Collier's New Encyclopedia (1921)/Schwab, Charles M.

SCHWAB, CHARLES M., an American capitalist and public official, born at Williamsburg, Pa., in 1862. While still a boy he entered the employment of the Carnegie Company as a stake driver. He attracted the attention of the officials of the company by his efficiency and was gradually promoted until he became in 1881 chief engineer. He was soon afterward appointed assistant manager and from 1889 to 1897 was general superintendent of the Edgar Thompson Steel Works. During the same period he was also superintendent and general superintendent of the Homestead Steel Works. From 1897 to 1901 he was president of the Carnegie Steel Company, Ltd., having become one of the most trusted lieutenants of Andrew Carnegie. He persuaded the latter to accept the plans made by J. P. Morgan for the formation of the United States Steel Corporation and on the formation of that organization was elected its president. He resigned in 1903 and became president of the Bethlehem Steel Corporation, which was built up under his management, until it became one of the largest steel making enterprises in the world. During the first years of the World War his company had a virtual monopoly in contracts to supply the Allies with certain kinds of munitions. Mr. Schwab made many visits to Europe in connection with the manufacture and supply of munitions to the Allied governments, during this period. When the United States Government undertook the construction of ships in 1918 and formed the Emergency Fleet Corporation, Mr. Schwab was appointed director-general of shipbuilding, and largely through his efforts the problem of the replacing of ships destroyed by submarines was solved. He served until December, 1918. Mr. Schwab established an industrial school at Homestead, Pa.;

gave an auditorium to the Pennsylvania State College; founded a home for children on Staten Island, N. Y.; and gave to his native town, Loretta, Pa., a Catholic church costing $150,000. He was one of the most valuable advisers of the government during the reconstruction period following the World War.