Evening star., 1937-07-09
Taylor Plans to Quit US. Steel
Guardianship, Wall Street Told
Move Held Contingent
on Financing and
Diuidend Program.
By the Associated Press.

By the Associated Press.
NEW YORK, July o-Wall Street,
where the possibility of Myron C..
Taylor's appointment to 4 diplomatic
post has been long rumored. Specu-
lated today upon . newspaper report
that he expects to retire January l
as chairman of the United States
Steel Corp. "A company spokesman
refused to confirm or deny the report.
In Florence, Italy. where he is vaca-
tioning, Mr.. Taylor said he could not
comment on the report.
The New York Herald-Tribune said
Taylor's retirement "s contingent on
the completion Of = financing and
common stock dividend resumption
program. on which his heart Is set.
If this program Is not carried
through by the year end, he has in
dicated that he will continue as chair
man until July /, 1888, at the latest" "
The newspaper said: 1T Is scarce
ly secret in Wall Street that Mr..
Taylor would be available for appoint
ment as Ambassador to the Court Of
st. James If the present incumbent,
Robert w. Bingham, should resign"
Decision Believed of Own Making.
Those intimate with the affairs Of
United States Steel" the Herald
Tribune said, declare that Mr.. Tay-
lor's decision to retire was not forced
on him by the bitter feeling which
he stirred up in the steel industry In
March of this year, when he departed
from the industry's traditional anti
union policy and arranged for the
Carnegie Illinois Steel Corp, q United
States Steel subsidiary, to sign an
agreement with the Amalgamated As
sociation of Iron, Steel and Iron
Workers of North America, member
OF John L. Lewis c. l. o. family.
Several of the independent steel
producers are reputed to feel that Mr..
Taylor let them down, not only be-
cause he made peace with Mr..
Lewis, but also because, they charge,
he failed to give them due warning
of his intent to sign = union agree
ment," the paper added.
Concerning Taylor's desire to achieve
his ends in the financial affairs OF
the steel corporation, the newspaper
said, with the corporations earnings
showing up more favorably than they
have since 1890, it is understood to be
Mr.. Taylor's conviction that, barring
unforeseen developments, he can see
the financing and common dividend
resumption plans consummated by the
end of the year"
Accumulations Reduced Sharply.
Paving the way is the steady prog
ress made in clearing up arrearages
on the preferred stock. Since the
third quarter Of last year, when ar
rears totaled 1925 4 share, accumu-
lations have been reduced to $l25 4
share. Last payment on the senior
issue was 50 on June 10.
Most frequently mentioned" as Tay-
lors successor as chairman of the
steel corporation, the Herald Tribune
said, is 36-year-old Edward r. Stet-
tinius. son of the late partner of j. P.
Morgan & Co.
Since Taylor went to u S. Steel In
1927. ne has had triple-action pro-
gram. He eliminated the company's
heavy bonded debt; he reorganized
plant facilities, and he infused young
blood into the organization.
Stettinius, top young man of the
corporation, succeeded William j. Fill
bert as chairman of the Finance Com
mittee January l, 1885.
POST NOT OFFERED.
Roosevelt Tells Reporters He Has Not
Conferred With Taylor.
President Roosevelt told reporters
today he had not offered diplomatic