FAMOUS FIGURE.

Auckland Star, Volume LVIII, Issue 192, 16 August 1927, Page 7

FAMOUS FIGURE.

IN AMERICAN HISTORY. Death Of Judge Elbert Gary. LABOURER TO STEEL MAGNATE (By Cable.—Press Ajwociatlon.—Copyright) (Received 11.30 a.m.) NEW YO|K, August 15. Elbert H. Gary, chairman of the United States Steel Corporation, died on Monday. One of the most picturesque figures in the history of American finance passed with the death of Judge Gary. He wm 80 years of age and had been ill for a long time, but details of his condition were kept from the public due to the anxiety which would be caused iv the market.

The announcement of his death caused little disturbance, however, and an upward trend followed the news which close observers declare is a healthy indication regarding the condition of the present financial structure. There are also many indications of the plans laid by the financial interests to support the market systematically, thus preventing a break. Judge Gary started life as a farm labourer in Illinois and thereafter became a lawyer, a judge and then a financier. J. Ellis Barker, in his book "America's Secret, The Causes of Her Economic Success," referring to Judge Gary and the United States Steel Corporation, says: "Judge Gary, like so many great Americans, was born on a farm. He enjoyed a good education, and in 1885 he began to read law and specialised in corporation businees. His success attracted a number of wealthy clients, and he became adviser to the steel trade. In 1896 he was called upon to take charge of the organisation of the Federal Steel Company, and in connection with this business came into close touch with- the late Mr. Pierpont Morgan, who was bo much impressed by the business ability and the sound practical wisdom of the lawyer, that he insisted that Gary should be its president. When, later on, he became head of the United States Steel Corporation, he discarded the Carnegie policy of ruthlessnem towards all competitors, and 'introduced instead a policy of wise toleration, of fair dealing, and of candour. The ■character of the United States Steel Corporation has been formed by that of Judge Gary, who managed, with equal far-sightedness and wisdom, both the industrial and financial policies of the company. He was chiefly responsible for the great success and the general popularity 'of his giant undertaking, and created a -tradition which should, be of the utmost value not only to his successors, but to all business men, both in America and abroad. He showed that an all powerful combine may win the confidence of the Legislature and of the public, and may become extremely popular among its customers, among its comparatively weak competitors, and among the people in general. The United States Steel Corporation is by far the largest and most powerful industrial combine in the world, and Judge Gary, the soul of the undertaking, applied to the labour problem the same broad-minded wisdom which . had guided his general policy. He considered his army of workers as partners and as friends, and he did his best to create friendly and human relations between the directors and the staff."