Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-04-22
snecial to the Register.

Special to the Register
NEW YORK, April 21.-The an
nouncement has been made numerous
times in Wall street to-day by those
who should be in position to know, that
John w. Gates will resign from the
Craftsmanship of the American Steel &
Wire Company when the directors meet
again May Z, and that H. c. Prick,
former chairman of the Carnegie Com
pany, will take his place. These as
sertions bear out rumors that have
been going the rounds for some days
that persons who are interested in
Frick have made large purchases of
wire stock
1t is said that Gates was given par
tial indication at yesterdays meeting
with the understanding that he resign
May Z.
NEW YORK, April 21.-It is rumored
that conference took place to-day be-
tween John Lambert, president of the
American Steel & Wire Company, and
Ebert H. Gary, president OF the Fed
eral Steel Company, at the Office of the
latter company. President Gary would
neither confirm nor deny, and Mr. Lam
bert declined to be seen. John K.
Gates, chairman of the American Steel
& Wire Company, left town to-day to
be gone over Sunday
Nothing was known at the Office of
the steel and wire company concerning
the probable reduction of 20 per cent.
on all its products. They said that SO
far no change had been made in quoted
prices, either here or at Chicago.
President Gary to-day made clear the
purpose of his visit and that of Messrs.
Bacon and Rogers to the Office of the
steel and wire company yesterday. Mr..
Gary said:
THE committee consisting of Mr..
Rogers, Mr.. Bacon and myself visited
the directors of the wire company for
the purpose of considering questions
growing out of the business relations
between the wire company and one of
the constituent companies of the Fed
eral Steel Company. The wire COM
pany is under 5 contract to receive
about $4,000 tons of steel not yet de-
livered, and it was indebted in large
sum, which had matured for steel al
ready delivered. All questions between
the two companies were satisfactorily
adjusted"
Referring to the action taken by the
american Wire & Steel Company at
the special meeting, Mr.. John W. Gates,
according to the Herald says:
We'll you see l was right. The di-
rectors saw it, too, and every one
of them voted that l was right. The
vote of the directors was unanimous
"a vindication l am proud of. What
the directors admit now, by their ac-
ton in authorizing the reduction in
prices, others will also admit within
a fortnight. l told the truth in Wall
street and they thought | was lying. l
said the steel business had reached
it's height, and was going back, and
Wall street attacked me in every way
Wall street is not used to hearing the
truth. That's what fooled them but
you will see the other steel people
falling in line and, mark my words,
it won't be long either before every
thing have said will be corroberated
by actual developments"
With this cut in the price of pro-
ducts, the mills closed down the 9TH
er day will be re-opened soon, will
they not?" asked the interviewer.
NO. replied Mr.. Gates. This will
have no immediate effect on the mills
/ can't say when they Will open up,
but not in the immediate future any
way"
A friend who has been close to Mr..
Gates said afterward that he doubted
if the steel wire mills would start up
before September. An attempt was
made again to have Mr.. Gates COM
init himself on this point, but he posi-
lively refused.
The Cut Ordered.