GREAT FINANCIER BEAD

Sun (Auckland), Volume I, Issue 124, 16 August 1927, Page 9

GREAT FINANCIER BEAD

U.S. STEEL KING STARTED LIFE ON FARM By Cable.—Press Association.—Copyright Reed. 9.5 a.m. NEW YORK, Monday. of the most picturesque ' 7 figures in the history of American finance has passed with the death of Judge Elbert Gary, chairman of the United States Steel Corporation. Judge Gary, who was aged SO, had been ill for a long time, but details of his condition were kept from the public, due to an anxiety as to the effect of such reports upon the market. The announcement of his death caused little disturbance, however, and an upward trend followed the news. This close observers declared to be a healthy indication regarding the condition of the present financial structure. There are also many indications that plans were laid by financial interests to support the market systematically, thus preventing a break. Judge Gary started life as- a farm labourer in Illinois. After that he became a lawyer, a judge, and then a financier.—A. and N.Z. DOMINATING PERSONALITY ORIGINATOR OF “GARY DINNERS” Elbert Henry Gary, for many years was one of the dominating influences in the industrial development of the United States. Born on his father’s farm at Wheaton, Illinois, he was educated at public schools and the University of Chicago. ITe married in 1809 and leaves two married daughters. Taking law as his profession he, for a term, was a county judge and was later far 25 years practising in Chicago. Becoming connected with the organisation of the Federal Steel Company he subsequently retired from law to become president of this gigantic institution. He was prominent in the historic battles against trusts which were carried on in the United States, liis skill as a lawyer and financier always finding a way of circumventing the spirit of the law. He was the originator of what are now known as “Gary dinners,” that is the gathering together of different directorates, and over walnuts and wine coming to agreements for the combination of huge business interests, leaving no document or evidence against which the anti-trust laws could be directed.