Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-01-26
CHWAB, WEEPING,
EPEATS DENIAL Of
JGGL|NG 100000
I ethlehem Steel Co. Head
Breaks Down Under
Strain at Inquiry.
RIBUTE BY PRoBER
RELIEVES THE TENSION
rowd Cheers War Service
as Chief Of Emergency
Fleet Corporation.
SSOCIATES DEFEND HIM
nicials of Big Company Declare
That No Part OF Expenses
Came From L. S. Golfers.
SSOCIATES DEFEND HIM
liicinls of Big Company Declare
That No Part OF Expenses
Came From L. S. Golfers.
nf nonsnT j. BENDER,


e"m 20 require pretty big hurt to
reak the emotionn! control OF nan
ke Charles NJ Schwab. known
throughout the bus!ness world as a
Constitutional ontim!s; and chronic
uthus!nst
SO u was not strang. that when
chwah suddenly halted his testimony
efore the congressional Shipping
'oard proDers here late today and
pehly wcpt, there was "A reaction on
lie part OF the committee .ncmbcrs.
! 'fess representatives and oniookers
nat developed cheering ana hand
tapping rs oyIdcncing confidence IN
rr bls, broad. .shouldcrcd steel man.
Possibly II WAS the usual heart
finE pun tina, follows an emotional
'Feahhown by powerful man. But
seemed. rather, tho result O.. many
'ourJ G: watching Schwab az ic sat
hrough the long session,
the H.ad ot the Bethlehem corpor-
st.ou Is one or those men who is
roud o: his administrative family.
- 10 wa. With perfectly obvious pride
nd Yasi enjoyment 10 himself tina,
r5Hr bFoGshi hIs youngsters" from
tithlyiem. Pa. before ,ac consres,
S!ona. probers today.
Pleased by Associates.
Like II father. listening 10 his chill
drs'n rccitc successfully At some pub
t[-schooi entertainment. Schwab sat
Jhy ANA smiled. Sce;iculatcd. laughed
ior viewed with pride as one or The
other " his men drove nome a point
or clearly dt,nDustratc! ne knew his
business during the days grind OF
tcg,lmony.
Eugene =. Grace. presijcn, Of the
Bethlehem steel Corporation and the
"eld,st OF SchwabA boys" was nrs;
az. tho stand. Grace was followed by
IS; 4. Shick, comptroller OF the Beth
lchcm corporation ana the man who
appurtiCns profits and losses about
the l:rthichem holdings. Following
/ Sh.ck was = sun Younger man. w. G..
unnk, assistant auditor. Tn" objec-
tive OF all three was clearing The
mystery o. what became OF 4 $780,
oc0 voucher. recently declared by cN-
,rrt accountants TO have covered per
.5nal expenses OF Charles NJ. Schwab
ing costs OF government ships.
Schwab several days ago denounced
IN. irs!nuatlon as an 'unmitiga.ed
fa!sohood." and today he brought his
"boys" up before the committee TO
provc it, Each one in turn. in reply
to the same question from the chair
man of the congressional prober, de-
claycd'
THAT Mr.. Schwab in no way, shape
or form had ever received from the
United states Treasury. the shipping
BOARD or the Emergency Fleet Cor
roration, any money. either by way
of salary for service rendered or re-
iuburscment Tor expenses incurred.
..Isrlng his work as director general
oil the Emergency Fleet Corporation.
Says Company Paid Expenses.
As for the mysterious voucher
which started all the trouble. each
, NJ the boys" in turn testified that
IN. sum covered in the voucher was
charged to profit and loss" OF the
ne,hlshem corporation: was never
collected in part or in whole from
the government by being added to the
construction costs OF ships-and
never would be. The voucher and
ether Of Schwab's expenses, all de-
eInred. we're paid by the corporation
alone.
~, when Grace finished testifying,
schwab. his face aglow and wreath
cd in smiles. jumped from his chair
and pat;cd him on the back and said,
"Fnc busincss!"
After Shick had finished. both
ecbwab and Grace met him coming
from, the stand with smiles and as
surances that he had done well.
when the young assistant auditor
had gone through the mill OF ques.
flaming and had stood by his guns
unHlnchingly. Schwab, Grace and
erShicl; joined In the reception at the
roar OF the committee room.
II was an unusual procedure. II
was very much like family or col
IcCc cheering party. 1t was the sort
of personal contact and spirit of CO.
operation that made Schwab popu-
lar through the shipyards during the
war--and built n record number of
vessels in less than n years time.
Steel Mnn Breaks Down.
Then Schwab himself took the
stand sort Of climax to his fam
ily's" day at court. The question:
Ing by the probers got around. of
course, to the voucher. Schwab de-
scribed how, after testifying last Fri
day and denying that he had col
f, iected any money from tho govern
ment to cover personal expenses. he
met Pcrley Morse, the expert ac-
countant, whose audit. OF the Beth
1chem books revealed tho $2so.ooo
CONTINUED on Second Page.)