Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-17

NEW YORK, April 16.-John w.
Gates, the executive and financial head
of the American Steel & Wire Com
pany, in an interview this evening
made the startling prophesy that the
steel companies of the country had
more than caught UP with the demand
and that prices would most phobably
break unless some drastic measures
were taken.
He had just returned to this city
from an extended tour throughout the
West and South His arrival was
marked by a sensational drop in the
price of all steel and iron stocks.
The break in American Steel & Wire
was the most prominent feature of the
list, the common stock of which
dropped eight points to-day.
Mr.. Gates upon being seen by the
Register correspondent said:
'The directors of the company have
agreed to close twelve mills, mainly
wire producing plants. These are To-
Gated" he said, "at Anderson, Dekalb,
Waukegan, Cleveland, Joliet, and one
or two in the vicinity of Pittsburg.
Their total daily capacity. l would
judge is between 3,O0G and 1000 tons OF
finished product
Mr. Gates called attention to the fact
that reports have been quietly circulat-
ed for some days past that a break in
steel and iron prices might be ex-
pected almost Immediately, and he
was asked whether these reports were
correct.
Il regret to say that they are," was
his only comment. He was also ques-
toned as to there being any truth in
the assertion that he made 100000
in the recent rise in Baltimore & Ohio
and Union Pacific stock.
Mr.. Gates was inclined to make
merry over this report, and said that
the man who gave it out had been
dismissed from his employ.
Among the officials of the other steel
companies the impression is strong
however, that prices will be main
tanned for some time to come.
Judge Gary, of the Federal Steel
Company; J. H. Baldwin, of the Penn
sylvania & Maryland Steel Company
and other authorities when questioned
said that structural steel prices were
just as strong to-day as they were four
months ago.
Among the number of Wall street
men seen in the corridor of the Wal
dorf-Astoria tonight some were in
clined to believe that Mr. Gates re-
marks did not indicate the true con-
dition of the steel industry, and that
some speculative manipulations in
fluenced his remarks.
BY the Associated Press.
NEW YORK, April 16.-John w.
Gates, of the American Steel & Wire
ence to a dispatch from the West
which stated that number of the con-
stituent concerns in the main company
had suspended operations. He con-
firmed the statement and said that
twelve of the mills in the constituent
companies have been shut down. They
are located at Pittsburg, Cleveland,
Joliet, Ills, Waukegan, Ills, De Kalb,
Ind, New Castle, Ind, and Anderson,
Ind.
Mr. Gates said the cause of the clos
ing down of the mills was over-produc-
ton. Mr. Gates said he was unable
to state when the mills would resume
operations as they first would have to
ascertain the extent of the over-pro-
duction. When asked as to his view
as to the trade situation and outlook,
Mr.. Gates stated that the shut down
of the mills was the best evidence of
the current situation.
Mr.. Gates made another statement
later, in which he said that the
twelve mills which had been closed
had daily capacity of from 5000 to
1000 tons. He said that slack business
was an additional reason for the sus-
pension of operations. The best infor-
nation is that the mills will be closed
indefinitely. 1t is said that as many
as 1000 men, boys and girls will be
affected by the shut down.
CHICAGO, April 16.-Labor trou-
bles in the building trades are stated
by President John w. Lambert, of the
American Steel and Wire Company as
the reason for orders issued to-day
closing down all the plants of the con-
Germ in the vicinity of Chicago; all
those at Joliet, H., excepting the
Rockdale mill, and the extensive plant
at Anderson, Ind. Twelve plants were
ordered closed. Thousands of skilled
workmen were temporarily suspended
by the action of the wire magnates.
President Lambert said:
Labor troubles are at the bottom OF
1t. Our market has been destroyed by
the stopping of building labor and we
have had to shut down until the ac-
cumulated stocks are sold"
PITTSBURG, Pa. April 1.-THE
American Steel and Wire Company's
mills closed In this district include
those at Nav Castle. Braddock and the