Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-08-21
.SCHWAB MUST
QUIT BUSINESS
MULTI-MILLIoNAIRE WILL RETIRE
FROM ACTIVE BUSINESS LIFE
AT ADVICE OF DOCTORS.

PITTSBURG, Pa, Aug. 1S.-A Lorette,
Pa, special to The Pittsburg Dispatch
says:
Charles NJ. Schwab, OF the United States
Steel corporation, has accepted the advice
of his physicians and decided TO retlre
indefinitely from active business.
He will leave America to seek some
quiet nook after which he will seek a
quiet life This information is authentic.
DR.. Golden never leaves the Schwab
home and the exact nature Of his patients
illness cannot be learned through him.
Mr. Schwab is not confined to his oeoI
but spends much of his time on the wide
veranda. which affords fresh air and
sweeping view of the mountain slope. He
IS always with his wife or his parents.
The strange part of Schwabs illness Is
that he IS always within view of those
who call at his house, yet he VIII not al
low any person to approach him. Here
tofore the visitors to the Schwab home
were greeted with a hearty welcome and
vigorous handshake. Now the visitor Is
met at the entrance and told that Mr..
Schwab cannot be seen.
Intimate friends are given the same
message and no one is able to converse
with him since he came back to his home.
The correspondent then says:
1.-THE people of this town, who still call
him Charlie, because of their early and
intimate acquaintance with him, are dis
cussing his prospective departure. They
know he is a sick man and are relieved
that he will spend possibly year in an
effort to regain his health.
THE knowledge of the people of Loretto
is only that Mr.. Schwab is going away
somewhere. His destination will be kept
a secret and he will do nothing, but seek
health until his nerves have been restored
to their normal condition and his mind
fully relieved of the great strain resulting
from so many business cares. Mr.. Schwab
has not been receiving visitors for several
days and seems to take little interest in
what is going on about him. He has been
directed by his doctors to rid his mind Of
all business cares and he is obeying the
orders religiously.
Inquiry among the people Of the town
VINO have conversed with the Schwabs
fully corroborated the stories that he in
tends to retire from active business life.
His friends. however, deny that If he
leaves the United States Steel corporation
II will be at the dictation Of any person
other than himself"
To Resign Presidency Of Big Trust
NEW YORK, Aug. 1S.-The retirement
of Charles NJ. Schwab as president of the
United States steel corporation is COM
monty accepted as determined upon, not
withstanding recent officials denials and
present reluctance in official quarters to
confirm the report.
President Schwab's impaired health 10
the reason for the action. In well-inform-
ed quarters Il is believed that his retire
ment viii be followed by extensive changes
in the membership of the organization.
The succession to the presidency is a
matter Of surmise. 1t has been decided
no information can be had on the sub
ject. But there are many positions of i'm
portance in the United States Steel cor
poration now held by persons who are
there on account Of personal ties with Mr.
Schwab and who remained with the cor
poration from a devotion to his interests
growing out Of former association In the
Carnegie company.
It has been reported that the presidency
would pass TO James Gary, the first vice.
president Of the corporation. Other rum
ors have pointed to H. c. Frick.