Charles Schwab, American Steel Magnate
Charles Michael Schwab (February 18, 1862 - September 18, 1939) was an American steel magnate. He began his career as an engineer in Andrew Carnegie's steelworks. In 1897 he became president of the Carnegie Steel Company. In 1901, he helped negotiate the secret sale of Carnegie Steel to a group of New York-based financiers led by J. P. Morgan. After the buyout, Schwab became the first president of the Steel Corporation, the company formed out of Carnegie's former holdings. He left USS in 1903 to run the Bethlehem Shipbuilding and Steel Company. Under his leadership it became the largest independent steel producer in the world. In 1908, Bethlehem Steel began making the H-beam, which revolutionized building construction. During the first years of WWI, Bethlehem Steel had a virtual monopoly in contracts to supply the Allies with certain kinds of munitions. Schwab circumvented American neutrality laws by funneling goods through Canada. In 1918, he became Director General of the Emergency Fleet Corporation, a board granted by Congress with master authority over all shipbuilding in the United States. Schwab became notorious for his expensive lifestyle including opulent parties, high-stakes gambling, and a string of extramarital affairs. The stock market crash of 1929 finished off what years of wanton spending had started. He spent his last years in a small apartment. He died in 1939 at the age of 77. No photographer credited, 1901.
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