The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1903-08-19
SCHWAB FINALLY QUITS
Directors Accept His Resignation as
President of Steel Trust.
Condition of His Health Makes 1t Impos-
sible For Him to Continue at the
Head of the Corporation.

New York City.-Charles NJ. SchWao
rendered his resignation as President
Of the United States Steel Corporation
at meeting of the directors. and the
resignation was accepted. William T..
Corey. who was recently elected assist
ant to President Schwab, was named
as his successor. Schwab remains
member Of the Board OF Directors and
of the Finance Committee.
The directors created the new office
of Chairman of the Board Of Directors,
and elected Judge Gary to that posi-
ton. The incumbent Of the new posi-
tion will share the duties Of the Presl-
dency with Mr.. Corey. and Will act ID
IN advisory capacity toward him. The
directors also created new committee
to be known as the Advisory Commit
tee, and appointed as its members Dan
iel G. Reid, William Edenbaum and o..
c.. Converse. 1t will be the duty of the
committee to consider and make rec
ommendation concerning questions OF
manufacturing, transportation and op-
GRAFTON. 49,,
w. L. Corey. the new President will
get salary of $4,000 a year. This IS
an increase of $4,000 over his salary
as assistant tc the President, but IS
decrease OF an equal sum from the
salary paid Charles NJ. Schwab. The
salary of the President was set orig
inally at S1O0,000 but by some process
not made public it was cut to $Io,OOO
when the prOfit-sharing scheme among
employees was announced.
J. T. Morgan gave out the following
statement: Il deeply regret that the
condition of Mr.. Schwabs health rem
ders it impossible for him to continue
at the head of the Steel Corporation.
His loyalty % the interests intrusted
TO him cannot be doubted, and from
the early days Of the inception of the
corporation he gave to its formation,
unitication and development his une-
aualed powers as all expert in the man.
ufacture of steel. consider that in
Mr.. Corey the directors have secured
IN eminently competent successor TO
Mr.. Schwab and l am confident that
the future will prove this to be the
case. In fact I think that to-day the
steel company in all its branches IS III
trinSically in stronger and better po'
sition than it ever has BEEN
In the meantime Mr.. Schwab had
sent word to the newspaper men that
he would receive them in his Office on
the floor above. They found him seated
in q corner in the great office. The
President of the Steel Corporation
looked the sick man he is. His face
was pale. the whites Of his eyes had a
dull. leaden look, which is one of the
manifestations Of peculiar form OF
nervousness, and his manner was un-
easy. His voice, however, was tlrm
and his words were pronounced with
precision and decision.
The substance Of Mr.. Schwabs re-
marks was that the newspapers had
! not treated him fairly and had mis-
represented his connection with the
United States Shipbuilding matters.
The only reason why he had resigned
the Presidency was that he needed rest.
He still remained, he said, one Of the
largest stockholders in the Steel Cor
| poration. His main object now was TO
recover his health. He was suffering
from 4 nervous breakdown.