Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1900-04-20
''IiB[ Battle Of HIS uI / ].
Manager Of American Steel Com
pany Accused
OF MANIPULATING STOCKS
For Personal Gain-Ru NOR That sas-
pioious shares Will he Stricken from
Stock Market List-Banks Refuse Col.
lAteral-MiIls Again Runnink.

New York, April 20.-John w. Gates
is having the fight of his life in the
financial world as the result of his
closing down of the mills of the Ameri-
can Steel and Wire company. That
transaction, dictated solely by q de-
sire to influence the stock market, and
not on account of any exigency In sup
ply and demand, is regarded as un-
questionably the worst since the days
when Gould and Fisk wrecked the Erie
railroad. That the responsibility Of it
falls entirely on Gates no one doubts.
Instead of calming down, the excite
ment and expressions of indignation
on change and in steel and iron cir
Giles has intensified with the passage OF
time. From half a dozen points at
tacks on Gates appear to be forming.
What their result will be no one can
predict, but the downfall Of the thin
blerigger" is not beyond the POSSIBLE
ties. These are some Of the rumo:s
heard in the city Wednesday in regard
to the affair: That petition Is being
circulated to have American Steel and
Wire stocks removed from the trad
ing lists Of the New York Stock Ex-
change unless Gates is retired from
the Craftsmanship. 5..sM
That the eastern element In the
ownership of the company was COM
bining to attempt to Dust Gates and
the dummy element which is con-
trolled by him in the board OF direc-
tors of the company, in order that
stock gambling might be put at an
end and legitimate manufacturing
profits secured. That the leading
banks were beginning to refuse Amer
lean Steel and Wire certificates as col
lateral, and that some of the certif1-
Gates had already been thrown out.
That cooperation had begun among
the steel and iron men outside the
American Steel and Wire company
to take action for preventing ire
parable injury to the country's great
est industry" Each and every one
of these movements, If they exist, will
be an attack on John w. Gates per-
sonally. 1t was even rumored Wednes-
day that he had already handed In his
resignation, but the exchange received
the report with bitter mockery, root
ed in the general knowledge of the
character of the man.
IF he resigns now" it was said, "all
it will mean is that instead of being
short on stock he is now long, and
hopes to use his own retirement to
boom the stock just as he used the
closing of the mills to depress it. It
would not mean that he was out for
good, and he would soon be back in
his position, with plans as vicious as
ever" One thing is certain, and that
is that the Gates method has landed
a body blow on the American Steel and
Wire company ITSELF Mr.. Gates would
not discuss these reports. Max PAM
general counsel of the company, who
is in New York with Mr.. Gates, said:
There has been no conference or
meeting since our arrival here. The
report that we are to enter the struc-
tural iron and steel business by turn
ing our Cleveland plants into rail and
billet mills is all bosh. We don't anti
cipate any trade war, for We have no
reason to believe that there will be-"