Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-26
BUSINESS AND INDUSTRIAL.
Big Profits.

New York Financial Journal.
A director OF the Steel & Wire Com
pany, unwilling to be quoted, makes
the following statement:
Some OF us went into that meet
ing very angry, but we decided not to
be actively antagonistic there, but to
give Mr.. Gates a chance to be heard
preferring to receive information first
and to adopt such measures as seemed
advisable afterward. Mr.. Gates ex-
planned his position and then the Ex-
ecutive Committee talked it over while
the rest of the board listened.
Mr.. Gates was asked how it was
h a he had just discovered that stocks
on hand were about double the nor
NAL, and the demand falling Off, and
he said that he had been away for
some weeks, although he had received
daily reports. When Mr.. Gates ar
rived home and realized the situation
his first step was to stop production.
The spring trade has been backward,
and the high prices have checked con-
sumption, but in May and June, which
are the best months of the veal, a
large business is anticipated.
In the first four months of the
year the company has made SIS, 900, 900.
The gross daily sales are averaging
$500, 600, and they can be swelled to
$500, 900 with the market properly ham
died. About 500 tons of finished prod
ucts are being exported daily. We
are going to make big money, but
have erred in trying to make too
much. Leading interests have said
that as $12, 000, 900 was made last year
$40 0 900 to $26, 900, 900 could be made
this year. Such enormou profits
would only invite competition, and a
much more moderate profit ought to
be satisfactory.
las much as thirty per cent of the
output is specialties in which the
company does not have to cut prices,
and the competition comes mainly on
wire nails and a few other staple ar
ticles.
While neither Mr.. Seligman nor
other directors rendered designations
at the meeting, there are a number
who favor the retirment of Mr.. Gates.
There is a strong sentiment that
another man at the head would be of
great benefit t the company.
Fridays board meeting was the
first for months, and opinion was ex-
pressed that directors of a corporation
of this magnitude should meet at least
once a month.
1.-The presence of Judge Gray and
other Federal Steel directors satisfac-
torily adjusted the matter of the con-
tract with that company, and deliv-
cries of material will be modified. In
view of Mr.. Gates attitude they had
apprehension about getting the $780,
900 payment due. Instead of explain
ing to them that they must not hold
the American Steel & Wire Company
literally TO the contract in every re-
spect. because stocks were piling up
and the company would not take the
material SO fast from the Federal
Steel Company. MI. Gates wrote a
rough letter intimating that the A. S.
& w. Company would not take the
stuff and that it would not be paid
for. At the board meeting his atti-
tude was entirely different, for he said
it was noe his intention to repudiate
any of these obligations, and payment
was arranged for. There was no ques-
ton about the company having the
money available.
sThat rumor about the balance Of
the common stock dividend, due u
JUS, being paid In scrip y Al iooi-