Evening star., 1927-08-16

1t was considered possible that the
committee was postponing it's meet
ing to permit further consultation
with these absent members by cable.
Will Close for Funeral.
It was announced today that all
activities of the steel corpora ion
which has more than 300. 900 en-
ployes. will be suspended on the day
of Mr.. Gary's funeral. The great
mills will he shut down for about
FIVE minutes and the executive offices
will he closed all day. The flags at
the company offices will he at half
staff and several banks in the city
announced today that they will pay
Il similar token of respect to the mem
ory of the late industrial leader.
The executive staff at the offices Of
the company in Lower Broadway have
had little time since Mr.. Gary's death
was announced yesterday to do any.
thing but attend to the thousands of
messages OF coincidence and tribute
which have poured in from all over
he world.
Wall Street conjecture today centered
around more than half dozen men in
discussing the choice of a successor to
t,lbert III. Gary, chairman of the
bodlu Ol the tllIleu states Sleel COT
poration. who died yesterday
The New York Times says persons
in close touch with the organization
indicated the new chairman already
had been selected by the dominant
interests in the corporation. but his
identity would not be revealed until
the board Of directors formally an
nounced the election.
The best guess of the financial COM
munity. the Times says, is that for
mer Gov. Nathan l.. Miller, general
counsel Of the steel corpora ton, will
be named. The Times adds that Pres
ident Coolidge was discussed seriously
in some quaters as a possibility, but
the general impression was that he
could not he persuaded to take the
post should the controlling interests
in the corporation decide to offer it
to him.
Others Prominently Mentioned.
Others who figured prominently in
Wall street discussions included James
A. Farrell, president of the corpora
ton; Myron c. Taylor. director and
member of the finance committee.
Pierre Du Pont. chairman of the board
of the General Motors Corporation
and large stakeholder of United
States Steel; Dwight Morrow, partner
in the firm Of J. P. Morgan & CO.;
Orland +. Weber, president of the
Allied Chemical & Dye Corporation:
Senator David A. Reed, of Pennsyl-
vania: Eugene G. Grace, president of
the Bethlehem Steel Corporation. and
George Gordon Crawford, president
Of the Tennessee Coal. Iron & Railroad
Co. subsidiary of the United States
Steel Corporation.
In certain quarters in Wall Street
it has been assumed for some months
that former Coy. Miller or Taylor was
being Sroomed for the place. The for
mer governor was a trusted adviser
and friend of Gary and many believe
that the late chairman preferred him
as his successor. Besides being gen.
eral counsel Miller is a member of
the finance committee of the corpora
tion, which also includes J. p. Nor
gan, Percival Roberts. jr.; Mr.. Farrell.
William j. Filbert, Mr.. Taylor and
George F. Baker.
Mr.. Gary's fortune furnished an
other topic for speculation. Estimates
of the wealth he amassed varied wide
ly. One Wall Street authority placed
it as high az $45 1000 900, while others
fixed the total a figures ranging from
So,Uuo,oOU 70 $jU U,oUO,oOu.
Wealth Causes Speculation.
Accurate figures on his wealth have
long been unavaila BILE. The hooks of
the Steel Corporation show that he
held III his own name I ,267 shares OF
common stock and | 1,S95 shares of pre-
ferred stock, which have a present
combined market value of $422.S10.50.
But it had often been said that he
owned the entire stock in corpora
ton formed to handle his investments
and that this concern owned a much
larger block of stock in the Steel Cor
poration than he did himself.
Mr. Gary's salary also had been
matter of speculation in Wall Street
Often it was estimated at 100000 a
year, but it was also reported that he
had commission on earnings which
brought his annual earnings from the
corpora ton to $500 900.
When it was published Is years ago
that Mr.. Gary had signed a contract
to receive 81 .O00, 900 year a reporter
asked John ID. Rockefeller what he
thought OF it.
Il don't know what Judge Gary Is
getting" Mr.. Rockefeller replied. but
you tell him to come around to the
Standard Oil offices tomorrow and I'll
In 1924 Gary paid an income tax OF
s473.364.20 and in 1925 a tax of $322,-
$50.
Body TO lie i'm Church.
Mr.. Gary's hody will he taken to
Chicago today and on Thursday
will lie in the Gary Memorial Church
at Wheaton. III. A police guard was
on duty today at the Fifth avenue
nd
or identified as an intimate friend OF
the family. was permitted to enter.
Tributes to the FORMER Illinois farm
boy who at 81 became head of the
country's first billiOn-dollar corpora
ton were paid by President Coolidge
and many Of the country's business
leaders.
'IIe upheld the best ideals of com.
merce and industry" said President
Coolidge.
Statement I4auds Welfare Work.
In what is believed to have been his
last statement prepared for publica-
tion, Nh Gary related that his COM
pany had spent $4,000, 900 in the
past i years for safety. sanitation
and employe welfare activities and
had made it pay.
The statement, which is in the
form OF an editorial, is to appear in
the September issue of Coal Age.
The editorial recounts the progress
made in the company since 1905 in
it's employees and says
that serious accidents had been re-
Guced more than so per cent by 1925. |
BY thesinstallation of safety meth
DDS it was estimated that 1858 men |
were saved from severe injury and |
322 ,40S from injury that would re- |
suit in loss of time from! work.
Those expenditures" the editorial |
after telling of the millions |
spent in the interests Of the employees,
have bekn fully justified. They have
been u1orA than recoyered In dollars