The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-05
SCANABBDS RESIGNED
President of Steel Corporation
Has Bad Health.
COREY SUCCEEDS TOPLACE
No Great Surprise Is Express
ed at the Change.
COREY SUCCEEDS TO PLACE

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 today. VIM. E. Corey was unan-
tmously elected as his successor.
Mr.. Schwab's resignation caused no sur
prise in financial circles. where it had
for some time been foreshadowed. The
new president was for years one of An
drew Carnegie's ablest neutenants and is
now president of the Carnegie Steel COM
pany. one Of the subsidiary concerns Of
the United States Steel corporation. 1t is
scarcely more than a month ago that
Mr.. Corey VS. mde ssistnt TO the presi-
dent becuse of Mr.. Schwb's continued
iil-helth.
Mr.. Schwb TENDED tody's meeting Of
the directors, coming to town, it was
| said, for that special purpose. He ap-
peared to be IN good health and spirits,
and seemed rather glad to be relieved OF
the duties imposed on the chief executive
of the billion dollar corporation. Be
fore and after today's meeting Mr..
Schwab conferred with ]. P Morgan. Mr..
Schwab will continue as director of the
steel corporation and member of its
finance committee.
Formal announcement Of Mr.. schwab's
resignation was made in the appended
form:
AT the regular meeting Of the direct
ors of the United States Steel corpora
ton today, Mr.. Schwab, in consequence
Of continued ill-health, rendered his res
fgnation as president and it was accept
ed. w. E. Corey, who has been for some
time performing the active duties OF the
president, was elected to the vacancy.
The Office OF chairman OF the board OF di-
rectors was created and E H. Gary was
elected to that position and will continue
to devote his entire time 10 the business
OF the corporation. An advisory commit
tee. TO consist of three directors besides
the president TO consider and make rec
mendations concerning questions Of
manufacturing, transportation and oper-
alton was created, and E. c. Converse,
VIM. Edenborn and R. D. Reid were
elected as members Of this committee.
Mr.. Schwab will continue to be member
of the board of directors and of the
finance committee"
The foregoing statement given out by
Chairman Gary, supplemented by
the following from II. c. Frick:
sSeveral months ago Mr.. Schwab told
me that he would very much like to be
relieved OF the presidency of the steel cor
poration on account of his continued III
health, and asked me TO assist in so ar
ranging. The matter was arranged en-
tirely on his request. Mr.. Corey, who
succeeds him. has been educated on the
same lines as Mr.. Schwab and has been
his associate for twenty years I am
sure his election will give general salts
faction to all concerned"
Immediately after the election of his
successor Mr. Schwab met the press rep
resentatives, to whom he made this for
NAL statement:
AZ want to say that I think have been
treated unfairly by the newspapers in re-
gard TO my retirement. A number OF
reasons. including this American ship
building matter, have been given for 1t,
but none of them are true AS matter
of fact the ship-bulding question has
never been a subject OF discussion be-
tween myself and the directors.
ION my return from Europe. six months
ago, I tried to get Mr.. Morgan and the
directors to accept my resignation, but
was unable to do so. That does not look
as though I had been forced out. Later
! appealed TO Mr.. Prick. and through him
have finally succeeded in inducing the
directors to accept my resignation. 1 am
as deeply interested in the United States
Steel corporation as ever. am still the
largest stockholder. and remain as a di-
rector and as a member Of the executive
committee. The new president is close
personal friend and has succeeded me in
all the OFFICES l have held. Ny retirement
is on account of i'll health. nervousness.
I hsive been in bad health for six months
or more"
j. P. Morgan made a statement as fol-
low s.:
II deeply regret that the condition OF
Mr. Schwab's health renders it impossible
fort him to continue at the head OF the
steel corporation. His loyalty to the in
teIrests Entrusted TO him cannot be doubted
an, d from the early days Of the inception
of the corporation he gave to its forma-
ti.on, unihcation and development his un-
. oualed powers as an expert in the manu-
facture OF steel.
81 consider that in Mr.. Corey the d.
rectors have secured an eminenuy COM
petept successor OF Mr.. Schwsb, and I
am confident that the future Will prove
this TO be the case. In fact, 1 think
that today the steel company in all its
branches is intrinsically in a stronger
and better position than it has ever
been
The new president has entered on his
duties and II may be authoritStively said
that with his election the steel corporation
has beun new policy. There viii be
less GENERALIZATION OF power and increased
responsibility IN the work OF the vari-
GUS committees President Corey VIII
devote bis entire attention 70 the practi-
csl and technical sides OF the steel and
iron Industry. and viii receive material
AID from the advisory committee. whose
members are specially well qualified 10
act in that capacity.
No othsr important changes were an
nounced In the personnel or policy OF the
corporation. Mr.. schwsb continues as q
member OF the finance committee CO
whsch George W. Perkins Is chairman
CRSSIUS M. CLAY.
Casstus Marcellus Clay. the veteran pol
fSician and sbolitionist. whose extreme
old are has been marked by so much