New-York tribune., 1907-11-07
II. II. ROGERS 1T MEETING.
Directors of Steel Corporation Ratify
Purchase of Tennessee Company

II II Rogers apparently fully recovered from
his recent Illness attended the meeting yes
terday OF the directors Of the United States
Steel Corporation. called "a pass upon the
action of the finance committee in purchas-
ing the stock control OF the Tennessee Coal
Iron and Railroad Company. The directors unan-
imousy approved Of the purchase. a short state
ment 10 that effect being issued by ex-Judge Gary,
chairman Of tho board and OF tho finance commit
tee. No details regarding the terms of the pur-
chase were given out. and ex-Judge Gary refused
to amplify his statement printed in yesterday s
Tribune, that the corporation had arranged 10 buy
the majority the capital stock Of the Tennessee
company at par and that this offer open for
fifteen days TO holders OF the remaining stock
More than twenty directors present at the
meeting which held at the Offices Of the com
pany. at No. Il Broadway. J. Pierpont Morgan was
one OF the few abscutees. Some OF those who at
tended, in addition Mr.. Rogers. Henry c.
Frck, Henry Phipps. George w. Perkins and W
+. Corey. They all refused discuss the purchase
When Mr.. Rogers came out OF the meeting he ap-
peared to be In good spirits. and laughed and
joked with some Of his fellow directors. This IS
the first time Mr.. Rogers has been seen IN the
financial district since his breakdown duo to over
work, several months ago. lie declined TO say any
thing for publication.
The chief benefit the Steel Corporation from the
acquisition OF the Tennessee company. It was said
by steel yesterday. viii not be It's increased
manufacturing facilities but the possession OF the
concern. which will give It control OF the iron ore
situation OF the United States. Under the present
rate Of consumption It Is estimated that the ore
properties Of the steel Corporation would have
been nearly exhausted IN the course of fifty or
sixty years but the addition Of the holdings Of
the Tennessee Coal and Iron Company viii add
something Ike 7O0O0OO0O tons OF its holdings
enough. 1t is said with what It already owned. to
last for hundred years. even if it consumed
100000 tons a year The coal deposits acquired
from the Tennessee company estimated at
1000 10000 tons.
The Tennessee company IS the only concern out
side OF the Bethlehem Steel Corporation that manu-
factures open hearth rails which said by rail-
road be superior 10 the Bessemer rail and
are In great demand When the extensions
being made TO the plant completed the mills
will have a capacity OF 400 go tons year. and.
II will be some time yet before the Gary plant OF
the United States Steel Corporation which will
also make the open hearth rail is in operation the
acquisition Of the Tennessee company provides the
Steel Corporation with the means of supplying the
demand Of the railroads meanwhile for the open
hearth rail
Under the terms Of the transaction. payment for
the Tennessee company stock at par is TO be made
in United States Steel Corporation sinking fund
bonds a. it is authoritatiyey said on this basis
about Sll 800 in bonds will be given for every 100
shares of Tennessee stock The actual physical
transfer of the control the company will be
made is understood, speedily possible