The Iron Age 1903-07-23: Vol 72 Iss 4

cae eine WS t2 me UODTole ently A Review of the Hardware, Iron, Machinery and Metal Trades. Published every Thursday Morning by David Williams Co., 232-238 William St., New work. Vol. 72: No. 4. New York, Thursday, July 2}, 190}. $5 00 a_Year, including Postage. Single Copies, 15 Cents. « CABLEGRAM To PRESIDENT ROOSEVELT, Oyster Bay. American Rifles, Ammunition and Men won victory to-day over Great Britain, Canada, France, Norway, Australia and Natal, and bring back Palma tropby. Reading Matter Contests.........page 56 Alphabetical Index to Advertisers “* 173 Classified List.of Advertisers..... ** 165 Advertising and Subscription Rates“ 172 (Signed) LIEUT. ALBERT S. JONES, Secretary of the National Rifle Association of America. Copied from N. Y. HERALD. This sweeping victory for Amer‘ca. and the extraordinary score of 1,570 out of a possible 1,800 were made with 30-40 regular factory Cartridges, manufactured by the UNION METALLIC CARTRIDGE COMPANY selected after exhaustive trials, by the entire American Team in preference to all others, for the'r wooderful uniformity and extreme accuracy. Scores are improved by using U. M. C. ammunition. Souvenir Cartridges (without powder) on application. THE BRISTOL COMPANY, THE UNION METALLIC CARTRIDGE CO. Waterbury, Conn. mentors Recording Factory: F isiengy t: 86 ae aa i Instruments. actory: : ; epot: irst St., SAN FRANCISCO, GAL. For Pressure Temperature and Electricity. etiver } Medal, Paris Exposition. All Ranges, Low Prices, and Guar sc OAMAL BOILERS =r Also Massachusetts and Phenix Brands of Sash Cord. SAMSON CORDAGE WORKS, Boston, Mass. TURNBUCKLES. : GCAPEWELL HORSE NAILS Branch Office, 11 Broadway, New York. r 3 Cleveland City Forge and Iron Co., '- Cleveland, O fa Branches: a ++ +7 mm URNBUCE CHICAGO, DETROIT, BALTIMORE, e So HS. 8ST. LOUIS, CINCINNATI, NEW ORLEANS, BOSTON, SAN FRANCISCO, DENVER. a Mill Ginder. d Building, Phila PILLING & GRANE, i: are pret THE CAPEWELL HORSE NAIL COMPANY | HARTFORD, CONN. " PLATE PATTER RaOuLAS PATTERS. f Trade, Boston Excelsior Straight-Way Back Pressure Valve. This valve has no dash pots, springs, guides or complicated levers to get out of order. It is simple, reliable and well made. Never sticks, and can be » relied upon at all times when using exhaust steam for heating ; or when used as a relief, or free exhaust on a condensing plant, it has no equal. It is noise- ' less and free from any complicated attachments. JENKINS BROTHERS, New York, Boston, Philadelphia, Chicago. APOLLO GALVANIZED IRON & better job is done with | . Sime e. S . t. acetal bdldibenmiaoldamaimennene: a, te Sate tone the.ceeee. | ee ee HEAVY MELTING SCRAP puost®oub Basic PIG IRON For Sale High Grade Basic Open Hearth Steel Billets and Slabs THE AMERICAN TUBE & STAMPING COMPANY SEE 29 (Water and Rail Delivery) BRIDGEPORT, CONN. PAGE MAGNOLIA METAL. Best Anti-Friction Metal for all ane Bearings. Fac-Simile of Bar. , s : ‘ Beware of American Sheet Steel Company 3. Katrery Park New York “ES WAGNOLIA METAL CO., — Ownersand Sole Manufacturers, 61!-513 West I3th St., S90 Francisco, New Orleans, Montreal, Bosten, ** Pittsburg and Philadelphia. e manufacture Chicago. Fisher Bidg. NEW YORK, grades of Babbitt Metals at competitive prices for labor are less. What else do you want? Quick service. Return a whole sheet for an inch of fault. sts, — : ae Gites Its 2 THE IRON AGE. ( SHEET BRASS. “= WIRE THE ANSONIA BRaAss yp” COPPER CO. BRASS AND COPPER|(‘()PPER _— Seamless Tubes, Sheets, Rods and Wire. [ _ RE eaumeme (GERMAN { s*e¢1 Tobin Bronze) SILVER “nee Condenser Piates,Pump Linings, Round, Square and Hexagon Bars, for Pump Piston Rods and Bolt Forgings. Seamless Tubes for Boilers and Condensers. 99 John Street, . . Randolph-Clowes Co., Main Office and Mill, WATERBURY, CONN. LOW BRASS. SHEET BRONZE. SEAMLESS BRASS AND COPPER TUBING. BRAZED BRASS AND BRONZE TUBING. : ::::::: WATERBURY BRASS CO., WATERBURY, CONN. 130 Centre St., New York. Providence, R. I. New York. MANUFACTURERS OF York. Providence, R. I. SHEET BRASS & COPPER. RPA RY BRAZED BRASS & COPPER @| © GENUINE No. 1 BABBITT. 2 TUBES. Handiest Metal you can use, as there is earn ney | no shrink in it. ver tried it? Saves in every way-—Time, Money and Patience. GREATEST DURABILITY. SEAMLESS BRASS & COPPER TUBES TO 36 IN. DIAM. New York Office, 258 Broadway, Postal Telegraph Bldg., Room 718. Chicago Office, 602 Fisher Bldg. 4 eon Bridgeport Deoxidized Bronze and Metal Company, Bridgeport, Conn. Moe Nec Nac ic ac ac ee ae “ee Ne Nee ieee "atte “eke PPB PAPAAAA Nek Nee Nike ke ie ec Wee ke PAA. 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. Selected Sheets for Paper and Card Makers’ use. Stove and Washboard Blanks. ZINCS FOR LECLANCHE BATTERY. WE SNe Ce LH Ss86-:74 West Monroe St., Chicago. NN ME UIE UL DTCM ACU ETM UTIDTILITU ep hRAbabe On Short Notice. BRASS, BRONZE and ALUMINUM CASTINGS. Founders, Finishers, W. G. ROWELL & CO., BRIDGEPORT, CONN HENDRICKS BROTHERS PROPRIETORS OF THE Belleville Copper Rolling Mills, MANUFACTURERS OF Brazicers’ Bolt and Sheathing COPPER, COPPER WIRE AND RIVES. Importers and Dealers in Ingot Copper, Block Tin, Spelter, Lead, Antimony, ‘etc. 49 CLIFF ST., NEW YORK. BESSEMER STEEL, GRASS AND OIL- TEMPERED SPRINGS. . WELCH MFG. CO. 63 SUDBURY STREET. BOSTON. THE PLUME & ATWOOD MFG, Co. MANUFACTURERS JF Sheet and Roll Brass —AND— WIRE PRINTERS’ BRASS, JEWELERS’ METAL, GERMA® SILVER AND GILDING METAL, COPPER RIVET? AND BURRS. Pins, Brass Butt Hinges, Jack Chain, Kere. 7 sene Burners, Lamps, Lamp / Trimmings, &c. 29 MURRAY ST., NEW YORK. 144 HIGH ST., BOSTON. 199 LAKE ST., CHICAGO, ROLLING MILL : THOMASTON, CONN. — FACTORIES WATERBURY, CONN. SCOVILL MFG. CO., Manufacturers of BRASS, CERMAN SILVER Sheets, Rolis, Wire, Rods, Bolts and Tubes, Brass Shelis, Cups, Hinges, Buttons, Lamp Coods. SPECIAL BRASS GOUDS TO ORDER Factories, WATERBURY, CONN. DEPOTS: CHICAGO, NEW YORK, BOSTON. JOHN DAVOL & SONS AGENTS FOR Brooklyn Brass & Copper Co. DEALERS IN COPPER, TIN, SPELTER, LEAD, ANTIMONY, 100 John Street, - New York Arthur T. Rutte SUCCESSOR TO WILLIAM S. FEARING 256 Broadway, NEW YORK Small tubing in Brass, Copper Steel, Aluminum, German Silver &c. Sheet Brass, Copper and Ger man Silver. Copper, Brass aud German Silver Wire. Brazed and Seamless Brass and Copper Tube Copper and Brass Rod. THE BRIDGEPORT BRASS CO., BRIDGEPORT, CONN. 19 Murray St., New York. 85-87 Pearl St., Boston. 17 N. 7th St., Philadelphia MANUFACTURERS OF i Brass SHEET AND TUBIN Copper | WIRE. Lamp Goods of all Kinds. t BRASS AND COPPER GOODS : In Great Varieties. 1 : No better count¢ x made. 4 Wheel, $3.¢ 5 Wheel, $3.2 Guaranteed. BATTLE CREEK, MICH R. A. HARD ‘THB IRON AGE THURSDAY, JULY 23, The Ohl 13-Foot Power Brake. George A. Ohl & Co. of Newark, N. J., recently built for the David Lupton’s Sons Company of Philadelphia a power press or brake of unusually massive proportions. The machine weighs 90,000 pounds, measures 13% feet between the housings and will bend as heavy as % inch soft steel in 13-foot lengths. It will also form a skylight bar 13 feet long of No. 16 iron in two operations, the first bending the seven members at once and the second 1903. to 1. the stroke of the hammer 4 inches and the adjust- ment of the hammer 7 inches. The method of adjusting the hammer will be readily understood from Fig. 2, which is a rear view showing the driving mechanism. This 1s accomplished by means of a frog motion, actuated by a friction pulley and hand lever by which each pitman is adjasted simultaneously, and the adjustment is kept per- fect. The machine is fitted with a die holder, which is placed in a slot in the bed and is removable from either the front or through openings in the housings. rear, or THE OHL 13-FOOT POWER BRAKE. squeezing the bar together. It will form caps, ogees, make square or acute bends in one operation, will cor- rugate or crimp sheets, and, in fact, do any work of this character that can be done between dies. The machine is operated by a foot treadle and link motion connecting the friction clutch with the spur gears. The driving shaft extends across the rear of the machine, and at each end carries a pinion engaging with the large spur gears. ‘These gears are mounted on a shaft carry- Ing the two eccentrics and their connections which op- erate the hammer or slide. A brake on the pinion shaft effectually places the hammer under control of the op- erator at all times, and it can be started or stopped at avy part of the stroke. The proportion of gearing is 26 Keys and not set screws are used entirely in the con- struction, and all bearings are scraped and fitted. The fly wheel is 42 inches in diameter, has an 8-inch face and makes 520 revolutions per minute. a The “ Queen ”’ is the first steam vessel to be equipped with turbine engines for service in rough water—name- ly, the English Channel between Calais and Dover. She is 310 feet long by 40 feet beam, and made an average of 22 knots on her trial trip, and at times much above this. The “ Queen” has three Parsons turbines driving three shafts, one screw only upon each of them; she had five propellers when launched, but is found to perform bet- ter with three only. The cost of the vessel was $425,000, 9 THE or about the same as a ship with the usual marine en- gines. Mr. Parsons claims that all the advantages shown by the use of turbine engines for marine use thus far would be much increased when of larger size for deep wa- ter service. en The Tariff of the South African Customs Union. The South African Customs Union, which embraces all the British South African colonies, has promulgated a new tariff. To all intents and purposes, there is now intercolonial free trade throughout British South Africa, and there is, generally speaking, one tariff for, the whole of goods from the outside world. Various preferential rebates are al- lowed to products grown or manufactured in Great Brit- ain, and similar terms are to be allowed on all imports to South Africa from all of such British possessions as will accord similar reciprocal advantages on their im- ports of South African goods. In some cases the prefer- Fig. 2.- -Driving and Adjusting Mechanism of the Ohl Brake. THE OHL 138-FOOT POWER BRAKE. ential rebate on goods from Great Britain amounts to 25 per cent. of the duty, and in others the whole of the duty is taken off. Nearly all machinery comes under this latter class. As a rule, it will be seen that with few exceptions the duty on machinery is 2% per cent., and the whole of this comes off in the case of English ma- chines. Articles Subject to Special Hates. Blasting compounds, including all kinds of explosives Suitable and intended for blasting and not suitable for usé€ in firearms, and collodion cotton, not intended for manufacturing purposes, per pound, 1%4 pence. Coal,*per ton of 2000 pounds, 8 shillings. Coke and patent fuel, per ton of 2000 pounds, 2 shil- lings. Gunpowder and other explosives suitable for use in firearms, per pound, 6 pence (and in addition 10 per cent. ad valorem). Guns and gun barrels, firearms: a, Single, per barrel, £1; b, double and other, per barrel, 15 shillings (and in either case in addition 10 per cent. ad valorem). Pistols and revolvers, each 5 shillings (and in addi- tion 10 per cent. ad valorem). ‘Bicycles, tricycles and velocipedes, and parts thereof, per £100, £12 10s. Motor vehicles, ineluding traction engines and power lorries, per £100, £5. Articles Subject to 2 1-2 Per Cent. Duty. Asbestos packing and boiler composition. Assay apparatus. IRON AGE. July 23, 1903 Bands and belting of all kinds for driving machinery, boiler tubes. Battery cloth and baize, gauze, matting, sieving and screening, for use in connection with machinery and ap- paratus. Bolts, nuts and rivets. Chain for hauling. Chimneys, metal—smoke stacks. Cranes, elevators and shears. 2 Crucibles, cupels, cupeling furnaces, ingot molds, re- torts and furnaces for roasting minerals. Cyanide of potassium. Fire escape and fire hose and hose reels. Hose, steam suction and armored—not including gar- den—for use in connection with machinery and appa- ratus, Machinery not elsewhere described to be driven by cable, electric, gas, heat, hydraulic, pneumatic, steam, water or wind power, including spare parts and appa- ratus and appliances used in connection, with the generat- ing and storing of electric power or gas, eiectric cable, or wire, and the posts for carrying same, lamp posts, and their fittings. Mining buckets, skips, trucks and tubs, wheeled or otherwise, for hauling on rails or wires. Packing and bagging for engines, machinery and pip- ing. Pipes, piping and tubes of all kinds for gas, steam, drainage, sewerage, irrigation, water supply, or pumping, not including down piping and guttering, or cocks and taps. Railway construction or equipment requisites, as fol- lows: Rails, slepeers, fastenings for rails or sleepers, girders, iron bridge work, culvert tops, locomotives, ten- ders, ballast trucks, goods wagons, carriages, trolleys, engine water tanks, turntables, permanent or fixed sig- nals and weigh bridges. Rubber for use in connection with machinery and apparatus. Tanks and vats, suitable and intended for mining purposes. -Telegraphs and telephones, materials and instruments for use in construction and working on telegraph and telephone lines. Traction engines and power lorries. Tramway construction and equipment requisites, as follows: Rails, sleepers, fastenings for rails or sleepers, iron gates, girders, iron bridge work, culvert tops, cars, trol- leys, water tanks and turntables. Wire and wire netting for fencing, droppers, gates, hurdles, posts, standards, strainers, staples, stiles, wind- ers and other materials or fastenings of metal ordinarily used for agriculture or railway fencing, and baling wire. Wire rope. Articles on Which There Is No Duty. Agricultural implements and machinery, and all ap- paratus and plant usually and principally employed in iarming operations, binding twine and harvest yarn. Brass and copper and composition metals in bars, in- gots, plates, and sheets, plain, including perforated, otherwise unmanufactured. Carriages, carts, wagons and other wheeled vehicles, the manufacture of South Africa, imported into the Union overland. Fire clay, terra alba and fire bricks. Glue. Iron and steel, angle, bar, channel, hoop, rod, plate, sheet, or plane, including perforated and galvanized, rough and unmanufactured, not including corrugated sheets. Launches, tugs, lighters, provided that when con- demned or landed to be broken up duty shall be paid at the Customs on the hull and all fittings, according to the tariff that may then be in force. Lead, bar, pipe, sheet, foil, and acetate of. Lifeboats, belts and buoys and other life saving ap- paratus, imported by any recognized society. Metals of all sorts in bars, blocks, ingots, and pits for founding, not elsewhere described. SSPE eee ARN We Ce rR BT es ee ee ne ni no de: the is int tio mc bet of chi the ho cor pos age tio! of bee chi tiol hay ma lim * ha July 23, 1903 Printing, fithographic paper cutting, folding, number- ing and perforating machines, or press blocks, forms, fonts, plates, rollers, stones and type, and all other ap- paratus, suitable only for use in the bookbinding and printing industries. Sprays and sprinklers and other apparatus for de- . 8troying pests or diseases in stock plants or trees. Tin and zinc, bar, plate, or sheet, plain or perforated, but otherwise unmanufactured. Water boring and pumping apparatus. Articles Not Enumerated. All goods, wares or merchandise not elsewhere charged with duty, and not enumerated in free list, and not prohibited to be imported into the Union, shall be charged with duty of 10 per cent. ad valorem. ee The Inquiry As to Restrictions on Output. WASHINGTON, D. C., July 21, 1903.—The investigation of the important industrial question as to the extent to which the normal output of the principal industries of the country has been reduced by restrictions imposed either by employees through their unions or by employ- ers, which has been undertaken by the Bureau of Labor of the Department of Commerce and Labor, is attracting very general attention among the manufacturers of the country, and numerous inquiries have been received here with regard to the methods that are being pursued in the collection of data. The general purpose of the investi- gation was described in these dispatches a fortnight ago, but in view of the great interest manifested in the work the officials of the bureau have supplied the correspond- ent of The Iron Age with additional details, including a tentative schedule of inquiries, which, although departed from in many instances by the special agents engaged on the work, nevertheless indicates clearly the ground covered and the character of the information sought to be obtained from manufacturers. The subject of this investigation was originally sug- gested to Colonel Wright, Commissioner of Labor, by Prof. John R. Commons of the Civic Federation, and the work was planned and undertaken before the bureau was merged into the new Department of Commerce and Labor. In view of the fact that the investigation to be of value would necessarily involve an elaborate canvass of the leading manufacturing industries of the country, four special agents were assigned to assist Professor Com- mons, while three foreign agents were engaged to pre- pare reports upon conditions in the principal European countries. In order that the information gathered may be tech- nically analyzed, these special agents have been instructed not only to report the general character of the establish- ments visited by them, but the name and full technical description of the product, and the corresponding unit in the industry as conducted in Europe. A special schedule is provided for each specific operation covered by the inquiry, and the machine or implement used in the opera- tion, the name anc address of its manufacturer, and the motive power used, are to be stated in detail. The num- ber of persons engaged on one machine, or the number of machines tended by one person, the hours constituting a day’s work, the quantity of the unit of product per ma- chine per day, are also required to be given, together with the method of payment of employees, whether by the hour, day, week or piece, and whether premium, bonus, contract or profit sharing plans are in force. Restrictions by Employees. Under the general head of “ restrictions on output im- posed hy employees at the present time or formerly,” the agents have been instructed to ascertain what restric- tions, if any, have been imposed on the number of units of product per hour or day; what obstacles, if any, have been interposed to the introduction of labor saving ma- chinery ; what objection has been made to the introduc- tion of a system of division of labor; what restrictions have been interposed as to the maximum -number of machines to be operated by one employee ; what minimum limit to the number of employees per machine has been sought to be fixed, and what obstacles have been inter- THE IRON AGE. 3 posed to piece work, premium, or bonus, contract or sub- contract systems, or to the levying of fines for under- production. In this connection the following questions are propounded: Are employees allowed to work at two or more trades? Is the employer restricted in engaging or dismissing help on account of speed? Where a union has established a minimum rate of pay on time work does the employer pay more than the minimum for speedy workmep, or for better quality of workmen? Manufac- turers are also requested to state the probable extent of any of the faregoing restrictions in the trade at large; that is to say, the percentage of establishments in which such restrictions are imposed. Special inquiries are directed to ascertaining the methods adopted by labor organizations for enforcing restrictions on output. These inquiries cover the methods of maintaining the strength of the union, including limit on apprentices, the enforcement of penalties against em- ployees working beyond the limits, the employment of union labels, the use of the boycott to coerce employers, the employment of shop stewards and business agents, the signing of formal agreements with employers, &c. If restrictions formerly existed but have been aban- doned, the agents are instructed to ascertain their char- acter, and when and why they were abandoned. An important series of inquiries have been formulated under the general head of “ justification advanced by employees for restrictions on output,” and agents have been directed to inquire whether these restrictions have been imposed for the professed purpose of maintaining good quality, to prevent “rushing,” or to protect health, to make more work for the employees, or to furnish work for the-unemployed ; to prevent reduction in piece prices, to prevent the introduction of cheap labor, or for any otHer reason. Agents have been directed to gather these details of the schedule with special care, and to differ- entiate carefully between the various reasons advanced for the restrictions referred to. Special care is also to be taken in securing answers to the question as to wheth- er the “employers willingly consent to these restrictions imposed by employees in order to maintain a high quality of product.” Restrictions by Employers. With regard to the imposition of restrictions on output by employers or associations of employers, a general in- quiry has been formulated with a request for a detailed description of the restrictions and their results, and also as to whether restrictions were formerly imposed, but have since been abandoned. The officials of the Labor Bureau recognize, of course, that few restrictions are placed upon-output by employers, but under this head they hope to gather data concerning the closing down of plants for certain annual or occasional periods, the re- duction of hours in winter below those worked in sum- mer, &c. The bureau has information that in certain industries output is curtailed to prevent overproduction, and that as a result the annual earnings of employees are materially reduced. Special attention will be paid, both by the special agents and by the editors of this report, to ascertaining how the quality of the product turned out under restric- tions compares in style, durability or other essential qualities to that produced in unrestricted establishments. It is fully appreciated that it will be very difficult to secure an accurate comparison of such products in many of the leading industries, but special efforts will be made to present reliable if not absolutely conclusive statements on this point. In industries which have been very com- pletely unionized it is not believed that comparable data can be obtained, but in a number of important industries, in which both union and nonunion establishments are operated, it is thought a fair comparison can be insti- tuted, taking into account, of course, all the other condi- tions having a bearing upon the quality of the output. The reports of the special agents detailed to investi- gate the conditions in Europe are beginning to reach the Department, those agents having been first in the field. The report promises to be so voluminous as to make it impracticable to print it in the form in which the bureau's bi-monthly bulletin usually appears,-and it will probably be published as a special report. w.LG 4 THE IRON The Consolidated Lake Superior Com- pany. President Shields’ Report. There has just been published the report of C. Shields, the president of the Consolidated Lake Superior Company, on the various productive properties gf the company, from which we take the following: lron Ore Properties. The Helen mine, on the Michipicoten range, is the only iron ore property actually developed, and the only one upon which we can safely figure at the present time. Owing to the working of this mine by contractors, and the several changes in contractors, the property has not yet been systematically developed, and it is not in con- dition to yield the output and to show the mining costs that would have been possible with proper development. The mine is now under good management, and the faults are being remedied as rapidly as possible. Taking as datum the former level of Lake Boyer, now drained, there was a peak of ore which originally rose about 95 feet above datum. This was removed and open workings were carried to a depth of about 25 feet. The first under- ground level was 85 feet below datum, and the bottom of the open pit is now being broken down to this level. Ninety-five feet below this level, or 185 feet below datum, is the second level, where a large amount of development work has been done. The most important fact in con- nection with the Helen mine has just been established by the work that is being done to determine the limits of the ore body on the second or lower level. It has been dem- onstrated beyond doubt that the walls between which the ore body lies are not converging thus far, as has been as- sumed by some of the experts who have examined this mine. On the contrary the walls are practically parallel, and all our engineers agree that they probably continue thus to a considerable depth. The quantity of ore above the lower level can be closely calculated, and it is safe to count upon about 700,000 tons thus measured up. All of the drill holes were run from the old surface and the ore they penetrated has been worked out. To determine the depth and area of the ore body below this lower level drill holes will be put down at once. Present knowledge of the mine warrants the calculation that every foot of additional depth within the walls now defined will add 7500 tons to the present ore body.* In three years the Helen mine has shipped 584,000 tons of ore. The ore mined during the winter and on the stock pile at the opening of navigation amounts to 102,841 tons of No. 1 ore and 44,700 tons of No. 2 ore. The present output is from 1000 to 1200 tons per day, which we may be able to bring up to 1500 tons during the season. We are counting upon the shipment of about 350,000 tons during the season. This will about repre- sent the shipments during our fiscal year, ending June 30, 1904, and allowing a profit of 30 cents per ton, which is low enough to be entirely safe, the Helen mine should yield a net profit of not less than $105,000 during the year. This is the mine profit only, as the transportation is considered separately. Helen ore is of non-Bessemer grade, and it will aver- age for this season about: Iron, 59; sulphur, 0.14, and phosphorus, 0.10. The quality is improving as the deposit deepens. The ore is of such physical structure as to make it in de- mand for use in mixture with soft and fine Bessemer ores. On the Michipicoten range there are several other iron ore prospects owned by your company, which are of sufficient promise to warrant thorough examination. The Josephine property,on the line of the Michipicoten branch of the Algoma Central & Hudson Bay Railway, is now being redrilled in order to determine the character and extent of the deposit more definitely before proceeding further with the shaft, which has already been put down * Since this report was written the drill has been put down i feet helow the lower level, and is still going in good ore. uly 11, 1905. AGE. July 23. 1908 about 150 feet.* Our mining engineers who are familiar with the characteristics of the Michipieoten range ex- press a great deal of confidence in the Josephine and sev- eral other prospects upon which more or less work has been done. There is a probability that we may find at least one good deposit of Bessemer ore among them, but it is better to leave them all out of our calculations until we know more about them. On the hill above the Helen mine there is a large de- posit of siderite—carbonate of iron—which has never been explored, but which seems to be of large extent. This ore has value and might be used in our own blast furnaces; but as we would have to roast it and build kilns for this purpose, I have left it out of consideration for the time being. We are experimenting with the ore, however, in order to determine what can be done with it. On the Mesaba range we have one-quarter of Section 16, which has been known as the Woodbridge mine. Only a small portion of this tract has been explored with the drill, but within this limited area 2,500,000 to 3,000,- 000 tons of good non-Bessemer ore have been measured up. There is reason for the expectation that this deposit may be found to cover a larger area of the tract. This property lies about 4 miles from a railroad and no de- velopment has been begun. While this deposit seems to be an asset of value, it does not enter into ony of our present calculations. In the Helen mine there is one pocket of pyrites which our engineers estimate to contain about 150,000 tons, and there are probably other deposits of importance. These are of value both for our sulphite pulp mill and for sale. While we may be able to realize some substantial income from this source during this season I have not counted upon anything, as we have no contracts actually in hand at the present time. Iron and Steel Works. The iron and steel plant at Sault Ste. Marie, Ontario, includes two blast furnaces, with by-product retorts and beehive kilns for making charcoal; a Bessemer steel plant and a rail mill. The smaller stack which is intended to use charcoal is practically completed. The by-product plant of 20 retorts and 40 beehive kilns, with 16 more which are being built, will furnish the charcoal neces- sary for this furnace. The construction of the second furnace, which will make coke iron, is well advanced, and the ore unboading and handling plant is approaching comple- tion. We are counting upon having both furnaces in blast by July 1, and at present there is nothing to indicate that we shall fail in this. The Bessemer steel plant and rail mill were run for several months last fall, and beyond some changes which have been suggested by this experi- ence, the works require no further construction at pres- ent. This whole plant is well designed and ought to op- erate with economy. The experts who examined the works for the bankers agreed upon this point. At present, although the prospecting now being done on the Josephine mine indicates the existence of Bes- semer ore of good quality. we have no Bessemer ore of our own. We can use part Helen, but shall have to buy sessemer ore for this mixture. The two furnaces will not make enough pig iron to enable the’rail mill to run to the best advantage; consequently it will be necessary to buy some pig iron to supplement our own production. Even under these conditions we can probably make a good profit on rails, particularly as the duty of $7 per ton will go into effect when we start the works and show that we can make rails in quantity and quality to meet reasonable requirements. We also have the benefit of the bounties which the Domiriion Government pays on pig iron and steel ingots. Since these estimates were pre- pared the Canadian Government has increased the pig iron and steel bounties 20 per cent., which will increase the estimated profits on steel rails about 87 cents per ton. The profits which this plant is expected to yield are based on estimates by the general superintendent, D. D. Lewis, which have been independently reviewed, and which I am confident are safe. With 20 per cent. of * Sinee this was written four drill holes have been put down on the Josephine with satisfactory showing of ore that promises to come within the Ressemer limits. ‘ 2 a f ey : ¢ 7 lo in ce TI ba ar th wi wl! ta: pe bu se pr wl dit vo fir: fre con bee sev pay ing get ope ma hay of | the on pyr sul The con of aga but less ma wh are litt nev and July 23, 19038 THE Helen ore at $2.25 per ton, 80 per cent. of old range Bes- semer at $4.25 per ton, coke at $6 per ton and charcoal at 6 cents per bushel, the cost of charcoal pig iron is figured at $12.66 per ton and coke iron at $138.73 per ton, credit being given for the bounty ‘in both cases. With 250 tons per day of coke iron and 150 tons of charcoal iron from our own furnaces, and 100 tons per day of coke iron from Midland Furnace, in which we have a two-fifths interest (taking this iron at $20 per ton), we have a daily supply of 500 tons of pig iron at an average cost of $14.66 per ton. This will give enough iron to run the mill eco- nomically. On this basis the mill cast of rails is estimated at $22.47 per ton. Interest and depreciation have been al- lowed at 10 per cent. on $4,500,000, which represents the investment in the furnaces and mill, with all of their ac- cessories, and the charcoal kilns and by-product plant. The product of rails for the fiscal year has been put at 125,000 tons, or 500 tons per day for 250 days. On this basis there would be a charge of $3.60 per ton for interest and depreciation, and adding this to the mill costs makes the total cost of rails $26.07 per ton. Assuming that we will get from $30 to $31 per ton at the mill for rails, which is allowing for only a small portion of the advan- tage accruing from the $7 duty, there will be at least $4 per tor profit, or $500,000 on an output of 125,000 tons, but to be safe this has been cut down to $400,000. There seems to be no reason to doubt our ability to get this profit out of the rail mill, even with all the uncertainties which are encountered in starting a new plant under’ con- ditions which present many new problems. Lumber Operations. The logging and lumber operations, which have in- volved so much preparatory work, are now showing the first returns, and a substantial profit can be counted upon from the year’s operations. The new saw mill at Sault Ste. Marie, Ontario, has been running since the first of the year and has cut from 80,000 to 125,000 feet per day, besides laths. The cut is mainly pine and the entire output for the season has been sold at $22 per thousand for merchantable stuff, $10 for culls and $5 for dead culls. Last winter’s cut of logs is not sufficient to keep the mill in operation throughout the year, and a further sup- ply by rail is too uncertain ‘to count upon. Eight months of operation therefore has been taken as the basis for cal- culation. In that time, at the prices at which the product has been sold and at the costs of manufacture which have been ascertained from the operations of the past few months, this mill ought to yield a profit of $85,000 for the coming rear. Pulp Mills. The Sault Ste. Marie Pulp & Paper Company have been losing money heavily on their pulp. With logs at several dollars per cord below the price other mills are paying and making money, these mills ought to be mak- ing good profits. I have hardly been here long enough to get down to the bottom of this matter, but the profitable operation of these plants seems to be wholly a question of management. The losses on the sulphite mill appear to have been due to the attempt to get gas from the roasting of pyrrhotite, which has not yielded enough gas to enable the mill to make more than 18 or 20 tons of pulp per day on a rated capacity of 50 to 60 tons. The substitution of pyrites, or sulphur when pyrites could not be had, has re- sulted in increasing the output to about 40 tons per day. The fourth dry machine, which has just been installed, completes the equipment of this mill as planned. The ground wood mill has lost much time on account of shortage of logs, which should have been provided against. It is hard to tell what these mills ought to return, but I should say that both of them ought to show not less than $75,000 for next year. Either of them ought to make more than that if the costs can be brought down where they should be. The screenings of the ground :vood are now made into a kind of building paper, which costs little and brings a good price when it can be sold. Itis a new product, however, for which a market must be found and there is a large stock on hand. - IRON AGE, 5 Railroads and Steamships, The transportation interests of the company are con- sidered as independent of the other operations, and are entitled to be credited with a fair profit on materials car- ried for other departments, inasmuch ag all of these ma- terials have been taken in other calculations at their de- livered cost. The freight on iron ore, fom example, is a legitimate earning for the railroad and steamships, as it is deducted from the price realized on the ore. ‘The trans portation charges, however, should be reasonable, and other departments should not be burdened for the sake of making the transportation lines show a large profit. The four ore steamers and two ore barges and the three passenger steamers can be operated at a_ profit, particularly as there are no chartered boats this year to eat up all the profits our own vesseis make. ‘The boats can probably earn at least $125,000, but it seems best to set aside $75,000 of this sum for depreciation, as no al- lowance appears to have been made for this heretofore. This should leave $50,000 as the net earnings of the ves- sels for the coming year, and this is a safe tizgure. With 350,000 tons of ore to move and large quantities of other materials, the Algoma Central & Hudson Bay Railway can probably earn $200,000, but $175,000 is surely a safe estimate. The Manitoulin & North Shore Railway, al- though but a short line, has a steady traffic, most of which is for outside parties, and the earnings therefore are mainly new money. This road can be depended upon for not less than $25,000. The Lake Superior Power Company. The principal earnings of the Lake Superior Power Company are accounted for elsewhere in the income from the Helen mine, which is owned and: operated by this company. <A large.amount of electrical power is fur- nished to other companies, but this is omitted from these calculations. There are two power contracts, however, which it is proper to include in this estimate of earnings. The Canadian Electric-Chemical Company pay $12,500 per annum, and the International ‘Transit Company will use and pay for about $8000 worth of power. About $20, 000 will come from these two sources. Uncertain Operations. The foregoing portion of this report includes all that it seems wise to consider as sure to »vroduce revenue, and everything in any way doubtful has been excluded. The only important operation that does not appear among the profitable undertakings is the nickel properties. A contract was executed about a ycar ago with Con- necticut parties, who agreed to take a large quantity of copper-nickel matte and to erect works on the Michigan side for the manufacture of “ white metal.” This con- tract, if carried out, would yield a large profit to the company; but at the present time the fulfillment of the contract is surrounded with so much uncertainty that I think it should be left out of our calculations, at least for the present. Upon the completion of the Bessermerizing plant we shall be able to produce matte of salable grade. There is probably a market for the product, but that market must be found before we can figure any profits. On the as- sumption that the white metal was to be depended upon, no effort was made to find any other customers for the matte; consequently there is no immediate prospect of realizing anything on the large amount of capital in- vested in the nickel-copper property. An electrolytic refining plant for the treatment of nickel-copper matte and the separation of the metals would involve the expenditure of several hundred thou- sand dollars, and no provision for such a plant has been made in the plans under consideration. Fixed Charges. There are certain fixed charges which should be con- sidered in connection with the foregoing estimates of profits. Against the property of the Michigan Lake Su- perior Power Company there is an issue of first-mortgage 5 per cent. bonds, amounting to $3,500,000, the interest on which amounts to $175,000 per annum. The Consolidated Lake Superior Company own $243,- 000 of these bonds, the interest on which might be de ducted; but as it might be deemed desirable to dispose of 6 THE IRON these bonds and add the proceeds to our working capital, I have put down the full amount of the interest charges. On the two street railways and the ferry there is an issue of bonds, which will amount to about $600,000 when final settlement of the construction and equipment accounts is made. At 5 per cent. the interest on these bonds will amount to $30,000 per annum. The Tagona Water & Light Company have $160,000 of 6 per cent. bonds outstanding, which require $9600 per annum for interest. In the original purchase of the water power canal and franchise on the Canadian side the interest on certain debentures of the town was assumed. There are $228,- 000 of 5 per cent.. debentures, which take $11,400 for in- terest, and $25,572 of 4 per cent. debentures, which call for $1023 of interest. . Summary of Earnings and Fixed Charges. The estimated earnings for the various undertakings for the fiscal year ending June 30, 1904, and the fixed charges to be met during the same period are summarized below : Estimated Earnings. ee eer ee ND 6 cs och onde oh e0skscetaeebs casa $105,000 TELCO TET OC LTTE ee 400,000 ts 66 nts hi ve SK TARR os dn kd bw ke 75,000 NE BIE 6 onsen ogee tes bene OA ewe eee 40,009 Pe PN ios 3556 ak bab het ae ees wees RAS 75,000 Algoma Central Steamship lines. ...........eeee08. 50,000 Algoma Central & Hudson Bay Railway............ 175,000 Maniteulin & North Shore Railway..............-. 25,000 a eG eT TTT eT TTT Tee ee Te 30,000 Michigan Lake Superior Power Company........... 110,000 Lake Superior Power Company.........ccccvcccess 20,000 Tagona Water & Light Company............c..eee0% 35,000 CE coco re se KOb Es bad es 660 5046540 cm Rw OO eS 15,000 Grace gold mine...... pats ot dabicteuvdneke saa ee 15,000 DURES. 5 o's uke alk oh dns We an Ses ONS $1,170,000 Fired Charges. Michigan Lake Superior Power Company........... $175,000 Sewack: Wailer Gs iis sc 0 be soe tice dae Gewese 80,000 Tagona Water & Light Company................+:. 9,600 ee: I oh. <.0: cc's Siccemd baie te bacd canis han 12,423 es hh REGS an ARIA ieee $227,023 en COR OURO. os bos once kei oe ue eee $1,170,000 ee ee a ee 227,023 Estimated net earnings for t903-04............. $942,977 This statement can be accepted as a conseryative esti- mate of the earnings for the coming fiscal year. Any change from these figures is likely to be in the direction of larger earnings rather than a decrease. i Scarcity of Lumber.—Recent forest fires in the tim- ber belt of Maine have devastated large tracts of land, hundreds of square miles, which cannot be replaced in many years, and the freshets in the Mississippi have carried away millions of feet of logs, which will never be recovered. A writer in the Sun says that more lumber has been destroyed this season by misadventure than manufacturers can cut in a year. These casualties and the natural consumption tend to make commercial timber scarce and high, and those who contemplate building where wood is required are advised to do so immediately, as it will be a long timebefore it can again be had at pres- ent rates. Southern lumbermen who furnish yellow pine are 90 days behind their orders, and the price has been ‘ advanced on some grades $2 per 1000 feet. The writer above quoted says that forestry is a very slow remedy for renewal of standing wood, for it takes 30 to 4 vears to grow trees to 24 inches diameter, which is the size demanded for boards; the supply of hemlock in the im- mediate vicinity of this market has been exhausted, and people who require it are compelled to buy 300 miles away; there is practically no wood of this kind left in Pennsylvania, unless it may be in the western part of the State, and when this is cut and consumed it will be neces- sary to use other varieties. White pine, oak and cypress have advanced during the year from $6 to $14 per 1000 feet. The increase in population annually reaches large ‘figures, and the consumption of lumber must keep pace with it, but from the facts quoted there will be a shrink- age instead of a surplus over former years. In this con- dition of affairs the importation of foreign woods from our new possessions should receive a decided impulse. AGE. Notes trom Great brilais. The Markets. Lonpon, July 11, 1903.—The iron markets generally continue sluggish. There is continued anxiety as to the extent of summer orders. Even the hematite pig iron trade, which has been active longer than most of the other departments, now slackening, and there is some prob- ability of one or two furnaces going out of blast. The smelters in the district of Barrow-in-Furness are busy, especially those who are also makers of steel. The Amer- ican dema.id has distinctly fallen flat. I anticipate that by the end of the year British exports of pig iron to the United States will approximate to the quantities and val- ues of the early months of 1902. The Birmingham quar- terly meeting was held this week and was fairly well at- tended, manufacturers and agents being present from London; South Wales, Lancashire and the North. A\l- though representative in point of numbers, little business was transacted. It was one of the quietest meetings on record. There was a fair inquiry, but in every branch there were complaints that the amount of business result- ing was comparatively small, and indications of any im- mediate brightening up of trade were lacking. At the same time foreign competition seemed more pronounced. Further “cuts” were made in German and Belgian ma- terial. For instance, Belgian bars were freely offered at £5, and joists at £4 6s., while German steel billets were again weaker. The usual number of sectional meetings took place in the finished iron branches, but no changes were made in prices. The Half Vear’s Export Trade The following figures give the complete returns of ex- ported iron and steel manufactures for the first half of this year, together with comparisons for the two previous years: ——Six months ended June 30,—~ 1901. 1902. 1903. Iron and steel and manufac- tures Chereot...cciesses £12,616,519 £13,351,101 £15,590,383 Other metals and manufac- tures thereof. .......00. 3,262,150 3,128,029 3,284,532 Cutlery, hardware. imple- ments and instruments... 2,077,804 2,116,739 2,199,946 Telegraph cables and ap- ee eee 1,719,360 887,185 1,438,854 TOES ow v4.0 60846 Kai0 9,054,073 9,031,606 9,336,325 oe a 4,973,570 3,053,256 2,305,971 The heavy fall in the value of new ships is very strik- ing, but for the rest it will be observed that in the export trade to a large extent we have been merely beating time. The exception is in the first section—iron, steel and man- ufactures thereof. The exports of these goods show a pro- gressive increase, which is significant. The nature of these exports will best be appreciated in the following . table, the classification having been considerably changed in 1903: British Mctal Exports, First Haif of the Year 1903. Six months ended Six months ended June 30, June 30, 1902. 1903. 1902. 1908. Tons. Tons. £ £ SOR Ges ais sé anwaes 1,597 2,489 4,357 6,853 Old and scrap iron or a en ee oe 48,793 80,492 155,840 250,685 Other metallic ores... 10,192 11,072 36,879 66,900 Pie SOM ssc ccecceven< 377,530 595,458 1,180,810 1,928,129 Bar, angle, bolt and rod. 61,728 ...... | reer WGC ES TGS dae. Veta Gee 0 i’ ce dwah 443,919 WrOGsht : BeGG..cccs cevces | ee ee 29,671 Angles and shapés or a eee a eee Bee went 15,382 Railroad (iron or stecl): ea weed x edi ae ee 1,849,05y Chairs and sleepers ..... be eee) wepees 140,042 Unenumerated.... 345,50 406,829 2,040,934 2,364,202 Wire of iron or steel and manufactures thereof (except tele- graphic wires....... ere Geeeee, _senede Do., including _tele- er ee ee): “leases 567,041 Sheets and boiler plates. 20,466 nid pe ee Galvanized and corru- gated sheets........ 160,520 177,155 1,977,737 2,197,326 Hoops (iron or steel).. 17,987 ...... EOUOGR = be bas Hoops and stripsofiron ...... 30,018 8 Bee 107,163 July 23 1903 © i a. Ne he or loc Ce for wi Clo cal pre eco gin wh cas the side wer An pra mel nee! our Eng exp chin he s mak 7 bias. then XW Sout are | Jaly 23, 1903 Cast and wrought iron and all other manu- factures (except ord- A ee ae IGT GIG ccs 2,507,157 Anchors, grapnels, chains and cables... ...... « SE, she es 232,970 CE eC reeds chee € 06bK5 6 50,513 310,388 Cast iron and . manu- factures thereof, un- GI a ue ee! Obie ds SOGGE. . © cenes Steel : Steel, unwrought. 135,949 ...... 1,319,399 Ingots, blooms, bil- lets or slabs or similar partly manufactured... ...... SESE) (eek ee ee 63,055 Bars, angles, rods and shapes or 402,031 DD Gerecke sae hse 70,259 911,527 Armor plates (iron or SE iw eee ae ded. 57 1,073 7.718 115,801 Brass and manufactures of, not beingordnance 3,101 3,746 301,086 350,404 Copper ° Unwrought, in in- gots, cakes or slabs and precipi- : COO. cannes’ 11,973 10,998 681,445 670,546 Wrought or manu- factures, unenu- merate€. 603.02 7,124 8,365 517,465 590,707 Mixed or yellow WEEE s5055005 6,323 7,040 358,020 380,030 Lead: Pig and manua- Snctures Of. ..600%. 17,181 16,380 240,061 232,853 Tin: Unwrought...... 2,570 2,778 303,425 364,157 Zine or _ spelter, un- . wrought and wrought 4,280 3,777 72,985 69,268 Steam engines: EMCOMOCII Gack 6 ck eects | —tcoces 1,052,026 1,303,520 PY ee are eh 327,112 427,641 Other Geseristiome: «260.00 eboess 2,252,297 2,603,010 Machinery (not steam engines. : pe | ee cee ee a 406,07