The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-03


REPUBLIC SPECIAL
New York, July 2.-Since the announce
Tnent was made that William E. Corey
would assume the active duties Of president
Of the United States Steel Corporation much
curiosity has been aroused as to what his
remuneration will be.
Charles u. Schwab, the nominal head OF
the big Steel Trust receives. or rather. has
received. salary Of $1,000 per year. $751;
/ co9 Of which was paid BY the steel corpora
ton and $4,000 each from Andrew Car
negie and ]. Pierpont Morgan & Co. This
corrects the popular idea that he Received
100000 per annum.
Those who know. including Mr. Corey
himself, will not say how generously he has
been treated, but ruror has II that a
goodly slice Of the $4,000 previously con-
tributed by the Morgan firm will hereafter
be ADDED to Mr. Corey's income.
Mr.. Corey is stopping temporarily Mt the
Waldorf-Astoria Hotel here. He said TO-
night that he will shortly dispose Of the
lease of his Pittsburg house. which is owned
by Attorney General Philander T. Knox,
and remove his family to this city
1t vas suggested 10 Mr.. Corey that there
was considerable public interest manifested.
and great deal Of speculation Il. TO the
salary he would receive as the de facto head
Of the steel corporatio but Mr. Corey only
smiled and replied:
This is an altogether personal matter
and must decline to discuss it."
There are rurnors afioat that Mr.. Corey's
salary will be increased to $4,000 per year.
and that this will be paid Jointly by the
Steel Trust, Carnegie and Morgan
There is much speculation in financial
circles here as to why Mr.. Sckwat was rot
relieved Of the title as well as the duties of
head OF the greatest ateel combination in
the world.
1t may be due to the fact. some say. that
he had contract for a number Of years,
but this is discredited, and more credence
given the assumption that the members of
the Finance Committee We're taking the
wisest course. 1t is said tina. Mr.. Schwab
cordially approved the appointment Of
Mr.. Corey. seeing there was nothing else
to do.
MAY AGAIN TRAVEL.
During all these reports Mr.. Schwab or
his representatives. have persistently denied
that he would retire. These reports were
started before the president of the steel
corporation sailed for Europe less than a
year ago. Then it was the stories Of his
Ill health came too fast to be denied. The
fact that Mr.. Schwab is sick man and
has been for scme time is not denied. 1t
IS expected that he will again travel for
his health.
Mr. Trimble, after the meeting, said that
he had been instructed not to give further
information to reporters. G. W. Perkins.
ohai pf hn member of
the firm of J. P. Morgan & Co, said:
You can draw any inference you like
from the official statement. 1 must not dis
cuss it
Yes. it is true" said P. A B. Widener
Of Philadelphia. who came over to attend
the meeting, Mr.. Schvab Is going away
for his health. Mr.. Corey OF Pittsburg has
been made his assistant. No, cannot ex-
plain why the changes were made. It's his
health
MORGAN'S HAND IN THE CHANGE.
1t is generally conceded that Mr.. Morgan
figured very prominently in the change.
Before his return from Europe last week
he had heard scattered reports Of the deal
:ngs of Mr.. Schwab in several industrial
concerns outside the steel corporation, and
the litigation of the United States Shipbuild-
ing Company and the publicity given Mr..
Schwab's connection Herewith added oil to
the Goals. Mr.. Schwab's part in the finan-
cling of the ship corporation ard the transfer
of the bethlehem Steel Company was repu-
dated by J. p. Morgan & Co. and Mr..
Schwab was then left to paddle his own
canoe"
Before Mr.. Morgan got back to this side 1t
was said that he had cabied from England
for Mr.. Schwabs resignation, and that it
would be considered as soon as he arrived.
Affairs probably had not reached such a
crisis.
SCHWAB'S SALARY.
1t Is said. too, that Andrew Carnegie was
consulted before the final step was taken.
1t will be remembered that when Mr..
Schwab left the presidency of the Carnegie
Steel Company TO become president of the
United States Steel Corporation the stipula-
ton was that he was to receive something
like $4,000 per year from Mr.. Carnegie for
looking after his interests in the new COM
bination. Mr.. Morgan was also TO pay about
an equal amount, and his salary presi-
dent was to be 100000 per year Whether
these figures will remain as they are is a
matter of the widest conjecture. 1t is quite
unlikely that Mr.. Schwabs salary will be
reduced, and 1t is also quite unlikely. as a
fnencier said tonight, that he will be al