS cnarac-
rized as Stacker" who deserves
place among honorable men"
The foreign trade Of the United
ates depends upon the power OF
tsincss men 10 think ''internaticnal-
!" Mr.. Schwab said in advocating
plan OF trusting in the good faith
ID productive power OF Europe by
ming raw materials and Accepting
payment securities representing
cir productive activities.
Urges Efficient Production.
During the las, two years. Mr..
hwab said. there has been the
hal!cst annual production In this
unt.y than N any time since 1918.
10 declared efficient production was
c only guarantee Of employment and
CHER wages.
i"Never in our lifetime" said the
scakcr. have the shelves OF the
torld been SO bare. At the moment.
ar export trade hangs by =. slender
read. We are rapidly getting into
position where the whole world
ives us money and yet cannot pay IL.
s,purltics in our business life. The
I-occss Is not complete yet But
I,c patient will in time be cured. and
hen he ia cured the great body OF
imericun business will emerge with
vigor and an energy the world has
|.ver known before"
want Government Economy.
Mr.. Schwab made a plea for cccn-
ny in government, demanding the
,me degree of efficiency in govern
ent as We require In private busi-
ass" Immediate revision OF taxation
as also urged by Mr.. Schwab as i
cans for promoting national pros
Gritty.
Mr.. schwab. IN part. said:
"Uppcrmost in the minds Of Ameri-
IN citizens today is the question:
rat is the meaainr
unp in business and what Of the
iture?
personally. l am an optimist. l
IN never see the top in opportuni-
es for American business. AT the
inner OF the Pennsylvania Society 4
ear ago. expressed unbounded
18th in the future OF American in
ustry. j stated then my belief that
,ough we might have to 70 through
critical period. Immediately that
,ndition was bridgcd over business
'ould go forward with buoyancy
nd a force we have never known
efore.
Business In the United States ever
tnce the war started had been. until
cry recently. upon false basis. The
isposition Of many manufactures
ad been to say not: Let me see
our costs sheet but Let me see
our statement Of profits.
NOW tho true test of success in
usiness is not profits but economy.
'rofits may be the result OF good for
une. of fleeting period of imitation.
( temporary conditions OF any kind,
ut business structure which is
uilt simply upon the profit sheet Of
he moment is built upon the sands.
he only business foundations which
re sure and steady are erected upon
he rock OF economy.
Tells of Inflated Costs.
"The result of this experience
through which we have passed Is
hat our costs have been inflated and
70 have had in America both our
BUSINESS institutions and American
generally indulging in
tasteful and eXtravagant methods
The supreme virtue of the exist
ng situation Is that 1t Is compelling
very business man In America, In
act, every Individual in America. TO
thoroughly his costs Of do
ng business and his costs OF living.
y Continued on Second Page.)