The Providence news. (Providence [R.I.]) 1891-1906, 1900-05-11
Hs and All tho Members Of His Family Are
Large Holders Of Companys Stock.
DENIES ALL CHARGES AGAINST HIM.
Says Rs Did Not Cltss Mills on His Own Initiative.
Prssdsn! Lambert Also Resigns The
New Officers Chosen.

Steel and Wire company. John w.
Gates resigned as chairman OF the
board and sailed for Europe ON the
Kaiser FREDERICK, having previously
in a communication to the board of di-
rectors given himself a clean bill of
health financially. John Lambert re-
signed as president and two directors
friendly to the Gates interests were
elected TO fiji the vacancies caused by
the resignation of Henry Seligman and
Frederick trauSs. The directors were
in session nearly all the afternoon, and
upon adjournment at $50 O'clock is
sued statement that the board of dl-
rectors met at the special request OF
Mr.. Gates 10 receive from him a written
communication which he desired To
have acted upon before his intended de-
parture for Europe.
In this communication Gates takes up
the many charges against him. He
denies them all, alleges that he never
closed down mills OF the company on
his own Initiative, but with the knowl-
edge and consent OF eight other direct
ors OF the company. After denying all
but one newspaper interview claimed TO
have been held with him. he adds:
NO ATTENTION TO COMMENTS.
Il have therefore paid no attention
to the newspaper comments with ref
erence 10 my action or conduct in the
management OF the company's proper
~. / ann thoroughly apprect> tive OF
the futlity OF any controversy between
the press and an individual. and con-
tented myself with communicating only
To those Interested in the management
of the property such facts and matters
az relate thereto
1T has also been stated in the press
that / have been short of the stock of
the American Steel and Wire company.
This Is an unqualified falsehood. new
er sold a share OF the stock OF this COM
pany, excepting that which / owned,
and am today a large holder OF the
stock or this company, and every menu
Der OF my family is a substantial hold
er OF the stock of this company.
Now that the antagonism from all
directions has been dispersed and dis
credited. and l have been relieved from
further accusation. and the charges
made against me determined to have
been false and unfounded feel that
should not further deny myself the op-
portunity TO take the desired recreation
determined upon year ago, particu-
larly since II has become my duty by
appointment from the governor of the
state of Illinois to represent that state
as its commissioner to the Paris Ex-
position, l therefore tender herewith
my resignation and desire to be relieved
from further participation in the man
agement OF the company. In doing so
i desire to express my thanks and ap-
probation Of the uniform courtesy con-
fidence and cooperation extended by
each member OF the board. and all the
officers and employees OF the company.
II bespeak for the company success
i'm the future, knowing full well that
men OF ability will continue in the man.
agement OF its property and affairs.
Yours truly,
~. W. GATES"
LAMBERT ALSO RESIGNS.
At the same time John Lambert,
the president of the company, also
communicated with the directors as fol-
lows:
II beg to hand you my resignation
as president and director OF the
American Steel and Wire company.
am prompted TO take this course for
the reason that 7 expect TO go abroad
about the first of Inly.-to remain sew
eral months. and having other numer-
Gus duties. ! feel that ] should resign
and allow some one 10 be elected TO the
Office OF President who can give IL all
of his time. Yours truly.
JOHN LAMBERT"
Isaac L. Ellwood also offered his res
ignation as chairman of the executive
committee.
The board of directors declined to
consider the resignation of either
Messrs. Gates, Lambert or Ellwood in
any way which would take them out of
the board OF directors or the executive
commit,ee. and upon their insistence
accepted their designations only as
chairman. president and chairman OF
the executive committee.
In addition TO the designations men
toned Il was determined that change
in the executive committee should be
had. so as ITO increase it's number TO
seven, and TO consist of six directors
and the president an ex.officio MEM
Der.
The board OF directors filled the va
cancies created by the resignation OF
Messrs. Seligman and Strauss by elect
ing IN their places Randall Morgan OF
Philadelphia, vice president of the
United Gas Improvement Company. and
Hermann Slclicken OF w. II. Crossman
a Brother.
THE NEW OFFICERS.
The various offices vacated by the re-
spective designations were then filled
as follows:
. A. clifford. chairman OF the company
10 succeed Mr.. Gates; William Eden
born chairman OF the executive COM
mttee. TO succeed Mr.. Ei.wood; Will
liam T.. Palmer, president. to succeed
Mr.. Lambert: r. l.. Watson, treas
urer. 10 succeed Mr.. Clifford.
The executive committee as now con-
stituted consists OF Edenborn. I. t. ELL
wood, Gates. Lambert, Clifford and
Thomas Doian OF Philadelphia,
IL has been further determined that
the board OF directors OF the company
will meet hereafter monthly. these
meetings will probably be held in New
York city.
The election OF Randall Morgan or
Philadelphia II generally taken TO ex-
plain the decision OF Thomas Dolan not
TO resign from the board az the same
time with Messrs. Seligman and
Strauss for Mr.. Morgan is closely asso-
-t..xa a.. lh...t.... .,.{,h a.. T,ols~ AZ,