The Birmingham age-herald., 1907-05-25
GATES DENIES SALE OF I. C | STOCK Gary Also Makes Emphatic De-
 nial of Stories IS NOT SEEKING CONTROL Gates Says He Is Leaving New York With Not Speculative Share
 of Stock In His Pos
 session.
IS NOT SEEKING CONTROL

New York, May 24-(special.)-The Journal of Commerce and Commercial Bulletin says:
 The report, purporting to be authorita- tive, which was in circulation in Wall street yesterday that J. P. Morgan & Co. have taken over at private sale approxi- mately 100000 shares of the Tennessee Coal and Iron stock at a price said to be $50 a share, was emphatically denied at the offices of the banking firm and also by John w. Gates. MT. Gates stated that he has not sold any of his Tennessee Coal and Iron stock. According to the story the great bulk of the shares rep resented the holdings of Mr. Gates and his friends. The report stated that the $50 received was considerably more than the friends paid for the same, as they and average price which MT. Gates and his the Schley-Hanna syndicate began &C., cummulating Tennessee Coal and Iron stock below $40 a share The story went on to say that the purchase of the shares was in the interest of the United Steel corporation This rumor also met with a prompt denial from Judge E. H. Gary, chairman of the steel trust directorate, who stated that the corporation is not seeking control of the Tennessee Coal and Iron company.
 Previous to his departure for two weeks trip to the southwest in connec- ton with visit to his petroleum proper ties in Texas and Indian Territory, MT. Gates, In an interview regarding the gen. eral situation, said:
 "I hear a great deal about the destruc- tive green bugs In the agricultural dis tricts, but the green bug pests of Wall street are doing more damage than the green bugs of the west. This stock mar ket has taken on the appearance of joke. The people seem to have lost their heads, judging from the ridiculously low prices at which first class securities are selling. There have been no recent de- Velopments of an adverse character that would Justify the low prices at which se- curitles are now selling.
 q leave New York for the west with not a speculative share Of stock in my possession. Everything 1 hold is in my own name. The report recently circulated that one of the reasons for the decline in stocks was due to the final cleaning up process on the part of the firm of c. G. Gates & Go. Is absurd We have taken no part to speak of on either side of the market for some time past, our liquida- ton having been completed weeks ago.
 "As to the steel situation, 1t could not be better. Orders and specifications since the first of the year have run far in ex- cess of the corresponding period of last year, and record breaking earnings have been established by all of the steel com panies. Earnings applicable to dividends of the Republic Iron anN Steel company since the first of the year reflect the prosperity the steel industry is enjoying. The Republic earned nearly S1670,000 In the first four months of tho year, which Is $265,0o in excess of preferred dividend requirements for the entire year.
 "The Republic and Tennessee companies have sold their possible production of pig iron for the rest of the year with the ex- ception of something like 0000 tons. The two companies have sold between 15,000 and 10000 tons Tor delivery next year. When the new Pioneer furnace Is in oper- ation the earnings of the Republic appli- cable to dividends may reach $600,000 a nonth."