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Show SCHWAB STARTED AS A POOR BOY -.wrr Studied as an Engineer, Then Obtained Employment in the Carnegie Works and Was Rapidly Promoted Until He Became Head of the Big Steel Trust. - -H "I am not tho bragging kind -t- I am just satisfied, that's all, that what my father told mc 4 about working early and late If you want to get any place was -f the system thatma"de me sue- cessful." -r Charles M Schwab. 4- - -r 4- 4-4- The story of the Hfe of Charles M Schwab Is one ' of few, and recommended recom-mended him to a place among tho richest men of the unherse. He has succeeded Carnegie as steel king. v.ith an estimated salary of ?SOO,000 annually, which is tbe smallest part of an enormous income The combination, known as the Sarnegio Steel company, of which Schwab Is president, has a capital oi moro thau 1,000,000,000 and controls con-trols eight of the largest steel undertakings un-dertakings in the -country, altogether no less than 274 establishments The profits of the Carnegie company alono for 1900 are said to have been 40.-000.000, 40.-000.000, while the aggregate profit of all the concerns under the one head Is plnced at $S7,400,000 Charles M. Schwab was born in Williamsburg, Pa.. February IS, 1SC2. His father was employed In a woolen wool-en factor there At the age of 10 Schwab went to Lorctto, on the crest of the Alleghany mountains He had set his mind on being an engineer, and so studied and went through a Bdnetlfic course, graduating from college in 1880. Rapid Rise In Six Months. About this time Schwab's father obtained the contract for carrying the mail between CreEBon and Lorctto. The son drove the stage. During his spare time he worked on farms. From Lorctto Schwab went to Braddock, near Pittsburg, where he found work in a grocery store. It was in 1SS1 that Captain Jones, one of Carnegie's Carne-gie's superintendents, came Into tho store Schwnb knew him and determined deter-mined to ask him for work, which, as the result of the impression the young man made, was soon forthcoming forthcom-ing Schwab went to work at the iron works at 1 a day, driving sLikes. In six months ho vas promoted, not ono or two places, but far up the ladder, taking Cadaln Jones' place as super intendent of the plant at Braddock, at a salary of 5,000 a year. In this position ho attracted the attention of Carnegie, and from that time his progress was easy. Ho was made the superintendent of the Edgar Ed-gar Thompson works of the Carnegie Carne-gie company at Braddock, later being made chief engineer and general manager man-ager He filled those positions until un-til 1SS7, when he was made superintendent super-intendent of the Homestead works. There he did great construction work, introducing many improvements. improve-ments. It was mainly under Schwab's initiative that the Carnegie companv undertook tho manufacture of armor plate Tho company officials had been frequently approached by officials offi-cials of the navy, but handling such heavy articles entailed such danger and necessitated such costly additions addi-tions to the plant that Schwab's predecessors pre-decessors had hesitated to incur the outlay. But under his regime this part of the business was made possible, possi-ble, and with unlimntcd success. Following the death of Captain Jones In 1S80 Schwab returned to the Edgar Thompsou works, where tho general superintendence of all the works could be carried on. In 1S97 he succeeded John A Loishman as president of the Carnegie Steel company. com-pany. oo |
