Douglas daily dispatch., 1927-08-16
SUCCESSOR 7 0.
EBERT H. GARY.
INTERESTS N. "

NEW YORK, Aug. Is P)-Wall
streets interest in the death of Elbert
H. Gary was divided between the
universal expression of regret at his
passing with their testimonials to
his character and ability and specula-
ton as to the choice Of his successor.
In the stock market the news caused
only a ripple of excitement confirms
ing the growing belief the market
is too large to be affected more than
momeLtarily by the destiny of any
one man.
Names Of several men have been
brought forward as possible successors
to Mr.. Gary as chairman of the
United States Steel corporation since
the rIlmors of his retirement first
gained extensive circulation two years.
ago, but the choice is believed to lie
among four men-Janes A. Farrell.
president of the steel corporation;
Myron G. Taylor and former Gov
ernor Nathan L. Miller, directors and
members of the finance committee.
and Pierre S. Dupont, chairman of
the board of directors of the E. T..
Dupont de Nemour company, which
recently invested $14,000O00 in the
common stock of the steel corpora
ton. In banking circles Mr. Taylor
and Mr.. Miller are conceded the best
chances, with the advantage probably
in favor of the former because of
his close association with the George
F. Baker interests, which with the
Mcrgans are the dominant factors
in the affairs of the corporation
Discussion of successor is likely
to come up at the regular meeting
of the finance committee tomorrow
afternoon but definite action prob
ably will be delayed until the return
of j. P. Morgan who is in Scotland
on his annual grouse hunting trip,
and is not expected back until Octo-
ber. Directors hold their next regular
monthly meeting on Tuesday, August
80.
The members of the finance COM
lnittee, known as the inner circle"
of the corporation, are George F..
Baker, James A. Farrell, William j.
Filbert, Nathan L. Miller, j. p Nor
gan. Percival Roberts, Jr., and Myron
c. Taylor. Elbert H. Gary was chair
man of this committee as well as
chairman of the board In the past,
all important changes in policy or
iginated within this committee whose
recommendation generally were ad.
opted by the board of directors.
Myron G. Taylor was elected to
the beard of directors of the cor
poration September, 1925, few
months after MIR Gary had gone
south for diet treatment in one
of the hospitals of the corporation.
Prior to his departure, Mr. Gary was
reported to have taken up informally
with Morgan and Baker the question
of retirement, but was prevailed
on to continue. Runners of Mr. Gary's
resignation have cropped up at in
tervals since that time, but as long
as the Morgan Baker interests were
in control, it was generally believed
Mr.. Gary would retain his position
as long as he lived
Selection of either Farrel, Taylor
or Miller, all of whom have served
on the finance committee with Mr..
Gary and Messrs. Baker and Nor
gan, would assure no change in poll
ties OF the corporation, with which
they are thoroughly familiar
MI. Farrell, who is 81 undoubted-
~ knows more about the practica!
workings of the steel corporation
thaa any other man.
While seldom in the limelight, he is
regarded in the steel industry as one
Of the best informed and most eff
cient operating officials in the
world. III fact, it frequently has been
stated that he is more valuable in
his present position than he would
be as chairman of the board
Mr.. Taylor first came to the at
tention of Wall Street bankers
through his brilliant career at the
head Of several textile concerns in
cluding the one bearing his name
He also has Stunned personal pub
licity. Several years age, he was made
a director Of the Fir55 National
Bank, commonly known as George
F. Bakers Bank" and became act
lively identified in the great railroad
and industrial ENTERPRISES financed
by that institution TEe is u director
of the Atchison and New York Cen
tral railroads.
Nathan L. Miller was elected to the
directorate Of the steel corporation
shortly after the conclusion of hi:
second term a5 governor Of the state
of New York. Later he also became
its general counsel, which position
he ctiIl holds. Because Of his wide
experience as {. jurist and q public
Official ne is regarded as particular
ly well qualified for Che position as
Mr.. Gary's successor.
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