Schwab, Charles M.

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

Price: $30.00

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 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. 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. Signed 2 ¾ x 4 ½ card, typed identification at bottom

Condition: Very good, mount remnants verso
Type:Signed Card






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