Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-07-01
Great Interest Aroused by
Change In Presidency of
Steel Corporation
HAS GROWN UP IN BUSINESS
Like Former President schwab, Corey
Started in the Braddock Mills, and at
Day Wases-careers of Two Men
Have Been Closely Linked-Rumors
Have Been Rife for Some Time.


ment yesterday that w. E. Corey would
become the active head of the United
States Steel Corporation created
great deal OF interest in financial cir
cles here. Corey is Sc years old and
started in at day wages in the Brad
dock iron mills and worked his way up
10 the presidency of the Carnegie Steel
Company. His title is assistant to the
president, but his work is that of pres
ident in every salient particular.
Charles Nj. Schwab, who also started
at day wages, in the Braddock mills,
and rose to the head of the biggest con-
Germ in the world, and received, ac-
cording to common report, the largest
salary ever paid is still president, but
only in name. His assistant will run
the United States Steel Corporation.
The deposing of Schwab is as sensa-
tional as the other important points
In his career He has in the past few
years been the subject of more kinds
and varieties of rumors than even ].
z. Morgan.
The retirement of Mr.. Schwab was
first suggested when he sailed for Eu-
rope, less than a year ago TO rest his
nerves and to take his mind off his
work. Rumors followed him and re-
ports were sent out about him. One
day it was said that he paid 100000
for yacht and was dashing madiy up
and down Lake Geneva with 1t. The
next day ne was reported to have sold
1t or traded it for automobiles in which
he was careering about in vain effort
to settle his nerves.
Rumors and reports of this sort about
the young millionaire We're endless and
many of them were believed. All were
contradicted.
Upon his return from Europe the first
question asked him was: Are you go
ing to resign the presidency of the
United States Steel Corporation and
his fiat, positive answer was No
For a month Wall st-eet has been
flied with rumors that Schwab would
resign as president, anil these stories
had been denied by persons who stated
that they spoke for Sehwab. Some
rather heavy liquidation of securities
OF the steel corporation took place in
the market, and one of The rumors has
been that the securities iiquidated rep.
resented selling on account of Schwab.
This runor also has been denied. but
Wall street, when 1t read the of1clai
statement given out recording the APP
pointment of an assistant. was inclined
to the opinion that the action. While
not representing the actual resignation
of Schwab was practically the same
thing so far as the conduct of the
business of the steel corporation is
concerned.
Members of the finance committee of
the steel corporation declined to say
anything further regarding the mat
ter. Mr.. Schwab was ut the Office of
the steel corporation, II Broadway, but
was not visible. Mr. Corey also was
there, altho his headquarters as presi-
dent of the Carnegie Steel Company
have beenNat Pittsburg.
Mr. Corey has grown up in the steel
business, as did Schwab, and, like
Schwab. he started in The Braddock
mills. From there he followed Schwab
to Homestead, and, still following
Schwab, served with the Edgar Thomp-
son Iron Works, and. finally, with the
Carnegie Steel Company. Corey has
been president of the Carnegie Steel
Company, which is easily the most I'M
portant subsidiary company of the
United States Steel Corporation, since
Schwab resigned the same post. Once
more Corey. who has had no direct con-
nection with the United States Steel
heretofore, follows in the
steps of Schwab in becoming the active
head of the steel corporation.
The finance committee of the steel
is dominated. according to
popular belief. by Mr.. Morgan and his
friends. One of it's leading members
is H. C. F'rick. who was induced by
Mr. Morgan to accept 4 place on the
The strongest pressure was brought
tc bear upon Mr.. Frick in March last
to accept the presidency of the cor
poration. but Mr.. Prick resolutely de-
clined.