New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-07-01
ASSISTANT FOR SCHWAB.
COREY TO DO THE WORK.
The Steel Trust Presidents Retire
ment Is Expected.

An assistant to Charles VI. Schwab president
of the United States Steel Corporation, was yes
terday elected by the finance committee of the
directors of that corporation. William E
Corey. president of the Carnegie Steel Company
and the American Steel Hoop Company. was
chosen to fill this position and perform the ac-
tive duties of president of the big corporation
This action, which comes after many and long
continued rumors of Mr.. Schwabs resignation
was accompanied by a statement that the ac-
ton was due TO the continued IN health OF Mr.
Schwab. This is the first official admission of
Mr. Schwab's condition. Hitherto Ill reports OF
this sort have been denied. In search OF health
Mr. schwab went to Europe last August On
his visit abroad many stories Of his condition
and ALLEGED strange actions reached this city
all Of which were denied by Mr.. Schwab on his
return from Europe on March Il.
Mr.. Schwab had a long conference yesterday
with J. P. Morgan, prior to the meeting Of the
finance committee. The official statement as to
the appointment of Mr.. Corey. which was issued
over the signature of Richard Trimble secretary
and treasurer of the United States Steel Cor
poration, was as follows:
In consequence of the continued III health of
the president. he has requested the appointment
Of an assistant to perform the active duties OF
the president. and at to-day's meeting of the
finance committee W. z. Corey. president of the
Carnegie Steel Company. was appointed to such
The appointment Of Mr. Corey as Mr.. Schwab's
assistant was generally regarded yesterday as
equivalent to the retirement OF Mr.. Schwab
Mr.. Corey has followed closely In Mr.. Schwab's
steps, succeeding him in his post at Braddock,
then at the Homestead works, then supertn-
tendent of the Edgar Thomson Steel Works. and
as president of the Carnegie Steel Company.
Now he practically succeeds Mr.. Schwab as
president of the United States Steel Corpora
ton. 1t was reported that at yesterdays con-
ference with ]. P. Morgan Mr.. Schwab urged
Corey's appointment.
Despite the common belief that this action
forecasts the final resignation of Mr.. Schwab.
personal representative Of Mr.. schwab said
last night:
This does not mean by any manner OF means
that Mr.. Schwab has resigned intends to.
He has been working even harder than before
Corey was made at Mr.. Schwab's own request
and in order to save him from breakdown.
Mr.. Schwab will still be at the helm
The announcement OF Mr.. Corey's appoint
ment created surprise in financial circles,
where It had been widely understood that at
least one important change was pending in the
personnel of the United States Steel Corpora
ton. Last March. it is reported. strong press
ure was brought to bear upon Mr.. Frick to
succeed Mr.. Schwab. but he absolutely de-
clned.
William Ellis Corey. who now takes up the
active duties of the presidency. began work N
the steel industry at sixteen years OF age ne
acquired a reTnar kehle practical i-1oV''5dse oi
the business in the Laboratory o, the Edgar
Thomson steel Works While studying there
he also studied bookkeeping and worked az
chemistry at home. Presently he entered the
| order department of the Carnegie works at
Homestead and rose steadily until he succeeded
schwab as president of that company MT,
Corev is the inventor of the Carnegie reforged
armor. a discovery which earned for him wide
recognition in steel circles.
It is reported that Mr.. Schwab may take
vacation and attempt to recuperate. He IS oullo-
ing a handsome home in Riverside Drive ana Is
reported to have brought home from EuIope
MANY works of art for this nome