The bee., 1902-09-04

In Europe, when lie was in direct con-
troll of the latter's vast interests.
The confidence which Mr.. Morgan has
in Mr.. Perkins and the close relations
between them were aptly illustrated by
q recent incident. Upon his return the
other day from Europe Bishop Potter
consulted Mr.. Morgan as to the status
of the coal strike and the prospect of
settlement.
go to my office and ask Perkins, -
was the sole reply of the great man
who controls steel and iron and rail
roads as the player moves the figures
on a chessboard.
Mr.. Morgan's other lieutenant. Mr..
Charles NJ. Schwab, is perhaps not so
closely allied to him as Mr.. Perkins
and operates in very different field,
though he is no less an important fac
tor in his enterprises. No career in
American industrial life has been more
spectacular than that of Mr.. Schwab,
Born amid very humble surroundings
and self educated, he was at the age
of thirty-nine elected president of the
largest combine in the world, the Unit
ed States Steel corporation, at a salary
generally understood to be $1,000,00O
In the steel industrial combination
Mr.. Schwab is generally considered as
the representative of Andrew Carnegie,
who holds a prior lien on the entire
property of the corporation in the
$3Oo, 100000 of bonds paid to him for
his Carnegie steel mills, of which Mr.
Schwab was then president.
In dates and facts Mr.. Schwab's me-
teoric career may be briefly summa-
rized: Born at Williamsburg, Pa, forty
years ago of poor parents, he attended
a small elementary school until he was
sixteen years of age and then began
clerking in a grocery store at $3.50
week. At eighteen he obtained work
in the Edgar Thomson Steel works,
operated by Andrew Carnegie at Brad
dock, Pa, at dollar a day. He was
set to driving stakes and did it so well
that within six months he became as
sistant engineer.
Just seven years after he entered the
Carnegie concern he was sent as chief
engineer, tEen at the age of twenty
five, to rebuild the great Homestead
steel plant.
In 1887 he became superintendent of
the Homestead works, and five years
later he was made general superin-
tendent of the Thomson works. He
subsequently built the great steel rail
mill and practically reconstructed the
entire plant receiving at this time q
salary of $4,000 year.
In 1896 he was elected a member OF
the board of managers and in 1897
president of the Carnegie steel mills
He drew salary of $4,000, with an
interest in the amount of business done
by the company. Then followed the
election to the United States Steel cor
poration presidency in 1901, the posi-
tion which he now occupies.
Since that time Mr.. Schwab has been
a resident of New York and has been
an interesting figure in the social and
financial world. He is many times
millionaire and spends his money free
ly, both for his own qualification and
for benevolent purposes.
Mr.. Schwab recently purchased lot
on Riverside drive, in New York, not
far from the residence of Mr.. Perkins,
on which he is to build q home which
it is said will be the most gorgeous
private residence in America. The en-
tire investment house and lot, is ex-
pected to amount to about $5,000,000.
Mr.. Schwab took q trip to Europe
last winter, during which time he was
almost continually in the public eye.
First he went to Monte Carlo. Ex-
travagant reports came back by cable
of his winnings and losses at the
gambling table. There was widespread
comment upon these reports, and it was
currently reported in Wall street,
though subsequently denied, that J.
p. Morgan & Co. cabled to Mr.. Schwab
inquiring into the truth of the reports
and advising no more gambling. The
stories Of the Monte Carlo winnings
and losses thereupon ceased.
When next heard of, Mr.. Schwab was
in Vienna. He was accorded most
gracious reception by the emperor OF