Business & Finance: Schwab’s Fortnight

It was a grandiose fortnight that ended for Charles Michael Schwab in Manhattan last week. He had sat, dined and posed with the country’s other industrial tycoons (TIME, Oct 29). He gave $25,000 to the Republican national campaign fund. His Bethlehem Steel Corp. made its report for the third quarter of this year. (Its business and profits this year have run somewhat less than last. But production now is at 94% of capacity and is efficient. Directors again decided to pay no common dividends.) Lastly, happily and philosophically Tycoon Schwab presided over the yearly general meeting of the American Iron & Steel Institute, where for so long he had truculently endured subordinate place to the late Judge Gary. His epilogue: “Our country as a whole is still in the high tide of prosperity, and prospects for the immediate future are favorable. . .”