New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-02

i. ID. ROIkEFELLER..? ..?R..
QUITS BOARD.
Morgan Interests More FuH5
IN Control than Ever-Henry
Udlfcrs IL Nc7c Director.

= L
The resiGnatio Of John \. Ecckefe eiler,
81. as director of the United States
Steel Corporation, which had been ru-
ncored for two or three weeks III Wall
Street as about to occur, was formally
announced yesterday. and marks the
final withdrawal of the Rockefeller in
tcrests from all connection with the
mana cement. Henry Walters. Of Balti-
more. chairman of the board of the At
lantic Coast Line Company and of the
Atlantic Coast Line Railroad Company,
has been elected to fill the vacancy.
EXJudgc Gary. chairman OF the board
o. the Steel Corpora ton, when asked why
Mr.. Rockefeller had resigned, answered.:
M. Rockefeller states that the only
rea son for his resignation is that the
holding OF stocks in the company by the
members of his family is not sufficiently
large to Justify his giving any time or
attention to the affairs of the corpora
tom
John = Rockefeller, sr.. John d.
Rockefeller, jr., and the late n. Fl. ROS-
crS were members Of the first board of
directors Of the United States Steel Cor
poration. elected in the spring Of 1901.
The elder Rockefeller retired in January.
1904, his place being taken by Henry
Phipps. Mr.. Rockefeller, in his letter to
the board, said that it had not been con-
venient for him to attend the meetings
Of that body. and that his interest in
the corporation was represented on the
board b. his son.
Standard Oil interests Smaller.
The vacancy caused by the death of
Mr. Rogers last May was filled by the
election Of J. F. Morgan. jr., who took
Mr.. Rogers's place as member of the
finance committee as we'll as director,
and this development was commonly
supposed to Indicate that the Standard
Oil interest in the Steel Corporation was
being diminished. and to prove the base
iessness of the reports current from time
10 time of an alleged purpose of the So
called Standard Oil party to gain control
OF the Steel Corporation.
The election of Nh Walters gives the
Morgan interests still another represent
atiye in The United States Steel manage
Il
tor in many corporations and q very
wealthy man, is closely affiliated in his
business relations with J. p Morgan &
Co, through which house the Atlantic
Coast Line acquired control of the
Louisville & Nashville.
When the Rockefeliers disposed of
their Steel holdings, which at the out
which Wall Street is much interested;
but to which it does not expect to have
an answer. John D. Rockefeller tells in
his autobiography of his investments in
the iron ore region of Minnesota. which
seemed at one time TO be very unprom-
isine, but which were placed upon
profitable basis by F. T. Gates.
The Lake Superior Purchase.
The Lake Superior Company, con-
trolled absolutely by Rockefeller inter
ests. which, in addition 20 its iron ore
properties. owned fiftr-nine vessels on
the Great Lakes, was taken over by the
Steel Corporation a few weeks after the
Iatter's formation. J. P. Morgan & Co.
announced that arrangements had been
made for the purchase of more than 81
PEI. cent Of the $29, ,SS7. ASS outstanding
stock. including the interest of John D.
Rockefeller: and that for every 500 par
value Of the stock of the Lake Superior
Company S135 par value in common and
Sl:;1 in preferred stock of the United
States Steel Corporation would be given.
Practically al of this stock. it is under
stood, is now owned by the Steel Cor
poration.
How much Steel stock was received
l2v Mr.. Rockefeller has never developed
but il has always been assumed that he
held at least 90 per cent of the Lake
Superior stock and on this basis he
would have received at least sd. POS, ,S3l
Steel Corporation stock of each class, or
90 0sS shares each of common and pre-
ferrcd.
The Eockefellers have for several
years held large interest in the Colo
RADIO Fuel and Iron Company in asso-
ciation with George J. Gould. and F. T,
Gates, Starr J. Murphy. Mr.. Rockefeller's
personal counsel and John D. Rookie
feller. jr., are at present members of its
board Of directors