The Birmingham age-herald., 1906-11-22
Great Northern Will Divide
 Among Stockholders
PAYMENTS COME YEARLY
Holding Company Is Formed and Share for Share In This Company Will Be Turned Over to Stock
 holders.


 the long looked for dividend to the Great Northern Railway company stockholders resulting from the leasing of its ore lands To the United States Steel corporation. were disclosed today in a circular is- sued at tue Great Northern offices.
 For every share of Great Northern stock, holders will receive share of stoch of the Lake Superior company. limited, an unneorporated company. in whose name the ore lands have been held. The Lake Superior company. how ever Is 10 transfer the ore properties to Louis N. James N. and Walter J. Hill, sons of J. j. Hill. who will act as trustees of the stock for the share- holders of the Great Northern com pany
 "The beneficial interest. will consist Of 1,500,000 shares, which equals the amount of Great Northern shares Thus the distribution will be on d share for share basis. The net profits derived from the ore properties will he distributed at least once annually by the trustees. Some of the idea of the value of the dividend which Great Northern stockholders will receive may be had from the fact that the United States Steel corporation is to pay the beneficiary S5 cents per ton for all orc mined in the first year, be- ginning 1907, with an increase of 3 i-10 cents per ton d year for an indefinite period The ore lands are believed to contain not less than 5Oo, GOO tons of iron President Hills circular follows:
 Address to Stockholders.
 ''fo Stockholders of the Great North ern Railway company. Certain iron ore properties have been acquired and are now held for your benefit by the Lake Superior company, limited. s"1-T''
 'rhe board of directors of your com l pany. by resolution approved by the stockholders, has authorized and in- structed the Lake Superior company, llnl- 1 ited, to transfer the iron ore properties to Messrs Louis w. Hill, James N. Hi: and Walter J. Hill, to be held by them ia trust and for the benefit of the stockholi- CTS of the Great Northern Railroad con- pany, appearing as such of record at tne 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 1,500,J,0 shares and each stockholder of this com pany, of record on the date above named. will receive from the trustees a certificate for a number of shares of beneficial inter est in said trust equal to the number cf shares of stock of the Great Northern Railway company, held by him.
 "The certificates issued by the trustees will be transferable upon their books ill the same number as stock certihcat ates
 Distributed Once a Year.
 "The net proceeds and profits of the iron properties will from time to time aid at least once in each year be distributed by the trustees to the certificate holders of record al the date of distribution.
 For the purpose of making the distrl- button of certificates, the transfer books of this company will be closed at D. ni. on December G. l9CG. and will be re-openeI at 10 o'clock d. m, December <, lYO6 On or about December x, l9O6. the trustees will issue and deliver to the stockholders entitled thereto temporary certificates for the number of shares of beneficial intes- est to which eacn stockholder shall be % entitled
 "Ipon tine surrender of such temporary certificates to the trustees at their os- fee 32 Nassau street. New York, on or about January 15. 1906 certificates in per- manent form will be issued iI exchange therefor
 By order of the board of directors.
 JAMES J. HILL"