The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-03-03
CHARLES M. scHwAB.
How Country Boy Rose to Immense
Wealth.
(Cincinnati Enquirer.l

Cincinnati Enquirer)
From salesman in a country store at
SIS a week to the presidency of the
greatest steel manufacturing concern
in the world, with salary of $50. 600
a year, and about $50, 900. 600 in stocks
and bonds. This is the record of
Charles Nj. Schwab, who will be the
head of the new billion dollar steel
trust being formed by J. Pierpont Nor
within less than twenty years
Fairy tales of wealth pale into inSig-
nificance when compared with the facts
in the recital of the wonderful career
OF Schwab. Born thirty eight years ago
in a mountain hamlet with nothing but
energy, he forced his way to the city,
where he has found fame and fortune
Andrew Carnegie's life history is inter
estinS, but that of Schwab is fascinat-
ing.
One would have much difficulty in
finding Williamsburg on the map of
Pennsylvania, but it is in Blair county
and at that place Mr.. Schwab was
born Feb. IS, 1862. Ten years later the
SchWaD family moved TO LOrettO on
the crest of the Allegheny mountains
where young SchWaD was sent to
school to the Franciscan monks, who
have a college there. He fancied en-
glneering, and took a scientific course
At the age of Is he left the institution
~ mans Ills llNluSs anu came TO Brad
dock, where some friends from LOret-
TO had located. He obtained employ
ment in Dinkey'S general store, which
was not lar from the Carnegie steel
works.
Past the store on his way to ard
from the mill came Captain William r.
Jones, at the time general manager
OF the works. He stopped in the store
TO buy tobacco and noticed young
Schwab. The latter seized the oppor-
.F 49,
Jones and the latter offered him posi-
ton. Schwabs first work for the Car
neS1e company was driving stakes for
an engineering corps. Six months later
he was the chief of the department
Captain Jones found his <brot &c was
a bundle of activity and sent the young
man to a business college IN Pittsburg
at night. When other young men We're
amusing themselves SchWab was study
ing He learned all he could about en-
gIneering. The first work that attract
ed the attention of Andrew Carnegie
was an l. railroad system in the Brad
dock mill yards. Carnegie wanted more
blast furnaces, and SchWab was given
charge of their erection.
In 1881 Schwab was made chief en-
gineer and assistant manager of the
BraddOck furnaces and steel works and
held the place until 1887, when he was
sent over to Homestead as superintend-
emit he was there when the first Home
stead strike occurred in 1889. After the
sheriff of Allegheny county and a posse
had been chased out of Homestead and
matters looked threa tening, Mr.. SchWab
persuaded the men to go back to work
He was over at BraddOck again when
the big Homestead strike of 1892 Oc-
CURED, having taken the place of Cap
tain Jones, deceased, who met death by
an accident at one of the blast fur
naceS- After the strike his jurisdiction
as general superintendent at BraddOck
was extended to include the Homestead
plant. He had from 5000 to 10000 men
under him at this time.
When John A. @. LeiShman, at pres
ent minister to Turkey. resigned as
president of the Carnegie company in
1897, Mr.. -Schwab, who had been elected
a member of the board of managers of
the company. the preceding year, was
chosen president At that time H c.
Prick was chairman of the board Of
directors and the active head of the
company. When Frick left Mr.. Schwab
was given the chairmans duties. He
filed them so successfully that when
the business was reorganized last
spring Schwab was elected president OF
the Carnegie company, the capital stock
of which had been increased to $160, OOO,-
600.
Mr.. Schwab became a stockholder of
the Carnegie company when Carnegie
Bros. & Co, limited, was formed, with
2 capital Oh 905UVV,UOV MI. 0cilWdD lletu
One-third of l per cent of this. Dec.
so, 1899, after the Carnegie Steel COM
pany had been formed, with a capitali-
cation of So, 900, 600, Mr.. Schwab had
increased his shares to per cent. 1t
was long before this that he found he
was unable to spend his money, and
the matter of investing it became
troublesome. He has given largely but
unostentatiOusly to charity.
One of Mr.. Schwab's most notable
gifts was the presentation of a church
costing 900 to the Catholics of LO-
rettO. He also erected in the town an
immense statue of Prince DemetriuS
Gallitzin, the first Catholic priest of
that section, and whose bones rest I'M
der the new church. Mr. SchWab found
ed and maintains an Industrial school
and technical educational institution
for mechanics at Homestead. In his
boyhood days he was a member of the
Loretto or Williamsburg silver cOrnet
! band, and has a warm side for brass
musical organize tons He has outhtted
O. number of bands and provided in
structOrS for them.
Mr.. Schwab is happily married and
lives at Highmont, the old Vandergrift
mansion, above Fifth avenue, east end
He recently bought the place for S115,-
600 cash Els wife was Miss Emma
Dinkey. daughter of r. +. Dinkey of
Wetheriy, Carbon county, Pa. They
have no children. Both are enthusiastic
music lovers, and attend all the Pitts
burg syraphOny concerts. They have q
summer home, Immergrum, near LO-
rettO. where they spend the hot months.
The best information Obtainabl9 in
Pittsburg is that Mr.. Schwab will be
the active head of the reorganization,
no matter what shape it takes His
ability is unquestiOned, and aside from
this his interest in the present Carne-
gle business makes him the most i'm
portant factor next to Mr. Carnegie.
OF the $3.50 coo, 600 worth of stock he
holds IS 929 shares, having par value
of SIS 929. 900. He owns the same amount
in bonds. If Andrew Carnegie sells
his stock for so per cent more than the
par value. Mr.. Schwab's stock is, there
fore. worth s2S, 393, 500. This, with his
bonds. make him the pOssessOr Of al
most $50, 600, 900. This is at the rate Of
81 500. 600 for every year he has been in
the Carnegie service.
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