New-York tribune., 1911-01-04
WILLIAM {. COREY TO
QUIT STEEL PRESIDENCY
Gary Says Abolition of Office
May Follow Acceptance of
Resignation.
LAID TO GILMAN MARRIAGE
Wall Street Sure Resultant
Notoriety Brought About
Breach with Board
Of Directors.

William T. Corey rendered his resigna-
,,on Yesterday as president Of the United
States steel Corporation TO ex-Judge
2. H. Cars, chairman of the board OF
directors, with the request that it take
effect at the pleasure of the board.
No reason for Mr.. Corey's action was
made public. but it was the general be-
lief in Wall Street that his resignation
was not entirely voluntary Ever since
his first wife secured divorce and he
married Mabeue Gilman. the actress,
there have been frequent reports that
ne was to resign as president Of the Steel
Corporation, and these rumors persisted.
although they always met with emphatic
denial in official quarters.
The acceptance Of Mr.. Corey's resigna-
,lon was indicated in a formal state
ment given out by Judge Gary last
night. announcing that IT had been ten
dered. but beyond saying that it would
he presented to the board Of directors in
due time and that the finance commit
Tee then would make known its recon-
rendations in the matter he did not
say when the subject would be taken up.
Judge Gary made the interesting state
ment however, that it was the present
opinion Of the members of the finance
committee, which comprises himself, Mr..
Corey. George f. Baker. ]. Pierpont
Morgan. ir, Henry {. Frick. George w.
Perkins Henry Phipps. Norman b.
Ream and Peter a. B. Widener. that
no successor to President Corey should
be elected in the immediate future, IL
at all
May Split Up Corey's Work
Instead he said. the committee might
recommend that the presidents duties
Be assumed By one, or. perhaps. two Of
the vice presidents AS President Corey
has always confined himself to the com
mercial and manufacturing end of the
business. Judge Gary being the real head
Of the corporation, the fact that the title
Of president was abolished would make
little difference in the management of
the company.
The man who is most talked of as
likely to assume the duties of President
Corey. even if he does not succeed him
as president. is 4. G. Dinkey, president
Of the Carnegie Steel Company. Both
President Corey and the former presi-
dent. Charles VI. Schwab whom he sue
ceeded. were at the head of the Carnegie
company at the time they were elected
president of the Steel Corporation, and
the selection Of Mr.. Dinkey would
therefore be in line with precedent. Mr..
Dinkey is not at present member Of
the board Of the Steel Corporation. but
that is a matter that could be easily
fixed.
II was not stated whether or not Mr..
Corey would resign as a director and
member Of the finance committee, but it
IS thought probable that he will sever
his connection with the corporation en-
tirely. and that Mr.. Dinkey would be
elected 10 succeed TO the places made
vacant by his resignation.
The announcement that Mr.. Corey had
rendered his resignation was made in the
following statement given out by Judge
Gary:
After more than seven years Of faith
ful service as president Of the United
states Steel Corporation. William E.
Corey has rendered his resignation to
take effect at the pleasure Of the board
Of directors The resignation will be
presented to the board for consideration
and action IN due time. and the finance
committee will then present its recon-
mendation concerning the subject mat
ter.
Finance Committees Views.
at is the present opinion Of the mem
bers Of the finance committee that there
should not be elected a successor as
president in the immediate future. II at
all The experience and talents of Mr.
Corey have best fitted him 10 take
charge Of the commercial and manu-
featuring departments. and his attention
has been largely confined TO that ser
vice.
However. as the manufacturing COM
panies are all thoroughly equipped WIN
the very best talent, including such as
the above mentioned branches need the
strength Of the corporation Will not DE
diminished. The finance committee may
recommend the election Of vice-presi-
dent or two ce-presidents. who VIII he
expected to take special charge OF 'he
different departments, and 1t Is intendeo
70 strengthen the whole organization IN
every respect practicable and useful
The relations between Mr.. Corey ano
the members of the board and or th'
finance committee, respectively as wei
as an the officers Of the United states
Steel Corporation and subsidiary com
lanies have been most pleasant anu
agreeable Mr. corey sewers his cohhec
ton with a feeling Of loyalty TO- ah'
friendship for. the corporation ana ai
is interests. and takes with him the pes
wishes Of all who are connected with th'