Bankrupt Millionaire

Steelmakers and financiers had a first-rate mystery to tussle with last week. Veteran Steelman Charles Michael Schwab once made $2,000,000 a year as U.S. Steel's first president. Then he bought Bethlehem, built its assets from $15,000,000 to $719,760,397. Even in his declining years he got $250,000 a year as Bethlehem's chairman. Yet when Charles Schwab died two years ago, at 77, he was broke.

A preliminary accounting of his New York estate filed last March listed debts of $2,262,280 (chiefly to banks), assets of only $353,810. Last week a report on his Pennsylvania estate listed $300,000 in debts, only $51,094...

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