Word: schwab
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Dates: during 1930-1939
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Sailing with his valet for a vacation in Europe, Bethlehem Steelmaster Charles Michael Schwab pontificated: "Don't strive for riches. That's my advice to young...
Died. Pauline Faraburgh Schwab, 93, mother of Bethlehem Steelmaster Charles Michael Schwab; in Loretto...
Last week Bethlehem Steel's Chairman Charles Michael Schwab and President Eugene Gifford Grace wrote a letter to their stockholders which began: "As you know, Bethlehem Steel Corp. is a holding company in that its assets consist chiefly of stocks and obligations of its subsidiary companies and it does not own or operate any physical properties. Its chief income, therefore, has always been in the form of dividends...
...Messrs. Schwab & Grace went on to explain that, thanks to New Deal tax measures, holding companies were now something of a liability. Reasons...
Since the case against the holding company was so strong, wrote Messrs. Schwab & Grace, Bethlehem was about to transform itself into an operating company, absorb four subsidiaries, "as the initial steps in a consolidation program." Still outside the fold are some 60 other Bethlehem subsidiaries including the most important ones...