New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-11

isaac l. EIlwood also offered his resignation
as chairman of the Executive Committee.
STILL IN THE BOARD OF DIRECTORS
The Board of Directors declined to consider
lie resignation of either Messrs. Gates. Lam
bert or Ellwood in any way which would take
,.em out of the Board of Directors or the Exec
.iive Committee and upon their insistence, as
shown in the following resolutions, accepted
their designations only as chairman, president
and chairman of the Executive Committee. The
resolutions We're follows:
Resolved. That upon the insistence of MessTs.
ao boI 59n respec3n as chairman
president and chairman Of the Executive &c, Cond1 1
upon condition that each of these gentlemen re,
Executive Committee Of this company SO tilat inns
company may have the benefit Of their active coun-
sci cooperation and advice in the future nanssg.
ment and conduct Of the business of this company
Resolved That in accepting these designations the
directors do with regret and with unanimous . eA
faithful and CONSCIENTIOUS services and assistance
heretofoTe rendered IN f me o anu
The resolution referred by Mr.. Gates in his
letter as having been passed by the directors
concerning the closing of the mills is in the fol-
lowing form:
whereas The question of the closing heretofore
of twelve mills of this company is under cofS1u-
GRAFTON of the Board OF Directors and ,,. .
Whereas. The conditions and causes leading to
where's Ii has appeared that the action in clos
tween the following named directors: J. W Gates
John Lambert william hdePprn; r Ionn a ad Vii
lam p. Palmer: therefore he it
closing the mills be- and the same is hereby in all
respects approved and confirmed.
In addition to the designations mentioned. it
was determined that there should be change
in the Executive Committee. so as to increase
its number to seven. and to consist Of six di-
rectors and the president officio member
The Board of Directors filled the vacancies
created by the resignation of Messrs. Seligman
and Strauss by electng in their places Randall
Morgan. of Philadelphia. vice-president of the
United Gas Improvement Company. and Her
mann Siecken. of w. H. Crossman & Bro, New
York.
HOW THE OFFICES WERE FILLED.
The various offices vacated by the respective
designations then filled as follows: A
Clifford chairman of the company, to succeed
John ". Gates resigned; William Edenborn
chairman Of the Executive Committee. to sue
coed J. l. Ellwood: William P. Palmer
president. TO succeed John Lambert. resigned;
f L. Watson treasurer TO succeed A. Clifford
resigned.
The Executive Committee as now constituted
consists of William Edenborn. 1. L. Elwood.
John w Gates John Lambert, A Clifford and
Thomas Dolan, of Philadelphia.
It has been further determined that the Board
OF Directors Of the company will meet hereafter
monthly. These meetings will probably be held
in New-York City.
It viii be noted that, although Messrs. Gates
and Lambert no longer officers Of the com
rany they have not retired from the Board Of
Directors and that Mr.. Lambert is now also
associated with Mr. Gates in the Executive
has her been
Of Messrs Gates Ellwood and Edenborn. The
election of Randall Morgan, of Philadelphia, is
generally taken TO explain the reason for the
decision of Thomas Dolan not to resign from
the Board at the time with Messrs
Seiigman and Strauss. for Mr. Morgan is closely
associated in business with Mr.. Dolan, and is
vice-president of the United Gas Improvement
Company, of Philadelphia, of which Mr. Dolan
is president. Mr. Sielcken has long been in in
innate business relations with Mr.. Gates. He is
member Of the large coffee importing house
If w II. Crossman & Bro, of this CITY, and
is interested in the Woolson Spice Company.
which is controlled by the American Sugar Re-
fining Company. Mr.. Sielcken is also widely
known f1nancier, and took prominent part
in the recent reorganization of the Kansas City.
Pittsburg and Gulf road. known the
Kansas City and Southern, which reorganza-
ton was effected under the plan of the Phila-
delphia Reorganization Committee, of which
Max Pam, general counsel of the American
Steel and Wire Company. acted counsel.
Mr.. Gates and his associates control the reor-
ganized road. the voting power on the stock of
which is lodged in the hands OF voting trust
of seven men. four Of whom John w Gates,
William Edenborn, John Lambert and Herman
Sielcken. are directors of the American Steel
and Wire Company.
1t could not be learned definitely yesterday
her not Gates fled any
taliatory action against George A. Lamb, the
attorney whose complaint against Mr.. Gates
was dismissed on Wednesday evening by Magis-
trate Zeller or whether or not Mr. Lamb in
tended to take any further steps against Mr.
Gates. 1t was generally believed in the Street
that there would be more legal proceedings.
WHAT MR.. LAMB HAD TO SAY
Mr.. Lamb issued this statement on learning
that Mr. Gates had sailed for Europe:
Mr. Gates came to Nevy-York with the ayowyed
determination OF fighting the proceedings brought
against him TO a finish and of nficting drastic
punishment upon all OF his critics and especially
upon any me who dared to prosecute him. The
pro Isdd or brought howeyer seemed TO have
Gates cared TO face; and acting doubtless upon the
sci. he has taken advantage of the first technical
opportunity that presented itself leave the coun-
try.
There was rumor early in the day that Presi-
dent Gary, Of the Federal Steel Company. would
enter the Board OF the Steel and Wire company:
and. while this report turned out to have been
without foundation. it is generally believed in
Wall Street that the two corporations will be
much more closely affiliated than they have
been in the past
American Steel and Wire common stock made
net advance yesterday of 31s per cent. closing
407s the highest figure of the day The pre-
ferred also closed at the top SO its net gain