The labor world. [volume] (Duluth, Minn.) 1896-current, 1903-08-08

100000 1 POSITION.
NEW YORK, Aug. 1.-THE resigna-
ton Of Charles M. Schwab, as presi-
dent of the United States Steel cor
poration was rendered and accepted
at a meeting of the directors today.
w. e. Corey was unanimously elected
his successor.
Mr.. Schwabs resignation caused no
surprise in financial circles where it
had been for some time foreshadowsd.
The new president was. for years
one of Andrew Carnegie's ablest lieu
tenants and is now president of the
Carnegie Steel company, one of the
subsidiary > concerns of the United
States Steel corporation. It is scarcely
more than a month ago that Mr.. Corey
was made assistant to the president
(Mr. Schwab) because of the latter's
continued i'll health.
Schwab Seems Glad.
Mr.. Schwab attended today's meet
ing of the directors coming to the
town, it is said, for that especial pur-
pose. 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 billion dollar
corporation. Before and after today's
meeting Mr.. Schwab conferred with
j. P. Morgan. Mr.. Schwab will con-
tinue as director of the steel corpora
ton and member of its finance COM
mittee.
Formal announcement of Mr..
Schwab's resignation was made in the
appended form.
Tho Announcement.
AT the regular meeting of the di-
rectors Of the United States Steel
corporation Mr.. schwab in consequence
of his ill health. has rendered his res
ignation as president and it was ac-
cepted. w. E. Corey, who has been for
some time performing the active duties
of the president, was elected TO the
presidency. The office of chairman Of
the board was created and E. H. Carey
placed in that position and will con-
tinue to devote his entire time to the
business of the corporation. An ad-
visory committee, to consist of three
directors besides the president, to con-
slider and make Recommendation con-
corning the manufacturing, transport
tatfon and operation was created, and
E. c. Converse. w. Edenborn and D.
G. Reid were elected as members Of
this committee. Mr.. Schwab will con-
tinue to be a member of the board Of
finance committee"
The foregoing statement given out
by Chairman Gary was supplemented
by the following from H. c. Frick:
Asked to Be Released.
Several months ago Mr.. schwab told
me that he would very much like to
be relieved from the presidency of the
steel corporation owing to his continued
i'll health and asked me to assist in
so arranging. The matter was arranged
entirely upon his request
Mr.. Corey, who succeeds him, has
been educated upon the same lines as
Mr.. Schwab and has been his associate
for twenty years. I am sure his election
will give general satisfaction to all
concerned :. ST
Immediately after the election of his
successor, Mr.. ,Schwab met the press
reporters to whom he made this inform
al statement:
II want to say that think I have
been treated very unfairly by the news
papers in regard to reasons for NV
retirement. A number Of reasons, in
Guiding those among shipbuilding mat
tiers have been given for it, but none
of them are true. As matter of fact
the shipbuilding question has never
been subject of discussion between
myself and the directors.
Wanted to Quit Earlier.
ION my return from Europe, six
months ago, I tried to get Mr.. Morgan
and the directors to accept my resign
alton, but was unable to do so. That
does not look as if I had been forced
out. Later I appealed to Mr.. Frick
and through him have finally succeeded
in inducing the directors to accept
my resignation. am as deeply IN
terested in the United States Steel cor
stakeholder and remain a director and
member of the executive committee.
AS result OF the meeting this afternoon
my work has been divided. E. H. Gary
being elected chairman of the board
of directors and an advisory COM
mittee to the new president appointed
consisting of Daniel G. Reid, William
Edenborn and e. G.. Converse. The
new president is close personal friend
and has succeeded me in all the offices
/ have held. My retirement is on ac-
count of ill health-nervousness I
have been in bad health for six months
or more''
Consu!ts With Morgan. :,
Mr.. Schwab left his office soon 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 early in the
evening.
J. p. Morgan, departing from his usu-
al custom, made a statement as follows
after the meeting of the steel board:
II deeply regret that the condition of
Mr.. Schwab's health renders it impos-
sible for him to continue at the head
of the steel corporation. His LOYALTY
tn ha INT int, ~ t,:,..