The New York herald., 1922-01-27
Schwab Says Vote for Impend-
ing Plants Shows Optim-
ism as to Future.
HE WARNS LEGISLATORS
Government Interference Said
to Be One Of Chief Checks
Against Industry.

Charles NJ. Schwab announced last
night in an address before the Hotel
Association Of New York City that
the board Of directors of the f3ethIe-
hem Steel Corporation, now running
at one-third capacity. had just voted
to spend $25,oo0iOOo to increase the
facilities of the company.
The thousand diners in the ballroom
of the Astor halted the steel man by
their applause. He closed his address
rejecting absolute confidence in the
future by declaring that "the greatest
monument would always seem to be
not a monument of marble or brass.
but one of smoking stacks and flaming
furnaces bespeaking the great indus
trial progress of America.
AS the papers to-day no doubt in
formed you. our company at Bethlehem
reported profitable year even in the
midst of this depression" he said. "Our
great works are now not running any,
where near capacity. The 10000 men
we employed year ago have now
Nshrunk to $4,000 men, about a third our
former number of employees.
Vote sum I'm Face of Reports.
yet to-day our board of directors
voted to spend s25 900. 900 in new work
They voted this money because they are,
as | am. most optimistic concerning the
future OF industry in America. I believe
that this country must ever be the great
workshop OF the world"
From start TO finish Mr.. Schwab's
speech fairly exuded optimism. He
seemed to have no doubt that America
was on tho verge of greater things
even than the past. The only point that
seemed TO him subject of concern
was possible Government interference
with business.
II am in hearty accord with every
thing Mr.. Mills Representative Ogden
l.. Mills) has said. agree particularly
with his statement that more legislation
could not help business and go further
and say that less legislation would help
business"
He emphasized the need for economy
and for getting down to a solid basis
Restrictions Arc Decricd.
You will never have the real. ncces-
sary initiative of American business
men In industry II you hamper and re-
strict them By laws and prevent the
eccromic laws from having full play
he declared. Il think II is suicidal for
the Government to interfere with the
wages TO be paid to railroad employees
and not give them an incentive to do a
full days work"
Mr.. Schwab briefly outlined tho de-
velorment which has taken place during
.he forty-threc years of his work In in
dustIy citing the progress in the iron
and steel business MS n certain barom-
eter OF the industrial progress OF the
country.
Mr.. Mills in his address outlined what
the Government had done to put the
country back on n sound peace basis
by economy measures. by abolishing
hurtful taxes and by passing leeisla-
tion favorab bic to the hard hit farmers
George McAneny. chairman OF the
Transit Commission. outlined the tran
sit problem and the solution his board
hoped to bring about through unifica-
tion of present limos and the construc-
ton as speedily as possible OF new
lines. including the river 20 river line
on Forty-second street
Augustus Thomas. the playwright.
also addressed tho hotel men. Fred g.
Muschenheinl OF tse Hotel Astor. presi-
dent Of the association. introduced
Thomas y. Green, past president, as
toastnaster.
Others on the dais included Fred A.
Reed. Edward VI. Tierney and Elmore
c. Green.