Charles M. Schwab Biography, Life, Interesting Facts
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Charles M. Schwab was American Steel Magnate and businessman born on February 18th, 1862. Though he was successful in his businesses, he did not have a proper plan of spending his fortune. Eventually, he lost it all and resorted to begging for money in his later years. This led to his great depression from 1929 and later heart failure which led to his death.
Charles Michael Schwab was born on February 18th, 1862. His place of birth was in Williamsburg, Pennsylvania. He was the son of John Schwab and his wife, Pauline Schwab. He spent most of his childhood in Loretto.
Charles M. Schwab schooled in the Saint Francis College, currently known as Saint Francis University. Two years later, he went to Pittsburgh in search of a job. He landed one at Andrew Carnegie’s Edgar Thompson Steel Works Company where he served as a Stake driver. After a while, he rose to the position of an assistant manager. Eventually, in 1887, he became the manager.
In 1897, he was appointed as the president of the Carnegie Steel Company. This company later merged with Federal Steel Company with the help of Charles. The new corporation that was formed became U.S. Steel (USS) Corporation with Charles as its 1st president.
In 1903, Charles M. Schwab stepped down from his position at USS. He shifted to the Bethlehem Shipbuilding and Steel Company situated in Bethlehem, Pennsylvania. In 1911, Bethlehem Steel F.C. soccer team came into existence. Charles took upon himself to make the team professional. Gradually, the team became the best Soccer team ever in the history of the US.
In 1918, Charles M. Schwab was appointed at the Emergency Fleet Corporation as the Director-General. The former manager was Charles Piez. Later in 1928, he was honored with the Bessemer Gold Medal. This was for his major contributions to the steel industry. As a result, he became a very wealthy man and one o the most luxurious houses. He also led an extravagant lie, spending his money without a proper plan.
Depression And Loss Of Wealth
Charles M. Schwab also engaged in extramarital affairs along with gambling habits in his later years. Eventually, he had spent almost all his wealth and went into depression. This financial loss was a major setback or his Bethel Steel company. Consequently, its champion soccer team had to dissolve. In 1929, he went into a further depression which led to the loss of what was left of his wealth.
Charles M. Schwab was famous having many affairs, yet he had a wife, Emma Eurania Dinkey. He never had children with Emma. However, one of his mistresses bore him a daughter.
Charles Michael Schwab breathed his last on October 18th, 1939 following heart failure. His death occurred in London, England when he was 77 years old. He was laid to rest beside his wife at Saint Michael's Cemetery in Loretto.