The Waterbury Democrat., 1932-03-30
NEW STEEL CAR TAKES PLACE OF
 TRIUMVIRATE
Myron C. Taylor Assumes
 the Robes Once Worn
 By Judge Ebert H. Gary, Who Died in 1927

New York, March 30.-(UP)- Myron c. Taylor has become the czar of the steel industry, the first since the death of Judge Ebert H. Gary in 1927, with assumption of full executive direction of the United States Steel corporation and his election as chairman of the board.
 Taylor replaces a triumvirate which was set up, in charge of the corporation's affairs, following Gary's death. That triumvirate consisted of J. P. Morgan, banker. James A. Farrell, president and re- tiring next month, and Taylor.
 Morgan. who has been chairman. relinquished that post yesterday in accordance with an agreement made when he accepted the office in 1927. Taylor, who previously has held the office of chairman of the finance committee, now be- comes the directing head of the worlds largest industrial enter prise with full title to the author ity.
 The changes were announced in
 
 At the regular monthly meeting of the directors of the United States Steel corporation to-day, J. P. Morgan asked the board to agree to his retirement from the chair manship. which he had assumed at the request of the board as an in- terim measure following the death of Judge Gary. Myron c. Taylor was thereupon elected to the office of the chairman, with duties simi- lar to those formerly exercised by the late Judge Gary"
 Farrell, on retirement, will be succeeded by William A. Irwin, now a vice president. Irwin will rank next to Taylor, but he will be con- cerned chiefly with operations.
 Morgan assumed the chairman ship in 1927 reluctantly and at the request of his friend, the late George F. Baker, chairman of the First National bank and the larg- est individual stockholder in the steel corporation. Morgan will re- main director.
 It was through Bakers influ- ence also that Taylor accepted the finance chairmanship. Taylor, a lawyer turned industrialist, direct ed company policies in cooperation with Farrell, with the Farrell re- tirement imminent, however. more and more of the executive control was concentrated in Taylor's hands.
 Ever since the present retire. ment plan was developed by Fay Tor and Farrell, Taylor has been concerned with the attendant re- organization in executive person. nel.
 Reorganization of executive per sonnel made necessary by the 70- year retirement plan is one of three major projects upon which Taylor has been engaged. The first re- suited in retirement of all the steel corporation's bonded indebt- edness and large decrease in such indebtedness of subsidiaries. The third feature of the program was overhauling of plants and property. where necessary.
 The new chairman was born in Lyons, N. r., on January IS. 1874. and was graduated from Cornell in 1894. Although educated in law his chief interests have been in business. He became interested in the textile industry in New Eng land.
 He is a director of the First Ma. tional bank, the New York Central railroad, the Atchison, Topeka & Santa Fe, and trustee of the Mu- tual Life Insurance company.
 Taylor is married. His New York home is at 16 East Seventietll street and his country estate al Locust Valley, l.. I.