New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-05
C. NJ. SCHWAB RESIGNS.
Continued from first page.


going to try to get better. am suffering from
NEUTRALITY-SUSPICIOUS. breakdown.
Where have you been during the last few
weeks?" was asked by one of those present
I have spent the last six weeks in Philadel-
phia," answered Mr.. Schwab.
Where did you come from to-day
From Atlantic City"
Are you going TO go out OF the city again?
I'm going back to Atlantic City at once
J. Pierpont Morgan said last night concerning
Mr.. Schwab's retirement;
deeply regret that the condition OF Mr..
Schwab's health renders it impossible for him
10 continue the head OF the steel Corporation.
His loyalty TO the interests intrusted 10 him can
not be doubted, and from the early days Of the
inception OF the corporation ne gave 10 its
I formation unifcatiCn and development his IN
equaIled powers as an expert IL the manu-
faCture of steel.
I consider that IN Mr.. Corey the directors have
secured eTinenUly competent succ eSsOr to
Mr., ScnWab. AID am cor .Ident thar the future
VIII prove this TO be the case. n fact. I think
that to-day the Steel company in I'll is branches
IS tCtrinsically in stronger and better position
than il ever has been.
Mr. Schwab. whose conspicuous ability as
| manufacturer of steel has never been questioned
| in any quarter was president OF the Carnegie
| company when The Tribune exclusively an
] nounced January 13. 1901. that negotiations
| were in progress between Andrew Carnegie and
! ]. Pierpout Morgan looking to the combination Of
! the Carnegie company with several other great
/ steel companies. and ruuOr at once named him
! for the presidency of the vast combination then
| clearly foreshadowed his only suggested rival
] being Henry c. Frick. The United States Steel
, Corporation was organized in March. 1901. with
! Mr.. Schwab its president a post which he
! has continued to occupy until now For more
/ than a year Mr.. Schwab has been admittedly
in bad health and has taken little active part in
! the executive management Of the Steel Cor
! poration In the latter part Of July. 1902 while
j he was at Atlantic City, he was taken suddenly
/ i'll, the trouble being, according to a published
statement by his physician. slight attack Of
| nervous collapse. y few days later Mr.. Schwab
went TO his country home at Loretto. Penn,
where he rested for two three weeks, and on
! August p he sailed for Europe on the Lorraine.
/ After a short stay in Paris he went south,
! spending the next few months in cruising in the
! Mediterranean in the yacht Margharita, which
J he had chartered from A. j. Drexel. In the
course Of his journeying he visited Monte Carlo,
: whence spectacular accounts Of his alleged eX-
tables were telegraphed to the United states
Cannes, AjacciO. Tunis and other points Mr..
4 Schwab. accompanied by his wife and his par
| ents and some other relatives reached New-Tor
| on the KrOnprinZ Wilhelm on March II, this
/ year, after absence of seven months. He
| seemed improved in health although not en-
! tirely restored. and at once resumed the duties
| Of the presidency. The rurnoTs persisted how
ever, that he would soon retire or be superseded.
y
| the executive committee. and James Gayley.
first vice-president. were variously mentioned as
| likely 10 succeed him.
REELECTED FOR ANOTHER YEAR.
These guesses were all wrong. however for
| the directors April 1 reelected Mr.. Schwab
| for another year. on June so William E. Corey
| was appointed assistant TO the president, TO per-
form the active duties of the presidency, and it
| was officially announced that this appointment
had been made ''iE consequence of the continued
| Ill health of the president and at his request
from that time Wall Street has been convinced
| that Mr.. Schwab would soon lay down the title
as well as the heavy responsibilities of president
OF the United States Steel Corporation.
\ Mr.. SchWab is a director of many manufaCt-
| urIng and transportation companies subsidiary
| to the United States Steel Corporation. and is
! also trustee of the New-YOrk Security and
| Trust Company and a director of the United
! states Realty and Construction Company anC
| the Chicago Pneumatic Tool Company. His
| connection with the Bethlehem Steel Company
| and the United States Shipbuilding Company, OF
| a director, is Familiarity known to the public
| Joseph E Schwab was for a time assistant &C
| the president of the United States Steel Cor
| pOratlon resigning that place to become presI-
| dent of the American Steel FoUndries Company
/ Wher the Carnegie Company was organized. in
| the spring of 1900, Andrew Carnegie headed the
| list of its shareholders, owning $St,3 I9OOO OF
| its $16O.O0OOOO capital stock; Charles NJ
| SchWab coming second. with S1S,929.OOO; Henry
| PhiDps third. with ST. .226.O0O, and Henry c.
! sents of stockholders Of the United States Steel
| Corporation TO the proposition of the directors
to retire S2O0.000,010 of the preferred stock and
! issue $3.50, 100000 bonds contained the name OF
| Mr.. Schwab who signed it as the owner OF
| 5G,001 shares of preferred and 1000 shares OF
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