i STEAM COAL - Clpdigital.org
i STEAM COAL - Clpdigital.org
i STEAM COAL - Clpdigital.org
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28 THE <strong>COAL</strong> TRADE BULLETIN.<br />
by conservative hankers and brokers in the East,<br />
notably in New York and Philadelphia. While<br />
blocks of thousands of shares are being taken by<br />
these interests, the certificates are frequently<br />
being made for small lots of 10 shares and less.<br />
This clearly indicates tnat the stock is wanted as<br />
an investment. The orders from Amsterdam have<br />
been coming thick and fast and the instance re<br />
flects the experience of the Philadelphia & Reading<br />
security holders, who up until a comparatively<br />
recent time, decried the policy of former President<br />
Franklin B. Gowan in making such heavy pur<br />
chases in anthracite coal. Now that the Philadel<br />
phia & Reading securities are giving substantial<br />
returns to their holders, Mr. Gowan's policy is the<br />
subject of belated approval. It was he who ac<br />
quired the tremendous acreage in anthracite, in<br />
volving a gigantic bond issue, which was a burden<br />
to the Philadelphia & Reading company until recently.<br />
As is well remembered in business circles, this<br />
brilliant strategist in the financial world was so<br />
harassed by the criticisms of his enemies in this<br />
company, that he was driven to suicide. Gowan's<br />
career is one of the romances of the coal industry.<br />
It was he, who as a young attorney in Pottsville,<br />
led the fight which vanquished the notorious Molly<br />
Maguires. Subsequently as he arose gradually in<br />
the Philadelphia & Reading interests, he led their<br />
policy and the tremendous coal properties pur<br />
chased by the company, over 25 years ago, are<br />
now worth many times what Mr. Gowan paid for<br />
them. And it is these properties to-day which<br />
are giving the Philadelphia & Reading securities<br />
their great value. The case of the Pittsburgh Coal<br />
Co. may be in a measure analogous, it having<br />
looked far into the future in accumulating a vast<br />
wealth of valuable Pittsburgh coal, which is daily<br />
appreciating.<br />
* * *<br />
Chicago seems to be "strike crazy." Each year<br />
some great body of workingmen in the metropolis<br />
of the middle west finds an excuse for stopping<br />
work and attempting to stop every other work<br />
man. Each year this excuse becomes flimsier<br />
and each year the result becomes a little more<br />
decisive. The teamsters' strike, which never had<br />
a shadow of honest basis, resulted from an at<br />
tempt to force the reinstatement of 19 discharged<br />
garment workers. A boycott was declared against<br />
the employing firm and the use of this cowardly<br />
weapon, and the strike itself were gradually ex<br />
tended until practically every business and in<br />
dustry in the city was affected. The usual riotous<br />
scenes for which Chicago strikers are noted, were<br />
an accompaniment of the trouble. Disorder and<br />
bloodshed prevailed for several days and several<br />
lives were sacrificed. Order was restored by the<br />
strikers just long enough to present an impu<br />
dent demand to President Roosevelt as he passed<br />
through the city on his way to Washington. The<br />
courage and firmness of his reply, and his plain,<br />
direct statement that he would not hesitate to<br />
send federal troops to preserve order, if neces<br />
sary, had a cooling effect on the bumptious com<br />
mittee whose sole object was to obtain recogni<br />
tion from the nation's chief executive and, if<br />
possible, to entrap him into some statement that<br />
might be construed as an indorsement of the<br />
strikers' position. They will know better the<br />
next time. The strike is running the usual<br />
course. Steady and substantial gains have been<br />
made by the employers, who are certain to be<br />
successful. On the day following the president's<br />
visit, the first break in the strikers' ranks occurred.<br />
It was that of the hay and feed men. The<br />
defection probably marked the beginning of the<br />
end.<br />
Coke and Brick Plants To Be Enlarged.<br />
Plans will be taken up at once for the construction<br />
of a large number of coke ovens in Westmoreland<br />
and Butler counties of Pennsylvania by the<br />
Clark Coal & Coke Co. This was decided upon<br />
at the annual meeting of the stockholders, held<br />
recently in Pittsburgh. The company was practically<br />
re<strong>org</strong>anized, the capital stock being increased<br />
from $200,000 to $500,000. The directors elected<br />
are C. B. Clark, William J. McCracken, S. H.<br />
Grubbs, J. G. Bright and A. E. Best. The directors<br />
elected the following officers: C. B. Clark, president;<br />
William J. McCracken, secretary; A. E.<br />
Best, treasurer; Miss F. A. Morrison, assistant secretary-treasurer.<br />
Mr. McCracken succeeds C. A.<br />
Smith as secretary. The company was <strong>org</strong>anized<br />
in Pittsburgh over two years ago and owns extensive<br />
coal lands in Westmoreland and Butler counties.<br />
The directors propose to arrange for the<br />
construction of a number of coke ovens in both<br />
counties to cost about $75,000 or $100,000. Later<br />
the number of ovens will be increased. The company<br />
also owns a large brick plant on the Butler<br />
division of the West Penn railroad. At present the<br />
plant turns out about 20,000 brick daily. The capacity<br />
of the plant will be more than doubled.