Word: steele
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Dates: during 1920-1929
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...same situation developed in U. S. Steel. One director there quickly stopped attending board meetings. He believed in Sunday schools, but not in turning a business into a Sunday school. The judge made his directors stop gambling with $20 gold pieces. Eventually he got full co-operation in his ideals...
Thus, against many argumentative attacks, he has serenely resisted the distribution of U. S. Steel's $521,863,109 surplus. That sum means far more than money to Mr. Gary. It is the balance wheel to his corporation. It is the keel of his ship. It makes U. S. Steel Common (since last April definitely at 7%) an incomparable symbol of security, despite bad years, which no business can escape. For the the last quarter of 1914 it had only $567,359 of profits available for dividends which required 12 times that sum. The difference came from surplus...
...Steel is not the most profitable of U. S. steel fabricators. Its 90 millions of 1925 earnings were only 4.77% on capitalization. Smaller concerns earned greater percentages-Central Steel (18%), Youngstown Sheet & Tube (6.94%), Interstate Iron (8.31%), Ludlum Steel...
...Steel is enormous-250,000 employes, $442,000,000 payroll - plants, railroads, ships. But it must be careful. Judge Gary, its nurse, its tutor, will see that it is careful...
...keystone of its organization, the pivotal point between the executive committee and the subsidiaries. He, a great steelmaker and foreign trader, could scarcely be spared from his duties. Mr. Morrow, lawyer and partner of J. P. Morgan & Co., is more available. Everyone knows that U. S. Steel continues to be an Morgan industry. Mr. Morrow is the astute friend of presidents (he is almost the chum of President Coolidge, was his classmate at Amherst; also President Wilson trusted him). Mr. Miller, the onetime Governor of New York, might also slip into the Judge's place, indeed more conveniently than...