New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-02
THE YEARS REVIEW
Passing of 1912, with Record
of Industrial Prosperity.
MIXED FACTORS EVIDENT
Politics at Home and Abroad
Becloud Some the 1913
Business Horizon.


trade. industry and politics. In It's
taleidoscopic presentation there is
mixture of prosperity. of strikes ana
coma settlements. of industrial depres-
sion. followed by a volume OF business
exceeding all former records; of an
abundance of money and a threateheu
financial stringency, of peace and war
among nations, Of the defeat OF he-
nuh,ican and the election of Demo
era tic President, and in the end pros
meet uncertain but apparently prom
Using.
The early part of the year witnessed
the beginning Of serious labor trouoieS
:, ,ha textiIe mills OF Lawrence. Mass
when q strike was precipitated invoIN-
;,c coma fifteen thousand operatives
the consequences of which coh'll'ueu
,hrouobout the year. The month OF
January seemed to be a generaily us
.,rNoa ore in various parts of the
world France passed from an ola 10 d
NOW ministry. the Turkish farildiii'ii'
,yos dissolved. China became re-
nublic. and Italy and Turkey assui'i'u
warlike preparations which threa'eH''
ao,,r,ications with other European
powers. Do,,t
The Chicago. Milwaukee 4 81 i"u'
Railroad reduced the dividend Oh l''
common stock, the reason LOT VIM
pos,you Miller. chairman of the po"ru
Of directors Of the company as0iiO'U
20 the loss in earnings from "he"'
shortapo in MINES ia and Dakota anu
Tho denressed condition of general pusI-
,oss The reports of the various ran
roads both Fast and West maze pun
lie in January, gave little PROMISE -
Tho wonderful recovery which the ran
roode Of the country were to expert
once during the later months oil l'i-'
The wear 1911 had left heritage VI ~
.,,,ood earnings. due to trade reaction
cd unfavorable political developments
The railroads had been under SOW
strain and had been obliged TO res'I'0'
new capital preparations as wen a.
,,eir ordinary current expenditures
,r,o loco IN gross earnings for 1911 had
exceeded S3OO00,0Oo, so l9l- ei'eio"
carving a heavy burden OF duil cdio
"a announcement on behalf OF the
o,,rood and industrial interests OF inc
limited States. The carly mollthS W
tho wear were marked by cohul'io''
which kent in the public eye various
s,,o,coetod reform measures. The stan
low steel investigating coinih'''ee'
which called before it the leading men
associated with the organization OF INC
trritad states steel Corporation III an
ot,onnt TO establish a. basis for It's us
solution by the government was i'0-
tor in producing these conditions
money trust agitation when was
boqun was given fresh stimulus py
the concentration Of banking capi'al
and banking resources exhibited III 'he
merger of some trust companies ana
hanks One of the more important OF
those mergers was the taking over OF
the Manhattan Trust by the bankers
Trust Company. The outlook for busi-
nees in securities was not favorable,
and i'm the week ended February 70
business on the Stock Exchange
showed the smallest volume for any
weekly period since the dun summer
of 1911. The national situation as
sumed a grave aspect as n result OF
the suggested split in the Republican
party. caused by eX-President Roose-
velt's announcement that he would ac-
cept the nomination for the Presi-
dency. The predicted dissension meant
a disturbance to business interests,
and generally the outlook was particu-
lerly distressing TO Wall Street. Phe
first decided improvement in the Sc
curity markets was noted in the be-
ginning of March, when the tone Of
trading improved and prices advanced
even in the face of discouraging news.
Dividends on the Republic Iron and
Steel preferred shares had been sus-
pended and generally unfavorable re-
ports OF railroad net earnings for jan
uary had been made public. Copper
al hogan a show
some Improvement In January cop
per metal was selling around II cents,
whereas for several years previously
there had been no Improvement 10
speak of in the copper metal situation.
During 1912. however, the metal price
continued to advance, while production
and domestic deliveries displayed
large increase over 1911, with some
falling off. in exports. The month of
December found copper selling at I7%4
cents and an average price for the
year in excess of 16 cents pound, al
though the output for 1912 was 100
100000 pounds greater than in 1911.
The decrease in the surplus Of copper
during 1912 is estimated at 2S JOO,OOO
pounds. The month of April showed
greater Improvement in the general
business of the country and in the ac-
tivity of securities on the New York
Stock Exchange.
An evidence Of the developments Of
business and the demand for money in
the stock market was shown in the