The Montgomery advertiser., 1903-08-05
RESIGNATION NO SURPRISE
MT. Schwab Has Been in Bad Health.
T. F. Morgan, in Statement, Faye High Tribute to the Retiring President and Explains
 Cause of Change.

Charles M. Echwab as president of tne United States Steel Corporation was tea- dered and accepted at a meeting of the directors to-day. William Corey was unanimously elected his successor.
 Mir. schwab's resignation caused no surprise in financial circles, where ik had for some time been foreshadowed. Tho new president was for years one of Andrew Carnegie's ablest lieutenanfa. and is now president of the Carnegie Steel Company, one of the subsidiary con cerns of the United Stayes Steel Corpora- ton. It is scarcely more than month ago that Mir. Corey was appointed az sistant to the president 9Mr. schwahl because of the Iatter's i'll health.
 MT. schwab attended yo-day's meetin& of the directors. coming 70 town. it wee said for that purpose. He appeared 70 he in good health and spirits and seemed rather glad to be relieved Of the duties imposed on the chief executive of tH@ billion dollar corporation" Before anA after to-day,s meeting Mir. Schwab con< ferred with J. F. Morgan. Mir. Schwab vii: continue as director of the steea Corporation and member of It's Finance Committee.
 Formal announcement of Mir. schwabss resignation was made in the appenoeu form:
 Formal Announcement.
 At the regular meeting of the direc- tors of the United States Steel CorporR- ton to-day Mir. Schwab. In consequences of continued i'll health. rendered hle res iRnation as president. and 1t was ac- cepted. w. D. Corey. who has been for some time performing the active dut'eN of president. was elected to the vacAnexs eaI E1r- e1Z Directors, was created and E. II. 0ATX was elected to that position and Ntis continue to devote hts entire time kp the business uf the corporation. An aaviHHTg conmittee to consist of three directors. besides the president, to consider and make recommendations concerning ques- tions of manufacturing, transportati0n and operation was created, and F. c. Converse, William Edenborn and D c. Reid were elected as members of this committee. Mir. Schwab will continue to be member of the Board of Directors and of the Finance Committees"
 The foregoing statement given out by Chairman Gary was supplemented by the following from H. c. Trick:
 "Several months ago Mir. Schwab told me that he would very much like to be relieved from the presidency of the Steel Corporation on account or his continued i'll health and asked me to assist in so arranging. The mhtteF Wd5 ATEdHEGu Eu~ tirely upon his request Mir. Corey, who succeeds him, has been educated upon the same lines as Mir. Schwab and has been his associate for twenty years. am sure his election will give general satisfaction to all concerned"
 Mir. schwab Talks.
 Immediately after the election of hts resentatives to whom he made this in- formal afatement.
 "I want to say that think have been treated very unfairly by the newspapers in regard to the reasons for my retire. ment. A number of reasons including this American shipbuilding matter have been given for 1t but none of them b true. As a matter of fact the shipbuiid- ing question has neevr been subject of discussion between myself and the directors.
 "On my return from Europe six months ago. I tried to get Mir. Morgan and the directors to accept my resignation, but was unable to do so. That does not look as If had been forced out. Later I app pealed to MT. Prick and through him have finally succeeded in inducing the directors to accept my resignation. am as deeply interested in the United States steel corporation as ever. l am still the largest stockholder and remain as director and member of the executive committees. As a result of the meetings this after- noon, my work has been divtdd, P. H. Gary elected chairman of the board of directors and an advisory committee 10 the new president being appointed, com sisting of Daniel c. Reid, William Eden- born and Edmund c. Converse. The new president Is a close personal friend and has succeeded me in all the offices 1 have held My retirement Is on account of i'll health-nervousness. have been ID bad health for six months or more
 Mr. SchwabNleft his office soon after making the above statement. He made another visit to the Morgan banking house and 1t was said that he would leave the city for his country home in the early evening.
 Morgan's Statement.
 J. P. Morgan. departing from his usual custom made a statement as follows, after the meeting of the steel board:
 q deeply regret that the condition of MT .Schwab's health renders 1t impossi- bIa for him to continue at the head of the steel corporation. His loyalty to the interests entrusted 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. unequalIed powers as an expert In the manufacture of steel.
 ''I consider that in Mir. Corey the direc- tor have secured an eminently com petent successor to Mir schwab and am confident that the future win prove this to be the case. In fact think that today the Steel Company in all it's branches Is intrinsicaly in a stronger and better position than 1t has ever been"
 The new president has entered upon his duties and it may be authoritatively stated that with his election the steel corporation has inaugurated a new policy. There will be less centralization of power and increased responsibility in the work of the various companies. President Corey will devote his entire attention to the practically and technical sides of the steel and iron industries and will receive ma terial aid from the advisory committees whose membehs are specially well quail fled to act in that capacity. No other chareaa were announcAd.