Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-08-05
SChWA8'S RESIGNATION.
rendered 10 and Accepted by Directors Of The
U. s. SeeI Corporation.
M HeaIth Was the Cause 80 lie Re-
maths The Larges, stockholder In
The BiIivn Dollar Concern.

New York, Aug. i.-The resignation OF
Charles N. Schwab, as president of the
United states Steel corporation was ten
dored and accepted at a meeting of the
directors today. William L. Cory was
unanimously elected MS his successor
Mr.. Schwabs resignation caused no
surprise IN financial circles, where It
had for some time been foreshadowed.
The new president was for years one of
Andrew Carnegie's ablest lieutenants,
and Is row president of the Carnesie
steel company, one OF the subsidiary
concerns Of the United States steel
corporation. 1t is scarcely more than
month ago that Mr.. Cory was made
assistant to the president. because OF
schwabs continued IN health.
Mr.. Schwab attended today's meeting
OF the directors coming TO town II was
said, fof that special purpose. He APP
peared TO be In good health and spirits,
aud seemed rather glad TO be relieved
OF the duties imposed upon the chief ca
ocutiye of the billion dollar corpo-
ration Before and after today's meet
ing Mr. Schwab conferred with j. 7,
Morgan. Mr.. schwab will continue as
a director Of the Steel corporation and
a member OF It's finance committee.
Formal announcement of Mr. Schwab's
resignation was made In the appended
form.
AT the regular meeting OF the dlrec-
tors of the United States Steel corpora
ton today Mr.. Schmab In consequence
Of continued lll-health rendered his res
ignation as president and II was ac-
cepted. W. r. Cory who has been for
some time performing the active duties
Of the president was elected to the va
oancy The Office Of chairman Of the
hoard OF directors was created. and H.
II. Gary was elected to that position
and Will continue TO devote his entire
time 10 the business of the corpora
tion. An advisory committee, 10 consist
OF three directors beside the president
to consider and make recommendation
concerning questions Of manufacturing,
transportation and operation was ere.
ated and T.. e. Converse, William
lIdenborn and ID. c. REID were elected
rs members OF this committee. Mr.
Schwab win continue to be a member
of the heard of directors and a finance
committee"
The foregoing statement given out
by Chairman Gary was supplemented
by the following from II. c. Frick:
Several months ago Mr.. Schwab told
mo that he would very much like 10 be
relieve Of the presidency Of the Steel
corporation on account of his III health,
and asked me TO assist IN go arranging.
The matter was arranged entirely ON
his request, Mr., CORY, who succeeds
him, has been educated on the same
lines ~ MI Schwab and has been his
associate for 20 years. / nm sure his
election viii give general satisfaction
TO all concerned
Immediately after the election Of his
successor, Mr.. Schwab met the press
representatives TO whom he made this
Informal statement:
Il want TO say that have been treat
cd unfairly by the newspapers In re-
gard to the reason for my retirement A
number OF reasons, Including this
American Shipbuildmg matter, have
heen given for H. but none Of them is
true As a matter Of fact the ship
building question has never been
subject OF discussion between myself
and the directors.
"On my retdrn from Europe six
months ago ] tried TO get Mr.. Morgan
and the directors to accept my resigna-
lion. but was unable 10 do so. That does
not look as though I had been forced
out? Later | appealed TO Mr.. Prick.
and through him have finally succeeded
IN inducing the directors TO accept my
resignation. ] am as decr-y interested
In the United states Steel corporation
as ever. ! am slill the largest stock
holder, and remain as n director and
az a member OF the executive commit
toe. The new president Is a close per-
sOnal friend. and has succeeded me in
al the officer I have held. Ny retire
ment is on account OF III health. ucr-
vousness. I have been In bad health FOR
six months or more.
J. =. Morgan made a statement as fol-
lows:
Il deeply regret that the condition OF
Mr.. SchW abs health renders II impOss-
HE for him 70 continue az the head OF
the Steel corporation. His loyalty 10 the
Interests intrusted to him can not be
doubted, and from the early days Of the |
inception Of the corporation he gave TO
It's formation, unifcation and devel-
opment his uncnualed powers az an ex-
pert IN the manufacture Of steel.
Il consider that IN Mr. Cory the d.
rioters have secured an eminently COM
peient successor to Mr.. Schwab. and l |
an confident that the future viii prove |
thg 10 De the same case. Ia fact, | |
think that today the steel company In |
all It's branches IL intrinsically in a