The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-12-28
!. Pierpont Morgan Named
Chairman Of Board Of u. S.
Steel Corporation - Farrell
Becomes Chief Executive
Officer, With Taylor as
Chairman of Finance Com.
mittee

New York, Dec. 28.-R)-A
triumviratc composed Of representa-
tives of finance. business and steel,
today divided the authority which
once reposed in tho hands of the
late Ebert H. Gary as chairman Of
the United States Steel corporation.
j. Pierpont Morgan, international
banker, was elected by the board of
electors yesterday as chairman;
James A. Farrell, president Of the
corporation, becomes its chief ex-
eeutivc officer, and Myron C. Tay-
lor, attorney and corporation cxecu-
tive, was named chairman f the
finance committee. All three posts
had been held by Mr.. Gary.
By amendment Of the corpora
tion's bylaws, the hosrd Of directors
has enabled Mr.. Morgan to accept
the chairmanship Of the directorate
without becoming involved in rou-
tine duties Of the office. It is un-
derstood he stipulated this before
agreeing to accept the post.
Farrell Directly in Charge
Mr.. Farrell. who has been acting
as chief executive officer since the
death Of Mr.. Gary, becomes directly
responsible for the management of
the corporation, under direction of
the finance committee, headed by
Mr.. Taylor, who will have charge Of
the corporations finances.
Mr.. Morgan, since 1891, has de-
voted his principal energies to the
banking firm Of J. p. Morgan and
company, founded by his father. In
recent years, however, he has been
relieving himself Of responsibilities
of his own firm and turning them
over to his younger partners in or
der to devote more time to recrea>
ton. His father was one Of the
chief factors in the formation Of the
steel corporation.
He was elected to the board Of
the steel corporation in 1909 to sue
ceed H. H. Rogers.
Is Experienced
Mr.. Farrell. born in New Haven,
Conn.,, February 16, 1868, started
work at Is. In wire mill in New
Haven, he became mechanic and
later went to Pittsburgh, where his
rise in steel circles was rapid. His
election as president of the United
States Steel corporation in 1911
took him from the presidency Of the
United States Steel Products Elk.
port company, which he had headed
since 1903.
Mr.. Taylor, head Of the finance
committee. is q direct descendant oi
colonial stock. He is known chiefly
for his connection with the textile
industry, but in recent years hal
turned his attention principally tt
financial affairs. He is q director
Of the First National bank ant
affiliated with numerous industrials
and railway concerns.
The craftsmanship Of the stee
corporation is the first office in /
large business enterprise Mr.. Nor,
gan has accepted so far as financia
circles could recall. He is q direc
tor in only one other large company
the Pullman company.
Wall Street Speculates
Wall street, recalling that Mr.
Morgan made the original recon-
mendation for the 40 per cent stool
dividend declared by the steel cor
poration early this year, is wonder
ing whether, as chairman Of til,
board, he win recommend anothe
stock dividend in 1928. He i
credited in the financial district a
favoring generous disbursements 4
stockholders.
The suggestion was made B,
some newspapers today that Nj
Morgan might have accepted th
Craftsmanship only temporarily.
Coolidge May Get Job
in this connection the New YorI
Daily News and the New Yor'
World took note Of rumors that "a
chairmanship would b offered Prel
ideut Coolidge when he leaves "a
White House March I, 1870.
| The Daily News said in reterenc
j 70 Norean's seleetjon that Il n
/ information that 'stl,e steel corpors
j ton had everv reason 70 believe "a
| president, 1t the expiration of hi
j term, would not b averse to til
j ing 90 dignified and important
j place in the business world, and thl
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