The evening times. [volume] (Washington, D.C.) 1895-1902, 1902-08-20
Rumor That He Will Be-
come Morgan'S Part
ner in Plan.
TO TREAT WITH EUROPEANS
Resignation From Present Position or
Vacation Said to Be for Purpose Of
Completing Work IN England and
Germany Begun by Mr. Morgan.

aGlH%1AOAi Sc1AA " DC 4JL L - EbSS u
Completing Work in England and
Germany Begun by MT. Morgan,
PTTTSBURG. Aug 20-It is said here
that If President Schwab resigns from
The United States Steel Corporation it
viii be 10 become assistant. If not part
aeT, OF J. P. Morgan as world organizer.
The steel manufacturer and the fnan-
cier understand each other thoroughly
The purchasing Of the Bethlehem Steel
Company by Schwab and the sale to
syndicate represented by Morgan is de-
clared to have been stroke Of hnanc-
ing which raised Schwab 10 height
never attained by any other man in Ar.
Mo-gan's estimation. While he is going
TO Europe ostensibly for rest he VIII Al
the same time try 10 finish what Mr..
Morgan has left undone
Dream of Capitalists.
The scheme Of bringing the iron mas
tiers OF Great Britain and Germany into
4 coalition with those of the United
States is not new It has been a dream
since the United States Steel Corpora
ton was organized. The Germans
could not join a consolidation. they
being held in check by trusts Of their
own and subject to the dictatfon OF the
coal trusts. which control the prices Of
coal and coke.
At the present prices secured in the
United States the expectation OF crude
OF finished iron and steel products Will
fall of This will serve to entrench
the European manufacturers and to hold
their markets which were slipping from
them in 1885. 1889. and 1900 owing 10 the
low price OF pig iron in the United
States. The Steel Corporation cannot
afford TO reduce wages nor 70 cut into
the prices of finished materials.
Viii Treat With European Trusts.
When the steel situation was mas
tered here and the corporation was
running smoothly, Nj. Morgan made his
memorable trip 10 Europe and finished
the shipping combine. With this done,
Messrs. Morgan and Schwab are ready TO
treat with the steel manufacturers of
Europe. Mr.. Schwab can say to the for
eign ironmasters that If they refuse 10
accept his offers they viii be inundated
with the American product, because the
combine he represents controls the ocean
traffic between the TWO countries
Mr. Schwab is infinitely better fitted
10 talk TO the iron and steel masters
OF Great Britain and Germany who now
control the European market than is Mr.
Morgan He can tell them the exact
prices at which every plant can be du-
plicated and operated and can tell just
what i costs TO make steel under the
old and modern methods.
Carnegie official said:
Declared to Be Ill
i know that Mr.. Schwab is i'll He
was accustomed to a strenuous life He
could wade through the mills for hours
at a time looking after the minutest de-
tails
He could ponder over figures cor
hours. and all that. but he could not do
this and keep the pace Of the Euro
pean mobiles at the same time. This
he tried to do when he went to Europe
Tor a rest. but instead It only broke him
down He was wined and dined, and
Nj Schwab being a good fellow and
willing TO become martyr 10 advertise
his country, IS feeling the effect OF his
popularity abroad"
Declines to Talk About Trust.
NEW YORK. Aug 2o.-CharIes VI.
sehwab, president Of the United States
Steel Corporation. will probably sail for
Europe on Saturday if suitable accom-
modations can be secured on any one of
the large steamships sailing on that day.
In the meantime Mr. Schwab viii at
tend 10 a few necessary details in his
business
When seen this morning he declined
10 say how long he would remain abroad
o. whether or not he was going for any
other reason than that of health and
recreation Mr. SchWab Is staying at
the Lorrain apartments. he arose at
40 this morning and half an hour later
he walked into the dining room apart
ment leaning heavily on a stout cane
That quick, energetic manner which usu-
ally characterized the steel magnare was
lacking, but otherwise he seemed well.
When questioned concerning the Pitts
bug dispatch 10 the effect that the
principal object Of his trip abroad was
the organization Of the steel manufac-
tulcrs Of England and Germany on the
same Ines followed IN the formation Of
the United States Steel Corporation. Mr..
SchWab said
Now. you know that cannot say
anything about that
No Intention of Resigning.
Dir Schwab left the Lorraine about
10 O'Clock and went down town to his
Once, where he spent a few hours at
tending to business affairs. When seen
there Mr. Schwab said he did not know
VII ether he would see Mr. Morgan today
G nat. It was said that Mr.. Schwab in
tended 10 leave his Office early this aft T.
eraoCG ana retire to his apartments,
This being done in compliance with the
orders of his physician
Dir Schwab viii probably sail on the
Umhria. As regards his plans, however.
Mr. Schwab said that the statement h
is1Ited last night that he had not re-
E1s ned from the presidency Of the steel
EGst, and that he had no intention OF
so doing, that he was not sick, and that
be was going to Europe on his vacation
embodied everything that he cared 10
say.
IT