New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-19
WAGING WAR ON GATES.
HIS TACTICS REGARDING STEEL AND
WIRE STOCKS RESENTED.


The tide of popular condemnation of the tactics
so successfully employed to force down the value
of the American Steel and Wire Companys stocks
increased In volume and strength yesterday, and
more or less definite rumors were heard OF meas
ures for Furnishing the man who. by common con-
sent is held chiefly responsible for the daring stock
market raid. report had it that conference
of of nearly all the great steel cor
porations. except the American Steel and wire
Company. had been held, at which practical meas
ures were decided upon for onsetting the INJURY
done the trade by the Steel and Wire Company
action. Another rumor was that an informal meet
ing OF the Steel and Wire Company's directors was
held Tuesday night Mr. Gates not being present
and that the suggestion was forclby presented
that the best interests OF the company demanded
radical charge of management and or poilcy. ihiS
report could not confirmed yesterday, but IL IS
known that the directors are to have meeting W
morrow in this city. and a Stirring tune 10
pected. A rumor gained currency YESTERDAY that
the conservative element In the company IL '"-
deayorine 10 GUST Mr. Gates from the chairman
ship of the Board but the fact Is recognized IN ,he
Street that the Western men. with whom MI Gates
is closely identified are in the majority IN the
Board.
From Chicago came the rumor that MI oates
had already voluntarily resigned his once not iioi
contrltion however, nor as a result OF pressure -
as q stock tobbng move his alleged action being
accounted for the theory that he Fas coVei
his shorts and gone long American steer anu
Wire which must rise many points on 'ie new w, -
his resignation Chicago still cynicaly discreoths
Mr. Gatesa declaration that he Is not nhtere9teu
In the stock market and not yet having loreo''eh
the ingenious letter of Holland, Mr.. Gatess prl-
vate secretary One serious result or the steer anu
Wire manipulation. affecting the innocent So
compantes as well as the offender, is that the local
banks have decided not to accept steer anu "0i
stocks as collateral save In small quantities
1t was said in many quarters yesterday that 'he
Stock Exchange authorities ought TO take o'ho'"
cognIzance of the Steel and Wire scandal anu 'a'
a petition would be presented to the Governing
Committee asking that the common ana Pleietiu
stock of the corporation be stricken from the hst'
but an official of the Exchange said 'hat as i''i
as he was aware no complaint, either 1orrhai vi
informal had been lodged against the company pe
cause of the alleged stock jobbng rumorS.
Special dispatches from Chicago yesterday were
to the effect that the twelve mills OF the COMPANY
which were shut down Monday would all ne re-
opened within the next ten days, ana fresioeh'
Lambert was quoted as giving this curious inter
view;
Our plants have been working night and DAY on
overdue contracts and to meet current 1endons
pace began TO pile up stocks 1aegf hst these eondi
lions viii last In week or ten days we may be
rnnning full blast again The American Steel and md
year it earned about $4,000 900 in net profits This
ben rga Is to nga make as for its
and i is prepostero9s to accuse nr s s Standing
for stock gambling purposes
President Lambert is on his way from Chi
cago to this city attend the directors meeting
aled for tomorrow. Mr.. Gates was at the oilces
of the American Steel and Wire Company at an
early hour as We're also a number OF other men
more or less prominently identified with the COM
pany Mr.. Gates would see no reporters ana early
in the afternoon he went out with a member OF
the Executive Committee, but the meetings and
conferences in his office went on till late IN the
day. .Lo
Isaac L. Ellwood. second vice-president OF the
company when asked yesterday if 1t was true tnat
Mr. Gates had been asked to resign MS once
a ed IT,
the dispatch from Chicago was accurate quoting
President Lambert saying that the closed mills
would be reopened within few days Mr. Eil"oou
answered ~ know nothing about It,
Ex-Judge w. H. Moore who was asked aDouI
the reported friction between the American steer
and Wire Company and the National steer COM
many said he had statement to make concern
ing trade matters this time.
The stocks comparatively STEADY yes
terday except the American Steel and Wire IS
sues. Steel and Wire common had a wide open
ing at as to A. and ruled at between "A and 4S1s
until the hour when report was put In clrcu-
lation that the resolution to declare per cent
yearly dividend might be rescinded by the directors
on this the stock sold off to Ala, closing at 4l%4
a net loss for the day of 81 cent The preferred
closed at 771h a net decline of per cent The
Moore stocks-National Steel, American Tin rate
and American Steel Hoop-were all nrr, as We're
also the Federal Steel issues and Tennessee Coal
and Iron the net changes in all these stocks pelng
only fractional.