Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-27
BUSINESS AND INDUSTRIAL.
American Steel & Wire.


New York News Bureau.
While there is no decrease in the
feeling of indignation against the man
agement of the American Steel & Wire
Company, there is a distinctly better
sentiment in the steel and iron bust
ness and in the market for steel stocks.
The trade and the street was taken by
surprise at the unexpected action of
Mr.. Gates in closing mills, but a care
full study of the real situation that has
since been made has convinced the ma
jority of people that the whole trouble
was created by n man for purely
speculative and selfish purposes, and
that conditions are perfectly sound and
liable to remain so for many months
to INT One Of the highest authori-
ties on steel and iron affairs says:
The business may be likened to the
lumber trade. Lumber Is used for a
thousand different purposes, and one
important item is the manufacture Of
sash and blinds. There are times
where there is an over-production of
these articles and a temporary shut
down of the mill follows, until the sur
plus supply is worked off. This alone,
however, would not indicate that the
lumber business was all going to
pieces. 1t seems there has been an
over-production in wire nails. This
may have been bad business judgment
or done for a purpose. 1t is now be-
lieved that the closing of the mills will
be temporary, but at all events it does
not prove that the rest of the steel and
iron market is on the same plane as
the wire nail business"
The same authority says: Il am in
timately acquainted with the affairs of
the American Steel q Wire Company.
1t disgusts me to see how its affairs
have been mismanaged for speculative
purposes. The company, in spite of it's
mismanagement, is not in a bad condi-
ton. 1t is doing an enormouse and
lucrative business. It's export trade is
far in excess of expectations and is
constantly increasing. If it were ably
and honestly managed it void be one
of the best properties on the industrial
list"
1t is reported that there has been a
steady absorption of the stock OF the
Steel & Wire Company during the last
two weeks. Within that time 620, 900
shares of the common and 156, 900
shares of the preferred stock have been
dealt in on the Stock Exchange. This
absorption is alleged to be by interests
identified with the Federal Steel Com
pany. 1t is believed that this new in
terest in the company will form a COM
bination with the better element here
tofore identified with the company,
which is dissatisfied with the present
executives, and that the two will con-
troll it in the future. officials of the
Federal Steel Company profess to have
no knowledge on the subject, and re-
fuse to affirm or deny the report. The
street is impressed with the idea that
the resignation of John ". Gates will
be rendered at the meeting on May Z.
There is not much question as to its
acceptance, if it is rendered.
Mr.. Gates has long been the domi-
nant interest in the management Of the
Steel & Wire Company. He, with
Isaac l.. Ellwood and William Eden
born, compose the executive commit
tee. 1t is intimated that the latter
have no independent influence. Gates
is the committee. The directors sell
dom meet and they rely IN the COM
mittee to conduct the company's at
fairs. The directors come in for no
little criticism ON this core. 1t is
likely, however, in view of recent oc-
currencess that a closer attention will