The Birmingham age-herald., 1908-08-02
STOCK MARKET
 STILL BOOMING Harriman's Guiding Hand Tends
 to High Prices COPPER SHOWS STRENGTH Union Pacific Is BuIllsh and Carries Gould Stocks Up With 1t Owing to the Recent Transactions
 of Hartman.
COPPER SHOWS STRENGTH
Rx THOMAS c. sHorwELL.

New York, August 1.-(Special. )-Most important of the weeks developments in Wall street was the capture by D. H. Hartman of the Gould system of rail- roads. MT. Hartman gets this control by taking the place of the Wabash in guaranteeing the Wheeling and Lake Erie notes amounting to $S,OOo.Ooo These notes were paid in Wall street today by Blair & Co., for Harriman's account, although MT. Hartman does not appear in the transaction officially in any way.
 Just before starting on his western trip Mr. Hartman remarked to a friend that Union Pacific stock would advance points for every thousand miles he went west of the Mississippi river. That means s points while he is travelling between Omaha and Ogden, and he may go about points further before he returns. It is something new for a railroad president to travel by points instead of miles, but Hartman has in the last year turned himself into a human stockticker.
 The Erie Is put in much stronger position by the deal and the Gould rail road stocks are once more brought be- fore the public as trading issues. That Wall street is glad to see these stocks re- vived was proved by their great activity and strength. That Hartman Is grow ing more powerful was shown by the further advance of Union Pacific. The entire Standard Oil outfit seems to be re- gaining the prestige 1t lost last year when Morgan was in control of Wall street for the strength of the Copper shares has been phenomenal, and has been under the direct leadership of Amalgamated This strength is largely due to the sentimental influence of the Standard oil victory in the rebate cases. Shelters went to a new high record and held most of the advance as did Anal gamated, Reading, Locomotive, Illinois Central and Wabash.
 Pennsylvania earnings show heavy decrease in gross. but the operative ex- penses are reduced so much that the net reduction Is very small for June. off cials of the Pennsylvania and of several other roads say that they expect July earnings to show improvement in spite of the extraordinary expenditures they have been forced to make for the month in buying material for operation. There is reason for believing that the Steel trust has marketed a large proportion of the common stock and the bonds which it purchased with the money laid aside to complete the Gary plant. The profit on this transaction has been very large and has put the trust in such good position that the bearish influence of the bad quarterly earnings are largely off set. The net earnings for the quarter were about $2O0o0.000 but the speculative earnings undoubtedly amounted to $5,0OO,- GOO or $6,OOO,OOO additional.
 Buying of Reading continued on the report that the anthracite decision un- der the Hepburn law will besrendered on Tuesday. The street claims to have ad- vance information as to what this will show.
 The number of shares of stock sold today was 471,22s. against 73,so the same day last year
 The total par value of bonds sold to- day was sl,SlIoOO against s213,000 the \ same day last year.. sssg5
 Although railroad men have been say ing that there had been check In the boom in business Wall street expected, the first real intimation of the slowing up of the improvement was seen today when the committee on the car efficiency of the United States and Canada reported that between July 8 and July 22 the number of idle freight cars had increased 5120. This Is reduced, however, by the fact that 5000 cars in repair shops were put in use, thereby taking the place Of idle cars and reducing the net increase for the two weeks to 2210. The increase to- day was the first reported since April 29 last.
 The American Sheet and Tin Plate com pany, a subsidiary of the United States Steel Corporation, is now operating at 51 per cent of it's capacity, compared with q per cent last week and 40 per cent the week before.
 A syndicate, composed of New York. Boston and Western capitalists, have pur- chased control of the Boston Copper company from F. Augustus Heinze and associates. The new interests have un- derwritten the bond issue of $2.0o0,0Oo, which MT. Heinze was unable to float year or so ago. At a recent meeting of the company's board. James McFarlane of Denver, formerly manager of the Ana conda mine, was elected a director in place of Duncan Mcviclie. and Russell Hopkins of Atlanta. Ga. was chosen in place of George Gaglin. Other changes will be made shortly.
 t Money on Call.
 New York, August 1.-Money on call nominal. Time loans quiet and firm; 60