Charles M. Schwab and E.C. Grace, by Frank O. Salisbury.
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Oil on canvas of Charles M. Schwab [seated] and E.C. Grace. [standing]

Credit: Courtesy of the Linderman Library, Lehigh University

Asked why he gave up leadership of the U. S. Steel Corporation to become president of Bethlehem Steel, Charles Schwab responded, because "I wanted to be a tsar." In the early 1900s, Schwab transformed Bethlehem into the nation's second leading producer of steel. In 1913, Eugene C. Grace succeeded Schwab as president of Bethlehem. He would lead the company for the next forty years.

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