The Iron Age 1902-02-13: Vol 69 Iss 7

T H E I R 04 ve A aIn4yIsUy en Bt wewmosqiwmgs A. Review of the Hardware, Iron, Machinery and Metal Trades. Published every Thursday Morning by David Williams Co., 232-238 William St., New York. Vol. 69: No. 7. New York, Thursday, February 13, 1902 £2.00 oem. ne ae ai Reading Matter Contents .. page 60/—— Alppaeeneee Index to Advertisers “ 147 _ gp MNBNSEBBUNDENUMMNNMN silaeiniiiiaseaiaa eee *) HEMINGTON- LER SPoRTING RIP | aiveniaiaa and Subscription Rates =. ae Without an equal for LONG RANGE TARGET and BIG GAME SHOOTING .... Frank H. Hyde shot with a REMINGTON-LEE SPORTING RIFLE and won THE ALL-COMERS’ MATCH, Sea Girt, New Jersey, § Sept. 10th, 1901. List Price, $25.00. Apply to your dealer for Catalogue and Dis¢ount. REMINGTON ARMS CO,, Tlion, N. ¥Y. 313-317 Broadway, New York. 425 Market St., San Francisco, Cal. PATI RORAIDIL ALANNA NARA AAA NAAR ROAR NN RH Bristol’s Patent Steel Belt Lacing. SAVES Time, Belts, Money. eNENENENEENEEODENENeN eee enenewenenenvenenenneenuvaeneeneyenes GreatestStrength READY TO FimisHeo vor With Least Metal. Send for Circulars and Free Samples. THE RRISTOL CO., Waterbury, Conn, susocomiervonsente| CAPEWELL HORSE NAILS. NEW YORK, a Oe i PHILADELPHIA, CHICAGO, Branch Office, 11 Broadway, New York. Clovalana Oily Farge aad Iron Con’. Cleveland, O, ST. LOUIS, e so = RAN DETROIT Ju 833, BRANCHES? = cinciNNATI, rs] ue [. SAN FRANCISCO; we 3° PORTLAND, ORE:s = : BUFFALO, BALTIMORE, NEW ORLEANS. THE CAPEWELL HORSE NAIL COMPANY, HARTFORD, CONN. Low Phosphorus Pig Girard Bul Phi PILLING & GRANE, iors siock, Blustoren. Jenkins ’96 Packing. Pronounced by steam users thronghout the world the best joint packing manufactured. Expensive? Not at all, as it weighs 30¢ less than many other packings, consequently is much cheaper. JENKINS BROTHERS, New York, Boston, Philadelphia. Chicage THE AMERICAN TUBE & STAMPING CO. HOT AND COLD ROLLED Successer to A SEE 38, = STRIP STEEL, The WILMOT & HOBBS MF6. CO. PAGE To good management men and tools, add Apollo galvanized iron. There is no way to do so good work or to make so Best Anti-Friction Metal for all Pac-Simile of Bar. Beware of much profit on it. American Sheet Steel Company, New York i ae =e a. ae > aa eT . wt CT, tas et 7 ie > Z gt ~~ foo few. Lehn ; areas Fe PR OE eae SEAT CTT as We ORES S SER ode. ry os hee THE IRON AGE. 2 COPPER (°O. 8: . Cees ov Co: Main Office and Mills at Waterbury, Conn. Sheet and Roll Brass BRASS AND COPPER 10 Seamless Tubes, Sheets, Rods and Wire. Brass, German Silver, Ww Ie FR 5 PRINTERS’ BRASS, JEWELERS’ METAL, GERMAN Ingot Copper. Copper, SILVER AND GILDING METAL, COPPER RIVETS AND BURRS. GOLE MANUFACTURERS O : IN SHEET, ROLL, ROD, WIRE, To bin Bron Ze BRAZED and SEAMLESS Pins, Brass Butt Hinges, Jack Chain, Kero sene Burners, Lamps, Lamp Condenser, Piates,Pump Linings, Round, TUBING, Square and Hexagon Bars, for Pump ee (Brass Brazing Wire, Spelter Solder. Rivets and Burrs, Metallic Eye- lets, Shells, Ferrules and Small Brasswares of every Description. Deoxidized Babbitt. NEVER HAS BEEN BEATEN, Manufacturers of 29 MURRAY ST., NEW YORK. 144 HIGH ST., BOSTON. 199 LAKE ST., CHICAGO, FACTORIES : WATERBURY, CONN. ROLLING MILL : THOMASTON, CONN. SCOVILL MFG. CO., Manufacturers of BRASS, CERMAN SILVER Sheets. Rolls, Wire Rods, Bolts and Tubes, Randolph-Clowes (o., Main Office and Mill, WATERBURY, CONN. MANUFACTURERS OF SHEET BRASS & COPPER. Brass Shells, Cups, Hinges Buttons, Lamp Coods. SPECIAL BRASS GOODS TO ORDEK Factories, WATERBURY, CONN. DEPOTS: CHICAGO, BRAZED BRASS & COPPER TUBES. SEAMLESS BRASS & COPPER TUBES TO 36 IN. DIAM. New York E Caieo, 253 Reestuny, Postal Tel- egraph Bitig., ee Office, 602 Tisher B Bld Boston Office, Cor. Oliver and NEW YORK, BOSTON. Bridgeport Deoxidized Bronze & Metal Co, BRIDGEPORT, CONN. JOHN DAVOL & SONS, AGENTS FOR brooklyn Brass & Copper Co. DEALERS IN COPPER, TIN, SPELTER,. LEAD, ANTIMONY. 100 John Street, - New York Arthur T. Rutter SUCCESSOR TO WILLIAM S. FEARING 256 Broadway, NEW YORK. Small tubing in Brass, Copper, Steel, Alumiffum, German Silver, sec. Sheet Brats, Copper and Ger- hase Sts. Matthiessen & Hegeler Zinc Co.,- LA SALLE, ILLINOIS. SMELTERS OF SPELTER AND MANUFACTURERS OF SHEET ZINC AND SULPHURIC ACID. Special Sizes of Zinc cut to order. Rolled Battery Plates. Selected Plates for Etchers’ and Lithographers’ use. Seloct-al Sheets for Paper and Card Makers’ use. Stove and Washboard Blanks. ZINCS FOR LECLANCHE BATTERY. Tee Le SSe:74 West Monroe elet 5 -de) SAUL. CU ENE TUB VUTITTT Ree RA Late On Short Notice , No coe | pountex WIRE. “IT’S TOUGH.’ =, waeet'ss.oo/Brass and Aluminum Founders, TROLLEY, 5 Wheel, $3.25 Phosphor Bronze Bearing Castings. Seamless Brass and Copper Tube. Copper and Brass Rod. R. A. HART, naeee.is Ghee, Gut. W. G. ROWELL & CO., Bridgeport, Conn. TELEPHONE 7 d HEND an Se ee ae TELEGRAPH Belleville Copper Rolling Mills, y LINES. notte, BRIDGEPORT BRASS C0. MANUFACTURERS OF Brasiers’ Bolt and Sheathing COPPER, COPPER wink ewaND RIivETs. CONTE eae ingot Copper, Block ‘Tin, ' Guan, hee Antimony, etc. BO 8 ln 49 CLIFF ST.. NEW YORK. on man Silver. per, Brass and German Silver Wire Brazed and ‘THE IRON AGE Tuurspay, FresBruary 13, 1902 The Pittsburgh Plate Glass Company. The annual meeting of the stockholders of the Pitts- burgh Plate Glass Company was held in that city last week. John Fitcairn, president of the company, stated in the annual report presented to the stockholders that fully 62 per cent. of their output is sold without profit. He says that the remaining 38 per cent. of the produc- tion permits of profits which are threatened by new plate glass enterprises seeking business in the open market. The profits of the Pittsburgh Plate Glass Company The Bignall & Keeler Duplex Pipe Machine. The Bignall & Keeler Mfg. Company of Edwards- ville, Ill, have designed a pipe machine embracing sev- eral special features, one of the most essential being the motor drive. ‘The motor is placed on a table directly over the main bearings of the machine. This table supports a countershaft holding a three-step cone pul- ley and large driving gear, and the motor pinion is THE BIGNALL & KEELER last year were over $1,500,000, and of this, after the pay- ment of dividends, nearly $900,000 was added to the sur- plus of nearly $5,250,000 carried over from the year be- fore. The profits sare accounted for in that about $6,000,000 of the company's assets are invested in their jobbing business, profits on which are threatened by the present vpen market in the window glass trade. President Pitcairn announces the purchase of the business of the Arnistrong-McKelvey Lead & Oil Com pany of Pittsburgh and the establishment of new ware- Louses at Atlanta, Ga., and Buffalo, N. Y. The financial statement given to the meeting shows assets as follows: Investment, 313,026,235.66; stocks of plate and window glass and paints, $2,433,415.85; material and working accounts, $504,966.35; quick assets in cash, bills and accounts receivable, $3,105,242.34. Liabilities are shown as follows: Capital stock, $10,- 000,000; bonded debt, $10,000; bills and accounts payable, $5,019,654.68; surplus, January 1, 1901, $5,235,567.31; profits in 1901, $1,503,638.21, which, less $609,000 paid in dividends, leaves $894,688.21 passed to surplus, making the total surplus $6,130,205.52. The total of either assets or liabilities is thus shown as $19,159,860.20. DUPLEX PIPE MACHINE meshed directly into this gear. One side of this table is supported on a hinged bearing, one side of the main journal cap being designed as a support for this bear- ing. The other side of the table rests on two steel cams. These cams are fastened on a shaft which rotates in the bearings on the main journal caps and by means of a worm gearing on the end of the cam shaft they may be revolved and the table elevated or lowered accordingly. ‘These cam movements furnish the means for tightening the driving belt on the cone pulley, this adjustment being necessary to take up the stretch in the belt or the joint due to wear. By this means the objection to a short belt is overcome, as any required tension may be placed on the belt. Through this design a constant speed motor may be used and all of the advantages of changes of speeds which occur in the belt driven machine are preserved. TRrough the medium of a sliding gear on one of the lower shafts two speeds of the arbor are obtained for each step of the cone pulley, thereby giving six speeds to the ma- chine. As the controlling of motor speeds by means of resistance boxes is very wasteful, the efficiency of this drive will be apparent. No additional floor space is occupied, because head room is always available. The ere Seen See me a * at ; ae einen ne Ls a sa «°F ee nnn os PON ae os cm mete a Mt ae om a aa a 2 THE IRON AGE, machine can be placed in any shop where the usual belt driven machine can be used. Die Head, The special feature of the die head, Fig. 38, is found in the fact that it slides in parallel guides on the front of the stand, instead of being stationary, as is customary in standard machines, This sliding feature is especially adapted to mill prac- tice, where a large proportion of the larger sizes of pipe are shipped with blank ends and the machines are used for cutting off the bad end only. When working under these conditions the die head can be slipped to one side out of the way of the operator. The die head, as shown on the machine, is intended for use in cutting 14, 15 and 16 inch outside diameter pipe. Three heads are fur- nished with the machine, the second head being slightly smaller than the one shown on the machine and being equipped with dies to cut 9, 10 and 12 inch pipe. The third and smallest head is to be used for cutting 6, 7 and February 13, 1 adjustments are made by hand, and the annoyance cidental to lost or misplaced tools avoided. The steady slides for holding the pipe, as well the cutting off tool, are placed back of the stand, slide for the cutting off tool being held by bevel gui on one of the steady slides. An automatic oil pu is placed in the bed of the machine and connected one of the lower shafts. The oil is delivered thro: a system of piping to the die head and cutting off t The die head is cored on the inside, these cores be used as oil reservoirs. The dies are thus automatica flushed with oil and all danger of cutting with dry d is eliminated. The gearing is designed with a view toward gr strength and accurate running. All of the gears machine cut from the solid metal, even the large mas gear directly behind the front chuck, which is cut wi two-pitch teeth and is 401% inches on the pitch diamet: The steel grippers in the chuck slides are of ve: simple design. In tube mill practice, where the n Fig. 2.—-Rear View. - THE BIGNALL & KEELER 8 inch pipe. In order to assist in the sliding of these heads sprocket wheels are placed on both ends of the stand, the one on the operating side having an adjust- able lever attached. A steel chain of the usual bicycle construction is placed around these sprockets and at- tached to steel hooks on each side of the die head. The operator can, therefore, easily slide the head over by revolving the sprocket on the operating side. The heads are all expanding and equipped with an adjusting mechanism, which consists simply of a lever, a threaded serew and hand nut on the screw and the bracket attached to the cam ring, as shown in Fig. 3. The ad- justments furnished by this mechanism are exceedingly fine and yet accurate at all times. The No. 16 head has12 chasers to each set of dies; the No. 12 head, eight chas- ers, and the No. 8 head, six chasers. The dies are re- moved from the head through the slots shown in the rim of the cam ring, thereby avoiding the necessity of removing the cam ring or face ring from the head. All DUPLEX PIPE MACHINE. chines are used almost continuously and the chuck jaws therefore, subjected to a maximum amount of wear, is necessary to use a simple grip, which ean be readi sharpened by inexperienced operators, and one that w not involve the throwing away of a large amount « steel when used to its limit. The chuck slides in th machine have two cored pockets in the end, these poc! ets being separated by a strip of metal about 1 in thick, each pocket being about 2 inches deep. In each pocket are fitted four pieces of 3 x % tool ste cut from the rough stock, ground flat on one end an to the proper angle on the other. In order to keep thes pieces tight in the pocket an eccentric pin is place in the division between the two pockets. A small wren is furnished to turn this pin, and when turned the « centric faces press against the adjacent steels, forci! the pieces against the sides of the jaws. As their on tendency to fall out of the pockets is by reason of the own weight, the pressure necessary to keep them in ‘ebruary 13, 1902 THE IRON AGE. 3 ite small. These pieces can be removed and sharp ed on an ordinary emery wheel. They can also be from a rough bar without any particular finish, and hen used to their limit, the amount of stock discarded yery small. es Electric Welding. Braune states in the Oecesterreichische Zeilschrift fii ferg und Hiittenwesen, that electric welding on the Slavianoff method is practiced at Fiirstenwald, near Berlin. In this method, as opposed to that of Bernardos, oth electrodes are of metal. One pole of the electric achine is connected with the piece of work under rentment, and the other with the iron rod which is to melted and used for treating the work. This iron dis round, about 89 inches in length, and is connected Fig. 3.—Die Head. THE BIGNALL & KEELER DUPLEX PIPE MACHINE With the positive or with the negative pole, according to the nature of the work to be performed. The current rapidly melts this rod, and the molten drops of metal fall immediately upon that portion of the other pole on which they are intended to be solidified. The whole of the heat evolved is utilized for the fusion of the metal, ind the working results are therefore excellent, but the itilization of two metallic electrodes renders an auto- matic regulation of the voltaic are necessary, and this s effected by means of a special apparatus. If the current acts chemically upon the metal under reatment, as, for instance, in the case of cast iron, the ron rod that is to be melted is almost always connected vith the positive pole. as otherwise the fused cast iron would undergo partial oxidation and become hard and lmost white. The method itself consists in a prelim- hary mechanical treatment; the preparation of fire re- sisting molds around the parts to be repaired, the heat- ng up of the material under treatment, and the actual velding. This general treatment is described in more letail. If the metal under treatment is cast iron, the nolds must be lined with retort carbon, or otherwise the iron Will become Wlbite If s desirable to be white Iron, then quartz sand may be used instead, or the di rection of the current altered. ‘To prevent the fused inetal from solidifying immediately upon the work, this latter must be heated to about 500 degrees C. At first this is nut easy to perform, owing to strains which re sult, but it subsequently becomes easy. In the case of cast iron a material is used for the electrode which is obtained by melting together SS.S9 parts of gray pig iron und 11.11 parts of ferrosilicon. Small portions of this metal are added to the molten iron which is formed as the electrode melts, and the temperature of the molten inetal can thus be carefully regulated and kept under control. Before the fusion a cast iron contained 3.5 per cent. of carbon and 3 per cent. of silicon, while after the electric fusion the metal contained the same per- centage of carbon, but only 1 per cent. of silicon. Such a metal is gray and of a fine grain. When welding steel or wrought iron a far higher temperature is neces- sary than in the case of cast iron. The metal bar is then connected with the negative pole. The molten metal must be kept from oxidation to prevent red short- ness at the weld. The fused metal is therefore at once covered with powdered glass. Despite this some oxida- tion results, but this is met by the addition of some ferro- manganese in quantity usually about 1 per cent. of the weight of the fused metal in the case of steel, and 5 per cent. in that of malleable iron. Ferrochrome can also be used, but it reduces the iron oxide more slowly than does the ferromanganase. The metal welded in this way is not quite so strong as the original sound unwelded piece would have been, but it does not fall far short of this, and, in addition, subsequent mechan- ical treatment causes considerable improvement. In welding copper to wrought iron or steel this latter ‘s connected with the positive pole, but if to cast iron, then this is placed in connection with the negative pole. The Franklin Institute and the [etric System. The report has been submitted to the Franklin Insti- tute of Philadelphia of a special committee appointed to consider the feasibility and advisability of the adoption of the metric system in the United States. This commit- tee consisted of James Christie, American Bridge Com pany, Pencoyd, Pa.; A. E. Kennelly, Houston & Ken- nelly, electrical engineers; F. E. Ives, photographer and engraver: Wilfred Lewis, president Tabor Machine Com- pany; S. M. Vauelain, superintendent Baldwin Loco- motive Works; Jesse Pawling, Jr., instructor in physics, Central High School; George F. Stradling, instructor in physics, N. E. Manual Training School; Harry F. Keller, professor of chemistry, Central High School; A. Falk- enau, machinist, and L. F. Rondinella, instructor in en- gineering, Central Manual Training School. The report, which is as follows, will be the subject of discussion at the meeting of the institute on February 19: Whereas, It is desirable to obtain an international stanglard of weights and measures, also to simplify and regulate some of our existing standards; and Whereas, The metric system is commendable, not only as a suitable international standprd, but also for facility of computation, convenience in memorizing and simplicity of enumeration; Resolved, That the Franklin Institute approves of any movement which will promote the universal introduction of the metric system with the least confusion and ex- pense. Resolved, That the national Government should enact such laws as will insure the adoption’ of the metrie sys- tem of weights and measures as the sole standard in its various Gepartments as rapidly as may be consistent with the public service . The January number of the “ Proceedings of the American Society of Engineers” contains a very valu- able paper, by C. A. P. Turner, on “ Thermo-Electric Measurement of Stress.” It is to be presented before the society on March 19, 1902. er AHR DONE neg = ? 4 THE The Industrial Commission on Trusts. The Final Report of the Industrial Commission. WASHINGTON, D. C., February 11, 1902.—The long an- ticipated final report of the Industrial Commission on the subject of the so-called trusts was yesterday filed with the Senate and House of Representatives, accom- panied by a series of recommendations for legislation by Congress and by State legislatures to remedy the evils which are found to exist. The life of the Commission will expire by statutory limitation on the 15th inst., and the duty of preparing measures for the execution of such its recommendations as it is deemed advisable for Congress to adopt will then devolve upon the appropriate committees of the two houses. The recommendations for legislation embrace several important amendments to existing antitrust statutes and the creation of a new bureau in the Treasury De- partment charged with the supervision of all corpora- tions doing an interestate business, which it is proposed to bring within the jurisdiction of the department by levying a small graduated tax upon the gross receipts of each corporation from its interstate trade. It will be seen that the most important of these suggestions—the so-called ‘‘ publicity plan’—was accurately foreshad- owed in this correspondence some weeks ago. The con- tingent in the Commission that favored a Federal cor- poration law did not prove sufficiently strong to secure the adoption of such a recommendation except as an al- ternative suggestion in the event that the remedies spec- ified do not prove adequate. Findings of the Commission. In submitting its final report on industrial combina- tions the Commission precedes its recommendations with an interesting series of findings based upon its investiga- tions during the past three years, in the course of which it says: “The tendency to consolidate competing establish- ments in various industries has been so pronounced in recent years as to create much apprehension of monop- oly. One of the most notiveable effects of the legislation against the so-called trusts has been to drive the cor- porations wishing to combine from the old forms, which often contained the seeds of disintegration, into the new form of a single large corporation. Apparently the methods of consolidation have been strengthened and improved. The economic advantages of combination and the apparent success of most of the new companies have led many of the ablest business men and econo- mists to the conclusion that the combinations have be- come an established factor in the industrial life of the nation. Not all of the problems, however, have been worked out, and it remains to be seen whether or not the new companies are as safe for investment as the old, and whether or not the public interest is in any way en- dangered by them.” The Commission then reviews at some length the de- velopment of the consolidation movement in its various forms until the present corporation laws of New Jergey, Delaware and West Virginia were enacted, and it is stated that “‘ these laws, so favorable to corporations, to- gether with the pressure of competition, and with the advantages of combination, led to a very rapid increase in such industrial combinations.” The report adds, how- ever, that the “ fever for organization which was so evi- dent two years ago seems largely to have run its course; bankers and other financial supporters of the combina- tions have become more conservative, and at present an organizer can hardly expect to find the capital for float- ing his plan unless he has ready to back it a thorough- ly well established business that is showing good prof- its through its separate plants.” Advantages of Consolidation, The Commission finds that while fear of excessive competition has brought about the majority of consoli- dations, yet the advantages to be secured, aside from the cessation of rivalry, have also been prominent factors in this movement. On this point the report says: “If the industry is one in which the final product is IRON AGE. February 13, 19 manufactured at low cost, the saving from freight rat through the combination of plants located in differ sections may be very large. While one large and w: equipped sugar refinery or salt block may produce i fined sugar or fine salt at as low cost as would any nun ber of associated plants, the element of freight becom: so large a percentage of cost to the consumer that ass: ciated refineries or salt blocks located in different se: tions, but working through a common selling office, could supply consumers at rates materially lower than could any single establishment, however well equipped. “Tt is a familiar fact that in most industries an in crease in the size of the plant, within certain limits, re- duces the cost of manufacture. The cost of buildings necessary for the shelter of machinery and employees is reduced in large plants. Large power plants are more economical than small ones. In a large establishment there can be co-ordination of machinery and of proc- esses. The number of foremen, superintendents, book- keepers. selling agents and executive officers is less in proportion to the product in a largethan in a small plant. ‘In some industries there is a limit to the economy resulting from an increase in the size of plants. There is a limit to the size of boilers, engines and machinery, and after this limit is reached separate installments be- come necessary. The ability to manage processes satis- factorily has a quantitative limit. It does not, therefore, follow that because of large capital any single estab- lishment can by its economies drive all others out of the field. “There is an element of monopoly in large plants that should not be overlooked. If the industry is one in which a very large amount of capital must be invested, that fact in itself includes an element of monopoly. Mr. King of Jones & Laughlins, Limited, Pittsburgh, tes- tifies that in order to build and thoroughly equip a plant for the manufacture of steel, and to carry on the busi- ness, an investment of from $20,000,000 to $30,000,000 is required. The necessity for so large an amount of money excludes anything like what is usually under- stood as free competition; but if adequates profits are in- dicated it is probable that even such sums could be raised without difficulty.” Management, Superior management is also an important factor in developing all the plants controlled by a combination to a high standard of efficiency. As to this advantage, the report says: “ However skillful may be the superintendent of any establishment, it is certain that through intimate asso- ciation with eight or ten other efficient men, he tan se- cure many valuable ideas. When combinations of dif- ferent establishments are made, the common knowledge of the inner workings of each separate establishment is valuable to all. “This advantage will always remain with the com- bination. Carelessness or lack of interest on the part of hired superintendents is always to be overcome. The combination meets this condition by comparative book- keeping, so that methods and tlfe exact results in each establishment are known in the central office. Reports are often made daily, usually weekly or monthly. In this way the general manager is enabled to compare the work of each superintendent with that of all the others. Whenever any weakness appears, the attention of the superintendent responsible is called to it. Service in this way can be so controlled that the standard of excel- lence in the best can be established and maintained in all the others. “Responsible managers are often paid, in part, ac- cording to results accomplished. It was Mr. Carnegie’s plan, used for many years in his steel works at Pitts- burgh. The United States Steel Corporation have adopted it to a considerable extent also. It seems to be the opinion of many of the managers of the most prom- inent combinations in the United States that though the two means mentioned, as well as through the natural pride men feel in their work, the alleged lack of effi- ciency in hired superintendents is largely overcome. “A saving can often be made by concentrating de- partments of manufacture instead of compelling eacb February 13, 1962 THE estublishment to make numerous parts of the product. The president of the American Steel Hoop Company tes- tified that before that company were organized each large mill, in order to meet the demands for the various shapes and sizes or iron which it supplied, had to keep on hand many kinds of rolls for rolling different products. Much time was consumed also, while filling large orders for many varieties, in stopping the mill to change these rolls, thus preventing continuity of employment and produc- tion. After the combination was effected, each mill pro- duced certain sizes and qualities of iron bars. When a large order was received, it was distributed to mills pro- ducing the varieties required, so that practically no time was lost in changing rolls. The men became more effi- cient also, because of working on one product. The re- sult was an estimated saving of at least $1 per ton in the cost of manufacture.” The Commission finds that there are some disadvan- tages under which combinations labor, including diffi- culty in procuring raw materials in sufficient quantity at all times, inability to vary the character of output suf- ficiently without material addition to cost, &c. On this point the report adds: “For a long time to come there is certain to be a pop- ular prejudice against combinations, even when such combinations do not practice the abuses of monopoly. There is always the danger of monopoly from the larg- est combinations, and this danger the people fear. The individual producer, therefore, may count upon having a popular sympathy in his favor. The customer is not likely to avoid dealing with a monopoly at any great sacrifice, but other things being equal, he will give pref- erence to the independent producer.” Overeapitalization, In dealing with the subject of overcapitalization the report reviews at length the contention of promoters that “ good will” should be generously capitalized. ‘“* Most of the organizers of large combinations,” says the report, “ are of the opinion that earning capacity, as well as tangible assets, is a proper subject of capitaliza- tion. The plan which they have most commonly fol- lowed is to issue preferred stock to an amount equal to the tangible assets, and at least an equal amount of com- mon stock, which was broadly said to represent good will and opportunity. Often, however, instead of tangi- ble assets, in the strictest sense of the word, the pre- ferred stock of a combination has represented the cash selling value of the properties purchased as going con- cerns. This, of course, includes good will in its proper sense. It was upon this basis that the Moore steel com- panies (the National Steel, American Steel Hoop, Amer- ican Sheet Steel and the American Tin Plate companies) were organized. Owing to the favorable condition of the iron and steel trade at that time, this cash selling value represented much more than the cost of reproduc- tion of the plants and running capital. Then there was issued an equal or greater amount of common stock said to represent good will. “In these examples ‘ good will,’ in the language of the corporation promoters, has represented two entirely different things: 1, The value derived from patents, trade-marks and business connections, and 2, the value of the earning capacity of the establishments and the hopes of the promoter as to savings and profits which may be realized as a result of the combination. These profits may be secured, either through the economies made by the combined management, or through the pow- er of the combination to secure monopoly prices. With- in limits, this last consideration is really a capitaliza- tion of monopoly.” Combinations and Labor, The Commission states that it is:Impossible to make any statement that will be of universal application re- garding the attitude of combinations toward trade unions. “The managers of most of the steel combinations which now make up the United States Steel Corpora- tion,” says the report. “ have dealt with the officers of the Amalgamated Association of Iron, Steel and Tin workers and have signed the scale with them. There can be little doubt that in many cases the organizers of IRON AGE. 5 combinations have felt that through the power of added capital, and the possibility of filling orders from any of the various plants, they would be more independent in their dealings with trade unions. At times the combina- tions have derived advantages in this way. For exam- ple, in 1899, when there was a smelters’ strike in Col- orado, the American Smelting & Refining Company closed the plants in which the strikers had been em- ployed, transferred the work to other plants, and in that way coerced the strikers to some extent. When work- ingmen are not organized throughout the whole indus- try, a combination is able in this way to secure an ad- vantage over individual establishments. “The great strike of 1901 in connection with the United States Steel Corporation throws no additional light upon this subject. The officers of the corporation at the beginning determined to leave the settlement of the difficulties to the constituent companies. The labor union, however, preferred to deal with the officers of the central corporation, knowing that they had in the end the determining power. The officers of the combination showed little unwillingness to deal with the officers of the union, and met them on a common ground for dis- cussion and negotiation. This strike illustrated the ad- vantage possessed by a great combination in its ability to adapt its plants to various products, and to transfer not only orders, but workingmen, to different plants; but, as the trade was not completely organized, little light was thrown on the question of ultimate relations be- tween combinations and labor organizations. “Even if the United States Steel Corporation had tried to make all its plants nonunion, and had succeeded as did the Carnegie Steel Company, the fact of its suc- cess would not have proved that combinations were det- rimental to the interests of the workingmen, or that they could succeed better than individual firms in imposing conditions upon the unions. The success of the Carnegie Company in the strike of 1892 was complete. The suc- cess of the workingmen in the case of the wall paper manufacturers was no less complete. In both cases it was a matter of particular advantage and particular strength under special circumstances. The same thing holds true, in the main, as regards the United States Steel Corporation. Although more men and more cap- ital were involved in the strike of 1901, the settlement of that difficulty does not settle the question of the ef- fect of combination on labor.” Combinations aud the Tariff. An important feature of the report deals with the suggestion so frequently made of late that the tariff on trust made goods should be reduced or removed. ‘the Commission says: “Removal of the tariff, even in any single industry, should not be lightly considered. When the tariff is essential to any industry its removal would doubtless kill not only the combination, but the industry itself, bringing upon the country attendant evils. Even if the industry is not killed, if severe pressure is brought to bear, the industrial combination will not be the first victim, but rather its domestic competitors possessed of less advantages in manufacturing or less financial strength to withstand competition. “The removal of the tariff, then, will not abolish combinations unless it abolishes the industry. The do- mestic competitors of combinations might be largely cut off by tariff reductions or removal, and the combination survive with moderate profits, and yet be forced to sell their products to domestic customers at much lower prices. But this sharpening of foreign competition by the removal of the tariff wouid, beyond any doubt, lead American combinations in some cases to enter into inter national combinations. Already we have the thread industry of England and of the United States, indeed, the thread industry of the world, largely in the hands of an international combination. “The borax trade is also organized internationally, and there have been efforts to bring about an interna- tional iron and steel combination. In Europe many combinations have crossed national boundaries. The ad- vocates of lowering or removing the tariff in any line of industry should inquire carefully whether its effect might be to produce an international combination, and 6 THE would be if so, Whether such an international trust desirable. “'Dhe possible eflects upon wages of a reduction or removal of duties must also be considered, and the further possibility of admitting to this country the sur plus stocks of Luropeal munufacturers at rates 50 low as to seriously cripple our home manufacturers. If our manufacturers extend their foreign markets by selling at low rates abroad, they but follow the’ example of European manufacturers, who for years have disposed country so as to keep their of surplus stocks in this What can be factories going to their full capacity. gained by helping foreign trusts in order to hurt do- mestic trusts is not apparent.” Recommendations for Legislation. Coming down to the subject of remedial legislation, the Commission states that three alternatives are pre- sented, as follows: ‘1; Congress may relegate to the States its power ol control over interstate commerce, thus enabling each State to determine the conditions under which State corporations engaged in interstate commerce may do business Within their boundaries. » Congress may provide a Federal corporation law under which all corporations doing interstate business must be organized. In such a law Congress may make whatever provisions seems to it wise for the regulation and control of these corporations. ‘3. There may be some modification of our present laws. which, by regulation measures, will define the con- trol of Congress over corporations engaged in commerce hetween the States and with foreign nations.” After reviewing these alternatives at considerable length, the commission finally presents its conclusions in the shape of formal recommendations for legislation, as follows: ‘Karly in the year 1900 this commission submitted to the Congress a preliminary report of findings and recommendations on the subject of industrial combina- tions. Said report was in part as follows: “*To prevent the organizers of corporations or in- dustrial combinations from deceiving investors and the public, either through suppression of material facts or by making misleading statements, your Commission rec- olmmend— “*a. That the promoters and organizers of corpora- tions or industrial combinations who look to the public to purchase or deal in their stocks or securities should be required to furnish full details regarding the organiza- tion, the property or services for which stocks or se curities are to be issued, amount and kind of same, and all other material information necessary for sale and intelligent investment. “*h That any prospectus or announcement of any kind soliciting subscriptions which fails to make full disclosures 2s aforesaid, or which is false, should be deemed fraudulent, and the promoters, with their as- sociates, held legally responsible. “*e That the nature of the business of the corpora- tion or industrial combination, all powers granted to di- rectors and officers thereof, and all limitations upon them or upon the rights or powers of the members, should be required to Le expressed in the certificate of incorpora- tion, which instrument should be open to inspection by any investor. “* Phe affairs of a corporation or industrial combina- tion should be carried on, without detriment to the pub- lic. in the interest of their members and under their lawful control. To this end the directors or trustees should be required— “<q To report to the members thereof their financial condition in reasonable detaii, verified by a competent auditor, at least once each year. “*h ‘lo inform members regarding the method and conduct of business by granting them, under proper re- strictions, access to records of directors’ meetings, or otherwise. “*o To provide for the use of members, before the annual meetings, lists of members, With their addresses and their several holdings. ‘ “*d. To provide, in whatever other ways may be named in the certificate of incorporation, means whereby IRON the members may AGE. February 138, 1962 prevent the misuse of their propel by directors or trustees, “<The larger corporatiols the so-called trusts should be required to publish annually a properly audited report, showing in reasonable detail their assets aly with profit or loss, such report and audit liabilities, .t to Government inspection. Th under oath to be subje purpose of such publicity Is to encourage competition when profits become excessive, thus protecting com prices and to guard the interests merce ugainst too high of the financial condition of employees by a know ledge of the business in which they are employed.’ “The further consideration given to the subject by in nearly all particulars this Commission has justified Since conclusions and recommendations. our former combinations and their methods that report was made, both here and in Europe, have been more thoroughly studied. ‘Che influence of combinations in the United States in extending our foreign trade and the methods and influence of forcing combinations in competition with them have been observed. These matters are pre sented in accompanying volumes. “We further recommend: “1. That district attorneys of the United States bi authorized and directed to institute proceedings fol violations of the Federal anti-trust laws. “92 That combinations and conspiracies, in the form of trusts or otherwise, in restraint of trade or produc tion, which by the consensus of judicial opinion are ul lawful, should be so declared by legislation uniform in all jurisdictions, and as to all should be thoroughly enforced. 2 ‘That stringent laws be enacted by Congress and the several State legislatures making both penal and discriminating between prices in one locality persons, and such statutes criminal the vicious practice of customers, and cutting rates or below those which prevail generally, for the purpose ol destroying local competition, and that such laws should give to any person damaged the right to sue for and nalities, and make it the duty ol eed against the offenders. several! recover prescribed pe prosecuting ofticers to proc “4. That to prevent overeapitalization, the States’ legislatures enact laws similar to the anti-stock Massachusetts: also to provide fot service corporations, with s for service, and to watering laws of State supervision of all public power to recommend or regulate rate pass upon the public need, desirability or exigency ot any proposed new service. “5. That plan three—Federal taxation and vision—heretofore outlined, be adopted, and to accom- super- plish its purposes— “a. That an annual franchise tax be imposed upon all State corporations engaged in interstate commerce. caleulated upon the gross earnings of each corporation from its interstate business, that the minimum rate of such tax be low, but that the rate be gradually increased with increases in earnings. “pb, That there be created in the Treasury Depart ment a permanent bureau, the duties of which shall be to register all Sfate corporations engaged in interstate or foreign commerce; to secure from such corporations all reports needed to enable the Government to levy a franchise tax with certainty and justice, and to collect to make such inspection and examination of the same; accounts of such a corporation as will the business and cuarantee the completeness and aeeuracy of the informa- tion needed to ascertain whether such corporations are observing the conditions prescribed in the act, and to enforce penalties against delinquents, and to collate and publish information regarding such combinations and the industries in which they may be engaged, so as to furnish to the Congress proper information for possible future legislation. “The publicity secured by the Governmental agency should be such as will prevent the deception of the pub- lis through secrecy in the organization and management of industrial combinations, or through false informa- have at its com- regarding whatever would also sources of information discriminations, of industrial combinations dangerous to the public welfare. tion. Such agency mand the best privileges. or which special nature, - by monopoly or become secure February 13, 1902 THE It is probable that the provisions herein recommended will be sufticient to remove most of the abuses which have arisen in connection with industrial combinations. rhe remedies suggested may be employed with little or no danger to industrial prosperity and with the certainty of securing information which should enable the Congress to protect the public by further legislation, if necessary. “G. That if a Department of Commerce and Industry should be established, one of its functions should be to call attention from time to time to such economic changes in the world’s progress as may suggest tariff modifications, and also to such commercial opportunities as may suggest reciprocal legislation or arrangements, and, furthermore, to any evils incident to combinations which changes in the tariff will correct. “7. That in view of the extent and perfection of our manufactures, of our growing export trade and of the sharp competition it encounters in foreign markets, LRON AGE. While signing this report, Commissioner Phillips submits a “supplementary statement,” in which he re Views at length testimony gathered from various sources designed to show that certain combinations have fo! lowed illegitimate practices in competing with their in- dependent rivals, and have made enormous profits at the expense of the producers of raw material and the con- suming public. He therefore recommends the enact- iment of an elaborate inquisitorial scheme of publicity Which would not only lay open the affairs of all corpora- tions to Government inspection, but to that of their competitors as well. No other member of the Com- inission joins in this minority report. W: La @. masala ibang aeataad The Bartlett Fueling Scow. ” During the past summer the so-called “ fueling scow built by C. O. Bartlett & Co. of Cleveland, Ohio, was used for coaling the Cleveland and Buffalo passenger THE BARTLETT of the practice by some exporters of making lower prices abroad than at home, and of the desirability of protect- ing the consumer as well as the producer, without await- ing other legislation, the Congress provide for a com- mission to investigate and study the subject, and to report as soon as possible what concessions in duties may be made without endangering wages or employment at home, what advantages abroad may be obtained therefor, and also to suggest measures best suited to gain the ends desired. “If experience shall prove that these remedies are not sufficient to properly control the great corporations and combinations, it may be wise for the Congress te enact a Federal corporation law. Should such a law be enacted, it would then be possible to increase the franchise tax upon State corporations engaged in inter- state commerce, So as to compel them to organize under the Federal law. When organized under a Federal law, it would be possible, as has been pointed out, to apply to corporations any degree of publicity or restric- tion that might be authorized. In the meantime, the separate States should amend their corporation laws so as to require greater publicity, as outlined in our pre- liminary report. “The evils of discrimination in freight rates and their influence in aiding and promoting monopolies have been clearly shown. The recommendations of the Com- mission relative thereto will be found under * Trans- portation.’ ” These recommendations are signed by Commissioners Clarke. Penrose, Bard, Gardner, Bell, Otjen, Lorimer, A. L. Harris, Phillips, Conger, C. J. Harris, Kennedy, Litchman and Tompkins. FUELING SCOW steamers. All the machinery necessary for the work is located on the scow. There are hoppers for holding as much coal as is desired, from 100 to 200 tons, more or less, as the occasion may require. As shown in the en- graving, the receiving hoppers for coal are on the ends of the scow and in the center is placed the machinery, which consists of two elevators, the lower ends of which extend under each of the bins containing the coal, and a special heavy horizontal belt conveyor, which is en- tirely on the scow. about half of it passing down under the floor entirely out of the way. This is accomplished by an arrangement of wheels on a track, so that the lower end can pass down under the floor into the hold of the scow and, as it were, double up. When it is desired to coal vessels the scow is towed alongside of the steamer and fastened to it. The front end of the con- veyor, or that part which is to be extended into the steamer over the bunkers, is arranged so that it may be raised or lowered at will by special screws driven by power, so that it may always be on a level with the floor of the steamer. The front end of the conveyor is then pushed out into the steamer over the bunkers and the whole machinery put into operation—that is, the slide is raised, allowing the coal to pass into the elevator, which raises it and discharges it onto the belt conveyor, where it is carried along and dropped into the bunkers. The conveyor is operated by a special engine, which is built near the front end of the conveyor. The other machinery is operated by another special double cylinder engine, steam being supplied by a 60 horse-power boiler. When enough coal has been delivered to the vessel the hori- zontal conveyor is backed up, the rear end passing down under the floor of the scow entirely out of the way. peal, ~~ oat aa 23 8 THE IRON AGE. Smoke Abatement in St. Louis. We take the following from a valuable paper read before the Engineers’ Club of St. Louis by William H. Bryan: This discussion is limited to St. Louis, where the con- ditions surrounding the problem are as unfavorable as they could possibly be. Remedies effective here, there- fore, may be accepted as equally so elsewhere. St. Louis is naturally a smoky city. It is a busy city. Its industries cover a large volume and a wide variety of product. In no small degree does St. Louis owe its growth and its prosperity to its manufactures, and all good citizens are heartily in favor of encouraging them in every legitimate way. St. Louis has come to be an important manufactur- ing center largely b