The age-herald., 1901-01-30
STEEL AND WIRE
 ADVANCED $2 TON Decision of the American Steel
 & Wire Company A DIRECTORS STATEMENT He Says the Company Has-Earned Per Cent and That the Advance is Made Purely from Com mercial Reasons.
A DIRECTORS STATEMENT

New York, January 29.-The Herald to- morrow wifi say:
 This is the official announcement of the result of the American Steel and Wire Company directors meeting yesteday:
 The amendment fthe bylaws makes it obligatory on the directors to act upon the question of dividends. both the preferred and common stocks of the company quar- terly, beginning with March next Under this amendment further action on the div- dend question on both stocks is therefore deferred until the meeting of the board the coming March.
 The board voted to advance prices the standard goods $2 per ton, effective at once.
 Speculative opinion as to the mystery of the Steel and Wire directors action was mixed Some believed that Merrs Widener and Dolan wanted a dividend declared and had won a tentative victory in having the question postponed until after the annual stock holders meeting, instead of having Gates and his friends force the passage of the dividend altogether. Others aver that the entire board is acting tremendously and have similar views as to what course Steel and Wire common ought to take in the market in the near future.
 Chairman Alfred Clifford of the board of directors, asked: "Is there any ne- cessity for reducing the dividend below ! per cent on the common stock?"
 Mr. Clifford's Statement.
 q cannot say what the directors will do' said MT Clifford. I've have earned more than seven per cent on it, so that we can pay 1t If we want to. Our advance of $2 a ton on our standard products is made from purely commercial reasons, and is in line with the strengthening up of the prices of billets. It will affect yearly production Of seven hundred thousand tons."
 What do you think of this Carnegie com petition discussion?'
 Tt is not my province to discuss that. I don't think there is a fight going on every where. There is room for us all in the pres ent condition of trade.
 The company's report for the year ended December 91, 1900, shows assets amounting to $lO9, 939,2S2 of which $S,220,85S is in cash and $5,6361 III in bills receivable. The liabili- ties show profit and loss account of $11,- 6SS, ,650 depreciation and had debts of $2,2OO,- coo and accounts payable of $6, ,09S 603.
 A statement as to the companies affairs referred to the sudden shrinkage in value of pig iron and billets, which the company had to stand in 1900, and went on
 ''The outlook for the coming year is cer- tainly favorable, and as prices are now upon normal level, we have no reason to fear a repetition of last years experiences. We are now producing nearly all of our own requirements in pig iron and billets, and so are no longer subject to fluctuations in the prices of our raw materials.
 "Our net profits for the year ended De- cember 31, 1900, were $7, ,0O2, ,12914, after mark ing off for depreciation $1000,000 and ex- pending large sums in maintenance and improvements, and marking down all inven- tories, as required by the market prices of December 31, 1900. While this amount is considerably less than our earnings for the year ended December 31, 1899, we are in- clined to believe that when the changed conditions of the market are taken into consideration our stockholders will feel well satisfied with the results shown..