FINANCIAL REVIEW OF 1902. 



243 



mainder of the month, though prices were gen- 

 erally lower at the end than at the beginning; 

 one important exception was Canadian Pacific, 

 which rose from 122^ to 141f. The anthracite- 

 coal miners' strike continued throughout June, 

 and an attempt at the beginning of the month 

 by the leaders of the organization to induce the 

 engineers, firemen, and pump-men at the mines to 

 join in the strike was partially successful. On 

 the 18th a call was issued by John Mitchell, the 

 president of the United Mine Workers' Associa- 

 tion, for a convention to be held July 17 of all 

 the coal-miners in the country, both bituminous 

 and anthracite, to determine whether the former 

 should also strike. Mining of anthracite coal 

 was suspended throughout the month, the opera- 

 tors fearing that those who were willing to work, 

 would not be protected, but the washeries at the 

 mines were operated and some coal was supplied 

 to the market. The stock speculation was not 

 greatly influenced by the coal strike, because it 

 was felt that some way would be found for set- 

 tling the troubles. The tone of the market was 

 generally strong, though the volume of business 

 was not large. One feature was a sharp rise in 

 Chicago and Eastern Illinois from 159 to 195, 

 and there was also an advance in Illinois Cen- 

 tral from 150 to 161| on the announcement of an 

 increase in the capital from $79,200,000 to $95,- 

 040,000, stockholders to be given the privilege 

 of taking the additional shares at par. Other 

 noteworthy price movements were sharp ad- 

 vances in Missouri Pacific, Wabash common and 

 preferred, and St. Paul. The granting of a per- 

 manent injunction restraining the conversion of 

 $200,000,000 of the United States Steel preferred 

 stock into bonds caused a fall in the shares of 

 the corporation. Though the Pennsylvania Rail- 

 road Company made a contract with the Postal 

 Telegraph Company for the use of the lines of 

 the Pennsylvania system to displace the service 

 of the Western Union, the stock of the latter 

 was not materially affected. 



In July the stock-market was generally strong 

 and at intervals buoyant. The efforts of the 

 anthracite miners' organization to induce the 

 bituminous miners to join in a sympathetic 

 strike failed for the reason that the latter con- 

 sidered themselves bound by existing contracts 

 with their employers; this action of the bitu- 

 minous miners removed a threatening feature in 

 the coal situation. Riotings and other violence 

 by the anthracite miners at Shenandoah, Pa., 

 led to the calling out, by Gov. Stone, of the 

 Pennsylvania militia. Strikes among the freight- 

 handlers at Chicago resulted in a partial suspen- 

 sion of freight traffic until the 16th, when the 

 strikers surrendered; there were labor disturb- 

 ances in the bituminous-coal regions of Virginia 

 and West Virginia, but these were unimportant. 

 Among the decided advances in stocks during 

 the month were those in Atchison, Missouri Pa- 

 cific, and other Southwestern properties, St. 

 Paul, Illinois Central, New York Central, Penn- 

 sylvania, Rock Island. Chicago and Eastern Illi- 

 nois, St. Louis and San Francisco, and Colorado 

 Fuel and Iron. Toward the end of the month 

 the stocks which had been most rapidly ad- 

 vanced sharply declined, influenced by liquida- 

 tion and by realizations. One feature was a 

 contest for the control of the Colorado Fuel 

 and Iron stock, which resulted in litigation. An- 

 other feature was the taking over by the St. 

 Louis and San Francisco of the Chicago and 

 Eastern Illinois. Though money rates were firm 

 the stock-market was not unfavorably affected 

 thereby in August, nor was it influenced by the 



continuance of the coal strike. The crop condi- 

 tions were good, railroad earnings large, and the 

 industrial situation was encouraging, and these 

 favorable factors contributed to a confident feel- 

 ing among stock speculators. The trading on 

 the exchange was large and well distributed, and 

 leading stocks, including low-priced properties, 

 recorded material advances. Among the features 

 of the month was the reduction of the dividend 

 on Reading first preferred stock, the effect of 

 which was to continue the voting trust. The 

 declaration of the dividend on Southern Railway 

 preferred was postponed pending the action of 

 the stockholders as to the extension of the vot- 

 ing trust. The Central of Georgia dividend on 

 first preference incomes was reduced from 5 per 

 cent, to 3 per cent, per annum. The Colorado 

 Southern semiannual dividend w r as increased 

 from 1^ per cent, to 2 per cent. Severe monetary 

 tension led to quite general liquidation in the 

 stock-market in September, and the tone was 

 weak during the greater part of the month, and 

 on the 29th there was a demoralizing fall in 

 prices, which was only partially checked by the 

 announcement by the Secretary of the Treasury 

 of plans for the relief of the monetary situation. 

 The coal strike was a deranging element, and the 

 market was also more or less affected by the 

 news of an operation upon President Roosevelt, 

 necessitated by the injury which was inflicted 

 at the time of the collision with a trolley-car 

 at Pittsfield, Mass., in August. One of the most 

 important declines was in Louisville and Nash- 

 ville, which broke heavily on the announcement 

 of the merger with the Atlantic Coast Line, 

 owing to the fear of minority holders that they 

 would not be included in the arrangements for 

 the majority stock. There was quite liberal sell- 

 ing of American stocks in London during the 

 greater part of the month, caused by apprehen- 

 sions of large gold shipments to New York as 

 the result of the high money rates. 



The stock-market was irregular and lower in 

 October, influenced early in the month by the 

 activity in money, and later by bearish demon- 

 strations. The ending on the 16th of the anthra- 

 cite-coal strike, which resulted from the appoint- 

 ment by President Roosevelt, with the concur- 

 rence of the coal operators, of a commission to 

 investigate the causes of the trouble, had only 

 a temporary influence upon the market, and the 

 tendency was generally downward throughout 

 the month, though there were occasional rallies 

 due to rebuying to cover short contracts. The 

 market was heavy early in November, and on 

 the 14th there was an unsettling fall due to dis- 

 quieting rumors, which carried prices of some of 

 the leading stocks to about the lowest of the 

 year. This was followed in the third week by 

 an exceptional rise in Manhattan influenced by 

 reports of a practical merger with the Metropoli- 

 tan and the Interborough companies. The mar- 

 ket was active and generally strong to the end 

 of the month. The announcement on Nov. 22 

 that the anthracite strike commission had ad- 

 journed to Dec. 3 for the purpose of affording 

 opportunity for a compromise of the differences 

 between the operators and the miners had a 

 stimulating effect upon the coal stocks. 



Total sales of stocks on the New York Stock 

 Exchange during the twelve months ending Nov. 

 29 were 189,535,721 shares, against 272,1)05.303 

 for the same time in the previous year. 



The following shows the highest prices of a 

 few of the leading speculative stocks in 1901, 

 and the highest and lowest prices to Nov. 30, 

 1902: 



