The Providence News

Condition Such That President of U. S. Steel Co. Is Compelled to Give Up Active Business

Pittsburg, Aug. 18.—A Loretto, Pa., special says: President Charles M. Schwab, of the U. S. Steel Corporation has accepted the advice of physicians and decided to retire indefinitely from an active business life. He will leave America to seek some quiet nook in a foreign clime, where not an echo of the strenuous life he has led can reach him. This information is authentic.

Dr. Golden never leaves the Schwab home and the exact nature of his patient's illness cannot be learned through him. Mr. Schwab is not confined to his bed but spends much of his time on the wide veranda which affords fresh air and a sweeping view of the mountain slope. He is always with his wife or his parents.

The strange part of Mr. Schwab's illness is that he is always within view of those who call at his house yet he will not allow any person to approach him. Heretofore the visitor to the Schwab home was greeted with a hearty welcome and a vigorous handshake. Now the visitor is met at the entrance and told that Mr. Schwab cannot be seen. Intimates of the family receive the same message and none has been able to converse with President Schwab since he came back to his home.

The correspondent then says: "The people of this town who still call him 'Charlie' because of their early and intimate acquaintance with him, are discussing his prospective departure. They know he is a sick man and are relieved that he will spend possibly a year in an effort to regain his health.

"The presence of sisters belonging to the order of mercy in his home day and night since Thursday was another indication of illness. The nuns were not visitors, but it is generally known that they are nursing the man who has so many times befriended them and their institutions.

"The knowledge of the people of Loretto is that Mr. Schwab is going away somewhere. His destination will be kept a secret and he will do nothing but seek health until his nerves have been restored to their normal condition and his mind fully relieved of the great strain resulting from so many business cares. It was after learning that his health was very bad and that he intended to devote a year's time to recuperating that I passed into the grounds leading to the palatial home on the mountain top.

"Mrs. Schwab said that her husband would not see any persons and had not been receiving visitors for several days.

"Mr. Schwab sat on a couch within hearing of our voices. A paper was before his eyes. He exhibited no interest and made no attempt to move.

"Business associates, it is said, have been directed by his doctors to rid his mind of all business cares, and he is obeying the order religiously.

"Inquiry among the people of the town who have conversed with the Schwabs fully corroborated the stories that he intends to retire from active business life. His friends, however, deny that if he leaves the United States Steel corporation it will be at the dictation of any person other than himself."

COMMONLY ACCEPTED.

New York, Aug. 18.—The retirement of Charles M. Schwab from the presidency of the United States Steel corporation is now commonly accepted as determined upon, notwithstanding recent official denials and present reluctance in official quarters to confirm the report. In well informed quarters it is believed that the reason for this action, President Schwab's impaired health is the reason for this action. In well informed quarters it is believed that his retirement will be followed by extensive changes in the membership of the organization. The succession to the presidency is a matter of surmise only, and if it has been decided no information can be had on the subject. But there are many positions of importance in the United States Steel corporation now held by persons who are there on account of personal ties with Mr. Schwab, and who remained with the corporation from a devotion to his interests, growing from former association in the Carnegie company. It has been reported that the presidency would pass to James Gayley, the first vice-president of the corporation. Other rumors have pointed to H. C. Frick.