New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-24
J. w. GATES MAY GET OUT.
RUMOR THAT HE WILL RESIGN-CLOSE
OF ILLINOIS STEEL COMPANY'S
PLANTS EXPLAINED

It was reported in Wall Street yesterday that
John w Gates. who year and a half ago
abandoned a projected trip around the world,
and instead remained in this country and or
ganzed the American Steel and Wire Company
of New-Jersey. had again formed plans for max
ing the long journey, and with that purpose in
view would, at the meeting Of the directors of
the company called for May Z, present his resig-
nation as chairman OF the Board. giving i'll
health as the reason for the step. Another ru-
NOR assigned another cause Tor Mr.. Gatess al
legged decision, that report being that interests
identified with the Federal Steel Company had
recently purchased sufficient stock of the Steel
and Wire company to give them, in alliance
with other shareholders opposed to the Gates
management, practical control of the company,
and that at the meeting of May Mr.. Gates
of control
Mr.. Gates was his office yesterday, but de-
clined to make any statement about the matter.
The most interesting developments in connec-
ton with the Federal Steel Company and the
American Steel and Wire Company out
a little before the close of the Stock Exchange.
when a dispatch was received here from Joliet.
H., telling OF the closing of three rod mills of
the Illinois Steel Company, subsidiary COM
pany of the Federal Steel Company In
frmation and explanation OF these advices
President Gary of the Federal Steel Company
made this statement:
The Illinois Steel COMPANY, one OF the consttu-
a rod mill at Joliet m which has a capacity of
about 10000 tons per annum. The American Steel
in their wire mills at Joliet substantially the total
pany The Wire company purchased 10000 tons of
rods to be used during the first six months of
but have asked temporary cessa tion of de
steel company has decided to close temporarily
the rod mill at Joliet. having received positive as
Will he long continued, and that all of the
rods contracted for will be taken within very
The Illinois Ste Steel G9mPsny G also a has mills at NIL
at South Chicago. The total tonnage OF, steel pro,
year from which it will be seen that the tonnage
son with the whole.
1t is understood that the mill consists of three
separate buildings. but is commonly spoken of
by the Federal Steel people as one plant An
effort made to learn whether or not any of
the other plants controlled by the Federal Steel
Company would be shut down, but the represen-
tative of President Gary declined to add to the
atter's formal statement.
Steel and Wire common stock yesterday sold
between 37l4 and 411s the closing quotation.
403 being 21S per cent higher than Saturdays
last price. The preferred closed 1SY a net
gain for the day of 1%l per cent. Federal Steel
common closed 413i. the highest price of the
day, net gain of 2as per cent and the pre-
ferred gained one-half of / per cent closing at
69l2
President Rudolph Kepper of the New-York
Stock Exchange yesterday In refer
ence to the report that Congressman f. T.
Noonan of the lid Illinois District, intended TO
introduce resolution in the House OF Repre-
sentatives demanding that the affairs of the
Stock Exchange be investigated in connection
with the recent manipulation OF American Steel
and Wire shares Mr.. Keppler disnclined
70 mart had haau
brought Officially to his attention. He de-
clined take issue with the Illinois Representa-
tive, who declared that the Stock Exchange had
frequently been tried and found wanting neither
would he discuss the probable outcome of u
Congress examination of the Exchange
Operations in Steel and Wire shares the
Stock Exchange do not concern the governing
body of that institution long they are
honestly conducted by members" said President
Keppler. II have yet to hear that any member
OF the Exchange has been guilty OF wrongdoing
in that connection. When / do. II Will be time
enough to act. and we shall not be found want
ing. Mr.. Gates is not a member OF the Stock
Exchange. and as / have several times declared,
he is beyond our jurisdiction. No. / have not
heard the suggestion in Stock Exchange circles
that Steel and Wire shares be stricken from the
list"
II was learned yesterday on excellent author
ity that the American Steel and Wire Company
has decided 10 increase the prices of its export
products. which. constitute an important part OF
its total output.
Joliet H.. April 23.-Operations were sus-
pended to-day at the three rod mills of the
Nv on