Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-08-05
MR.. SCHWAB RESIGNS
RETIRES FROM PRESIDENCY OF
STEEL TRUST.
Action Due to Ill Health-He is Sue
ceeded by William E.
Corey.

A dispatch from New York last night
says: The resignation of Charles M.
Schwab as president of the United States
Steel Corporation was rendered and ac-
cepted at meeting of the directors today.
William E. Corey was unanimously elected
his successor.
Mr.. Schwabs resignation caused no sur
prise in financial circles, where it had for
some time been foreshadowed. The new
president was for years one OF Andrew
Carnegies ablest heutenants, and Is now
president of the Carnegie Steel Company.
one of the subsidiary concerns Of the
United States Steel Corporation. 1t Is
scarcely more than a month ago that MI.
Corey was made assistant to the president
(Mr. Schwab) because Of the latter's con-
tinued I'll health.
Mr.. Sehwab attended todays meeting of
the directors. coming to town, it was said.
for that especial purpose. He appeared to
be In good health and spirits. and seemed
rather glad to be relieved of the duties Inn
posed ON the chief executive of the billion
dollar corporation. Before and after to-
days meeting Mr.. Schwab conferred with
j. 2. Morgan. Mr. Schwab will continue
as director of the steel corporation and
member of it's finance committee.
Immediately after the election of his
successor Mr.. Schwab met the press rep
resentatives. to whom he made this in
formal statement:
Il want to say that think 1 have been
treated very unfairly by the newspapers
in regard to the reasons for my retirement.
A number of reasons, including this Amert-
can shfpbuilding matter, have been given
for It. but none of them Is true. AS mat
ter of fact, the shipbuilding question has
never been subject of discussion between
myself and the directors.
ION my return from Europe six months
ago I tried to get Mr.. Morgan and the d.
tN iona How hut NO
unable to do so. That does not look as II
had been forced out. Later I appealed
to Mr.. Frick and through him have finally
succeeded in inducing the directors to ac-
cept my resignation. l am as deeply in
terested in the United States Steel Corpora
ton as ever. 1 am still the largest stock
holder, and remain director and member
OF the executive committee. AS a result Of
the meetings this afternoon my work has
been divided. E. H. Gary being elected
chairman Of the board of directors. and an
advisory committee to the new president
being appointed. consisting of Daniel g..
Reid, William Edenborn and Edmund C..
Converse. The new president Is a close
personal friend and has succeeded me in
all the offices I have held. My retirement
is on account of i'll health-nerveusness. I
have been in bad health for six months or
more"
Mr.. Schwab left his office soon after
making the above statement He made an
other visit to the Morgan banking house,
city for his country home in the early even
ing
]. P. Morgan. departing from his usual
custom. made a statement follows, after
the meeting of the steel board:
Il deeply regret that the condition of
Mr.. Schwab's health renders 1t impossible
for him to continue at the head Of the steel
corporation. His loyalty to the interests
intrusted to him cannot be doubted, and
from the early days of the inception of the
corporation he gave to It's formation, uni
fication and development his unequaled
powers as an expert in the manufacture of
steel.
II consider that in Mr. Corey the direc-
tors have secured an eminently competent
successor to Mr.. Schwab, and I am conf
dent that the future viii prove this to be
the case. In fact, think that today the
steel company In all its branches is in
trinsically in a stronger and better position
than 1t has ever BEEN
The new president haa entered upon his
duties, and 1t may be authoritatively stated
that with his election the steel corpora ton
has fnaugurated a new policy. There will
be less Capitalization Of power and in
creased responsibility in the work Of the
various committees President Corey will
devote his entire attention to the practical
and technical sides OF the steel and iron
industry, and will recefve material aid
from the advisory committee, whose mem
bers are specially well qualified to act in
that capacity.