Show STEEL TRUST IS ISNOW NOW NOI IN CONTROL Official Announcement of the Acquisition of the Hill Ore Lands I New York Oct 5 E H Gary chair chairman chairman chairman man of or the board of at directors director of the United States Steel corporation today an announced ani i flounced that the companies controlled co f bv by the corporation have acquired the Hill ore lands hands in the northwest Judge Garys announcement was as follows After long negotiations a contract has been signed for the acquisition on a royalty basis bails of the Hill ore properties by b companies controlled by the United States Steel corporation The quantity of ore are has not been accurately determined but it is a large body The price to be paid is i per ton delivered at the upper lake docks with an Increase of cent per ton each succeeding year ye r The minimum agreed to be mined is OI tons per year until It reaches tons and thereafter continues on that basis b sis It is believed that the completion of this agreement will result in great bene bone benefit benefit fit to both parties rh lease of the ore properties Is practically perpetual since It holds until the thc ore has been ex cx exhausted exha hausted ha The final agreement between the con controlling controlling controlling trolling interests in the Hill ore lands and the steel corporation was reached in inthe inthe inthe the offices of J P Morgan Co late this afternoon Those present at the con conference conference conference ference were J J Hill J P Morgan Charles Steele George W V Chair Chairman Chairman Chairman man E H Gary of the United States Steel corporation and the legal representatives representatives of the two interests No further details than those thie th se contained In Mr Garys statement were available immediately after the meeting Mr Hill left for the west immediately after the papers in the deal were signed Magnitude of Deal New Kew York Oct 5 The magnitude o othe of the transaction and its effect on the properties concerned as well as upon the theiron theiron iron Fron and steel trade of the country is In Indicated indicated Indicated by b the fact that the Hill prop properties properties properties have been estimated to contain from to tons of ore orf The properties are said to be second in importance and an extent only to the Lake Superior iron mines already controlled b by bythe the United States Steel corporation and an anIt it is said that this deal wilL furnish the steel corporation with a supply of ore fo fe fifty years ears The Hill properties are believed to com comprise comprise comprise prise a number of properties owned ii in part by b other Interests than those con controlled controlled controlled trolled by James J 3 Hill but the owner ownership ownership ownership ship of which was shared with his inter interests interests interests ests |