New-York tribune., 1900-12-06
NEW EFFORT TO GUST GATES
WALL STREET FIRM ASKS FOR PROXIES
OK AMERICAN STEEL AND
WIRE STOCK.

great deal ~ comment has been caused in Wall
Street by an advertisement which appeared in the
local papers yesterday. I'm which the Stock FIX
change house Of Wees Herrick Hicks. Of No.
Is wall-st. asked for proxies on American Steel
and Wire preferred and common stock, 10 he used
at the annual meeting Of the company on February
sl Charles F. wsfles. the senior member of the
firm. when asked yesterday why the advertisement
had been inserted. answered;
we represent stockholders Of the American steel
and Wire Company. The movement Is I'm oppCs-
tion TO Mr.. Gates and his policies. I think the
moneinens WI ~ ng NJ unt 70 p GOOD ree
resentative people in the company. who Will handle
fits affairs from the factories, and not from the
stock market.
Mr.. welles deprecated the rumor that ne was
being backed by interests identified with the Stand
ard OH Company. He said that IL was unfair TO
assume this and that the rumor had no justifca-
tion. report that the Federal Steel Company
was behind the movement also denied. The
general opinion seemed to be that Thomas Dolan.
Of Philadelphia, whose opposition TO Mr.. Gates was
pronounced at the time OF the resignation OF
Messrs. seligman and Strauss OF J. W. Selig-
man Co, from the Board Of Directors OF the
company last Maya step which closely fol-
lowed by the retirement of Mr.. Gates from the
ehstrmanship-and p A. r. Widener. close busi-
ness associate Of Mr.. Dolan, and since October 2s
a fellow director With him in the Steel and Wire
Company. were the chief movers in the present
effort TO oust the Gates element from any further
as IL has been reported that Messrs Dolan and
Widener and their associates in the Dolan- Wide
ner-Elkins have recently been heavy purchasers
OF Steel and Wire stock. There net ad-
vance of ia points yesterday in the common stock.
and the cynical suggestion was heard that per-
haps Mr.. Gates himself had had something to
90 with spreading the report that a movement an
tagonistio 20 him had been started knowing that
such a story would be bull point" on the stock.
Mr. Gates has not been I'm New-York for the last
fortnight. He is said to be I'm the Southwest on a
hunting trip Nobody In authority could be found
az the Office OF the Steel and Wire Company yes
terday Mr., Gates is a man Of aggressive dispose
iion, and those who know him best inclined
TO believe that the plan 10 oust him will be stout
ly resisted.
There has long been opposition 10 Mr.. Gatess
management and criticism of his tactics the
trouble having reached acute stage last spring,
following Mr.. Gates's sudden closing Of twelve OF
the company's mills and the consequent sharp
break in the stock. only few weeks after he as
chairman of the Board had sent to the stockhold-
ers circular In which he declared that the COM
pany was IN so hourishing a state that fits common
stock occupied position like that Of the preferred
stock OF most other corporations. The latest com
plant OF his course has been in regard the sale
by Mr.. Gates and some of his associates to the
American Steel and Wire Company Of a Lake
steamship line owned by them.