The Birmingham age-herald., 1903-08-05
Ii Health and Nothing EIss Given as Reason for His
 Retirement
HAD TROUBLE GETTING
 DIRECTORS ID ACCEPT
William Corey, Who Has Been Doing the Actual Work for Some Time Past, Unanimously Chosen
 as Ills Successor.

New York. August 1.-The resignation of Charles M. schwab as president of the United Steel corporation was ten dered and accepted at a meeting of the directors today William Corey was unanimously elected his successor. 1 MT. 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 An.' drew Carnegie's ablest lieutenants and Is now president of the Carnegie Steel company, one of the subsidiary con- eerns of the United States steel corpora ton. It Is sacreely more than month ago that MT. Corey was assistant to the president CMr. sehwab), because of the latter's continued i'll health MT. Schwab attended todays meeting of the directors, coming to town 1t waz said for that special purpose. He ap- peared to be in good health and spirit4 and seemed rather glad to be relieved of the duties imposed on the chief exeeu- tive of the billion dollar" corporation
 VIII Continue as Director.
 Before and after todays meeting Mr. Sehwab conferred with J. P. Morgan.
 
 of the steel corporation and member of It's finance committee.
 Formal announcement of MT. Schwaba resignation was made in the appended form:
 At the regular meeting of the direc- tors of the United States steel corpora. ton today Mir Schwab, in consequence
 of continued i'll health toadered his resignation as president and it was ae. cepted. W. E. Corey, who has been fof some time performing the active duties 1 of president, was elected to the vacan. l cy. The office of chairman of the board of directors was created and E. H. Gary was elected to that position and wilt continue to devote his entire time to the business of the corporation. An adviss i ory committee to consist of three Girec, i tors, besides the president, to considel and make recommendations concerning questions of manufacturing, transporta- ton and operation was created and k. c. Convers William Edenborn and D. G. Reid were elected as members of this committee MT. Schwab will continue to be a member of the board Of directors and of the finance committed"
 Prick Makes Statement.
 The foregoing statement, given out b1 Chairman Gary, was supplemented by ths following from H. c. Prick:
 Several months ago MT. Schwab tol& me he would very much like to be relieved from the presidency of the steel corpora tion on account of his continued i'll healtt and asked me to assist IF so arranging The matter was arranged entirely upor his request. MT. Corey, who succeeds hims has been educated upon the same lines af MT. Sehwab and has been his associate for twenty years I am sure his election will give general satisfaction to all con, cerned."
 Immediately after the election successor. MT Schwab met the pres resentative, to whom he made thi formal statement
 Was Treated Unfairly.
 'I want to say that I think have treated unfairly by the newspaper regard to the reasons for my retireI A number of reasons, including this lean shipbulldlng matter, have been for it, but none of them is true, As 2 matter of fact the shipbuilding question has never been a subject of discussion be- tween myself and the directors. On my return from Europe six months ago. trieps to ~ MT. Morgan and the directors slg@ @cept" "nfy resignation but was unable O Q so That does not look as if I had b n forced out. Later I appealed to MT. lick ana through him have finally sue ceeded ifi7inducing the directors to accepS nsy resignation. l am as deeply interested in the United States Steel corporation as ever. I am still the largest stock holder and remain as director and mem- ber of the executive committee. As result of the meetings this afternoons my work has been divided, b. H. Gary. elected chairman of the board of directors and an advisory committee to the new president being appointed. consisting of Daniel G. Reid, William Edenborn and Edmund c. Converse The new president t. ..aT fr4a aF.A hao ceeded me in all the offices I have held My retirement Is on account of i'll health nervousness.
 "I have been in bad health for siS months or more"
 Mir Schwab left his office soon after making the above statement. He made another visit to the Morgan banking houss and 1t was said that he would leave the city for his country home in the evening
 Morgan Makes Statement.
 J. P Morgan, departing from his usual custom. made a statement as follows after the meeting of the steel board
 T deeply regret that the condition of MT Schwab's health renders IL impossible for him to continue at the head of ths steel corporation. His loyalty to the in- terests entrusted to him cannot be doubt ed and from the early days of the in. ception of the corporation he gave to It's 
 his unequalled powers as an expert in thG manufacture of steel
 "I consider that in MT. Corey the direc tors have secured an eminently competens successor to MT. Schwab and l am con< fident that the future will prove this tc be the case. In fact, I think that today the steel company in all It's branches i& intrinsicaliy in a stronger and better posi-. tions than 1t has ever been."
 The new president has entered upon hik duties and 1t may be authoritatively stated that with his election the steel corporation has inaugurated new policy There win be less centralization of power and in- creased responsibility in the work of the various committees. President Corey will devote his entire attention to the practical technical sides of the steel and iron in- dustries and will receive material aid from the advisory committee, whose members are specially well qualified to act in that capacity. No other changes were an- nounced.