New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-11
ORE LAND DEAL READY.
HILLS PLlANS MATURE.
q. S. Steel Preparing to Take Over
Great Northern Property.

James j. Hills plans for the Great Northern
ore iahos are gradually reaching maturity. and
an announcement concerning them may be ex-
pected at almost any time Negotiations with
the United States Steel Corporation for the
lease of the property have been advancing for
some time. and they have now reached such a
stage that the preliminary steps have been
taken for the formation of the holding COM
pany to take over the lands and conduct the
business with the steel corporation
There has been Incorporated In Maine the
Great Northern Development Company, with
an authorized capital stock of 100000. When
the proper time comes this stock will be heavily
increased, probably to S10O0O00OO. and in we'll
informed quarters 1t is said that in all proba-
bity the final capitalization will be in excess
Of S120,000000 1t is understood that the stock
will be offered TO the shareholders of the Great
Northern either at par 200 per cent. in either
case giving them valuable rights 1t Is under
stood that the negotiations with the United
States Steel Corporation are now almost COM
pleted. 1t was this that brought Mr.. Hill back
so hurredly from his trip South. where he had
planned to stay for at least a month with his
family in Aiken
The ore lards of the Great Northern have
been the subject of rurnors in Wall Street
for a long time. and much of the advance of the
stock has been due to the expectation of rights
TO the stockholders in connection with them.
The stock of the company touched Friday a
bigh point of 34S. due in a great measure to the
report that the deal with the steel corporation
had finally been concluded. The property COM
prises more than six hundred thousand acres
and Mr.. Hill has held it back for many years
as one of the most valuable assets of his COM
pany 1t is only recently that he has expressed
a willingness to sell it. One of his favorite ex-
pressions has been that the was under
ground, where insurance cost nothing. and Il
grew more valuable every year But the anxiety
OF the steel corporation to make its supply of
ere for the future sure has at last brought the
Mr.. Hill himself has been led to say that it was
for sale at the proper price.
There have been mines on the property in
operation for some time. Two of them are now
under lease. and il is understood that the steel
corporation is getting the ore from them 1t was
this opportunity to test the value of the ore
that led the steel Officials to be anxious to
get control of the entire body. In addition to
this, however, it is understood that for several
years the Colorado Fuel and Iron Company has
drawn large amounts Of from the Great
Northern deposits and it is probable that in the
new disposition of the property that company
will share as II would not want to lose such a
valuable adjunct. There have been rumOrs for
some time in the financial district of deal be-
tween the steel corporation and the Colorado
Fuel and Iron Company. in many cases taking
the form that the bigger company would alb
sorb the Western concern. but it is probable that
they Will get no closer together than an agree
ment on the division of the Hill ore