i STEAM COAL - Clpdigital.org

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