The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-29
Changes viii Take Place is.
the Steel Corporatig,ss
CARNEGIE FoRg. Retire
1t Is Believed Tint Man VIII Be
Chosen for Head of the Corporation
Other Than a Carnegie Steel
Company Man

New York, May 8.-(Special.)- IA verifi-
cation was obtained tonight of the an
nouncement here this morning that
changes were impending in the United
States Steel corporation. The Carnegie
boys' are to go.
Mr.. Corey likes Paris and so does his
wife, said one of the Steel president s
friends today. He comes down once in
while to the offices, but he is prepared
to eliminate office hours from his daily
habits"
No necessity is apparent for waiting
uail the next annual meeting. The
annual meeting was last month and the
change in officers may take place any
time between now and the next annual
meeting. As a plain matter of fact they
will.
When the steel properties were com
bined ii was stipulate with Mr.. Carnegie
that Mr.. Schwab should be president.
Nevertheless, in the bylaws of the cor
poration as formed, there was placed
above the president the vice president
and other officers and of all officers
chairman of the board.
Gary at the Head
enc familiar with the company said to-
night;
According to the bylaws. the chair
man OF the board ranks the president OF
the company. This rule was framed in
order to have Charley Schwab under con-
troll. The chairman besides was made the
chief executive officer of the corporation
in control of officers as well as of their
OFFICES. Mr.. Corey as president has mere
" been the head of the manufacturing
department.
The following dispatch from Pttsburg
further voices the announcement of the
agreement:
while officers of the Steel company
have always declined to discuss the agree
ment by which Carnegie was permitted ia
dictate the policy OF the corporation
through its first ten years, two or them
admitted tonight the understanding was
that Mr.. Corey would resign within a
year.
.'The real power in the Steel corpora
ton is vested. it is said here, in the ex-
ccutive committee, of which Judge Gary
is chairman. Judge Gary is known to
have advised against any plan to COM
bine the Craftsmanship and the presi-
dency. Under the present regime, the
chairman can dictate to the president and
it is argued that the proposition for the
elevation of Judge Gary to the presi-
dency would be a promotion downward
Furthermore, the policy favored by Mr.
Frick Mr.. Morgan and others prominent
in shaping the Steel corporation policies
has been to keep an operating man In the
presidency. for the moral effect as well
as in the interests of efficiency
Arranging a Slate
high official OF the Carnegie Steel
company tonight, speaking in sense for
the Carnegie company family said
Certain interests in the Steel corpor-
alton have been endeavoring to SO ar
range the slate that on Mr. Corey's retire
ment, which will I think, be less than
year hence, his successor will be other
than a Carnegie Steel company man. Thai
probably is at the bottom of the report
that Mr.. Gary is to be the next president
of the concern.
"Mr. Carnegie in suggesting Carne-
gle company executives to head the
corporation, chose them because they
were best trained for the position. If
the movement for the selection of a
successor to Mr.. Corey from outside
the ranks of the Carnegie Steel com
pany succeeds, I believe the choice will
fall on w. p. Palmer the present head
of the American Steel and Wire com
pany.
"Of course, we of the Carnegie COM.
pany would like to see President Din
key, our present chief step into Mr..
Corey's shoes, and he Is an ideal man
for the place, but II territorial consid-.
erations are to govern, Mr.. Palmer is
the most available man"
Palmer for President
The position of the man who is
quoted above makes his statement
virtual nomination of Mr.. Palmer for
the presidency of the corporation on
behalf of the Carnegie company in
terests.
The Pittsburg reference to the Car.
negie young partners" who retired
in disgrace" is taken to point to one
man. now an American diplomat who
retired from his position as contract
ing agent of the Carnegie company
after a pig iron deal, in which inde-
pendent producers lmulcted the Carne-
gle company without conscience.
Former Carnegie company men who
have been mentioned for the presidency
of the corporation from time to time
by Carnegie interests. in case Presi-
dent Dinkey was considered unayail-
able. are d. G. Ker and WB. Dickson.
vice presidents, who graduated In the
executive family ffs