The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-11
GATES HAS RESIGNED
NO LONGER CHAIRMAN OF THE
STEEL AND WIRE DIRECTORATE.
Radical Changes in the Oficin1 Per-
sonnel of the Company Are An
nounced from It's once.
GATES EN- ROUTE TO EUROPE
LAWYER LAMB SAYS Ex-CHAIRMAN
HAS FLED THE COUNTRY.
Carnegie's Opinion on the Steel Situa-
tion-He Thinks There VIII BE
No slump I'm the Price.
GATES EN- ROUTE TO EUROPE
LAWYER LAMB SAYS EX-CHAIRMAN
HAS FLED THE COUNTRY.

NEW YORK, May 10.-Changes of
sweeping character in the affairs of the
American Steel and Wire Company were
announced to-day after session of the
board of directors.
John w. Gates resigned the chairman
ship of the board of directors and is now
on his way TO Europe. He is succeeded
by Alfred Clifford. of Chicago. John LAM
bert, the president of the company, re-
signed in favor of William P. Palmer
Isaac L. Elwood resigned as chairman of
the executive committee and is succeeded
by William Edenburn. The Office of treas
urer made vacant by the elevation Of Mr..
Clifford, is filled by the election of r. l..
Watson. Henry Seligman and Frederick
Strauss, both of this city, who resigned
from the directory last Monday because
of their opposition to Mr.. Gates and his
policy, are succeeded by Randall Morgan.
of Philadelphia, and Herman Sielcken, of
New York.
Mr.. Morgan is vice president of the
United Gas Improvement Company of
Philadelphia, and a close business associate
of Thomas Dolan. also of Philadelphia, who
is director of the American Steel and
d
executive committee. Mr.. Morgan's cleo
ton to the board of directors is accepted
| as an indication that Mr.. Dolan and Mr..
Gates have settled any differences that
may have existed between them. Mr..
Sielcken is a coffee importer of this city.
All the new officers directors and commit
| teemen are said to be in absolute harmony
with Mr.. Gates and his policy.
Coll ffac inc of he lire rfDrC
to-day voluminOus statement narrating
| in detail the causes which led to the
changes in the personnel of the company
was given out. 1t begins with Mr.. Gates S
letter of resignation. In ii he states that
for more than a year he had contemplated
retirement and should have taken the step
May but for the recent controversy. He
justifes his action in closing the mills
three weeks ago and protests against the
fabric of abuse and villification" which
has been heaped upon him, based upon an
alleged interview. Mr.. Gates declares that
he did not, as alleged, discuss at any time
| the affairs of the American Steel and Wire
Company. Further he says: at never sold
| a share of the stock of this company ex-
cepting that which owned. and l am to-
day large holder of the stock of this
company and every member of my family
| is substantial holder of the stock of this
company. Now that the antagonism from
all directions has been dispersed and dis
credited and that 1 have been relieved
from further accusation and the charges
against me determined to have been false
and unfounded I feel that / should not
further deny myself the opportunity to
take the desired recreation determined
upon year ago, particularly since IL has
become my duty by appointment from the
Governor of the State Of Illinois TO repre-
sent that State as commissioner at the
Paris exposition. 1 therefore tender my
resignation and desire to be relieved from
all further participation in the manage
ment OF the company.
The statement issued by the general
counsel says: "The board of directors de-
clined to consider the resignation of
Messrs. Gates, Lambert or Wildwood I'm any
way which would take them out of the
/ board of directors o. of the executive COM
mittee, and upon their insistence accepted
| their designations only as chairman, presi-
dent and chairman of the executive COM
mittee. The executive committee as now
constituted consists of William Edenburn,
chairman, l. L. Elwood. John w. Gates.
John Lambert, A. Clifford and Thomas
Dolan. of Philadelphia. 1t has been
| rectors of the company will meet hereafter
| monthly. Those meetings will probably be
| held In New York city
George Alfred Lamb, the lawyer, whose
| charges against President Gates were dis
missed on Wednesday by Magistrate Zeller
gave out this statement after he heard OF
| Mr.. Gates's departure for Europe: Mr..
Gates came to New York with the ayowed
| determination of fighting the proceedings
brought against him TO a finish and of in
| fiicting drastic punishment upon all of his
| critics, and especially upon any one who
dared to prosecute him. The proceedings
| brought, however. seemed TO promise more
| interesting developments than Mr.. Gates
| cared TO face and. acting doubtless upon
| the advice of his formidable array of emf
| nent counsel. he has taken advantage of
| the first technical opportunity that pre-
sented itself TO leave the country.