The Birmingham age-herald., 1909-08-01
GeneraIship of Hartman Has Led to New Accomplishments
STEEL STOCKS BUOYANT
Recent Dividend Notice Gave Evidence of Great Progress of Steel Cor poration-Gas Engines Will
 Be Used in Future.
BY w. G. NICHOLAS.

continuation of the advance this week railroad and industrial stocks had made new records all along the line. The 20 railroads which are used as a basis of price measurement averaged 129.60, com pared with S1 41 at the lowest panic range in November. 1907, an advance of 4S19. The advance in industrials was from B to e4so. a rise of 4.9o. 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 q months ago, but the real advance did not begin until the spring following. about 15 months ago. The improvement has gone along steadily ever since the start-off, which was inaugurated under the generalship of MT. Hartman and his associates. There has been no time from the outset when the market has been de- prived of that superb leadership.
 Long months ago the street was given to understand that the Hartman cam- paign would not be considered a success until Union Pacific crossed 200. That feat was accomplished on Wednesday of this week without any beating of drums or blaring of trumpets. There was no spe- cial excitement, but in the background was plainly manifest a cheerful sense of victory and of having made good on about the biggest piece of stock market engi- neering ever undertaken. Union Pacific was advanced from a small fraction above part to 20Oia. 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 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 family source that MT. Harr iman re- garded himself one of the four richest men in America. If his own appraisement of his wealth was correct at that time, he is probably now at least third in line. It is doubtful if anybody in the United States is possessed of greater wealth, eX- cepting John D. Rockefeller and Andrew Carnegie. Possibly fourth in line IS the venerable D. O. Mills, at present sojourn- ing with his distinguished son-in-law, Ambassador Reid, in London, entertain ing the King and Queen of England and other members of the royal family-quite an advance, by the way for the little Irish immigrant who landed on these shores about 65 years ago, became one of the argonauts of the Pacific coast and rose tn quick fortune early in the tifties. United States Steel continues to be the proposition most talked about. even sur passing in conversational interest the Hartman campaign. The per cent div idend 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 possibly to 5 per cent. The future for United States Steel looks very bright. To all appearances, nothing can stop the big industrial. It is forging ahead as a prodigious money earner and gains mo- mentum with every foot of progress.
 The prediction is made that the net earnings for the present quarter will closely approach $4O.O00,0O0 and that by the end of the year the rate of earnings will be about what they were when the panic struck the country in 1907. This prophecy must be taken with more than "a grain 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 inde- pendents If the footings rise above $35,- 100000, there should be entire satisfac- ton.
 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 a result of years of very quiet experimenting and testing, the man. agement has finally determined upon the abandonment of steam power. One of the experts of the corporation conffded to a friend that his people had bprobably built or bought their last steam boiler. Hereafter gas will be substituted for steam.
 The United States Steel corporation uses about l, ,250, 900 horsepower in its va- rious plants. It is the largest maker and consumer of steam in the world. Big manufacturing plants the country over have been deeply studying this problem for long time. They estimate a saving of nearly 50 per cent in the cost of power by the substitution of gas for steam. and now that the Steel corporation has decid- cd finally and definitely to mako the change, the next few years are likely tc witness one of the most important indus trial evolutions ever experienced
 The evolution will be important also to cities and towns, which will be the bene- flcaries of cheaper gas for fuel and light ing purposes. Nearly every manufactur- ing plant will have gas. or its equivalent electricity, for sale. It is even possible that the market for anthracite coal vii be seriously affected.
 While on the subject of the Steel cor poration 1t is seasonable to remark thai still another story Is in circulation ex planatory of the Morgan failure to ge the stock listed on the Paris bourse. Thf is one to the effect that the fall-dowi was due very largely to the influence 0 Russian financial and political diplomacy The Russians, 1t Is stated-and this b. authority that commands respect-decde' that the law of self-preservation justi hed them in using every means possibl to keep American securities out of Franc and thereby protect Russia's great bank ing preserves from dangerous foreign in vasion. They argued that the more mon ey the French invested in American stocks, the less there would be for invest ment in Russian bonds.
 It is stated also that Russia Is makins . deep-sea campaign for the fnancia - backing of the international banking gov rN ernments of Great Britain, which hay heretofore been rather icy in treatmen \of their Muscovite neighbor. The secre intrigue behind this play for Britis 8rfendship is the possible need, afte A4vhile of Russo British alliance agains JSpan and China in the far east. This ( long story and need only to be allude to here in the most skeletonized fashior
 Once upon a time it was put up to w Schwab to account for s700. 900 va uAin the United States Steel corporation rehabilitation. He did 1t by estimatin sy the corporation reserve of unmined fro ore at 700O0 600 tons, worth $1 per ton 1 the ground. The alsnounoemAnt made tn worid easp. It has 6fncs grvwH up to