Charles M. Schwab

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Charles M. Schwab

An American industrialist and steel manufacturer (1862-1939). He began to work as a stake driver for the Carnegie Steel Company and quickly rose to become its president. He secretly negotiated Carnegie's sale to J.P. Morgan and other investors in 1901. He continued as president of U.S. Steel, Carnegie's successor company, until 1903, when a conflict with another executive caused him to form Bethlehem Steel Company. It became the largest steel producing company in the world. He became very wealthy, but lost most of his money in the 1929 stock market crash. He was not related to Charles R. Schwab.
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Cofounders Lucille (Nickle) Newsom, Abe Jaffee, Richard Nichol, Lois Schwab, Charles Haines, and Walter George were from a variety of organizations and states.