The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-05
William Il. Corey Is UnanfaIdhsiy
R1ected to Preside Over Affairs of
the Great Concern.
CHANGE NOT A SURPRISE
MIR. SCHWAB is IN POOR HEALTH
AND DESIRES REST.
Official AnnOuncements-Pro from
the Ex-Presfdent Against Newspa-
per Misrepresentation.

NEW YORK, Aug. 4.-The resignation of
Charles NJ. Schwab as president of the
United States Steel Corporation was ten
dered and accepted at a meeting of the
directors to-day William E. Corey was
unanimously elected his successor.
Mr.. Schwab's resignation caused no sur
prise i'm financial circles, where it had for
some time been foreshadowed. The new
president was for years one of Andrew Car
negie's ablest lieutenants and is now presi-
dent of the Carnegie Steel Company, one
of the subsidiary concerns of the United
States Steel Corporation. 1t is scarcely
more than a month ago that Mr.. Corey
was made assistant to the president CMr.
schwab) because of the latter's continued
ill-health.
Mr.. Schwab attended to-day's meeting of
the directors, coming to town, ii is said,
for that especial purpose. He appeared to
be in good health and spirits and seemed
rather glad to be relieved of the duties i'm
posed on the chief executive of the 'billion-
dollar" corporation. Before and after to-
days meeting Mr.. Schwab conferred with
]. p. Morgan. Mr.. Schwab will continue as
director of the Steel Corporation and a
member of it's finance committee.
Formal announcement of Mr.. Schwab's
resignation was made in the appended form:
"At the regular meeting of the directors
of the United States Steel Corporation to-
day Mr.. Schwab, In consequence of con-
tinued ill-health, rendered his resignation
as president and it was accepted. W. E.
Corey who has been for some time perform
ing the active duties of the president. was
elected to the vacancy. The office of chair
man of the board of directors was created.
and +. III. Gary was elected to that posi-
ton and will continue to devote his entire
time to the business of the corporation. An
advisory committee. to consist of three di-
rectors, besides the president, to consider
and make recommendations concerning
questions of manufacturing, transporta tion
and operation, was created and T.. G. Con-
verse; William Edenborn and D. G. Reid
were elected as members of this committee
of the board Of directors and of the finance
committee"
MR.. TRICKS STATEMENT.
The foregoing statement, given out by
Chairman Gary. was supplemented by the
following, from II. C. Frick: Several
months ago Mr.. Schwab. told me that he
would very much like to be relieved Of the
presidency of the steel corporation on ac-
count OF his continued ill-health, and asked
me to assist in so arranging. The matter
was arranged entirely upon his request.
Mr.. Corey, who succeeds him, has been
educated upon the same lines as Mr..
Schwab and has been his associate for
twenty years L am sure his election will
give general satisfaction to all Concerned ,
Immediately after the election of his sue
cessor Mr.. Schwab met the press renre
sentatives, to whom he made this informa I
statement: Il want to say that | think T
have been treated very unfairly by the
newspapers in regard to the reasons for
my retirement. "A number of reasons in
cluding this American shipbuilding mat
ter. have been given for il. but none of
them is true. AS a matter of fact the shin
building question has never been subject
OF discussion between myself and the eii-
rectors. On my return from Europe six
months ago i tried to get Mr.. Morgan and
the other directors to accept my resigna-