Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1903-08-07
scHwAB RESIGNS.
WIN. E. Corey UnanImously Elected
President Of the United States steel


President Of the United States Steel
Corporation.
New York, Aug. 5.--The resignation
of Charles NJ. Schwab as president of
the United States Steel Corporation
was rendered and accepted at a meet
ing of the directors yesterday. Will
lam L. Corey was unanimously elect
ed his successor.
Mr.. Schwab's resignation caused no
surprise in financial circles, where it
had for some time been foreshadow
ed The new president was for years
one of Andrew Carnegie's ablest lieu
tenants and is now president of the
Carnegie Steel Co., one of the sub
sidiary concerns of the United States
Steel Corporation. 1t is scarcely
more than Il month ago that Mr..
Corey was made assistant to the
president (Mr. Schwab) because of
the latter's continued i'll health.
Mr.. Schwab attended Tuesdays
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 the meeting Mr. Schwab
conferred with j. p Morgan.
Immediately after the election of
his successor Mr.. Schwab met the
press representatives. to whom he
made this informal statement:
81 want to say that l think | have
been treated very unfairly by the
newspapers in regard to the reasons
| for my retirement. A number of
reasons, including this American
| shipbuilding matter, have been given
| for it. but none of them is true. AS
matter of fact the shipbuilding
question has never been subject of
| discussion between myself and the
| directors.
"On my return from Europe six
months ago l tried to get Mr.. Nor
gan and the directors to accept my
resignation. but was unable to do so.
| That does not look as if ] had been
| forced out. Later | appealed to Mr..
| Frick and through him have finally
succeeded in inducing the directors to
accept my resignation. l am as deep
ly interested in the United States
Steel Corporation as ever. / am still
the largest stockholder and remain
as director and member of the eXecu-
tive committee. My retirement is on
account of i'll health-nervousness. l
have been in bad health for six
months or more"
j. p. Morgan, departing from his
usual custom, made n statement as
follows after the meeting of the steel
board:
81 deeply regret that the condition
of Mr.. Schwab's health renders it i'm
possible 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 its formation,
unification and development his un-
equalled powers as an expert in the
manufacture of steel.
81 consider that in Mr.. Corey the
directors have secured an eminently
competent successor to Mr.. Schwat
and | am confident that the future
will prove this to be the case. In
fact | think that today the steel com,
pany in all its branches is intrin.
scally in stronger and better posi-
ton than it has ever BEEN
The new president has entered
upon his duties and with his election
the steel corporation has inaugural
ed a new policy. There will be less
Capitalization of power and increased
responsibility in the work of the yar;.
Gus committees.