Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-01
BOOSTERS v|CT0RS
Steady Rise of Stock Prices
Attains a Climax.
U. P. CROSSES 200 MARK
Sequel to Superb Leadership Of Mr..
Hartman.
U. S. STEEL POPULAR TOPIC
New High Records for Prices.
Railways and Industrials Friend
ly Rivals in Upward Race.
S. STEEL POPULAR TOPIC
Special Correspondence Of The Star.

Special Correspondence Of The Star.
NEW YORK, July 81. 1909.
AT the elimination of the advance this
week railroad and industrial stocks had
made new records all along the line. The
twenty railroads which are used as a
basis of price measurement averaged
1880, compared with s1.41 at the lowest
panic range in November 1907, an ad-
vance of 1919. The advance in indus
trials was from 53 to 94.9O. a rise of Al 80.
That was covering a good deal OF ground
in the time it took to make the journey
The extreme low prices were made in
November about twenty-one months ago,
but the real advance did not begin until
the spring following, about fifteen months
ago. The improvement has gone along
steadily ever since the start-off. which
was inaugurated under the generalship
of Mr.. Hartman and his associates.
There has been no time from the outset
when the market has been deprived of
that superb leadership.
Long months ago the street was given
TO understand that the Hartman cam
paign would not be considered success
until Union Pacific crossed 200. That
feat was accomplished Wednesday of this
week without any beating Of drums or
blaring of trumpets. There was no special
excitement, but in the background was
plainly manifest a cheerful sense of VIC
tory and OF having made good on about
the biggest piece of stock market engi-
neering ever undertaken. Union Pacific
was advanced from small fraction
above par to .o0ls Part of the time the
market was pushed along by main
strength. At no time was there the
slightest show of weakness or timidity.
What the profits of the campaign were
to the small group of great manipulators
is purely a piece of guesswork, but all
hands must have more than made UP
their panic losses and in the cases Of
Messrs. Hartman, Prick and William
Rockefeller they are probably worth
more today than ever before In their
lives.
Three years ago it leaked out through
a family source that Mr.. Hartman re-
garded himself as one of the four rich
est men in America. If his own appraise.
ment of his wealth was correct at that
time he is probably now at least third in
line 1t is doubtful II anybody in the
United States is possessed OF greater
wealth excepting John D. Rockefeller
and Andrew Carnegie
Possibly fourth in line is the venerable
d. Q. Mills. at present sojourning with
his distinguished son-in-law. Amba ssador
Reid, I'm London. entertaining the King
and Queen of England and other mem.
bers Of the royal family-quite an ad-
vance, by the way, for the little Irish
Immigrant who landed on these shores
ABOUT sixty-hve years ago. became one
OF the Argonauts of the Pacific coast and
rose to quick fortune early in the flftfes.
q. S. steers Future Bright.
United States Steel continues to be the
proposition most talked about, even sur
passing in conversational interest the
Hartman. campaign. The per cent divi-
dend declared Is recognized as compro-
mise and gives general satisfaction. It
is assumed that not later than six months
hence there will be another advance. pos
sibly to per cent. The future for United
States Steel looks very bright. To all ap-
pearances nothing can be stop the big In
dustrial. 1t is forging ahead as prodigi-
GUS money Garner and gains momentum
with every foot Of progress. The predic-
ton is made that the net earnings for the
current quarter will closely approache
SAC, 100000 and that by the end Of the year
the rate of earnings will be about what
they were when the panic struck the coun-
try in 1907. This prophecy must be taken
with more than gain of allowance for,
as everybody knows the corporation will
be some months working off a great mass
Of low priced orders booked during the
brief and cruel period of competition with
independents. If the footings rise above
$35,0OO.OOO, there should be entire salts
faction.
A piece of news Of great interest to the
industrial world leaks out from the inner
camp of the corporation. It Is to the
effect that as result of years of very
quiet experimenting and testing the man
agement has finally determined upon the
abandonment of steam powder. One of
the experts OF the corporation confided to
a friend that his people had probably built
or bought their last steam boiler. Here
after gas will be substituted for steam.
The United States Steel Corporation uses
about 100000 horse power In its various
plants. 1t is the largest maker and con-
sumner of steam in the world. Big manu-
featuring plants the country over have
been deeply studying this problem for
long time They estimate a saving
of nearly so per cent in the cost Of power
now that the Steel trust has decided final
ly and definitely to make the change the
next few years are likely to witness one
of the most important industrial revolu-
lions ever experienced. The evolution will
be important also to cities and towns
which will be the .benef1ciaries of cheaper
gas for fuel and lighting purposes. Near
ly every manufacturing plant will have
gas or its equivalent. electricity, for sale.
It is even possible that the market for
anthrac cite coal will be seriously affected.
Morgan's Fall Down at Paris.
While on the subject OF the Steel cor
poration it is seasonable to remark that
still another story is in circulation ex
pIanatory of the Morgan failure to get
the stock listed on the Paris bourse.
This one is to the effect that the fall
down was due very largely to the in
f1uence of Russian financial and political
diplomacy. The Russians, 1t is stated
land this by authority that commands
respect). decided that the law of self
preservation justified them in using every
means possible to keep American securi-
ties out of France and thereby protect
Russias great banking preserves from
dangerous foreign invasion. They argued
that the more money the French invested
be for investment in Russian bonds.
a deep sea campaign for the financial
backing OF the international bankers OF
Great Britain. which have heretofore
been rather icy in treatment OF their
Muscovite neighbor.
The secret intrigue behind this play
for British friendship is the possible need
after O while OF a Russo-British alliance
against Japan and China in the far east.
This is a long story and need only to
be alluded to here In the most skeleton
ICED fashion.
Once upon a time it was put up to
Mr.. C. w. Schwab to account for $780,
900 value in the United States Steel
Corporations capitalization. He did II by
estimating the corporation reserve of UNI
mined iron ore at zoe, 0OO, 600 tons. worth
81 per ton in the ground. The announce
mept made the world gasp. 1t has since
grown up to a comprehension that Mr..
Schwab was not far out of the way in