The daily morning journal and courier., 1906-11-22
ANNOUNCEMENT MADE
OF GREAT NORTHERN'S LONG LOOKED FOR EXTRA DIYJDEND.

Resulting from Leasing Its Ore Lands
 to the United states Steel Corpora
 tiOn Every Share of Great Northern
 to Receive Share of Lake Superior
 Company ,Limited-The Importance of
 This Distribution--A Stock Dividend
 of 100 Per Cent. in New Organiza-
 tion.
 New York, Nov. 21.-Details of the -looked-for dividend to Great Northern Railway company stockhold- CTS, resulting from the leasing of it's ore lands to the United States Steel cor poration, were disclosed to-day in a circular issued at the Great Northern offices.
 For every share of Great Northern stock holders will receive a share of stock of the Lake Superior company, limited, an unincorporated company, in whose name the ore lands have been held.
 The Lake Superior company, however, lis to transfer the ore properties to Lou is w., James N. and Walter J. Hill, sons of J. J. Hill, who will act as trus- tees of the stock for the shareholders of the Great Northern company.
 The beneficial interest," will consist of 100000 shares, which equals the amount of Great Northern shares. Thus the distribution will be on share-for- share basis.
 The net profits secured from the ore properties will be distributed at least once annually by the trustees. Some idea of the value of the dividend which Great Northern stockholders will re- ceiye may be had from the fact that the United States Steel corporation is to pay the beneficiary S5 cents per ton for all ore mined in the first year, begin- ming 1907, with an increase of 34-1O cents per ton year for an indefinite period. The ore lands are believed to contain not less than 5OO,OOOOOO tons of iron.
 President Hilrs circular follows: ITO Stockholders of Great Northern
 Railway Company;
 Certain iron ore properties have been acquired and are now held for your benefit by the Lake Superior conn., pany, limited.
 The board of directors of your com pany, by resolution approved by the stockholders, has authorized and in- structed the Lake Superior company, limited, to transfer the iron ore proper ties to Louis w. Hill, James N. Hill and Walter J. Hill, to be held by them in trust and for the benefit of the stock holders of the Great Northern Railwaya company, appearing as such of record at the close of business on the sixth day of December, 1906, and of their assigns
 "The entire beneficial interest of the trust to be created will consist of 1,- 5O0000 shares, and each stockholder of this company of record on the date above named will receive from the trus- tees certificate for a number of shares of beneficial interest in said trust equal to the number of shares of stock of the Great Northern Railway company held by him.
 "The certificates issued by the trus- tees will be transferable upon their books in the same number as stock cer- tificates.
 The net proceeds and profits of the iron properties will, from time to time, and at least once in each year, be dis tributed by the trustees to the certih- cate holders of record at the date of distribution.
 For the purpose of making the dis trbution of certificates the transfer books of this company will be closed at D. m. on December 6, 1906, and will be reopened at 10 o'clock a. m. on Decem- Der 8, 1906. On or about December &, 1906, the trustees will, issue and deliver, to the stockholders entitled thereto, temporary certificates for the number of shares of beneficial interest to which each stockholder shall be so entitled.
 Upon the surrender of such tempor- ary certificates to the trustees at their office, 32 Nassau street, New York, on or about January 15, 1907, certificates in permanent form will be issued in ex- change therefor
 By order of the board of directors,
 (Signed) James J. Hill"
 The Lake Superior company, unincor- porated, named above, should not be confounded with the Lake Superior cor which was the successor of the Consolidated Lake Superior company, in which many New Haven people and others in this vicinity were interested