New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-07
GARY GOING ABROAD.
STEEL N-4N SEEkS REST.
Not to See Corey-SHent on Subject
Of Latter'S RESIGNATION.

Ex-Judge z. H Gary chairman OF Tho 1-,t+o,
States Steel Corporation will sail for Furona ~
the Kaiser Wilhelm II next Tuesday on two
months pleasure trp. Mr.. Gary sad vestarda,
that he id not expect to see William Ellis co.o,,
president or the steel corporation. while he was
abroad as he understood that M Cory vouId
sail for New York July 10 Asked - +ha-a
was any likelihood Of Mr.. Corey's resigning 90
president of the corporation on his arrival -
Judge Gary refused TO answer "
Nl'h respect TO the rumOrs that the dividend
on sleeI common VIII be increased at the next
meeting OF the directors which viii be held ON
the last Tuesday Of this month Mr. Carr, so,z.
! cou!d not say whether there would he an in
crease IN the common stock dividend rare &C.,
II ] desired TO do The directors a1ora Iii
decide the question. if raised. The present mol
icy OF the company, however is To keen stror,
IN cash This policy, the management believes
VIII be ior the best and permanent interest Of al,
concerned" u Oh
ASKED II he did not consider steel nreferrad
STOCK as solid an investment as any high class
railroad stock Mr.. Gary replied that the steel
corporation gave out for publication the facts
and figures In regard TO its business and left II
to those who were interested to decide for them
selves the value Of the stock as an in,as+rna,,
Speaking of the condition Of the steel business
and the outlook for the future ex-Judge Gary
SAID that business IN the last six months had
peel4 -O443 equHL 10 That in the first six months
OF 1seo and in some cases even better Last
Inonth business, he said surpassed that Of
June, 1906. AS to the future he said he did MOI
zee Ike prophesYing. but intinlated that he did
moi look for any falling off in business In the
next twelve months at least
10 the question whether the price of steel rails
"ouio De advanced and the quality improved
as q result OF the alarming increase in rail
oreakaee ali over the country this year, and the
complaints Of the railroad companies that the
rails now being turned out Were not as good as
they used TO be, ex-Judge Gary answered: This
subject is under careful consideration by ALI
the rail manufacturers and railroad officials
and Will, l hope. be satisfactorily decided at
their next meeting, which I hope Will be soon
after my return. In the mean time / do not feel
justified IN making any further remarks on the
subject"
Mr.. Gary said that there was no truth in the
rumors that the corporation intended to do some
new financing shortly. we do not need or in
tend TO borrow any money in the near future"
the way he put # He said that work on
mated. Will cost S75Oo0.0o0. was proceeding
satisfactorily and that the corporation hoped TO
be making some steel there about July, 1905
The report from Pittsburg, that the Pittsburg
Steel Company had annulled its contract for
100000 tons OF steel billets annually with the
United States Steel Corporation, Mr.. Gary said,
was the other way about. There was q
collation. agreement in the contract. and we
svailed ourselves OF it, ne said. 'as we were
steel they wanted without refusing orders from
other customers
Nj Gary said he would not interest himself
IN steel affairs while abroad, as his trip
solely one Of pleasure and he was not going 10
mix any business with II.