The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-04-05
QUA VAIL STREET. LET1ER.
By w. @. Nicholas.

OF the stockholders Of the United
States Steel corporation reports Of
Chas. NJ. Schwab's retirement from
the presidency assume definite form.
Mr.. Schwab's usefulness as the head
Of the corporation has been somewhat
impaired by his III health and by the
dissensions which have sprung up in
the Administrative and executive de
partments. Mr.. Schwab was given
the presidency by Mr.. Carnegie, who
insisted upon having his representa-
tive in control during the first year
or two OF the life Of the combine. The
great iron master has recently shown
waning interest in the active direction
OF the business and his protege is ap-
parently not unwilling to give way to
another. This is understood to be
agreeable TO Mr.. Morgan, who really
dominates the trust. and at the meet
ing next week his finance committee
will name successor. Indications
point to the elevation Of II. c. Frick
to that important position. Several
persons identified with the manage
ment Of the corporation are ambitious
for the ofice but It is becoming evil
dent they will be disappointed. II they
are not satisfied. however. they will
always be at liberty to draw out. and
this is probably what one or two of
them will do. II is understood that
Mr.. Schwab did not realize until his
return home the extent OF the objec-
tion to his remaining at the head Of
the corporation. Prior to his depart
ure for Europe he was a constant Wis
itor at the office Of J. Pierpont Nor
gan and was in daily consultation
with the financier. Since his return
he has only been to see Mr.. Morgan
two or three times and then briefly on
each occasion. Should Mr.. Frick per
sist in refusing to become president
OF the steel trust or find that he
could not secure the position without
engendering unnecessary Ill feeling
among large stockholders particular
ly Mr.. Carnegiel II may be decided
to lodge the active management in a
council of three to FIVE men and elect
as president Mr.. James Gayley. who
is now first vice president In such
event Mr.. Schwab will probably be
asked to serve as a member of the
managerial council.
Discussion as to how the govern
ment is going to finance the pay
ments for the Panama canal and the
probable effect of the transaction on
the money and stock markets has
brought to light the fact that almost
II not quite half of the ownership OF
the canal is held in this country. The
identity of the American partners is
kept secret but information that
there is a large American interest
will be no surprise TO those who have
kept in touch with the agitation lead
ing TO congressional action in the
matter. It will also account for the
hitherto unexplained anxiety Of inhu
ental people TO unload the canal on
this government at an exorbitant fig
ure. It is said that not more thar
500 600, 900 or 25.000.O00 at the out
side will have TO be paid to foreign
ers. Secretary Shaw has decided &c
make these payments out OF the funds
in the treasury vaults. He has fg
ured that by the first of July when hi
may have TO begin making the dis
bursements he can spare every dollar
OF the amount from the idle surplus
on hand leaving undisturbed the de
posits in national banks. This should
give tangible relief TO the monetar
situation.
j. Pierpont Morgan will take his de
parture for Europe this year earle
I than usual and he intends to maxi
/
prolonged stay there. He eXpect
to sail on the sth of this month. Prio
10 his departure he has taken the pub
lie into his confidence sufficiently 4
: say that he is a bull on the countr
+ and believer in continued prosperit
and higher prices for stocks. He /
in no fear that the "undigested mas
} of securities" which is the chief stoc
in trade for the bears, will long r.
main out OF the hands of investors
He gives these securities his cordis
endorsement and says they are nearl
all sound and stable He ought
know. for he helped manufacture
large part OF them himself and ma
who will not stand by his own chi