New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-03-07
.c.INST STEEL EXPANSION
-n of THE DIFFERENCE BE
"i'C rwrFN ROBERTS AND sCHWAB-
-erF ALSO OPPOSED TO UNITED
'A. ,-rs STEEL CORPORATION PREsI-
DENTS POLICY-HINTs AT
RETIREMENT.

I'll street. IS still without positive inforna-
N the reason why Percival Roberts, jr.,
uOI ,sa from the executive committee Of the
l1s states Steel Corporation. but the belief
- s,7nporters yesterday that the immediate
If the lack Of harmony" admitted by
oobe-ts 10 exist between his views and
y. NJ President Schwab might be that init
- n The Tribune the alleged disposition
:. Mr. schwab and an influential party in the
- n look with favor upon the idea of ac
,.,,g the Colorado Fuel and Iron Company.
dc 60 often said. the tape tells the story"
Ne development highly favorable to the Colo
- company Is at hand, for the stock OF that
.o-noratior advanced 10 points yesterday on
..lss Of more than twenty-four thousand shares,
- closed at the high price Of the day. 08.
,,,,-bs ago there is good reason to believe, the
-.,,osed absorption Of the Colorado Fuel and
I-or company by the United States Steel Corpo-
-.+,on was the subject OF serious negotiation,
~, the plan was dropped. because of failure
. po~ee On terms, and because II was shown
that the two companies, taking into view their
,ssnsctive territorial locations. were in no i'm
,o-tsnt sense competitors for business.
Rurnor yesterday had it that the Colorado
r,rnrany would pass into control of the United
s,s+es Steel Corporation, at a valuation of 80
a. its stock. payment TO be made in steel pre-
tsrred. which IL now selling at about 80 a
,,rcurnstantial report was heard that John W.
Gates had offered the property to J. P. Morgan
n This report was denied a. the Office of
the firm named. but Mr.. Gates declined to make
onv statement regarding it, He said. however.
N speaking Of the Colorado Fuel and Iron Com
psny:
IT is the cheapest iron and steel property in
tbe world. and the United States Steel Corpora
,,on Is the next cheapest. I have still in these
TWO properties every dollar have ever invested
N them I have never sold my Colorado Fuel.
have seen the stock sell 30 40 points higher
han now. and have not sold. don't know
why should sell now"
AT what price would you sell?' was asked
That I DO not care 10 say" answered Mr..
Gates without consulting my associates. or
course everything 7 have IS for sale at a price
The Colorado Fuel and Iron Company has
bought recently a very large quantity OF high
grade Bessemer ore. 1t has bought all OF the
Sunrise group Of sevenIy-one claims IN Wyo-
ming. That is probably why the stock Is now
going up It gives the company its own Bes-
senaer ore"
lust where the control Of the Colorado Fuel
and Iron Company lies Is not definitely known,
but the Street has always believed mat, al
though Mr. Gates and his friends are heavily
interested in the property. the controlling IN
terest IS held by John J. Mitchell, Blair q CO.
and their associates.
II has been suggested in quarters where au-
thoritative opinion might be expected, that the
reason for Mr.. ROberts's recent resignation was
connected with contracts for future delivery
which the United States Steel Corporation IS
now making. the point being made that. while
the corporation IS now taking orders Tor de-
livery in 1908 at prices now prevailing. the
American Bridge Company. of which Mr.. Rob
erts remains president. IS refusing such orders.
But the ground Of the real difference Of opln-
ion between Mr.. Roberts and the president Is
believed 10 be the opposition Of the former to a
policy which would contemplate the inclusion OF
any additional concerns in the United States
Steel Corporation, q policy which, ii is widely
Iumored. has the support Of Mr.. Schwab An
drew Carnegie. It IS learned from sources worthy
Of attention. IS also strongly opposed TO such
line Of action. and. although Mr.. Carnegie is not
stockhOlder his enormous holdings Of the
bonds and his eminent ability as business man,
Il is declared, cannot but give him great inf1u-
ence IN the councils Of the vast corporation, at
the head OF which IS the young man whom Mr..
Carnegie himself effectively urged for the presi-
denCy. an Office Of tremendous responsibility, but
an ONCE which, If the prediction Of not a few
conservative and competent Observers IS TO be
credited, he may not continue TO hold after the
expiration Of the term for which he has just
been elected.