New-York tribune., 1911-10-27
mo STEEL DIRECTORS QUIT
Board Meeting Yesterday Solely
for Action on Ore Matters.
]. PlERPONT MORGAN THERE
Frick Says He Has No Intention
of Resigning-0re Freight
Rates Ordered Reduced.

Formal action ~ sbrogste the lease of
the Great Northern iron ore properties on
January I. 1915. was taken BY the board
ot directors Of the United states steel
CORPORATION at a special meeting held yes
t.rday. when IL adopted resolutions rec
cnmeniing that the directors Of the Great
Western Mining Company. a subsidiary OF
the steel Corporation. which holds the lease
Of the ore lands, take the necessary steps
70 cancel ths agreement on the date men
toned.
The directors adopted resolutions direct
ing the mana gements OF the Duluth, MIS-
sate &, Northern Railway and the Duluth
6. Iron Range Railroad companies. botn
OF which are owned by the Steel Corpora
ton, 70 reduce the freight rates on iron
ore on these roads 20 cents ton from
points on the Missaoe iron range 10 Duluth
and Two Haroors, MINI, which are the
shipping ports for ore from the Great
Northern and other properties in the Mis-
sabe range controlled b. the steel Cor
poration.
The action of the Steel directors in TAX
ing these steps caused no surprise in Wall
Street. as official announcement was made
4dsL HESr DDlil l4lSN N44C vi -'C+ ~-4N- -
ore lease would be terminated and that
the freight rates on ore on the corpora
tons railroads would be reduced. AS a
result. Great Northern ore certificates.
which broke seven points when the news
that the ore lease would be cancelled was
fist made public were not anected oy
Yesterdays developments. AS matter OF
fact they showed a fractional net gain az
tbs close Of the market
No Directors Resign,
The street vas more interested IN a
rumor that several Of the directors would
hand IN their designations at the meeting
than " was in the formal action OF the
board with regard 70 the ore lease and
freight rates Henry c. Frtck. William Z.
Corey, formerly president Of the Steel Cor
pora ton; Henry Phipps and, possibly, Nor
man 2 Ream. the report had II, were 70
retire as directors After the meeting had
adjourned Judge Gary said that the only
action taken vas the adoption OF the reso-
lutions already mentioned, and he declined
% discuss the rlmor that the directors
named were 70 resign from the board.
Mr.. Trlck. however. on leaving the meet
ing took occasion 70 deny the report so
far as il concerned himself personally.
I have already denied that story sew
eral times" 1A said but I do nor mind
saying again that ! he'd no intention of
resigning
Thirteen Of the tventy-tour directors ot
the Steel Corporation attended the meet
ing, among the hrst 70 arrive being J.
Pterpont Morgan and George 2. Baker
Among the others present we're Charles
Steele. Norman 3 Peam, ? A 2. Widener,
Daniel G. Reid, James II. Reed, Henry
Phipps. Perctvsl Pcherts. Clement A. Gris-
com ex-Judge z II Gary ard President
James 4 Farrell.
Wall Street was more than ever con-
y1nced after II was announced that the
Passing OF the resolutions cancelling the
ore lease and reducing freight rates en-
the corporations roads vas the only bust
ness transacted az the special meeting that
the purpose of the management IN taking
. these steps was 10 place ITSELF IN better