The free lance. (Fredericksburg, Va.) 1885-1926, 1911-01-07
COREY FORCED OUT
Head Of Steel Trust Dis.
agreed With Board.
IS Wall STREETS VIEW
He Favored Reducing Prices 10 At
tract NeG Business and Was
0verruled by Stand Pat
Directors
IS Wall SIRtFT'S VIEW

New York, Jan. William Il. Corey,
resigned president OF the United
States Steel Corporation, was at his
desk in the trusts Offices. but be de-
clined to add anything TO his state
ment concerning his withdrawal.
Those Intimately associated with
him said he was in no way cast down.
lie was rather glad. they remarked,
to leave his post as he was not well
and wanted long rest
He expects to remain president Tor
several months. however, or until the
annual meeting OF the corporation In
April. Then he will go to Europe.
That the resignation had been sub
mitted several months before It would
become effective was explained by the
fact that Corey wanted time to ar
range those OF the corporations affairs
over which he had direct charge, so
that there would be no hitch in turn
ing over the relns OF control to his
successor or successors.
Il was reiterated that the relations
existing between the president and
other officers Of the trust were har'
monious and that Coreys withdrawal
was not the outcome OF factional diff
ferencss.
Wall street as a whole, however, de-
cllned to accept the explanation that
Corey had resigned because OF need
ing a rest. II was surmised that per-
sonal considerations OF several years
standing had entered into the situa-
ton. but the consensus OF opinion was
that the change was brought about be-
cause OF friction which had arisen be-
tween the president and his superiors
over general questions Of policy.
He Favored Reductions.
In this connection. 1t was pointed
out that early In 1909 Corey was
strongly in favor Of reducing prices
to attract new business. but was over
ruled until shortly before the open
market was declared. late In February.
In well Informed quarters II was as
serted that for weeks past he had IA
vored n repetition OF the February,
1909. program. with the result that he
had stirred up criticism from that ele-
ment OF tho management known In
Wall street a. the "standpatters "
In the course Of the wild specula-
ton In Steel common stock in 1909,
and early in 1910. the name OF more
than one prominent director of the
Steel Corporation was commonly men
toned in Wall street gossip as being
connected with a powerful stock mar
ket pool. In fact. the manipulation In
Steel was commonly attributd to the
inside pool" Such talk, It was said,
had been bitterly resented by the con-
sentative members OF the corporation
board.
II was asserted, further. that more
than one director OF the corporation
had been criticised recently for the
activity shown in outside interests.
Corey is the third OF the old Car
negie Boys" who has severed his re-
lations with the steel trust in the last
fe wyears When the trust was FORM
ed, ten years ago, nearly all Of the
young Carnegie Steel company lieu
tenants entered the combination as
executive heads OF the different subsi-
diaries OF as high rank officers in the
main corporation. Charles NJ. Schwab
became president of the trust and
James Galley first vice president, while
Corey was made president Of the Car
negie Steel company. All three of these
men have now resigned.