The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-05


acted on at the meeting Of the board which
was called for o'clock in the afternoon.
Mr.. Schwab attended the meeting. pre-
scented his resignation and then gave out
the interview to the newspaper men.
At about o'clock Mr.. Schwab left his
offices and went to Mr.. Morgans for a
short conference. IL was raining hard
as he came down the steps Of the Office
Of Morgan 4 Co. and went to the curb to
call cab to go uptown. 1t was several
minutes before the cab came, and in the in
terval Mr.. Schwab contracted with rain
soaked urchin for the purchase of several
afternoon newspapers He felt in his
pocket to get the money to fulfil his part
Of the contract and Rshed up only bills
A loan OF dime was arranged with by
stander and Mr.. Schwab drove to the Hotel
Lorraine. He will 60 to Atlantic City to-
day.
The new president Of the corporation,
W. f. Corey. was seen after the meeting
and asked il he would not say something
regarding his plans. He declined, how
ever. to make any statement.
This means. Of course. that you are going
to become a permanent resident Of New
York city2
"Oh. yes was Mr.. Corey's reply. He
added that he had not yet settled upon his
place of permanent residence here.
The meeting of the directors. which
was the regular monthly meeting lasted
from o'clock until $50. Fourteen Of the
twenty -four directors were present.
rur NEW co,cuTTEr
The creation Of the advisory committee
was favorably commented ON in Wall
Street. where it ia thought this step will
add new element OF strength to the manu-
featuring end OF the corporations business.
1t was noted that Messrs. Reid, Edenborn
and Converse, who compose the committee,
are old steel manufacturers, conversant
with all the details Of the work and equipped
to render President Corey valuable assist
ance.
The appointment Of this committee
and the selection OF Judge f.. H. Gary as
chairman of the board of directors make
complete the business organization OF
the big corporation. The advisory COM
mittee and President Corey are charged
with the manufacturing and commercial
sides of the business, Judge Gary. as chair
man of the board. has the supervision Of the
general business policy and the finance
committee has charge OF the intricate
and extensive finances Of the great cor
poration. The finance committee is I'M
changed. George w. Perkins is its chair
man, and the members, besides Mr. Perkins,
are H. c. Frick, H. H. Rogers. Norman
d. A
! f. II. Gary and Charles M. Schwab.
| MR.. scHwAB's RISE IN THE STEEL BUSINESS
| 1t has been understood that Mr.. Schwab
as president OF the United States Steel Cor
poration, has been receiving the largest
salary paid to any man in the United States
| According to current report. this salary
has included 100000 as a stated sum
per annum with, In addition, an amount
based uponS bac-Y snRAsenofits OF the cor
poration. Mr.. Schwab had been president
Of the Steel Corporation since It's organi-
zation, in the spring Of 1901. He was the
right hand man OF Andrew Carnegie in
the Carnegie Steel Company, and Wal
Street understood at the time the big stee
combination was formed that it was largely
through the influence OF Mr.. Carnegie
that Mr.. Schwab was selected to head the
combination in the executive capacity
He Is only little more than 10 years old
His first business experience was when he
became q grocer's boy at s2.5O a week. al
the age of II. Two months later he got Q
place az a stake driver in the engineering
department of the Edgar Thomson Stee
Works. receiving 81 a day.
| Six months later he became a superin-
| tendent in the works. He took charge OF
| the building Of eight Of the nine blast fur.
naces that the plant now has. He was ap.
| pointed superintendent Of the Homestead
Works in 1887 when he was rs years old
Under him these works were reconstructed
and made the largest in the world Of their
class In 1889 he became general superin-
tendent OF the Edgar Thomson Works,
| and the Homestead Works also were put
under him three years later. He was
made president OF the Carnegie Steel Com
| pany in February, 1897, when he was IS
years old. his salary being fixed at $50. 900
year, with an interest in the business.
The value Of this interest increased enor-
mously, and with the merging Of the Car
negie company into the United States Steel
Corporation, Mr.. Schwab became a very
rich man.