The Savannah morning news., 1903-08-05
SCHWAB NOW OUT
COREY SUCCEEDS HIM AS PREsI-
DENT OF STEEL TRUST.
CHANGE NOT A SURPRISE.
SCHWAB STILL DIRECTOR AND
MEMBER FINANCE COMMITTEE.

Claims He Was Not Forced Out of
Prestdcncy-Tricd to Resign six
Months AgO-COntinues Largest
Stakeholder in the Company.
Corey for Years Lieutenant of
CHrnesie-Chnirman Board of Di-
rectOrs and an Advisory Commit
tee Created.
New York, Aug. 4-The resignation
of Charles NJ. Schwab as president of
the United States Steel Corporation
was rendered and accepted at a meet
Ing of the directors to-day. William
e. Corey was unanimously elected his
successor.
Mr.. Schwab's resignation caused no
surprise in financial circles, where it
had for some time, been foreshadowed
The new president was for years one
of Andrew Carnegie's ablest lieuten-
ants and is now president of the Car
negie Steel Company. one of the sub
sidiary concerns of the United States
Steel Corporation. 1t is scarcely more
than a month ago that Mr.. Corey was
made assistant to the president (Mr.
Schwab) because of the latter's con-
tinued i'll health.
Schwab at the Meeting.
Mr.. Schwab attended to-day's meet
ing of the directors, coming to town,
it was said for that especial purpose.
He appeared to be in good health and
spirits and seemed rather glad to be
relieved of the duties imposed on the
chief executive of the "billion dollar"
corporation.
The formal announcement of Mr..
Schwab's resignation says i'll health
was the cause and continues:
THE office of chairman of the board
OF directors, was created and +. H.
Gary was elected to that position and
will continue to devote his entire time
to the business of the corporation. An
advisory committee, to consist of three
directors, besides the president, to con-
slider and make recommendations con-
corning questions of manufacturing,
transportation and operation, was
| created and f. G. Converse, William
| Edenborn and d. G. Reid were elected
as members of this committee. Mr..
! Schwab will continue to be member
of the board of directors and of the
| Finance Committee"
Kicked About Reports.
Immediately after the election of his
successor, Mr.. Schwab met the press
representatives, to whom he made this
4 formal statement:
II want to say that l think that I
have been treated very unfairly by the
newspapers in regard to the reasons for
my retirement. A number of reasons.
| including this American Shipbuilding
1 hoy DIV barf
| none of them is true. AS a matter Of
fact, the shipbuilding question has
| never. been subject of discussion be-
! tween myself and the directors.
"On my return from Europe, six
months ago. l tried to get Mr. Morgan
and the directors to accept my resigna-
| ton. but was unable 10 do So That
does not look as If / had been forced
out. Later l appealed to Mr. Prick.
and through him finally succeeded in
| inducing the directors to accept my
resignation. / am, as deeply interested
| in the United States Steel CORPORATION
| as ever. / am still the largest stock
holder and remain as director and
| member OF the. Executive Committed
MY retirement is on account of i'll
health-nervousnessa l have been In
bad health fo- six months or more"
Mr. Schwab left his Office soon after
making the above statement. He made
visit to the Morgan banking house,
and it was said that he would leave
the city for his country home in the
early evening.
Morgan. Makes Statement.
j. p. Morgan, departing from his
usual custom, made a statement as
follows after the meeting of the
steel board:
II deeply regret that the condition
SChWah'G = IN.
possible for him to continue at the
head of the steel corporation. His
loyalty to the interests intrusted TO
him cannot be doubted and from the
early days of the inception of the cor
poration he gave to it's formation, uni
fication and development his UNEQUAL
led powers as an expert in the manu-
facture of steel.
Il consider that in Mr.. Corey the
directors have secured an eminently
competent successor to Mr.. Schwab
and l am confident that the future
will prove this to be the case. In
fact, 1 think that to-day the steel
company, in all its branches, is in
trinsically in a stronger and better
position than it has ever been"
Corey Has Different Policy.
The new president has entered upon
his duties and it may be authoritative
ly stated that with his election the
steel corporation has inaugurated a
new policy. There will be less central
ization of power and increased respon-
sibiity in the work of the various
committees. President Corey will de-
vote his entire attention to the prac-
tical and technical sides OF the steel
and iron industry and will receive ma
terial aid from the advisory committee
whose members are specially well quail
m Of in "a