Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-06-25
Deal Consummated With the Trust
Now Complete.
]. II. MCLEMENT SUCCESSOR.
Changes In Directorate 90 New Chief
Says There wiii be No Change
lD Policy.

A New York despatch conveys the
information that at the regular monthly
meeting OF the directors held yesterday
afternoon, MrJC.osgood who has been
az the head Of the Colorado Fuel & Iron
Co. for years, rendered his resignation
as chairman OF the board Of directors,
which was promptly accepted.
The dispatch says further that Mr..
osgood is succeeded as chairman by j.,
II. McClement, and these directors were
elected; +. 4. Gates, John d. Rookie
feller Jr, and +, Parmelee Prentice.
The latter Is son-in-law Of the senior
John ID. Rockefeller and Mr.. Rookie
feller and Mr., Gates were elected to va
cencies In the executive committee. To.
days changes in the company are ac-
cepted as evidence that the Rockefeller
Gould interests are In complete control.
In his letter OF resignation, Mr.. os-
good stated that he was led to take this
step in view Of the fact that large in
terests In the stock and securities Of
the company has been acquired by those
who should have a greater responsible
lily from this time In directing the poll
icy and managing the finances OF the
company, that he was In full accord
with such interests and that he expected
20 continue TO hold an interest In the
company and do everything which he
could do to advance its welfare"
The official statement issued after to-
days meeting says that the temporary
difficulty Of the company In falling TO
meet rs obligations on the 18th inst,
was thoroughly Investigated by the d.
rectors, who adopted resolutions exoner-
ating the officers and clerks from all
blame as the failure was clearly due
TO misunderstanding between the
New York and Denver Offices"
Mr. Osgood's retirement from the d.
rectOry and executive committee Is
only temporarily according TO the off-
cial statement, and Is occasloned by the
absence in Europe Of three directors
and the necessity Of Mr.. Osgood's pres
ence In the west The other Colorado
directors retired to make places Tor
representatives Of the new financial in
terests"
Chairman McClement announced that
he would make no change in the policy
of the company The statement con-
cludes as follows;
Mr. Gould and Mir Osgood stated
that there Is not now nor has there
ever been any friction what aver he
tween them or the interests with which
they are identified"
The transactions Of yesterday Is In ac-
cordance with the program which has
been mapped out for several weeks and
brings TO light the fact that the Color
ado company Is no longer out OF the
trust Just what effect the deal VIII
have in the matter Of opening up the
territory acquired by the Colorado con-
Germ In the Iron county iron fields Of
this state remains to be seen.
That the trust has become aroused
TO the importance Of the Utah field has
become fully demonstrated The buy
ing off Of the Kimberly Bull syndicate
from exercising It's option held on the
Miner and other claims and now the
absorption Of the Colorado Fuel after
an exhaustive examination by a corps
OF experts sometime ago, are indeed
significant movements,