The Waterbury Democrat., 1931-10-23
Smash Depression By
 Vigorous Offensive
 Says Magnate Schwab
Industrial America Must Get Busy-Steel Man Has
 Three Fold Program to Beat Present Crisis

New York, October 23 - UP) - A vigorous offensive by indus trial America is necessary to smash the economic depression, Charles M. Schwab, veteran chairman of the Bethlehem Steel Corporation. told the American Iron and Steel Institute today.
 A three-fold program was out lined by Schwab which included:
 IA better financial structure which now Is underway. 2-Elimination of business and governmental extravaganza. ..3-A vigorous. enterprising atti- tude on the part of industry. | He praised the Hoover plan to relieve banks with illiquid assets; decried any trend toward isolation: opposed the dole: declared against war and said the steel industry would cooperate in a naval holi- day; urged stabilization of prices at fair levels for industry; urged less governmental supervision of busi- ness and found liquidation of se- curities beyond all reason.
 Schwab expressed belief in the continued growth of the United States and his faith in the steel industry.
 He alluded, jovially to his pre- dictions made a year ago before the institute. "I said at our last meet ing that the tide was coming in - it certainly was but 1t proved to be a tidal wave" He explained failure of his predictions at that time to materialize as a result of the chaos in Europe. In this con- nection, he said:
 "The lesson is that we cannot longer ignore the economy of other countries. In other depres- sions we could forget about the hard times in other countries. then we were a debtor nation, and largely self-sufficient.
 To-day we are a creditor na- tion and the prosperity of our in- ternational neighbors is necessary to our own well-being. We must declare a permanent moratorium on national jingoes."
 He stated he could speak. more cheerfully than month ago, be- cause of the improvement in credit as a result of President Hoover's plan to aid banks which he termed a step in the right direction. As result. fear has been lessened There will be no collapse" He reminisced back to the days of the 1894 and 1907 depressions "we came through those perilous periods to a prosperity in this country far transcending the ex- pectations of many of the day. believe that history will repeat It. self"
 Tn reviewing the collapse in Europe which had its repercussions in America, Schwab found "the eliminating blow to the finances of these countries has been the paternalistic measures, such as the dole. which have no place in ouI American life. We owe 1t to oui people to see that these vicious un- economic practices do not gain q foothold in this country"
 "The talk of another war has no place in the hearts of people anywhere" he said. "There is dis cussion of a naval holiday. There are moves to reduce our own navy program. If that is what our gov. ernment deems wise. can sta' that the steel industry will be thu | first to support the move.
 "The steps which we must talk toward. improvement are: A bet ter financial structure. which Il now under way; liquidation O
 extravaganza in business includini
 prices, which has already takei place in most lines to an abnorma extent: A reduction in the cos
 of government which is borne D.
 industry and the people; and a viz
 orous enterprising attitude on tn part of industry"
 Schwab was particularly empha