The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-20
DISCUSSED IN WALL STREET.
Attention Largely Devoted to the
Steel Situation

NEW YORK, April 19.-Wall Street con-
| tinued today to devote its attention largely
to the iron and steel situation as it has
been affected by the action of Chairman
John W. Gates, Of the American Steel and
Wire Company, in ordering the shutting
down Of twelve of the company's mills be-
cause of alleged slack demand and over
product. President E. II. Gary. of the
Federal Steel Company, gave out this state
ment early in the day:
4 have never suggested to any director
or TO any one else the ACCESSIBILITY OF shut
ting down any of the mills of any of the
constituent companies of the Federal
Steel Company. a sufficient tonnage has
been booked to keep the mills running full
for five or six months from the present
time. There has been no material charge
in any of the lines Of our business
Whether or not the action of the VIE
Company will interfere with the iron and
steel business generally | do not under
take to predict. The Wire Company has
been a purchaser of steel billets and steel
rods from some Of our companies. and at
the present time we have contracts for
about fifty-ive or sixty thousand tons not
yet delivered
IF deliveries on these contracts be post
poned it will to some extent interfere with
Steel Company at Joliet, but that is a
comparatively small part of our business.
From statements which have been pub
lished concerning the business of the Wire
Company. it seems to me the trOub arises
from the fact that the Wire Company is
carrying a large finished product which
ordinarily at this season of the year is in
the possession of the jobbers.
Possibly this condition arises from the
foot hat faLF =. ~.
prices were rather high. While l do not
undertake to express an opinion as to the
future. l have seen nothing in our lines
of business up to the present time that is
at all discOuraging. Our business and
earnings are much better than our expec-
tations. The question of cutting prices
has not even been considered by any Of
the officers of the Federal Steel Company
or its constituent companies"
A statement on somewhat similar lines
was made by L. S. Wheeler who is treas
urer of the National Steel. the American
Steel Hoop, the American Tin Plate, and
the American Sheet Steel companies. Mr.
Wheeler said: We are not closing any
mills nor are We interfering with the
American Steel sud Wire Company's bust
ness. We are kept busy filling our own
orders and are satisfied with the pros
poets in steel and iron. Our business is
fiourishing"
Mr.. Wheeler was questione, regarding
the Pittsburg despatch published in the
philadelphia Press" today which said that
the American Steel and Wire Company had
threatened direct war upon two of his
companies. He said he knew nothing about
any circumstances such as-repOrted in the
despatch. and that he looked ur0n the re-
nort as on a par with other rumors that
were circulating.
The meeting of the directors of the
American Steel and Wire Company, which
is fixed for tomorrow, is awaited by Wall
Street with much interest, for this meet
ing is expected TO disclose whether there
is something tangible behind the rumors
that Mr.. Gates is to be forced out of his
position as chairman of the company IL
was understood today that President John
Lambert was on his way to this city from
Chicago to attend the meeting. 1t was
learned at Mr.. Gates office that a'r. Gates
had left town for a days rest in ;.e coun-
try. but would return tomorrow.
The steel stocks were firm and advancing
today. Here are some of the rumOrs that
were afioat:
"A controlling interest in American
Wire and Steel has changed hands,
Mr.. Gates will be asked TO resign and
Henry c. Frick will be asked to take his
place"
So far as could be learned this was
nothing but rumor. No investigation BY
the Stock Exchange OF manipulation of
Steel and Wire stock has been asked for.
Mr.. Gates is not a member of the Ex-
change.