The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1903-08-07
SCHWAB STEPS DOWN AND CUT.
II is Voluntary Act Oh His Part and Not
Compulsory Remains as
Director.

president OF the United States Steel
Corporation WAS rendered and &C.
cepted at meeting of the directors
today. William Eli Corey was unan-
imously elected 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 one Of Andrew Carne-
gie's ablest lieutenants aud is now
president of the Carnegie Steel
Company, one of the United States
Steel Corporation. 1t is scarcely
moro than month ago that Mr..
Corey WAS made assistant to the
president (Mr. Schwab) because of
the latter's continued Ill health.
MIR. Schwab attended today's
meeting of the directors, coming to
town, it VS. said, for the especial
purpose. He appeared to be in
good health and spirits and seemed
rather glad to be relieved of the
duties imposed on the chief executive
Of the "bllion dollar" corporation.
THE FORMAL ANNOUNCEMENT
of MIR. Schwabs resignation says i'll
health was the cause, and continues:
'The Office of chairman of the
board of directors was created and
E. II. Gary was elected to that po-
sition 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 consider and make
recommendations concerning ques-
tions Of manufacturing, transportu-
tion and operation, was created and
E. 9. Converse, William Edenborn
and ID. Ct. 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.
| MIR. sClIwAH's STATEMENT.
81 want to say that l think I have
been treated very unfairly by the
newspapers in regard to the reasons
for my retirement. A number Of
reasons, including this American
hipbuiding matter, have been
given for it, but none of them is true.
AS matter of fact the shipbuilding
question has never been subject Of
discussion between myself and the
directors. On my return from
Europe six months ago tried to get
MIR. Morgan and the directors to ac-
cept my resignation, but was unable
to do 40. That does not look as if |
had boen forced out. Later / ap-
pealed to Mr.. Frick and through
him have finally succeeded in induc-
ing the directors to accept my resig-
nation. | am as deeply interested
in the United States Steel Corpora
ton IA ever. l am still the largest
atockholder and remain as director
and member of tho executive COM
mittee. My retirement is on account
Of i'll health--nervousness. L have
been in bad health for Blk months or
more"
Mr.. Schwab left his office after
making the above statement He
made visit to the Morgan banking
house, and it WAS said that he would
leave the city for his country home
in tho earl evening.
, MIR. MORGAN'S STATEMENT.
j. =. Morgan, departing from his
, usual custom, made statement as
| follows, after the meeting Of the
, steel board:
, 81 deeply regret that the condition
2 OF Mr.. Schwab's health renders il
q impossible for him to continue at the
=. head Of the steel corporation. Hit
:. loyalty to the interests entrusted tt
s him cannot be doubted, and from
a the early days Of the inception OF
g the corporation he gave to it's forma
0 ton, unilcation and development
q his uneqnalled powers as an exper
. in the manufacture Of steel
81 consider that in Mr. Corey th'
directors have secured an eminentl,
@ competent successor to Mr.. Schwab
g and | am confident that the futur
l.