Evening star., 1932-05-03
Scllwab's Remarks Inspire
Analysis of Actual Values

There are no rich men in America
today" says Charles NJ. Schwab, but
the country, analysing his views, is in
ciined to believe that genuine values
Stlll exist, despite changes in the stand
/ ing OF securities. The SchWab pre-
scrlption Of hard work is indorsed.
while one theory which is advanced is
! that future prosperity will have a
sounder basis than that of a few years
ago.
The steel capitalist is quoted by the
Rochester Times Union as stating. Il
am still optimistic" and that paper
voices the opinion: I'VE are inclined to
share this courageous and altogether
reasonable view, not only of the steel
business, but of other business. We
would make no prophecy about how
soon pronts and prices may rise to what
seem familiar levels, rejecting pros
perlty as heretofore measured. But it is
unreasonable to believe that when steel
production in the United States gets
dcWn to less than quarter of what it
could De With existing plants the ratio
10 capacity Is one which will prove of
more than relatively brief duration. If
experience means anything. it has been
SHOWN times enough in the country's
history that booms and depresSions fol-
low one another, and by that simple
logic the lower the percentage of pro-
duct!on is in the mills the sooner we
snould expect them, by and large, to get
new business and increase their opera
tlons. Extremes beget extremes"
Ihere may be a question" thinks
tne charleston CIV. Va) Daily Mail, ito
What extent the legislative measures
enacted by Congress may help the re-
turn of business in the United States
mainly whether what help is given will
De OF permanent nature or merely
temporary, but deep down under the
surface, hidden far from the sight of
men, are those mysterious causes at work
Wnlch later Will reveal themselves. For
In cases OF this kind Nature works also
All over the world millions of men of all
races and cultures and capacities are
buslly at work on their own personal or
national deVices-and often working at
cross purposes. These wrinkles are
eventually lroned out by nature, which
works day and night, making no noise
never resting and never quitting"
x
Common sense tells us that genuine
values are not destroyed, though the
confusion Of the moment may obscure
them" declares the Nashville Banner.
and that paper presents the analysis:
There were stocks and warrants and
things selling in 1923 and thereabouts
for absolutely ridiculous prices. Many
a man who bought then and held on is
worth today only a fraction of what he
was worth three or four years ago, on
paper. Mr. Schwab seems to have been
indulging himself in the rather interest
ing and altogether futile pastime of
thinking of what he could have gotten
II he had sold, which he did not. There
is just as much wealth, properly con-
sidered, as there ever was This coun-
try can and does produce the necessities
and comforts of life in quality and
quantity above anything the world ever
knew before. Its paper won't assay
near what it did and did not deserve
to do, but there is plenty of wealth. In
other words, lots of stocks that sold
away up in the hundreds never had any
right or license to do so, even If they
are below value now in many in
stances"
There are still wealthy men" states