The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-22
REDUCED 20 PER CENT.
PRICES OF THE STEEL AND WIRE
COMPAxY's PRODUCT CUT.
Conference Between officials of Two
Trusts--JOhn w. Gates Confident
He Has Been indicated.

NEW YORK, April 21-It is reported
that conference took place to-day be-
tween John Lambert, president of the
American Steel and Wire Company, and
Elbert II. Gary, president of the Federal
Steel Company at the offices of the latter
company President Gary would neither
confirm nor deny the report and Mr. Lam
bert declined to be seen. John w. Gates,
chairman of the Ameican Steel and Wire
Company, left town to-day, to be gone over
Sunday. Nothing was known at the office
of the steel and wire company concerning
the probable reduction of per cent. ton
of all it's products. They said that so far
no change had been made in quoted prices
either here or at Chicago.
President Gary to-day made clear the
purpose of his visit and that of Messrs.
Bacon and Rogers to the office of the steel
and wire company. Mr.. Gary said: 1.-The
committee, consisting of Mr.. Rogers, Mr..
Bacon and myself, visited the directors of
the wire company for the purpose of con-
sidering questions growing out of the busi-
ness relations between the wire company
and one of the constituent companies of
the Federal Steel Company. The wire
company is under contract to receive about
$4,000 tons of steel not yet delivered, and it
was indebted in a large sum. which has
matured, for steel already delivered. All
questions between the two companies were
satisfactorily adjusted"
Referring to the action taken by the d.
rectors of the American Steel and Wire
Company at the special meeting, John w.
Gates, according to the Herald, said:
We'll, you see L was right. The directors
saw 1t, too, and every one of them voted
that / was right. The vote of the directors
was unanimous-a vindication l am proud
Of What the directors admit now, by
their action in authorizing the reduction i'm
prices. others will also admit within fort
night / told the truth in Wall street and
they thought 1 was lying. 1 said the steel
business had reached it's height and was
going back, and Wall street attacked me
in every way. Wall street isn't used to
hearing the truth. That's what fooled
them, but you will other steel people
falling in line, and it won't be long, either,
before everything I have said will be
proven true by actual Developments"
with this cut in price of products the
Hills ClOSeu uOWU the OIner DAY VIII be re-
opened soon, will they not?' asked the in
terviewer.
NO." replied Mr.. Gates. "This will have
no immediate effect the mills. 1 can't
say when they will open up, but not in the
immediate future, anyway"
What does the opening of the Braddock
mill, at Pittsburg. mean then?"
"Oh, that's a speciality mill, and was
started to get out some stuff for export or
ders. The other mills will not be started
up till these lower prices get some of the
finished products out of the way"
President Lambert, of Chicago, who had
been reported as sending out bullisb bulIe-
tins in the face of Mr.. Gates's predictions
of lower prices and less business, Mr..
Gates declared had been misquoted. Pres
ident Lambert, Mr.. Gates said was in full
accord with the policy Of the company as
voiced by its chairman. a friend who has
been close to Mr.. Gates said afterward
that he doubted If the steel wire mills
would start up before September An at
tempt was made again to have Mr.. Gates
commit himself on this point, but he posi-
lively refused.