New-York tribune., 1901-03-07
MAY FIGHT STEEL DEAL.
REPORTED PLAN OF ISAAC L. ELwOOD.
OF STEEL AND WIRE.

The committee unlisted securities Of the
Stock Exchange yesterday admitted TO the un-
listed department OF the Exchange certificates of
deposit issued by the various trust companies
designated TO act depositaries for the stock of
the steel companies which to he consolidated
into the newly organized United States Steel Cor
poratlon. This applies only TO trust receipts for
present securities and has the effect of creating an
immediate and open market for these certificates
the trading in which will begin this morning. Ae-
cording the ruling Of the committee. certificates
Of deposit issued by the Old Colony Trust Com
pany. Of Boston which has been designated as a
depositary of both classes OF Federal Steel stock
and by Ilidder, Peabody & Co. who the Boston
depositary of National Tube stock of both classes
be traded in on the New-York Stock Ex-
change.
The United States Steel Corporation Issues were
rather weaker yesterday I'm the curb market
the common closing at 3I. bid and $s4s asked
against 1874 bid, 39%. asked Tuesday. and the
preferred closing S3ba bid. S32a asked. as con-
trasted with s3h. bid. SIS asked. at the close on
Tuesday. The steel stocks on the Stock Exchange
almost lifeless.
Another opponent Of the projected merger Of
the various steel companies in the United states
Steel Corporation has developed in the person Of
Isaac L. Ellwood Of the American Steel and Wire
Company. who. II is said is of opinion that the
terms offered by the Morgan syndicate TO the COM
panys shareholders for exchange of their stock
are inequitable. and has retained Hornblower.
Byrne. Miller s. Potter to represent him in legal
proceedings which is reported he contempates
instituting. There curious story afoat IN the
Street yesterday the effect that Mr. Ellwood' }
rumored had its inspiration In anmosity
TO John w. Gates According 10 this story Mr.
Morgan insisted that T. a. B. Wdencr should
be placed on the Executive Committee OF the
American Steel and Wire Company. When the
board organized last month. Mr.. Gates was
unwilling retire any OF his friends. but finally
yielded to pressure and teegraphed Mr. Ellwood,
in Chicago. that the latter had been dropped from
the Executive Committee Mr. E,lwood. the story
continues. came straight 10 New-York, and on
Monday morning, February 25. the day on which
the first circumstantal forecast OF the terms OF
exchange Of the steel stocks printed, entered
the market seller OF his extensive holdings.
Prices went up and then down. Mr. Elwood sold
most ~ his shares IL is said although the opera
tion cost him $4,000: but, according TO the story.
an effort 10 hold up the market cost Mr.. Gates
even more. Mr.. Elwood. II Is represented sold
because he believed that he had been thrown
down" while Mr.. Gates had been provided for in
The brokerage firm Of White & Blackwell who
recently advertised the representatives OF hold
OF $1,000 OF the common stock OF the Ma
tional Tube Company for the names Of dissatis-
fed holders, said yesterday that they had received
responses from holders OF s5OOOp0 additional of
the stock. II is said that stockhoders' protec-
tive committee may be formed
The report from London that the United States
Steel Corporation would acquire control OF various
steel properties in Germany said yesterday ~
the office Of J. =. Morgan & Co to he unfounded