New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-05
C. N. SCHWAB RESIGNS.
ILL HEALTH THE CAUSE.
". E. Corey Succeeds Him as
President of Steel Corporation.

- CG0G hb " ADLCCC vi DOf UCCOU.
Charles NJ. schwab yesterday afternoon pre-
sented his resignation as president of the United
States Steel Corporation to the directors who
accepted it and then unanimously elected as Mr..
Schwab's successor William f. Corey. who for
the last month. assistant to the president,
has been performing the active duties of the
presidency.
Many times during the last year it has been
reported that Air. Schwab was about to give Up
his Office. but the rumor was always promptly
and emphatically denied until last week, when
Mr- SchWab's closest friends declined to make
any comment on dispatch from Pittsburg to
the effect that his resignation would be accepted
by the directors at their monthly meeting on
August 4
NJ. SchWabs resignation. although not an
noUnced until after the close of the market had
been fully expected by the Street. There had
also been widely circulated report which
turned out 10 have been unfounded, at least for
the present that Henry c. Frick would succeed
George ". Perkins chairman of the finance
committee OF the Steel Corporation. Nr. Frick.
Il has been declared recently with some posi-
tiveness. is opposed to the policy of continuing
dividend payments on the common stock Of the
Steel Corporation. and the possibility that he
might be placed in charge of the financial man
agement Of the corporation was probably an IN
Tuesce N causing lne SDarp Oecllne IN the steel
issues the common stock falling to a new low
level.
The meeting Of the board OF directors was
called to order at 3 o'clock. AS Mr.. Schwab was
coming from the presidents office TO the board
room. on the floor below. to attend the meeting.
he was asked about the reports of his resgna-
ton. He declined to say anything more than
that he would make statement in about
twenty minutes after the meeting of the board.
The meeting lasted just half an hour. AS it
broke Up the directors could be seen shaking
hands with Mr.. Schwab. who then hurried up
stairs 20 his Office.
THE ANNOUNCEMENT MADE.
Tie announcement of Mr. schwab's retire
ment and Of the selection Of Mr.. Corey TO sue
ceed him was made in the following formal
statement given out by Judge Gary:
At the regular meeting Of the directors of the
United States Steel Corporation to-day. Mr..
Schwab in consequence Of continued III health
was accepted. W. F. Corey. who has been for
some time performing the active duties of the
president, was elected TO the vacancy. The Of
fee OF chairman Of the board Of directors was
created and l.. II. Gary was elected to that
position and viii continue 10 devote his entire
time TO the business Of the corporation. An ad-
visOry committee. to consist of three directors
besides the president, TO consider and make
recommendations concerning questions OF man.
ufacturing, transportation and operation was
created. and MeSsrs. L. c Converse William
Edenborn and d. c. Reid were elected as mem
bers OF this committee. Mr.. Schwab will con-
tuue be a member of the board Of directors
and Of the finance committee.
There was also issued statement by Henry
c. Frick as follows:
Several months ago Mr.. Schwab told me that
he would very much like 70 be relieved from the
presidency Of the Steel Corporation on account
of his continued i'll health. and asked me 10 as
sist IN 50 arranging The matter was arranged
entirely upon his request. Mr. Corey who sue
ceeds him, has been educated upon the same
lines as Mr SchWab. and has been his associate
Tor twenty years am sure his election will
give general satisfaction TO all concerned.
a large number Of newspaper men had gath
cred 10 learn the result of the directors meet
irg. and these men Mr. Schwab invited into his
Office. where he made informal statement "a
:hem explanatory of the cause Of his resignation
from the presidency. He said:
In the first place want to say that the nanere
have treated me rather badly for really they
nave. The reasons given by them for my re-
tirement have not been az all just. In the first
place. they have said that | had been en-
Uarrassed both personally and in nv relations
with the United States Steel Corporation, by the
Shipbuilding affairs I have not been ernbar-
raised by the Shipbuilding affairs. nor have they
played any part in the matter at all. That sub
ject has never been mentioned between Mr.
Morgan and myself, nor any of US Secondly
when returned from Europe in January / was
Ill., and did my best 10 get them 10 allow me to
retire. because 7 was III. They would not per
rntt II. l even got NEr. Frick take the matte
up. whom the pewspap pers have made out 10 Inc
enemy of mine. but who is really good
friend of mine in spite OF all these stories and
he mas finally succeeded for me. Now you see
how badly have been treated.
Mr.. Morgan hung onto my coattaIs and
wouldn't let me go. ! am still deeply interested
in The United States Steel Corporation. / am
the largest stOckhOlder. MT. Corey. who is nv
best friend and who has succeeded me in every
position I have occupied IN twenty years has
cFsr Tad no Ia hp m c-ff
the finance committee and still a director and
intend 20 remain so The duties OF my position
have been DIVIDED. The irmaaship Of the
board Of directors which / held has gone "a
Mr Gary and an advisory committee on manu-
featuring has been appointed consisting OF Mr.
Reid Mr. Evenborn and Mr. Converse.
Asked what his plans We're no. that he had
retired from office Mr.. Schwab said: Il am
Continued on third page.