United States Steel: A Corporation with a SoulCotter, Arundel
History
United States Steel: A Corporation with a Soul
Cotter, Arundel
United States Steel Corporation
In 1898 Gary, as general counsel for and a director of the Illinois
Steel Co., was called on to take charge of the organization of the
Federal Steel Co., a merger of the Illinois and other companies. It was
he who first suggested this amalgamation. Here he was for the first
time brought in touch with the late J. Pierpont Morgan, whose financial
assistance in the formation of the new company was being sought. The
business ability of the lawyer so impressed the New York banker that
he and others interested with him insisted that Gary should head
Federal Steel. The future head of United States Steel hesitated, for
his practice was lucrative and he had become financially independent,
but he finally yielded and gave up his legal business, then located at
Chicago, and moved to New York, devoting himself thenceforward entirely
to steel.
Speaking of the reasons for Morgan’s choice in this matter an old
business associate of the Judge’s said: “Legal judgment and business
acumen are seldom found in combination. Gary had both these qualities
and a higher degree than any man I have ever known. And it was this
happy combination that impressed the great banker.”
But more than this, Gary was, and is, a statesman in business. He
has the broad vision that distinguishes the statesman from the mere
politician and the really great business leader from the average run of
executives. He saw beyond immediate effects into the distant future and
based his course on this vision.
In writing of the vast majority of men who have achieved success in
one line or another it is easy to select some prominent characteristic
which particularly distinguishes them. But there are a few who owe
their eminence to a variety of well-blended attributes, and Gary is one
of these chosen few. This renders it difficult for the chronicler to
decide where the heaviest stress should be laid.
A prominent Chicago lawyer who in his youth had worked for years under
Gary was appealed to in this regard. And this is what he said:
“Judge Gary had the ability and courage to, whenever necessary, abandon
the old precedents which, by reason of changed times and conditions,
had been relegated to the scrap heap of progress. He was one of the few
attorneys who could, with almost prophetic vision, see the positions
which the courts of appeal must eventually be obliged to take with
reference to questions of public policy and the great industrial
organizations just then in their infancy.”
The lawyer then went on to tell an anecdote illustrating the fact that
the Judge though a member of the legal profession did not believe in
recourse to litigation when it could be avoided. He said:
Public-domain text, read in full here on John Shaqi.
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