The Providence news. (Providence [R.I.]) 1891-1906, 1903-08-05

New YORK. Aug. b.-CndrleS M. ocnWdD
presented his resignation as president OF
the United States steel corporation to
the board OF directors yesterday. The res
nation was accepted and William r.
Corey, who has been acting as president,
was elected in Mr.. Schwab's stead. The
board OF directors issued the following
statement after the meeting:
At the regular meeting OF the directors
OF the United States Steel corporation
today Mr.. Schwab. in consequence OF
continued I'll health, rendered his resig-
nation as president, and IL was accepted.
Mr.. w. f. Corey, who has been for some
time performing the active duties OF the
president was elected 10 the vacancy.
The Office Of chairman OF the board OF
directors was /, created and Mr.. T.. II.
Gary was elected to that position and
will continue to devote his entire time
20 the business OF the corporation. An
advisory committee 10 consist OF three
directors, besides the president, to con-
sider and make recommendations con-
oerning questions OF manufacturing,
transportation and operation, was
created, and Messrs T.. G. Converse,
William Edenborn and ID. c. Reid were
elected as members OF this committee.
Mr.. Schwab will continue TO he a mem
Der OF the board OF directors and the
Mr.. Morgan made a statement regret
ting Mr.. Schwab's resignation and de-
claring his belief that 'the steel com
pany in all it's branches. is intrinsically
tn a stronger and better position than
II ever has been"
NERVES OvERwROUGHT.
After his resignation had been accepted
Mr.. Schwab called the reporters into his
private office for an interview. His app
@k..N
the tan from exposure to wind and sun
was noticeable. but his restlessness and
quick speech betrayed the overwrought
nerves. which he himself confessed TO.
He asked that no notes be taken until
he had finished. and began: II want 10
say in the first place that the newspapers
have treated me badly. The reasons
given by them for my retirement from
the company have not been at all Just,
they really have not been Just.
In the first place. l have not been at
all embarrassed In my relations with
the company by the affairs of the
United States shipbuilding company. nor
have they played any part in this mat
ter. That subject has never been men
toned between Mr.. Morgan and myself
or any OF us. and the stories regarding
the part OF the shipbullding company in
this matter have been absolutely absurd.
I'm the second place, no one ever
asked me to resign. When / returned
from Europe In January i was by no
means well. and / did my best at that
time to bring about my retirement from |
the presidency of the United States Steel |
company. / was Ill. II l had had my own |
way at that time 1 should have retired l
tried TO retire. but the directors and even |
Mr.. Morgan held me back by the coat |
tails. / even got Mr. Frick to fix the
matter up and try to make the way clear
TO enable me TO retire from the Office |
for in spite OF newspaper stories 10 the |
contrary Mr.. Frick is my good friend. |
He finally succeeded in arranging the
matter for me. He will give you n state
ment himself, telling the exact facts In
the matter. You see. therefore. how
badly have been treated.
HOLDS MOST OF STOCK.
"I am still the largest stockholder I'm
the steel corporation. Mr.. Corey, who
succeeds me. is my best friend. and has
succeeded me in every position l have
held in 20 years.
II am still a member OF the finance
committee and I am still director Of
the corporation and intend TO remain
SO. The duties OF the position l resign
have been divided. so as to relieve my
successor OF considerable work which de
volved upon me.
"These changes include the chairman
ship of the board OF directors. which /
held. but which will now be held by
Judge e. II. Gary. and an advisory com
mittee has just been created TO supervise
manufacturing. The finance committee
also will take upon itself much OF the
work.
az want it understood clearly that Mr.
Morgan and myself have always been
the best OF friends and have agreed on
every subject which has come before the
corporation. Stories Of dissensions be-
tween us are ridiculously false. Mr.
Morgan VIII give you statement nave
asked him to do So"
What are you going 10 do nowE
asked one of the newspaper men.
II am going TO try TO get better re-
piled Mr. Schwab, smiling. Il spent \
six weeks IN Philadelphia, endeavoring
20 rest. and have been at Atlantic city /
for the same purpose. and am going
right back there now"
In answer 10 question Mr.. Schwab /
said: Il have been suffering from ner-
vousness. A nervous breakdown guess
thats 81"
1T was said on behalf - Mr. schwab
that he had sold none Of his steel stock
Mr.. Schwab win go 10 Atlantic City.
tomorrow. The new president OF the cor
poration will take up his residence In this
city at once. u has been understood
that Mr. Schwab president % the
United States Steel corporation has been
receiving the largest salary paid 20 any
man IN the UNITED States According /
20 current report this salary has in /
cluded 100000 as a stated sum. with. IN /
addition an amount based with the years /
profits OF the corporation.
Mr.. MORGAN TALKS
Mr.. schwab has been president of the |
steel corporation since Cts organization
IN the epring of 1901. He was the right
hand man OF Andrew Carnegie IN the
Carnegie Steel company and Wall street
understood at the time the big steel com
bsnation was formed that ~ was largely
through the influence OF Mr. Carnegie
that Mr. Schwab was selected 20 head
the combination in the executive capa-
city. He r. only a little more than ~
years OF age.
usual custom. made a statement az fol- /
Iovs after the meeting OF the steel board.