The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-08-07

New York, August 4.-The resigna-
ton Of Charles NJ. Schwab, as presi-
lent of the United States Steel corpor-
alton was rendered and accepted at a
meeting of the directors today. Will
liam E. Corey was unanimously elect
ed 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 n OF
Andrew Carnegie's ablest lieutenants
and is now president of the Carnegie
Steel Company one of the subsidiary
concerns of the United States Steel
corporation. 1t is scarcely more than
a month ago thai Mr.. Corey was made
assistant to the president, (Mr. SchWab)
because of the latter's continued i'll
health.
Mr.. Schwab attended today's meet
ing of the directors, coming to town, 1t
is saio, for that special purpose. He
appeared to be in good health and splr-
its and seemed rather glad to be reliev-
ed of the duties imposed on the chief
executive of the billion dollar corpor-
alton.
The formal announcement of Mr..
Schwah's resignation says i'll health was
the cause and continues:
The office of chairman of the board
Of directors was created and E. H. Gary
was elected to the 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 Gre
ated, and E. c.. Converse, William Ed
enborn and D. G. Reid were elected as
members Of this committee. Mr..
Schwat will continue to be a member
Of the board Of directors and of the fl
nance committee"
Immediately after the election of his
successor, Mr.. Schwab met the press
informal statement:
I want to say that l think l have
been treated unfairly by the neWspa-
pcIo III TtSdIu 10 Tie ItdSOIS lOI NY
retirement. a number Of reasons, in
Guiding this American S~hipbuilding
matter. have been given for it, but non
of them is true. AS a matter of fact,
the shlpbuilding question has lever
been & subject of discussion between
myself and the directors.
"On my return from Europe six
months ago [ tried to get Mr.. Morgan
and the directors to accept my resigna-
ton, but was unable to do so. That
does not look as if I had been forced
out. Later I appealed to Mr.. Frick and
through him have finally succeeded in
inducing the directors to accept my
resignation. / am as deeply interested
in the United States Steel corporation
as ever. l am still the largest stock
holder and remain as director and men,
Der of the executive committee. My re-
tirement is on account of i'll health and
nervousness. I have been in bad health
for six month or more"
Mr.. Schwab left his office soon after
making the above statement. He made
a visit to the Morgan Banking house,
and it was said hat he would leavel
the city for his country home in the
early evening.
j. P. Morgan, departing from his usu-I
al custom, made a statement as follows
after the meeting of the Steed board:
Il deeply regret that the condition of
Mr.. Schwab's health renders it impos-
81 le for him to continue at the head of
the steel corporation. His loyalty toI
the interests intrusted to him cannot
be doubted, and from the early days of
thu reception Of the corporation he
gaVe to its formation, unifcation and
development, his uneQualled powers asI
an expert in the manufacture of steel.
| consider that in Mr.. Corey the direc-l
tors have secured an eminently conf
petent successor to Mr.. Schwab, and II
am confident that the future will prove
this TO be the case. In fact I think that
today the steel company in all itsI
branches. is intrinsically in a stronger
and better position thar it has everI
been
The new president has entered uponI
his duties and it may be aurhoritative-l
" Stated that with his election thel
steel corporation has inaugurated al
new policy. There will be less central-I
i1ation of power and increased respon-l
sib,lity in the work Of the various conf
mi--ce. President Corey will devote hisI
entire attention to the practical and
technical sides of the steel and iron
industry and will receive material aid
from the advisory committee whose
members are specially we'll qualified toI