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Show Bright Future For Steel Industry Is Outlined By Schwab Veteran Steal Executive Declares Steel Industry In-dustry Will Avoid Wage Cuts or Whole- i sale Layoffs of Employees. ! NEW YORK, Oct. 24 (UP)- The American Steel indus-! try, a cornerstone of the nation's business, is now preparing to meet a greater future demand for its products than ever realized in the past, and "will lead the march to prosperity," j President Charles M. Schwab of the American Iron and Steel ; institute declared today at the semi-annual meeting of the ; institute. j Holds True To Pledges The Steel industry, Schwab asserted, has held true to its : pledge of six months ago that it would not cut wages and has "substantially" avoided the traditional practice of wholesale cause pauses from time to time in its forward course that our natural optimism has somehow been tricked. At the first signs of recession re-cession the timid became pessimistic, pessimis-tic, assurance gives way to uncertainty uncer-tainty and fear. Those with faith and courage based upon known facts refuse to accept this philosophy philos-ophy ; - they recognize that such pauses really make for sounder progress. It is only in a stagnant civilization that- changes do not occur. Moreover, it is only during such periods that we can see just how real are the underlying foundations founda-tions of our economic prosperity. The level-headed ,-.ay in which business in g'Cneral has weathered the current recession is most assuring." as-suring." 4)0,000,000 Tens-While Tens-While sounding a warning that unreasonable expansion would result re-sult in overproduction, Schwab pointed out that new uses for steel," especially all lays, were being developed de-veloped every day. Aviation, improved im-proved railroad and automobile transportation, shipbuilding, and building construction all are demanding de-manding greater volume of steel. Ingot production this year will be around 40,000,000 tons, or within five per cent of the average for the past ten years, Schwab said. Although stock market prices do affect business, they are of secondary secon-dary importance, Schwab said. j lay-oi'i's of employees. I '-Progress is born out of pains ofS I economic adjustment," the veteran j steel executive said in discussing the general business situation. "The past 12 months are the first real test we have had of our new I 'American prosperity,' by which I mean the basic factors underlying our higher standards of living, including in-cluding mass production and distribution dis-tribution and high wages. Ko Failures -It is significant that there has not been uncovered in our economic econom-ic foundation any basic structural failures. "Because of this I believe that business revival will bring to this country a larger measure of prosperity pros-perity than the American people have ever before known." Admitting that there is marked unemployment in certain areas and lines of business, Schwab called attention at-tention to the fact that "a number of the large industries" have parcelled par-celled out their work and kept I most of their employes on the pay- j i oils. I "The situation ( as a whole is much improved over what it would ! be if large industrial lay-offs wero 1 the practice." he said, f "The steel industry today is more i actively engaged than ever before in my long experience .with it, in the cultivation and expansion of its markets, in the uiabilization of its pclicies and in the improvement of its plants and organization. Moreover, More-over, it is preparing to meet a greater future demand for our pro-; pro-; ducts than we have ever realized i in the past. "An d when I sy t h a t w e are I moving forward, I am not over-; over-; looking the fact that there are many at home and abroad who can sec things only through spectacles darkened by immediate but tran-'- sient gloom. "Some are inclined to think tac- |