The Iron Age 1899-01-05: Vol 63 Iss 1

THE IRON AGE ' WG, LALIT. JANUARY—JUNB, 1899. NEW YORK : DAVID WILLIAMS COMPANY 232-238 WILLIAM STREET |THE A Review of the Hardware, Iron an. * Published every Thursday Morning by David Williams Co., 232-238 Witne. ees TRON, AGE f. OU ry, ] St.. New York. New York, Thursday, edbinay 5, 1899 $4.50 a Yea, including ome Single Copies, Ten Cents. Vol LXITI: No. 1. \ Reading Matter Contents.........page 48 : Classified List of Advertisers.... ‘* 167 iphabetical Index te Advertisers ‘“‘ 172 dvertising and Subscription Rates “* 61 New York. TUDOR IRON \ WORKS, ST. LOUIS, Mo. MANUFACTURERS HARROW TEETH. gsort Patent Steel Belt Lacing. » SAVES Time, Belts, Money. [ Greatest St READY TO APPLY FINISHED Jot with Least Me Send for Circulars and Free Samples. ‘HE BRISTOL CO., Waterbury, Conn. _ BRAIDED CORD. Samson and Massachusetts Brands. Send for Samples. SAMSON CORDAGE WORKS, - Boston, Mass. TURNBUCKLES, BRANCH OFFICE: 11 Broadway, New York. leveland City Forge and iron Co., - Cleveland, O. DROP HAMMERS. UFACTURED B ERRILL *BROS., Brooklyn, N.Y. BASIC Pic. PILLING & CAME fowls: Block, "Pittsburgh. The genuine is stenciled * ApOllo-Vandergritt bad APOLLO BEST BLOOM GALVANIZED IRON The uge of Apollo vanized iron ‘oubled once-and-a-half in ’°98. New The tenes has been for The Crowning Feature of a Most Successful Season for Remington Guns Was the reception of the Gold Medal at the Trans- Mississippi Exposition. Write for complete illustrated catalogue of the guns, which have nearly a century’s experience be- hind them. REMINGTON ARMS CO., 318 Broadway, N. Y. Factory, Ilion, N. Y. GAHALL BOILERS Soe Page (04, CAPEWELL HORSE NAILS. NEW YORK, PHILADELPHIA, CHICAGO, ST. LOUIS, BOSTON, DETROIT, CINCINNATI, SAN FRANCISCO, PORTLAND, ORE., BUFFALO, BALTIMORE, NEW ORLEANS. THE CAPEWELL HORSE NAIL COPIPANY, HARTFORD, CONN. Jenkins Standard 96 Packing weighs 3314 per cent less than most joint pack- if ings, does not Rot, Burn or Blow out, and will last longer, therefore the cheapest and best for all purposes. buyers compare weights. Genuine stamped like cut. JENKINS BROS , New York, Boston, Philadelphia, Chicago. “Gilingher” Cycle Tubing the Best, ss 103 Babbitt Metal. IMPORTANT ANNOUNCEMENT. See Page 100. BRANCHES: ars, Apollo Iron ARG Bie, Comper MAGNOLIA METAL CO., (Sx2i22=4%~) 266 & 267 WEST ST,, NEW YORK, Susze2 907 : an ll er : 2 THE Ansonia Brass gp” Coprer Co. MARUPACTURERS OF BRASS AND COPPER Seamless Tubes, Sheets, Reds and Wire. Ingot Copper. SOLE MANUFACTURERS Tobin Bronze (TrapDg&-MARE REGISTERED.) Condenser Plates, Pump Linings, Round, Square and Hexagon Bars, for Pump Piston Rods and Bolt Forgings. 19 & 21 Cliff Street, - - RanpolP & Clowes New York. WATERBURY, CONN, ~ MANUFACTURERS OF=- 2 SEAMLESS BRASS AND COPPER TUBES, vein. to 32in, Diam. BRAZED TUBES and BRASS RODS, Brown & Bros. Seamless Copper Range Boiler. 0 1. 226 LAKE ST. COR. FRANKLIN. ‘ SOSTON.MASS. OLIVER ST. CCR. PURSHASE mM PYSTEL TELECRAPH BUILDING, OA AY. f CHICAcC AGE THE IRON Established 1845. Sheet, Roll and Platers’ Brass, German Silver, Copper, Brass and Ger- man Silver Wire. Brass and Copper Tubing. COPPER RIVETS AND BURS. PERCUSSION CAPS, TAPE MEASURES, METALLIC EYELETS, Brass Kettles, Brass Tags, Powder Flasks, Shot Pouches, &c., AND SMALL BRASS WARES OF EVERY DESCRIPTION. HICK’S PRIMERS, BERDAN PRIMERS. Cartridge Metal in Sheets or Shells a Specialty. DEPOTS: 60 Centre St., New York. 126 Eddy St., Provl- dence, R. |. 38 Mechanic St., Newark, N. J. MILLS AT WATERBURY, CONN. POWDER MILL ROLLS A SPECIALTY. WARRANTED SOUND. Bridgeport Deoxidized Bronze & Metal Co., BRIDGEPORT, CONN. SHEET ZINO AND MATTHIESSEN & HEGELER ZINC CO,, LA SALLE, ILLINOIS, SMELTERS OF SPIELTER AND MANUFACTURERS OF Special Sizes of Zinc cut to order. Selected Plates for Etchers’ and Lithographers’ use Selected Sheets for Paper and Card Makers’ use. Stove and Washboard Blanks. ZINCS FOR LECLANCHE BATTERY. SULPHURIC ACID. Rolled Battery Plates. BRASS GOODS MFC. CO. *™ communica - tions to the factory. ot Stam Goods, ed Brass. i rass Labels for Cans d Rubber Moulds. - SPECIAL GOODS MADE T0 ORDER, BRONZE DOOR ENOBSB, Bronse and Plated Roses, Combined Rose and Escutcheon Plates Cushion Business Cards, Mucilage Brushes. Novelties of SALESROOM: 117 Chambers St., New York. FACTORY: 86-92 Third St., So. Brooklyn. new design made to order. HENDRICKS BROTHERS, Proprietors of the Belleville Copper Rolling Mills, MANUFACTURERS OF Brasicers’, Bolt and Sheathing COPPER. COPPER WIRE AND RIVETS. Importers and Dealers in ingot Copper, Block Tin, Spelter, Lead, Antimony, etc. 49 CLIFF ST., NEW YORK. Silwer and Nickeled Socket Shells, &c., Patent Mirror Pin THE PLUME & ATWooD MF6, Co., MANUFACTURERS OF Sheet and Roll Brass WIRE PRINTERS’ BRASS, JEWELERS’ METAL, GERMAN SILVER AND GILDING METAL, COPPER RIVETS AND BURRS. Pins, Brass Butt Hinges, Jack Chain, Kero- sene Burners, Lamps, Lamp Trimmings, &c. 29 MURRAY ST., NEW YORK. 144 HIGH ST., BOSTON. 199 LAKE ST., CHICAGO, ROLLING MILL : THOMASTON, CONN. | SCOVILL MFG. C0., Manufacturers of BRASS SHEET, WIRE, TUBES, Hinges, Buttons, Lamp Goods, Nipples, Pumps and Oilers for Bicycles, Braziers’ Solder, Aluminum. Factories, WATERBURY, CONN. DEPOTS: Chicago, FACTORIES : WATERBURY, CONN, New York, Boston. JOHN DAVOL & SONS, AGENTS FOR Brooklyn Brass & Copper Co., DEALERS IN COPPER, TIN, SPELTER, LEAD, ANTIMONY. 100 John Street, New York WILLIAM S. FEARING 256 Broadway, NEW YORK, SELLS TO THE TRADE Sheet Brass, Fancy Sheet Brass, German Silver, Copper, Brass and German Silver Wire, Brazed and Seamless Brass an Copper Tubes, Brass and Cop- per Rods, Brass Ferrules, Pure Copper W:r« Sheet and Ingot Copper; Spelte: Tin, Antimony, Lead, &c. “Deale-LIght” Bicycle Lanterns Send for Circulars and Electrotypes. THE BRIDGEPORT BRASS CO Bridgeport, Conn. 19 Murray et., N.Y. 17 No. 7th St., Philadelphia. 5'to 87 Pearl St., Boston. WESSEMER STEEL, GRASS AND OU-TEMPERED SPRINGS. r I ( rams & (mG ce SEAL. QUANTITES To GRDER \2_£_SELCE EPG” CO_ 63 SUDBURY STREET. BOSTOR ‘THE IRON AGE. THURSDAY, | A? >, 189) The Making of a Ball Bearing Ratchet Bit Brace. The ordinary bit brace of the carpenter consisted prin cipally of a rod bent so as to form a crank provided with rest at one end and a socket at the other end for the 1 ception of the tool, and it might be a handle on the crank In these early tools little or no attempt was made toward refining the implement. It wasa rough device intended for rough work, and both in its manufacture and in its employment nothing was expected in the way of accuracy THE MAKING or finish. If it would hold the too!s and possesss cient strength for the work in hand, no more was expected of it. If the rest end chanced to be in align with the tool end so much the better, but if these two parts were1 in alignment it did not attract notice. If the in the brace wabbled wore or less it might create dissatis faction on the part of its owner in certain work, but that same owner did not expect any better tool in early days The sockets were generally square holes into which the bit shank fitted more or less closely. In the first forms the bit was held in the socket by means of a spring detent which entered a groove cut in the side of the bit shank In all of the first forms the tool was exceedingly rough in design and finish, and it was not until comparatively late years that any attempt was made at improving the design, increasing the efficiency of the implement and producing in turning the it in a workmanlike way, with all of the benefits tobe done way with. H 2 THE IRON While as stated the brace even of to-day is composed fa nt rod and atool carrying chuck, we doubt if any one familiar with the business and intimately Kk uinted with its various processes has any appreciation he amount of work expended in its manufac- AGE. January 5, 1899 and to thereby hold the handle firmly in place. One end of the frame is then threaded to enter a tapped hole in the ratchet head, shown at the left in Fig. 2, in which it is sweated with hard solder in order to make a perfect and permanent union. This soldering process consists in Fig. 2.—Frame or Sweep Before Bending. ture or of the patience and skill which have been exhib ted in the design of special tools for making it. igh the kind courtesy of the Peck, Stow & Wil Company of 27 Murray street, New York, a repre tive of 7 lron Age was permitted to visit one of , and to there 18 most interesting methods connected with the yorks at Plantsville, Conn of the brace lt will be noticed as we proceed with the description that all of the methods and most of the appliances are noticeeble for their simplicity The aim has been throughout to produce the work of every part rapidly and with the utmost accuracy. Existing trade conditions and competition have made necessary the former, while the ] } . | inflexibie rule of interchangeability of parts has ac counted for the latter Some of the work seemingly of great difficulty has been overcome by most ingenious de vices. All of the parts are made by the thousand, sent in o the assembling room, where the tools are put to DULK Fig. 4 —Frame Bending Machine THE MAKING OF A BALL gether, two or three minutes being sufficient for the ex perts in this department to bring all the parts together and finish the tool ready f\ ir shipping. The Sweep or Frame, The sweep or frame, Fig. 2, consists of a steel rod bent shape, one leg of the U being longer than the ind having its end portion again bent at right or parallel with the cross bar. This rod is first knurled or milled at B, Fig. 2, upon which milled portions » ferrules C are forced after been placed on the frame into a U ther ’ angies the cocobola handle A has By milling these portions the of the rod is raised or elevated in ridges, which firmly grip the ferrules when they are forced on metal serve ft BEARING RATCHET BIT BRACE, dipping the two parts which are to be united in a weak solution of muriatic acid, which cleanses the surfaces per- fectly, and then dipping the pieces in melted solder, which adheres in a thin layer to the parts. The pieces are then brought quickly together and the joint screwed up, the result being a joint which is reliable to a degree. In the first place the threaded portions are a close fit, so that when they are put together with the solder between them and firmly adhering to the contacting surfaces a union of great strength is assured. The next work in connection with the frame is the bending of it into U shape, which is done in the machine illustrated in Fig. 4. A diagrammatical sketch of the dies of this machine is shown in Fig. 3, in which no attempt wt @ January 5, 1899 has been made to produce the parts to accurate dimen sions,'the idea being only to convey some notion of the principle involved. The stationary die B is provided at its right hand end with a recess, a similar recess being formed in the die A, both being intended to admit between them the handle of the frame F. The movable dies C, driven by crank from the main shaft, bend the projecting parts of the frame to a position nearly parallel with one another. Asthe long arm of the frame, the lower one in Fig. 3, is bent, its end comes in contact with the projection Fig. 5. Ball Bearing Under (Qui THE IRON AGE. 3 th the extreme end of which is riveted up in order to hold the quill. To the t | head D, which forms the rest prope » of the quill is secured the wooden The Ratchet Head, The ratchet head goes to the works as a rough _mallea ble iron casting The first work upon it is done by the multiple drill Fig. 8, which bores the hole X:Y, Fig. 7, and faces and turns the outside of this hole. This head is carried by the short arm of the sweep, and in the hole X Y is mounted the stud of the chuck, and in the slot the ratchet wheel. It is essential, owing to the design of the tool, that the several portions of this head upon which any work is performed should bear a constant and exact rela- tion to the hole, therefore the subsquent work upon the head is performed in jigs which are so designed that the hole itself is the foundation, or, in other words, the work may be said to be carried on with the hole as a center. In the machine shown in Fig. 9 the head is held between centers, which enter the hole X Y, a milling cutter or saw being brought into play to cut the slot for the ratchet ind its pawls. Then the hole A is bored and tapped for the frame, after which the head is held in a jig, Fig. 11 and the two small holes B bored for the pins which hold pawls in place. The construction of this part of the tool will be understood from Fig. 10, in which A represents e end of the sweep, F the stud on the lower end of the Fig 6 —Turning End o THE MAKING OF A BALL E on the die B, this end part being thereby bent at right angles with the part lying alongside the die. The dies are grooved and the corners rounded in order to receive the frame, which, when completed, occupies the position indi cated by the dotted lines in the drawing. The next operation in connection with the frame is the turning down of the long end in order to receive the ball bearing and the quill in the head, as shown in Fig. 5, in which the several parts are separated slightly. This work is done in a special machine, shown in Fig. 6. The frame is held in a jig carried by the live spindle, and which is so formed as to firmly support the frame and also to impart to it a motion coincident with that of the spindle. The end to be turned is entered in a tool guide, in which its diameter is reduced. This operation pro- duces a reduced portion near the end of the frame and provides a shoulder, A, against which the ball bearing cup B rests. The quill of the head C is of cast iron, finished upon the exterior, and the inner end of which bears against the balls. The quill is bored to receive the end of the frame, f Frame to Recs e Wu BEARING RATCHET BIT BRACE, chuck, D the ratchet wheel, C the balls, Ba plate nor- mally forced against the pawls by the spring E, which serves to hold the pawls either in their engaged or disen gaged position. On the plate B is a central lug whch is en circled by the spring. The outside of the pawls as shown in this engraving is formed with a right angled portion, so that when they are in engagement with the ratchet as drawn they will be held firmly in that position. When thrown out or away from the ratchet the other portion of the right angle is engaged by the plate and the pawls are then held in their new position. Socket. The socket C, Fig. 12, is a malleable iron casting in- tended to carry the jaws, the sleeve or shell operating the jaws and the stud which enters the ratchet head. This piece is first broached to form a bearing for the jaws, and is then bored and tapped to receive the stud, after which the projecting portion C is turned and polished. The stud F is screwed into the end of the socket B, and this position is permanently secured by the pin, which is in- serted and riveted in place. THE IRON AGE. January 5, 189° one-half of a By this the cutter the distance of the otber half of the irs—that is the two or from They are dropped away thread. when jaw is cut, middle portion being thinned simple expedient a mutilated thread is obtained which, as april the tension of far as accuracy and efficiency are concerned, possesses all pe! iws. The jaws are the advantages of a continuous thread. F he teeth interlock The Shells or Sleeves, s or sleeves B those or out of the socket, The shell Fig. 12 the jaws by moving them in are parts which operate the beveled portions of the jaws accounting for their movement toward or from each other. The shells are made from a continuous bar of tool steel in the screw machine shown in Fig. 16. First the outside or gripping ’ rr ia mill ral l Ili pare l 1 in a special tool shown in positi Next the rol m ready to approach the blank s bored and tapped, a spiral tap being employed as being considered more = efficient and easier to work. The side tool at the rear of the machine bevels the ends while the side tool at the front does the cutting off. After having been completed the shell and also the chuck jaws go to the tempering de partment, the former to be hardened and the latter to be spring tempered, and also hardened in the jaws proper. ; Fig 9 — Milling Slot in Ratchet Head. t Head rit! . 10 Ratche Parts n Position BIT BR. o SEARING RATCHET THE MAKING OF A ng All t} parts of the tool which require polishing for final nickel plating pass to the polishing department, where Tee ) g e operat they are brought to a fine finish on the strapping machine, Fig. 17, which consists of a leather belt traveling ove) tt i east pulleys and furnished with fine emery t 1 or ne show The ratchet wheels D, Fig. 10, are also made of tool il rdinary gang cutter so pro steel, which is finally hardened. These wheels are cut on red pitcl The de the machine illustrated in the first engraving, the disks i . n W we underst l blanks being mounted on mandrels which are held be- 41m s I 1 which A is tween centers on the table of the machine (aang cutters cut e work or jaws operated or saws, one for each mandrel, carried by a common ) it B placed at a slight arbor, cut the teeth as the blanks are fed beneath them. 1x t \ ingle correspond- One end of the table is provided with intermeshing gears i ) The blank is f the same size which turn the centers carrying the outer vise a I ip ne-half or one ends of the mandrels simultaneously, the*spacing being g s the jaw is turned half accomplished with an ordinary index. At the time the pped in the se. which is moved forward photograph of this machine was taken it was’ partially January 5, 1899 THE dismantled, and therefore only the essential parts were put in place in order to convey some idea of the principle of its construction In this form of brace a steel friction plate is between the ratchet head and the chuck at D, Fig. 12, this IRON AGE 5 The Electrical Industries in 1808. T. C. Martin, edito: of tke / Bug has tributed to the New \ K Wir ‘ [ the electrical industries in 18S For the ctrical industries, tak1 t year 1898 was chiefly a per 1 of re peration New TOLTeSSIV they were tl first to feel the bad effects 895, but the better times of 1s99 will perhaps do more f hem than most other branches lt has perhaps not beet noted that two New York year as tO gain 1n price ctrical securities bead the ock Exchange list for the whole as Investments New Ql York Edison during the year went up $70 pe Share and Metropolitan Street Railway 362 per share These advances were excelled by only one stock, and that have grenuine 4 speculative industrial, whereas the properties | named are at once high class legitimates and 1899 15 poing to prove that treet railway properties tr money breeders The vear many other electric li are in the \ ene hting and ~ fis alli \ + y Same class \othing Can prevent 1e rapid ly 7G 2 7 } + solidification of their value sighted investors. The electric street railway field is developed It has been the chiet and their absorption by fore perhaps pretty well nth electrical area and out let for capital for ten years, and every good chance in the cities has d. But in lighting the situation 1s wholly different. Benefiting by economies in production of current on the large scale, learned from railway plants, the lighting companies are, as 1899 will show, in a posi mn of enormous advantage. Every year lately has seen some new use for their current, while an enormous reduc- tion has gone on in the price ot the lamps, motors, heaters, &c., placed on their circuits by consumers. The electric lighting field is very much under developed. At the present moment there is still little union or lit le unanimity of sentiment among gas, electric lighting and - railway interests. For myself, 1 would venture to predict that out of the coming efforts to bring about intelligent co-operation and unification of manage- ment will be created a series of the best properties ever dealt in by the financial centers. The oppositions between such interests are in reality all factitious and fugitive. been St + } electric Fig 13. —Chuck Jaws in the Roug! THE MAKING OF A plate not only taking the wear, bat acting materially to reduce friction. When the many parts reach the assembling room the ball bearing cup and the balls are put on the end of the sweep, which is inserted in the quill,tand then ,the end riveted over with a hand hammer, after which the wooden head is screwed on. The socket‘is inserted in the shell, the collar D put on and riveted to the stud F, which has been screwed into the socket, after which the jaws are in serted and screwed down by means of the shell. The brace is finished by the insertion of the spring E und its plate and stud B, Fig. 10, in the ratchet head, after which the ratchet is placed in position on the stud F, which is riveted in the ratchet head. Pawls are then inserted and secured by the pins shown in Fig. 10 BEARING RATCHET BIT BRACE There should be signs in 1899 of ana fact by Wall street financial leaders I look to electricity and kindred motive powers for an early retirement of the horse in cities, both for passenger service and for expressage and truckage. We shall get cheap cabs and cheap drays from large companies con- trolling the bulk of the public patronage in these lines. The stables must go, and as the mechanical vehicles come in large corporations will necessarily arise either to oper- ate these services or to conduct charging stations in various parts of each big city. This advance in urban civilization is imminent. The electrical inventor has practically done his share of the exploitation, and has pro- duced many good types of automobile. Courageous capi- tal, well advised, now has one of the best chances yet presented in the electrical field The encouraging part of all this development is the effect it is having on electrical export trade. A great many American specialties in my line are made abroad ppreciation of this x Chie we \ S t li¢ ] t i 5 Lua His ¢ ‘ ( nt + i \] iu , nt ¢ 4a? — , 4 Tal SO! I ( ent exchanges and \\ ites I ry t , i i t e CO} - t tl I ( | t xx i W i ay \ \ i Wa o 58 j = -_ <a Ss — = ~ — = ~ —_ = = ™ — = - — =< v > "n ‘ Bal al > /iaqgr T | Wor \ i t t : I S Serva WW T i ~ T ~ Col il i s i + | I i i ta t ex ‘ 1 nee wb t be rtaiy = . r , r lal WW ~~ ¢ ‘ l { ‘ ¢ THE inies ai i it} t l n heally N ' roa R ( us ) i” IRON AGE. 189? January 5, and Albany and thence to Buffalo And the trolleys are d there or coming. What difference they make in local traffic the steam roads in Connecticut can tell with tears 8 But s the function of the steam road to treat these fi trolleys not as suckers, but as feeders, and then electrily is thei vn main lines, furnishing current to all rvices I tlike fror power sta ns along the linge Longer steam roads crossing unpopulated stretches net the eal locomotive, but for roads 1 t y populated States electricity spells economy, earl 4 Fig. 15.—Milling the Thread in Jai ate li by power, service to the public, and the permanent main- Pa tenance of good dividends. And this applies not less to systems like tne Manhattan Elevated, which, letting ‘‘I \ ive lare not’ wait upon ‘‘ I would,”* sees its way traffic dis- lone appear and its through traffic threatened by an under right ground, run with electric current. A short passenger irder haul that depends on steam is lost forever, no matter how r cal slowly the change works ont. ' st as it The latest great department of electrical work is long luring listance power transmission, which affects railroading, mining and many other industries by its ability to deliver ralilroad the energy of falling water scores of miles from the stream. America is peculiarly favorable to such develop- » wi ment, being rivaled perhaps only by Canada and Switzer re land. The power and mining department of one of our January 5, 1899 THE JRON big American companies sold in 197 not less in > Horse power of such machinery, and a total u vexinbing Of that year of 279,000 horse nower ~ ‘ : i then the sales have been on an even Jar ver scale. An nT ‘ } ‘ >= company have sold more than 250.600 horse pow: f poly phase power apparatus; and bot ire now ~ 1500 they are enlarging their capacity ( el | z ; sigh i ipa | The Illinois Steel Company’s Pi¢ Iron are Going Considerable work. ¢ eclally mn thie l el equipment of mills, factorie } mines. &c.. With motors The whole face e 1 hinery world is being changed by this adopti trial establishments of motors tod r direct As to little motors I wr ffice Ss Insn THE MAKING OF A BALI BEARIN RATCH It will be seen that the electrical outlook is bette B one : than it has been at any previous time. The year 1892 was asic open hearth steel. with « n under 1 re i brisk year, but with a larger market for electrical goods Basic Bessemt: Silicon. 0.30 1 SO per cent.: mal and a wider range of arts, 18% is destined far to sur ganese, 1.50 to 2.50 per cer | . rus, 1.75 to 3.00 pel pass it t.; sul] r, 0.00 and —- SI i | . ~ i r The Central Coal & Coke Company held a meeting a : Columbus, Ohio, on Thursday, December 29, to wind up Pickands, Bro “x CO ) The Rookery, Chicago their existence. The organization was composed of the ire the exclusive sales agents for all the pig iron manu coal carrying and coal mining companies of Ohio, for the purpose of maintaining equitable rates. The tion of West Virginia coal resulted in the é Roads having mines in both States are held responsil P in that they could maintain rates and still fill contracts "ny at competitive points with the cheaper coal. It was a1 inged at the meeting that the mine operators for ew and separate organization. The railroads hav: 11] ilent in the Ohio Coal Traffic Association ' a aoe disri , located within a few hundred mil f the Q THE IRON AGE. a January 5 189¢ THE CHICAGO IRON TRADE IN 1898. BY GEORGE W. General Heview, The expectations of extraordiary business with which rr’ » 9] € year opened were fully realized Che demand for all Classe f iron and steel products was very great and at emed to tax the capacity of producers. Indications a shortage frequently appeared. At one time it would ’e seen in wire rods, at another in steel billets, then in rails and again in pig iron. The production of iron 1 steel in the Chicago district was not equal to the ana requirements of local consumers, and a larger tonnage of nearly all products was shipped into the district from out- side works than in any previous year. Consuming inter- ests which had languished during the panic period awakened to new life, and again became important factors in the prosperity of the district. As far as known, the only branch ef the iron business which failed to partici- pate In the general improvement was the architectural iron trade. While a high degree of activity characterized all other lines, the architectural foundries, with a few exceptions, suffered from a dearth of business caused by comparative dullness in the erection of large buildings.’ = The concurrence of a heavy demand from agricultural implement manufacturers and the railroads is 10 be credited with the great increase in the consumption of iron and steel. It has frequently happened in recent years that the agricultural interests have shown considerable animation, even while prices of farm products were con- sidered unusually low, but coincidently the railroads were starving for lack of sufficient traffic and were forced to practice pinching economy, thus keeping the aggregate consumption of iron and steel below the normal and de- pressing the general iron trade. In 1898 these two great factors were felt as they had never before been felt in drawing supplies of all kinds from the manufacturers“of varied materials. During the opening months of the year especially a buoyant feeling was imparted to Western implement makers and Western railroads by the high price of wheat, caused partly by the heavy foreign demand and partly by the famous Leiter wheat deal, which cul minated in May. Vast stores of wheat which had been held back by farmers for two or three years were rushed to market to secure the benefit of the high prices. The railroads were thus crowded with traffic and speedily filled their depleted treasuries, while farmers were jubilant at the return of agricultural prosperity and became larger buyers of implements and improved machinery as well as general merchandise. Good crops again rewarded their labors and, while prices fell much below those prevailing during the Leiter corner, the foreign demand has been sufficiently strong to prevent them from receding to the former low level. A notable feature of the heavy demand for agricultural implements and freight cars has been the remarkable stimulus thus given to the malleable castings trade. The malleable foundries have not only been run to their utmost capacity but have greatly enlarged their facilities, some of them trebling and even quadrupling their plants, while new undertakings have been started which at once found plenty of work to justify their con ception. The activity in mining interests of the West, North- west and Alaska added considerably to the general im- provement in business. Gold was produced in larger quantities than ever before, and supplies of all kinds were purchased on a more liberal scale The non-precious metals brought higher | rices than in the previous year and mining operations for them were also stimulated. The export trade in iron and steel might naturally be expected to more seriously affect the establishments seaboard than ies Oo COPE, CHICAGO those a thousand miles in the interior. Nevertheless, the Chicago district has been a participant in this trade, ship- ping steel rails wire rods, ship plates, &c., to a number of foreign countries, finding Canada an especially good cus- tomer. A large tonnage of ship plates was sent to Gilas- gow, Scotland, and to Belfast, Ireland, During the sea- son of lake navigation much of this export business finds its way to tidewater via the Great Lakes and the Eastern canals, as favorable rates being secured as from points on Lake Erie. Notwithstanding the increased traffic on the Western railroads, with such a heavy movement in both directions that shippers have often found it difficult to secure cars enough to meet their requirements, freight rates have not been maintained at full schedules, but considerable irregularity has prevailed. This has often permitted low prices to be made on iron and steel products delivered at consumers’ works, and causing an apparent weakness on the part of makers, while they were getting their full rates at mill. The ouly comment that can be made on this peculiar state of affairs is that the attempted regulation of interstate traffic through a national commission seems to be steadily diminishing in effectiveness. Manufactur- ers are being generally compelled in defense of their trade to make special arrangements with railroad companies even if repugnant to their convictions of proper methods of doing business. The remarkable steadiness in prices prevailing during the year is surprising in view of the heavy demand. Fluctuations have been quite narrow, covering a smaller range than is often seen in a period of comparatively light trade. Leading manufacturers have been avowedly con- servative, resisting influences which in other years have been potent in advancing prices. Full order books, con- tinuous excellent business, large inquiries, short supplies, consumers clamorous for more rapid deliveries and a magnificent outlook for the future have had little effect in enhancing values, but prices are kept down as well for the belated buyer as for those who aim to be forehanded and buy during their dull season. Over and over again the market in the past year has shown symptoms of hard- ening under the pressure of heavy trade, only to disap- point those who had predicted a boom and ardently desired one. Greater influences were at work in keeping prices steady than in advancing them. Important con- suming interests have grown up which require stable prices on their raw materials by reason of the character of their business, compelling contracts to be made extend- ing far into the future. But the disastrous aftermath of a boom has probably been the strongest reason for the deterrent policy of the leading producers. It is evident that the values ruling during the year have been fairly satisfactory to the well equipped, well located and well managed concerns. Their costs have been so reduced by improved processes and by better methods of handling materials and utilizing labor that prices which would have been ruinous but a short time since are now remunerative. If this were not the case, the excellent opportunities presented in 1898 for getting much better prices would have been eagerly embraced. Contrary to all expectation, the Spanish war did not seriously affect business. It undoubtedly checked pro- jected enterprises, inducing caution on the part of those who contemplated entirely new investments. It therefore prevented some expansion in the consumption of iron and steel. But this was not appreciable, because of the legit- imate increase in consumption through the prosperous condition of the great industries depending on farming and railroad interests. The danger of a war with Spain THE January 5, 1899 had menaced the country for so long a time that it was well prepared for it, and the business world was rather glad to make the plunge and have done with it decisively, whatever the result might be. The period of suspense was so quickly and gloriously ended that from a Western business standpoint the war was simply an incident of the happenings of the year. Important events in 1898 were the great consolidations launched, in which Chicago played an important part. The first in order of time was the formation of the Amer ican Steel & Wire Company, with a capital of 324,000,000, taking into one organization about 80 per cent. of the wire producing capacity of the country. Next came the Fed- eral Steel Company, with a capital stock of 3200, 000,000, combining under one management the Illinois Steel Com- pany, the Johnson Steel Company, the Minnesota lron Company and the Elgin, Joliet & Eastern Railway Com- pany, with their affiliated companies. The third great consolidation was that of all but three of the tin plate factories in the country, under the name of the American Tin Plate Company, with a capital of $50,000 000. The year was not one of much expansion in the pro dactive capacity of the Chicago district. No blast fur- naces were built, and those which had been out of opera. tion for several years continued inactive. The Illinois Steel Company made improvements in their finishing de- partments, but permitted their Union and North Chicago plants to remain idle. The merchant bar mills at East Cnicago, Ind., were purchased and restarted by the Inland jron & Forge Company, the hoop mills at Peoria, Lil., re sumed under the reorganized Peoria Steel «& Lron Com- pany, and the sheet mills at Hammond, Ind., were trans- ferred to new owners under the old name of the Corning Steel Company, and again became a factor ,in the local sheet trade. It may be said of the Chicago district, how- ever, that in general iron and steel products the consump- tion has rapidly grown in excess of the production and prospects are attractive for considerable expansion, which is likely to bs undertaken in the near future. Review by Mouths, Seldom has January opened with brighter progpects. The iron trade had been active through the holiday sea- son. A slight weakness was shown in Southern pig iron, but the local 1urnaces were so well sold op and orders in sight were so heavy that concessions svon ceased to be made. Railroad tusiness was large, plenty of orders de- veloping itor cars, while liberal purchases were made of rails aud other track supplies. Plates were active. Bil lets became very scarce, owing to a succession of acci- dents in Eastern steel works, bringing inquiries to the Chicago district which could not ve even considered, as producers were driving their wo1ks to the utmost capac- ity to meet local requirements. Negotiations to consoli- date the wire and wire rod inteiests drove prices of wire rods upward The only unfavorable development during the month was the break in the price of charcoal pig iron, following the dissolution of the Superior Charcoal lron Company, the central selling agency. Heavy sales were made at the lowest prices ever known for this class of iron. A meeting of Western bar iron manufacturers was held in Chicago in the last week of the moath to agree upon a higher price, but the effort was unsuccessful and no 1mprovement resulted. ‘The usual spring demand for wire products main- tained ths pressure on billets and wire rods in February. Rails were also active, a good demand coming trom new electric railroad projects as well as from steam roads for deliveries far in the future. Soit steel bars were tirmly held. because of the heavy demand from implement works. Scrap was active, with cast scrap growing partic ularly scarce. Bat pig iron developed weakness, owing to the pressure to sell by some Southern preduvers and notwithstanding the prevalence of a good buying move- ment. Bar iron was also drooping, in the face of good or- ders from car builders and other large consumers. Plates lacked firmness, because specifications were being received too slowly oncontra:ts. Thedes'ruction ot ths ** Maiae”’ in the harbur of Havana did not improve the market con- ditions, as it was believed to portend the early breaking out of hostilities with Spain An active trade was experienced in March, but general complaint was made of low prices. The leading South ern pig iron producers tried to correct the situation by agreeing on prices, bat were unable to accomplish much benefit. The consumption of bars was at a heavier rate than ever before known, compelling the largest local mills to run three eight hour turns daily, yet the market con- IRON AGE g tinued weak. Car builders and implement mannfacturers kept pushing for more rapid deliveries. Never had such orders for plows and other implements been re- ceived by manufacturers. Billets ani rods continued very scarce, shipments of billets being made to Chicago 1n large quantities from Eastern works, yet rods were reduced in prices because of offers by middlemen. Plates were sold in unusually heavy quantities, mainly for ships, as the lake shipyards received a number of contracts tor vessels. Structural shapes became much more active. A notable sa'e of steel rails was made to an Alaskan railroad, and the local mills were stated to be practically sold up on standard sections for the entire year. Hardware jobbers enjoyed an immense spring trade. An important event in this month was the organization of the American Steel & Wire Company, with headquarters in Chicago, owning the following properties: The Consolidated Steel & Wire Company of Chicago, with seven plants. of which two are located at Joliet and one each at St. Louis, Cleveland, Beaver Falls, Allen town Pittsburgh. I. L. Ellwood Mfg. Company, De Kalb, III. Ellwood Wire & Nail Company, De Kalb, Il American Wire Nail Company, Anderson, Ind Salem Wire Nail Company, Salem, lll., and Findlay, Ohio HP Nail Company, Cleveland, Ohio American Wire Company, Cleveland, Ohio. Heavy transactions in Lake Superior charcoal pig iron were a feature of Apml business. A surprising demand was also observed for Southern coke iron, while the mal- leable foundries made large purchases of local Bessemer. The consumption of pig iron at this time was in excess of anything ever before known in the Chicago district. Nevertheless, prices did not advance, and Southern foundry grades sold at $1 per ton below equivalent North ern irons. Bars were in heavy demand, the car builders being persistent buyers. Implement manufacturers began to sound the market with inquiries for deliveries extend- jing over 12 months. Structural shapes were much more active than in previous months. The new Chicago post office building was let, requiring over 10,000 tons, while numerous smaller buildings came on the market, and bridge work took large quantities of material The eleva- tion of steam railroad tracks in Chicago was resumed for the season and a great deal of tonnage was figured in this connection. Prices of merchant pipe were advanecd moderately, and a heavv demand was precipitated, which continued for weeks. Billets continued s°arce, but rods weakened with middlemen offering additional quantities. A phenomenal demand was observed for smooth wire, which extended through the greater part of the year, job- bers having constant trouble to keep their customers rup plied. Light rails were active. Low prices were made on thin sheets by mills desiring work The declaration of war with Spain apparently had but little effect on trade, possibly checking a few car orders and delaying the negotiations of foreign orders for plates and rails. The bulge in wheat in May created such a buoyant feeling in the West as to almost to'ally obscure the possi bility of financial derangements as a result of the war, and business was transacted on an enormous s2ale. Con- sumers of pig iron bought large quantities, prominent among the transactions being a purchase of 30,000 tons of Southern basic by the local steel company. The local furnace companies paid more attention to the malleable trade, leaving the gray iron foundries to the Southern makers and to producers on Lake Erie, who could ship to Chicago by lake at low freight rates. Lake Superior charcoal iron was sold in large blocks to car wheel and malleable foundries. In one week contracts for over 50,- 000 tons of bars were placed by implement manufacturers for deliveries running through 12 months. The local mills made heavy shipments of cotton ties to the South, their trade for the season doubling that of the previous petore year. Unusually heavy contracts were placed for sheets Smooth wire continued extraordinarily active. Steel rails were shipped by the local mills to seven different foreign countries. The demand for structural shapes had seldom been better. The local plate mill secured orders for 5600 tons of plates from shipyards in Scotland and Ireland Tin plates became scarce as the canning season approached. But prices in very few instances showed any symptoms of hardening. In fact, the large season contracts were taken at almost the lowest prices ever known for such transactions. Wire rods became much easier in price than in the opening months of the year, and the local makers of steel billets were again able to spare some for their neighbor customers. The war failed to affect business unfavorably in June. Never before had implement manufacturers placed such large contracts as at this time, comprising bars, sheets, plates and special shapes. Car orders were numerous, and their infloen’e was felt in unusual directions. Beams and augles were purchased in large quantities for car trucks, while the tonnage of steel plates bought for the same purpose by the pressed steel works was a revelation of the great possibilities in that direction. Sellers of vo 10 THE IRON AGE. January 5, 1899 structural shapes enjoyed the best business they had known for a long period. Good sales of steel rails were made both for domestic use and for export, but much at- tractive tonnage was passed because satisfactory deliv- eries could not be arranged. A sudden advance Jn spelter caused a flurry in galvanized sheets, but prices did not permanently stiffer The association of Southemn pig manufacturers dissolved, and prices declined, vut moderately, as most furnace companies were too supplied with orders to sharply compete for current ness A strike among furnace workmen at the Mil- waukee works of the Illinois Steel Company lasted several weeks and caused considerable inconvenience to large consuners, Outside steel works were again called upon to supply local consumers with steel billets, owing to the oversold condition of the Chicago woiks. These Eastern works, nevertheless, made extremely low prices on tin plate bars to Indiana factories, lower than had been made for several months [he special feature of the month of July was the pressure for deliveries of all kinds of material on con tracts. The consumption was so heavy that specifications increased nuch beyond the agreed deliveries for the mouth. Consumers of pig iron relaxed in their prefer ‘es for certain grades or qualities and often took what ould get Soft irons became scarce, and prices on these began to harden. New business in pig iron was of a moderate character. in bars, however, further season contracts were placed, but at very low prices, not much if any above those ruling during the depth of the depres- sion. A surprisingly heavy trade continued in plates, while numerous orders were placed for stractural shapes Steel rail manufacturers announced that they were full of work to December 1, with plenty of tonnage offered that could not be handled on account of the deliveries desired. Heavy sales of wire rods were made at the lowest prices of the year. Cut rates of freight to the Far West caused numerous rush orders to be placed for a wide range of products. Anthracite coal dropped to the lowest price made in years in the Chicago market, owing to a fight be- tween the great mining and transporiation companies. The scarcity of steel billets and higher prices realized were the dominating influences in August. The Joliet Works had been idle from July 1 pending the annual wages settlement, which was not accomplished until the middle of August. This madea heavy reduction in the Western steel supply, causing higher prices to be asked for merchant bar steel, sheets, tin plate, &c. Heavy sales of structural shapes were made and prices were advanced $laton. Bar iron was in active demand at better figures than in July, and for a time sold up to the price of soft steel bars, but before the end of the month they parted company, steel ruling higher. Great activity was experi- enced in merchant pipe. Pittsburgh manufacturers of plates began to withdraw quotations from this market because of rapid accumulations of orders on their books. Wire rods were scarce and made some advance in price. Important sales of steel rails were made for home con- sumption and for export, to be delivered late in the year. A beginning was also made this month in the placing of orders for rails to be rolled during the winter, the initial order calling for 25,000 tons. The demand for light sec- tions of steel rails was an interesting feature of the rail trade. The tin plate trade became excited, owing to the advance in the cost of steel and the placing of large orders by jobbers and consuming interests. The pig iron market showed much animation, Southern manufacturers advanc- ing prices 25 cents per ton on all grades. The consolida- tion of the great properties of the Illinois Steel Company, the Johnson Steel Company, the Minnesota Iron Company and the Elgin, Joliet & Eastern Railway Company was effected under the name of the Federal Steel Company. A heavy demand for steel billets was a prominent fea- ture of trade in September, running far beyond the capacity of the loca] steel works. A large tin plate com- pany in Indiana bought 30,000 tons of tin plate bars from Eastern mills In spite of heavy car orders bar iron weakened in price, attributed to pressure for business by Indiana manufacturers Makers of soft steel bars en- deavored to fix a minimum of 1.20 cents and to shorten terms to 30 days, but the movement was not a success. The plate jobbers were considerably benetited by the crowded condition of the plate mills, which threw much business into the hands of the former. The structural trade was very active, large contracts being placed. Sales of wire rods were made for export Unusually heavy shipments of pig iron were made by all interests supplying the Chicago district. The output of local iron was curtailed by the blowing out for repairs of the Iro uois furnace. The leading Southern company marked p prices 25 cents per ton. Merchant pipe was advanced by changes in base discounts, but although an active trade ensued the jobbers were so well stocked that they kept prices down. Sheets also advanced with a lively market, and some houses reported the heaviest sales of galvanized sheets in their history. An advance was likewise made in steel shafting Manufacturers of stoves and ranges marked up their prices 5 per cent., having had a heavy } tat | i trade in July and August. The agreement which had existed between Western steel rail manufacturers was broken on account of contracts taken at lower than th: agreed price, but a conference of all the steel rail con: panies was held to perfect another agreement and price were withdrawn pending its adjustment. The tin plat manufacturers began negotiations to effect a consolidatio of all the tin plate factories. The heavy demand by 1ailroad companies for cars and other equipment attracted miurked attention in Octobe Car builders made large purchases of material, and makers of car wheels and cur trucks were also steady buyers. An excellent business was done in all kinds of pigiron Soft irons continued very scarce, and irregu larity in prices gradually gave way to a better tone and more uniform quotations among Southern furnace com panies. A scarcity of cars as well as a shortage in desir- able grades of iron harassed consumers. The I[roquois furnace resumed operations, securing satisfactory orders for immediate shipment. The plate mills received for- eign inquiries, bat were too well supplied with domestic orders to consider them. Stocks of merchant pipe were broken by the heavy demand from consumers