Salt Lake Tribune | 1904-07-30 | Page 4 | Local News

Mr. Charles M. Schwab resigns from the directorate of the United States ,SteeI corporation, and' Its board accepts the resignation. The net earnings reported re-ported are cut nearly in hnlf, and thc-common thc-common stock is left out in the cold, as usuar; In the parsing out 6f dividends. It Is a sad commentary on the financier-,lng financier-,lng which massed yuch an aggregation of fictitious capitalization, and glutted the market for two years with securities securi-ties based on nothing, and with stock for which a frantic public struggled for a time to get and then struggled harder, to unload. So scandalously overissued was this stock that the "klnga of finance" who It-sued It took the earliest possible moment to confess their error by an effort fo retire a quarter of a bll-lidn bll-lidn dollars of It, oubgtltuting bonds Instead, In-stead, but, though offering stiff bounties, boun-ties, they met with Indifferent success It was a badly managed job, from first to last.