| Show I I U S STEEL CO ACQUIRES THE HILL ORE LANDS New York Oct U It Gary clinic chair man of directors uC of the United fila s Steel corporation today that the tho companies con controlled trolled trailed by br the tho corporation have tie lie the ore minis iti in the tho north Judge Garys wall wait wallas as follows Alter After long lon negotiations a 11 line hall been bach tor or time tho on ona n a royalty basis basic ot of the tho ore oro prop by companies con coil controlled trolled trailed by the tho United States Steel cur COI The ot of ore oro has hilI hot been accurately but It is III isit n it largo large body The price to bo be paid laid Is IsU U 66 per ton tori delivered lit at the 1110 upper lake Joke docks with ion increase or of fA imer ton each succeeding year yeal Time The minimum agreed to 10 ha mined Is tons I per r year until It reaches tons toils aunt thereafter continues on that thaI basis It Is Ia believed that the completion or of this agreement will result In great benefit to hoth parties The Tue lens least of time ore are properties Is III pert porI since It holds hold a until the at 01 hut hu been boen The rho linn final agreement the controlling interests In the tho 1111 ore oro lends end the steel corporation was WIlK reached in time the or of J P I Morgan Co late thin afternoon Those rhose present nt at the tho conference were J 1 J T J P Morgan Charles Steels George W tV Per E II 11 Gary Onry ot of the Unit United ed States StateR Steel corporation anti ami the tho thoI I legal representatives or of th two Inter cats Xo No further details than those thoMe contained In Mr Ir Garye statement were available Immediately alter after the tho meeting Mr left for the tho west arest Immediately after the papers 11 In the tho deal vere signed Time lh magnitude of 01 tIme tho transaction anti its Ita effect on the properties concerned Be as well as upon the Iron nIl anti steel trade trado of oC th the Is Indicated ii h the tact fact that the tho Hill properties tiara been es eg to contaIn contato from to i O OO tons orore of ore The Tho are said to lou III second In anti and ande e tent onlY to the Superior Iron mInes already by b the United States Steel corporation and It is III that this will furnish tho steel stoel cor corporation with a supply or of ore for tor GO The properties are arl believed to comprise 1 a number of owned In part h by other interests titan than those b by James J but bust time ownershIp ot if which IM shared with hIs interests |
