Elbert Henry Gary

Elbert Henry Gary was an American lawyer, judge, and pivotal industrialist who became the founding chairman of the United States Steel Corporation, the world's first billion-dollar company. He played a central role in consolidating the American steel industry and was a leading proponent of industrial cooperation over cutthroat competition, a philosophy that came to be known as "Garyism." His leadership extended to founding the city of Gary, Indiana, a major steel-producing center, and he wielded significant influence in American business and finance during the Progressive Era.

Early life and education

Born in Wheaton, Illinois, he was the son of farmer and merchant Erastus Gary and Susan A. Vallette. He attended local public schools before graduating from Illinois Institute (later Wheaton College) in 1866. He subsequently studied law at the Union College of Law (now Northwestern University Pritzker School of Law) in Chicago, graduating in 1868. Admitted to the Illinois bar that same year, he began his legal practice in Chicago, quickly establishing a reputation for handling corporate and railroad cases.

Legal and business career

Gary's legal acumen led to his election as a county judge for DuPage County in 1882, a title he retained professionally even after leaving the bench. His corporate law practice flourished, representing major clients like the Chicago and North Western Railway and the Union Pacific Railroad. This work brought him to the attention of financier J. P. Morgan, who recruited Gary to help organize and lead the massive consolidation of steel producers. Gary served as president of the Federal Steel Company, a Morgan-backed trust formed in 1898, which became a key component of the larger merger he would soon orchestrate.

Founding of U.S. Steel and leadership

In 1901, Morgan, with Gary's instrumental planning, merged Federal Steel Company, Carnegie Steel Company, and several other major firms to create the United States Steel Corporation. Gary was named its first chairman of the board, a position he held until his death. He advocated for price stability and industry-wide cooperation, famously hosting the Gary Dinners in 1907 to foster collusion among steel executives. While he resisted unionization, overseeing the defeat of the 1919 Steel Strike, he also implemented welfare programs for workers. Under his direction, U.S. Steel founded the city of Gary, Indiana, in 1906, naming it in his honor and building massive new plants there, including the Gary Works.

Later life and philanthropy

Beyond his corporate duties, Gary served as a director for numerous institutions, including the New York Central Railroad and the Equitable Life Assurance Society. He was a prominent member of the American Iron and Steel Institute and a trustee of the Carnegie Foundation for the Advancement of Teaching. His philanthropic efforts were substantial, with major donations to his alma mater, Wheaton College, and the establishment of the Gary Memorial Library there. He maintained residences in New York City and Wheaton, Illinois, until his death from heart disease at his home in Manhattan.

Legacy and honors

Gary's legacy is indelibly linked to the rise of big business in America. The city of Gary, Indiana, stands as a physical monument to his industrial vision, though it later faced significant economic challenges. His philosophy of "Garyism" influenced corporate strategy for decades. In recognition of his impact, he was posthumously inducted into the American Iron and Steel Institute's Hall of Fame. The Gary-Northwest Indiana Airport also bears his name, and his former estate in Wheaton is listed on the National Register of Historic Places.

Category:American businesspeople Category:American steel industry businesspeople Category:1846 births Category:1927 deaths