The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-05
SCHWAB DROPS PRESIDENCY.
". r. COREY SUCCEEDS HIM IN
l.. S. STEEL CORPORATION.

r, r,rv Made Chairman ~f Finance
COmnitter' """ ~" A"'"oFs s"'''-
mlttee Appoint ed-St at ements by j.
r~.,. uo,w.n Nsr schw,h .ns,
x,.,,,
Henry u FricM - W.T. ec""S" S'"'
Director, Member OF Finance Com.
mittes and Largest stock holder.
'haries W. - ~ Tu,,aa s,atss
n"''V'l - 70 ,h,, hoard ~ l;ra,sors
ras,erdov The resignation was accepted
Wv, yII;,,, u corav who has heep acting
"'u -. 80. ..,,,.,a j.; NJ, Sobw.b's
as P,eer w. ,:....~, ;.,,,,n, ~.
-'ead' ihe ooai" Vi
following statement aloer the n'oe'his'
A, tho regular meeting Of the directors OF
,bs Tnited states Steel Corporation to-day
NJ schwab in consequence of continued
N heol,h rendered his resignation as presi-
don, and il was accepted. Mr. w. +. Corey,
aho bas been for some time performing
an. active duties of the president, was elected
=. tho vacancy. The Office OF chairman OF
~, hoard of directors was created, and Mr..
: n Gary was elected to that position and
viii continue to devote his entire time to the
business oil the CORPORATION; An , aus'so.s
tlpra md Ia
ISL" e o noncerninr onestions M
manufacturing. transportation and operation,
was created, and Messrs. E. e. Converse,
William Edenborn and d. @. Reid were elected
n members OF tins committee. Mr. scnwao
will continue 10 De melhoer Vi .ne "'a'u Vi
directors al" '"' "''"'' 'o''N''''o
STATEMENT BY ]. PlERPoNT MORGAN
Mr.. Morgan made the following state
ment at his office after the meeting Of the
steel board:
o. .,,,. 49,, ,.na,,,o, =, ur
uep' nnS.t, r ."nS IL in,nossihIs ror
HIM ~ contnms nj the head Of the steel Cor
morotion His LOYALTY TO the interests in
trusted to him cannot be doubted. and from
The early days Of the inception Of the cor
poraton he gave to its formation, .unification
and development his uneaual'ed powers as
an expert IN the manu'acture oI s'sei,
e'ls.ues Una. Al , Mn, tD.'y WV so'
."ssor ~ NJ schwah md nm conadent that
the future will prove this to be the case. In
fact, think that to-day the steel company
in all its branches is ntrinsically in stronger
and better position than 1t ever has been.
INTERVIEW WITH MR.. sCHwAB.
After his resignation had been accepted
Mr.. Schwab called the reporters into his
private office for an interview. His ap-
pearance was that of a robust man, and
the tan from exposure to wind and sun
was noticeable, but his restlessness and
olick speech BETRAYED the overwrouRh,
nerves, which he himself confessed to
He asked that no notes be taken until he
had finished and began:
Il want to say in the first place that the
newspapers have treated me badly. The
reasons given by them for my retirement
( from tho company have not been at all
y Just, they really have not been just.
In the first place have not been at all
embarrassed In my relations with the COM
pany by the anairs OF the United States
Shipbulding Company, nor have they
played any part IN this matter lnat SUD-
lect mas never been mentioneo petWeer
MIR. Morgan ana myseH or any OF us, ano
me stories regarding the part OF the snip
building Company In THIS matter nave peer
absolutely ABSURD
In the second place no one ever asked
me 10 resign. Wnen 1 returned IrOH
Europe In january was by no means well
ana did my best at that Cline 10 orhe
about my retirement from the presidency
w 'o S
was IT. III mad mao my own way AZ Una!
lime L shouid nave re'lreo. trieo marc
10 rehre' out the oirectors' ana even Mr
Morgan held me pacK py inc coAttaiis
even got Mr.. FLICK TO NIX tine matter up
and try to make the way clear TO enable
me TO retire from the once, Tor IN spite
~ newspaper stories 10 tne contrary Mr
FilcK is my good friend he mas nnaiiy sue
rceded III arranging TINS matter lot me
lie VIII give you statement nlmself, tell
",e ,le CSaot iac'S IN the mater. iou
therefore,, now oaoiy nave Deen .rea1eo'
am sun the larsest stochnoioer IN
''' o'ee' |orporatioh' MT Iorey' VINO
succeeds me- IL my pest iriena ana mas
'"c'eoe" me IN every posi'ioh ha'e heio
III twenty years
d" sun. MEMBER Oh 'he hnahce COIL
"''''ee ana am SUN director OF tne cor
FTa'ioh ana lhteno 10 remain So Inc
duties OF the position l resign nave been
"'''oeu so AS 10 relleve my successor OF
considerable work winch deVolVed upon
4T,,o,o A.,
Of the board Of directors which held hut
which will now he held bv Judge F, n
Gary and n, ,d,;sor,, o,oro,,ittaa hos ;,s.
been created to supervise manufacturing.
The finance committee also will take upon