New-York tribune., 1900-04-18

stocks Within a week have been told by very
TdEst vesisrdav that II had already earned in 1900
nearly enough to pay DIVIDENDS on preIeGred i ana
ness alone nearly enough 10 take care OF its pre-
oeeye that os , Of the large s,sel rs
managed a other great companies that enjoy pub
working capital they nave the advantage Of the
cheapest raw materials in he world ord and the most
money with the markets OF the world At their feet
American ingenuity had better retire TO a back
Mr.. Gates was at his office in the afternoon
but denied himself TO reporters. meeting Of
some sort was held late in the afternoon. and
the session lasted till late, when Mr.. Gates went
uptown and left word that he had nothing
add to his statement Of Monday.
One of Mr.. Gates's closest friends authorized
the statement that no action dealing with the
policy Of the American Steel and Wire Company
taken yesterday. Several members Of the
Executive Committee were in conference with
Mr.. Gates and Max Pam, OF Chicago, one Of the
company's legal advisers, but the questions dis
cussed We're declared to be entirely foreign to
developments Of the previous day
American Steel and Wire common stock opened
wide yesterday. at - to 10. Brokers acting
for Chicago men Interested in the company were
buyers at the opening and intervals during
the day In the first few minutes Of the trading
the price moved above a. At > O'Clock IL
+1l4, but in the last hour it advanced rapidly.
closing at the highest Of the day, -, net gain
of per cent. The preferred ranged between
77@t and S1la, closing az the latter figure, a net
advance for the day Of l per cent The Federal
Steel issues advanced in sympathy with the
movement in Steel and Wire, the common gain
ing 2at per cent and the preferred three quar-
ters Of 1 per cent. Tennessee Coal and Iron.
which Jared badly on Monday, closed yesterday
a point higher than on the preceding day.
Mr Gates was uptown last night with party
of friends. He was in rather sullen mood, and
il evident from his talk and actions that
the censure and reproach that have been di-
rected against him within the last two days
not without effect He would add nothing
to the statements ne had already made. He
talked with Chicago the long distance tele-
phone. and seemed 10 get news that net
tied him. He wouldn't say word. beyond that
the American Steel and Wire Company was
doing the best IL could without consulting the
public.
In the interview 10 which Mr. Gates said he
had nothing 10 add he declared:
Il all amounts to this: The steel and wire business
is in bad shape. II has been getting worse con-
s+anuy, and the mills OF every sort have been run
months The demand to-day. in our line at
least and I think prOpOrriOuately in the other
of the volume II should be For instance.
have been making five thousand and six thousand
ton Of selling about six thousand. We have
fact. been selling only thousand three thou
sand tons That illustrates the situation.
Some prominent investors were saying last
night that 1t would be unwise for the Steel and
Wire company 10 have Mr.. Gates continue in
control and there was talk of a concerted legal
programme depOse him from any voice in the
management of the company.