Schwab, Charles M.

Colorful Pennsylvania steel baron, “broke the bank” at Monte Carlo, died bankrupt

Price: $50.00

Description:
(1862-1939) Pennsylvania “steel baron”, went to work for Andrew Carnegie’s steelworks as a stake driver, became president in 1897. Negotiated 1901 secret buyout of Carnegie Steel by a group of NY investors led by J. P. Morgan, after which he became 1st president of US Steel Corporation. Resigned in 1903 to run Bethlehem Steel Co. Bethlehem developed the “H-beam” that revolutionized building construction and led to the age of the “skyscraper”. Producing such a steel beam was a risky venture that required capitalization and new plant construction to make an unproven product. "I've thought the whole thing over," Schwab told his secretary, "and if we are going bust, we will go bust big." Bethlehem Steel became the 2nd largest steel company in the world. Schwab was notorious for his lifestyle. He became an international celebrity when he "broke the bank" at Monte Carlo and traveled in a US$100,000 private rail car. He was ruined in the 1929 stock market crash. DS, 3 ¼ x 5 ½ printed “Application for Membership in the Pennsylvania Society” card, no place, no date, application for banker George F. Wildeman of Barnesboro, born in St. Philips, Indiana, Penna. resident since 1901, signed by James A. McClain and seconded by Schwab, his “CMSchwab” signature at bottom. Terms of membership printed on verso.

Condition: Very good
Type:Document






[View Shopping Cart]
[Home] [Articles] [Biography] [Calendar]
[Catalogue] [Search]



enbainc@cs.com

Edward N. Bomsey Autographs, Inc.
7317 Farr Street
Annandale, VA 22003-2516
(703) 642-2040(phone & fax)




Home
Home

Articles
Articles

Biography
Biography

Calendar
Calendar

Catalogue
Catalogue

Search
Search