The Washington times., 1927-12-30

Neither, ]. p. Morgan nor his
son ever before held any corpora,
ton position-except directorships.
Mr.. Morgan has no intention
whatsoever of devoting his life
to his new office. He will pre-.
side over all meetings of direc-
tors at which he IL present.
But beyond that his activities viii
remain very much as they have
been heretofore, as the most In
fluential member of the finance
committee.
The Steel Corporation was the
favorite of all the late J. p. Nor.
gan's creations. He regarded It
as his industrial monument-his
own firm was his baukins monu.
ment. The house Of Morgan all
along has felt special interest In
and responsibility for the success
ful development Of this gigantic
enterprise. Thus It Is that the
present head Of the house has
agreed to become chairman Of the
board, Notwithstanding that his
own inclinations are rather to
transfer more burdens to younger
shoulders than 10 reach out to
pile more on his own shoulders.
Successor Ready
Before many years pass the
third generation of Morgans prob
ably will be represented on the
directorate of the Steel Corpora.
ton. Mr.. Morgan's son, Junius
S. Morgan. now IS. has under.
gone International training to fit
him ultimately to succeed his
father. He Is a very highly
regarded young man who takes
business seriously-and. incident.
ally, Is Of q much more demo-
cratic temperament than either
his father or grandfather.
AZ foretold by the writer weeks
ago, James A. Farrell becomes
the chief executive officer in ad-
dition to continuing his former
duties as president. Mr.. Farrell
succeeds Judge Gary as the
spokesman Of the corporation.
Already Mr.. Farrell has taken
initial steps to strengthen the
vi 4SS(SoN@J
William A. Forbes. who has been
with the corporation since its
organization and has become head
of the technical department, was
appointed assistant to the presi'
dent. The selection OF one or
two capable new vice presidents.
from within the organization. will
be the next logical step.
Has Thorough Training
Whereas Judge Gary was thor.
oughly trained In finance and
administration, but had no prac.
tical knowledge Of steel. the new
chief executive has been essen
TALLY a practical steel operator
and not a financier. Just as
Judge Gary was necessarily sup.
plemented by q colleague to oper.
ate the vast enterprise, so Mr..
Farrell will be supplemented by a
chairman OF the finance commit.
tee who will devote practically all
his time to the onerous duties'
Myron C. Taylor.
So huge are our largest cor
porations becoming that 1t Is in
creasingly difficult, sometimes I'M
possible, to find any one man
ideally trained to take supreme
charge of both operation and
finances. General Motors, for ex.
ample, has for Its present and
operating genius. A. p. Sloan, Jr..
and has a different individual as
chairman of its finance commit.
tee. John j. Raskob, often called
"a financial wizard" The Ameri-
can Telephone and Telegraph
Company, now the largest corpor-
alton Of all. has for its president
a financially-trained man, Walter
s. Clifford, and he in turn, is
buttressed by brilliant technical
experts. Such corporations IN
volve far larger financial trans
actions than that Of q majority
of the governments throughout
the world.
Cornell Graduate
The new figure in the Steel
Corporation triumvirate IL little
known outside Of high finance
and really little known through
out Wall Street. Born in Lyons,
N. T., 04 years dBO, AS SEduudISu
from Cornell University as a
lawyer, practiced in New York
several years, became interested
in textiles, attained unusual sue
cess, gravitated into finance.
made an impression upon George
F. Baker and was elected a di.
rector Of his bank as well as a
director Of the New York Cen.
trail, Atchison, Topeka and Santa
Fe, the Mutual Life Insurance
Company OF New York, etc.
Since the veteran banker Baker
has long enjoyed a unique repu-
tation as a picker Of brilliant
comers, holders Of Steel shares
can safely conclude that their in.
terests viii be ably served by Mr.
Taylor.
In short, the Steel directors de-
serve the thanks Of all holders of
Steel securities for the admirable
way they have filled the three Of.
fices left vacant by the passing
on Of Judge Gary. The changes
made strengthen the organization
and the stockholders can conf.