The stock market crash of 1929 finished off what years of wanton spending had started. He spent his last years in a small apartment. He could no longer afford the taxes on "Riverside", and it was seized by creditors. He had offered to sell the mansion at a huge loss but there were no buyers. At his death ten years later, Schwab's holdings in Bethlehem Steel were virtually worthless, and he was over $300,000 in debt. Had he lived a few more years, he would have seen his fortunes restored when Bethlehem Steel was flooded with orders for war materiel. Schwab had no children by Eurana Dinkey, but had one daughter by a mistress.