Corrigan-McKinney

James W. Corrigan, 47, genuinely liked for his openhandedness, his exuberance, his loyalty to friends and his able management of the Corrigan-McKinney Steel Co., went two weeks ago to a game of bowls at the Cleveland Athletic Club. At the club building he grasped a bronze door handle, staggered, dropped to one knee, pulled himself upright. Half inside the door he collapsed. The heavy door slammed upon him--dead of heart failure.

It was quickly assumed that his wife, who had battled her way to the top of London society, would now top the tenth largest steel company in the U. S. Would Cleveland furnaces roar to dine London Dukes? Would laboring thousands depend for jobs upon a distant lady's whim? Truth might again be stranger than the cinema, especially in a company with such a cinematic history.

Many years ago the late Captain James C. Corrigan bought vast iron ore fields in the Lake Superior district. The late Frank Rockefeller, brother of John D. Rockefeller and the late William Rockefeller, was his partner. John D. Rockefeller loaned them money, taking a mortgage on the ore lands. He foreclosed the mortgage for needs of his own and later sold the minerals to the U. S. Steel Corp., prof iting greatly. Captain Corrigan was wrecked financially. Frank Rockefeller nourished an antagonism toward his brother John D.

Captain Corrigan then formed a partnership with the late Judge Stevenson Burke of Cleveland to make steel. They prospered, but in 1900 tragedy overtook Corrigan when his yacht Idler sank in Lake Erie, and Mrs. Corrigan, three daughters and a grandchild were drowned.

An only son, vigorous James W., remained to the family. He was attending Case School of Applied Science.

One of the Corrigan employes was Price McKinney, energetic bookkeeper. He was trusted and deserved the trust. At the beginning of the century he became a partner and the firm name became Corrigan-McKinney. When "Young Jim," prancing rich man's son, tripped into scrapes, the partners rescued him and up braided him. Captain James C. Corrigan died in 1908, having named Price Mc Kinney trustee of his estate. To his son he left only $15,000 unrestricted. Millions were in trust. The young man (he was 29 then) continued playing richly about, was sued for "breach of promise" by a Pittsburgh woman, was rescued again, scampered more.

In 1916, with millions at hand, he married Mrs. Laura Mae Martin of Chicago.

Cleveland society treated them frigidly and they went to London to live. There they and their wealth were welcomed. The Prince of Wales and crowds of lesser no bility attended Mrs. Corrigan's parties.

In one year, reputedly, she spent $5,000,000 for social achievements.

Meanwhile the inexplicable had happened. Price McKinney, who had been making the partnership a stronger and stronger factor in the U. S. steel industry, reorganized it as a corporation. He could do so because he was trustee of the Corrigan estate. The new company's name was the McKinney Steel Co., with Price McKinney president. "Young Jim" Corrigan was vexed and left his London jovialities with 40% of McKinney Steel stock, bought 13% more, became president of the company.

That was in 1925. A little later Price McKinney committed suicide. And a few months after that, President James W.

Corrigan re-named the concern the Corrigan-McKinney Steel Co. It is the tenth largest of the U. S. steel group,* but not yet is it to be guided by a woman. "Young Jim," who had bucked and reared under a trusteeship, had fashioned a trust bridle for his widow. She may sell her steel shares; she cannot vote them. That power lies with the Union Trust Co. of Cleveland and John H. Watson Jr., elected last week president of the corporation.

Yet the game will be played, as many another business game, for the benefit of women, since what stock Mrs. Corrigan does not own is owned by Mrs. Price McKinney, Mrs. Stevenson Burke, widow of the judge, and Mrs. Parthenia Burke Ross, his granddaughter.

*The leaders according to tonnage produced each year: U. S. Steel 23,046,000 Bethlehem 7,900,000 Youngstown-Inland (if merged) 5,040,000 Jones & Laughlin 3,000,000 Republic-Trumbull (when merged).. 1,950,000 American Rolling Mill 1,750,000 Central Alloy 1,400,000 Wheeling Steel 1,273,000 Colorado Fuel & Iron 1,138,000 Corrigan-McKinney 1,000,000