The Iron Age 1910-11-24: Vol 86 Iss 21

_ THE IRON AGE ene tte — aarp nganneaananemenaennonaa DAVID WILLIAMS COMPANY 14-16 Park Place, New York Entered at the New York Post Office as Second Class Mail Matter. Subscription Price, United Sestgo ana] Manian . $5.00 per Annum; to Canada, $ ; to Other Fi ae. $10.00 per Annum. Single Cone wn, 20 Cents. T. Roor, > = = PRESIDENT OR, TREASURER AND GENERAL MANAGER 5. BUTTENHEM, - - SECRETARY Geo. W. Cope, . : - A. |. FINDLEY, - - . . H. R. COBLEIGH, - - - - } corrons Branch Offices Philadelphia, Real Estate Trust Building Chicago, Fisher Building Pittsburgh, Park Building Cleveland, American Trust Building Boston, Compton Building Cincinnati, 807 Andrews Building Milwaukee, 1417 Majestic Building. Seg ae epetne CONTENTS. Editorial : Output Still Declining The Relation of Fixed to Liquid Capital Stimulating Werkmen’s Ambitions Iron and Steel Stocks and Consumption Shortening the Working Day Correspondence L. R. Wister & Co, in Financial Difficulty Tables of Lake Iron Ore Values The National Metal Trades Association’s Annual Meeting. 1170 The Colorado Fuel & Iren Company..........00......0.- 1171 The Iron and Metal Market Reports 1172 to 1181 Notes on Prices The Machinery Markét' Reports.........0.....05. 1182 to 1191 Judicial Decisions of Interest to Manufacturers on int Tee eee ee, Coal Washing and Drying. at Sydney, Nova Scotia Trade Publications Personal Obituar, A Pennsylvania Tribute to John Fritz The Cambria Steel Company’s Improvements Contracts for Iron and Steel Products Motor Trnéks and Delivery Wagons. Lliustrated ewes gian Electric Furnaces. Tlustrated The National Founders’ Association =, \linder Power Hammer. Lake Superior Iron” Mines Texas Iron Ore in Eastern Pennsylvania The Cleveland Portable Arbor Press Stand. a * ehead Condenser Trap. | Wllustrated _New Marshall & Huschart Batiding Anti-\ccident Boards Advocateas? vt The Inland Stee} Company’s Earnings he Van Norman No. 3 Miller. Illustrated : @ Jones “Stet OM bin bide dooceb ced dae _ & Shipley Thread Indicator. Illustrated a 4 id Steel: Works Labor =~ 7 Toposed Southern Iron and Steel Merger ~ a Paul Machinery Mfg. Company.. © : a Falls New 14-In. Lathe: @ilustrated m . ols and Appliances a: sh Iron Market oo Ce Vertical Grinding Planer. a ‘ockford Shaper Attachment, Illustrated i " the Permanent Exhibition of Safety * mt yl ° & Fenn Radial Sensitive Drilling Machine, . @ Special Grinding Job. Tilustrated al ved Eclipse Conerete Mixers, IlJustrated . . Sa -ie Laying at Gatun Locks The . ‘. Rotary C‘eaner for Raw Material, Be vmotion of Industrial Education .. The ‘Tacy Fan Dynamometer, Tustrafed ver Hand Truck.for Industrial Plants. Hlustrated 1192 Illustrated... 1215 Illus.. Illus, Iljustrated. _ New York, November 2 24, 1910 Vout. 86: No. Output Still Declining Rail Specifications Under Discussion Pig Iron Markets Quieter—Heavy inquiry for Coke Current developments in the iron trade are of small importance and little change is looked for in the re- mainder of the year. In pig iron production there is a slight falling off, but even so stocks are still increasing. The United States Steel Corporation has made a fur- ther reduction in active blast furnace capacity to pre- vent holiday accumulations. In addition to rail orders already announced, the Lackawanna recently bought 9400 tons for new work, the order being divided between two mills. Its require- ments for replacements have not yet been» made up. The Lehigh Valley has placed 3400 tons, but its total purchases for 1911 are expected to be 20,000 tons, The Pennsylvania and New York Central orders, which to- gether are put at 240,000 tons, are delayed by changes in specifications which have already had consideration at a meeting of rail company presidents. The total of pending rail business is about 400,000 tons. Some of the railroads are figuring on bridge work, but car orders are coming out slowly. Chicago finds some indications of a more liberal buying policy by railroad car and repair shops. The leading fabricating interest has five months’ work ahead, and there are some good prospects in structural lines. One item is the practical certainty of early action on the New York Subway work. For the post-office at the Pennsylvania terminal bids will be opened next week for 6200 tons. A Pittsburgh com- pany has taken 1700 tons for a ferry house at Cort- landt street, New York. The shaping of a new build- ing code is holding up 20,000 tons of steel work repre- sented in Chicago building projects. Much has been made in the press of recent changes in prices on plain material from the warehouses of the leading interest. These-apply to a relatively unimpor- tant tonnage and readjust store prices tothe reduc- tions made earlier in the year on mill shipments. Wrought pipe mills have been occupied largely on replacement orders for dealers’ stocks. Line pipe in- quity has fallen off, but there is good prospect of the revival of the Busch-Everett Syndicate’s plans for a gas pipe line from Louisiana to St. Louis, which would take about 450 miles of 20-in. pipe. Bar mills are still receiving good specifications on agricultural contracts, and prices on steel bars are firm. Two companies which largely depend on this trade are operating an exceptionally high percentage of their ca- pacity. A chenun teed. nok conde.io the naan 5 met a tees 1168 on billets and sheet bars in the Pittsburgh district, and hereafter these prices will be f.o.b. Pittsburgh, with full freight added. The practice has long been for the mills to absorb a portion of the freight on these ship- ments. Pig iron markets are quieter, though some fair sales have been made at Chicago, in which Southern fur- naces have shared to a greater extent than for some time. The principal producers there hold aloof, their $11.50 basis being below the competitive basis fixed by sales of Northern iron. Steel making iron is firm. tained at $15 by Valley furnaces, with several good in- quiries pending, and $13.50 is minimum for basic, while $13.75 is asked for delivery over the first quarter of next year. An effort is being made at Pittsburgh to establish a central selling agency for leading independent pro- ducers of coke. Southern situation is weaker, yet the Bessemer iron is main- Of late, under the pressure of the large output, sales have been made below the cost of production. A number of blast furnace companies are in the market for the first half of I911. One contract for a two years’ supply was made by a Wheeling dis- trict consumer, on a sliding scale basis, settlements to be made at one-eighth the monthly average prices of basic iron. Lake Superior ore stocks on Lake Erie docks at the close of navigation will be the greatest on record, due to the curtailment of blast furnace operations. Estimates put the December 1 total at 10,000,000 tons, as against 8,865,000 tons on the same date last year. The Relation of Fixed to Liquid Capital Those who hold that the readjustment of values and credits in the United States which seemed likely to follow closely the panic of 1907, but did not, is now under way, will find something closely related to their thinking on this subject in the presidential address of A. Barton Hepburn at the Chamber of Commerce din- ner in New York last week. The predictions made by bankers in 1906 and 1907 of the consequences to be ex- pected from a great conversion of liquid capital into fixed forms may not be forgotten. Mr. Hepburn, at all events, revives them in referring to. the demand upon the banks resulting from the conversion of real into personal property. In many cases, he points out, the hope in incorporating or combining real property “is to sell the resulting stocks and bonds to the gen- eral public at prices which anticipate all accretion in values for many years to come.” banking operations is described thus: The effect upon Many real estate properties heretofore financed by loans from mortgage companies, savings banks and insurance companies or individuals, by this transition to corporations, have brought into existence a new class of securities very large in volume. Naturally they seek a market in our money centers and this makes a demand upon commercial banks. This demand added to the requirements of current business has subjected the personal wealth of the country to a se- vere strain—a strain not upon our currency, but upon our mobile capital. Until this transition process somewhat abates a- very strong demand upon personal capital must continue to exist. President Hepburn’s views bring this response from a thoughtful financial article in the Evening Sun of November 19: The upshot of most competent thinking on the situation denoted by banking statistics is that a large portion of the THE IRON AGE November 2. 1919 loan account of the banking institutions of the co. ry as a whole has apparently become fixed in its charac *, th there is a well defined trend in bank loans to incre:se thie fixed or abiding portion, and that banking resources, | \:mmog up under the general head of loans, are far from a: |iquig as they should be. What this means, if it means a1) thing in the light of such utterances as those already quoted, jg that the banks of the country have become to an undesirable extent partners and investors in the country’s industria] enterprise instead of lenders to it. If this is the situation denoted by a loan account, which in the last decade has shown contractibility only in the most highly speculative quarters of its extension, by the heaping up of loans on oc. casionally falling reserves and by the discrepancies which appear in the changes in loan and deposit items, it which is more rather than less likely to be discussed » and in all seriousness in the times which are ahead. one . ely The extent to which liquidation is yet ‘to be ex- pected, in credit and commodities, and in security and labor values, is a question of the highest importance. It goes deeper than railroad rates, the legality of con; solidations, the proper level of the tariff and other js- sues that are popularly regarded as holding the mak- ing or the marring of our prosperity. Stimulating Workmen’s Ambitions Some of the articles on conditions of labor, which appear from time to time in popular publications, ex- ert an unwholesome influence upon the workman, in that he is made to believe himself to be regarded merely as a machine of no account to the owner be- yond immediate results as a producer, If he suc- ceeds in bettering his condition, according to this preaching, it is in spite of, rather than with the help of, the employer. The articles are usually well meant, but they are likely to do great harm in the impression which they may create, tending to widen any breach which may exist between capital and labor. In an ar- ticle published recently in one of the most widely read of the weekly periodicals appears this paragraph: Full of blood, hope and curiosity, the young mechanic tackles his first job—say, in a boring mill. In two weeks or less he finds that any information about the use of the part he is making is curtly refused by the foreman, or as curtly given in a monosyllable; while the men around him, on similar work, don’t know and don’t care. A year or two of such conditions will either drive him into other employ- ment or settle him doggedly into the regular routine groove. Further on in the article is this astonishing state- ment: The superintendent of a manufacturing plant of over 800 hands states that, during the past two years, he has been obliged to replace five foremen by reason of deaths and resignations; and in each case he has gone outside and found his man. “It is possible,” he said, “ that there are men here in the shops capable enough, but I’ve never seen any evidence of it. And we can’t take any chances. We have to hunt up fore men somewhere who’ve shown what they can do.” As to the assertion that a young mechanic is dis- couraged at every turn in his efforts after information, the foreman in most modern establishments who would refuse an answer to questions would have short shritt when the practice was discovered. The whole theory of present manufacturing management is to stimulate the workman’s endeavor to ascend the industrial lad- der. Owners realize very well that in the rank and file of their working forces exists a great latent brain force which it is very profitable to develop. A great many useful, sometimes very valuable, suggestions come from those who work at a machine or bench. Material for higher positions must be found, in prep ration for vacancies to come. One essential of 4 superintendent or foreman is his ability to locate ™ good in his men and to bring it out. The surly “boss er 34, FDIC THE IRON is kn. wn as @ poor investment. Many concerns go to mucl expense and trouble»to provide special ways of incre sing the knowledge and efficiency of their men. Even money rewards for ideas are given. Premium syste are increasing in number, with this as one iost useful purposes. The apprentice system is )f the same effort, and manufacturers are co- ¢ enthusiastically in the various forms of trade voung machinist would do well to leave the here he is treated as stated in the paragraph uoted. Probably he would have a hard time in a repetition of such conditions. In small es- nents the owners themselves make it a prac- e to keep sharp watch for indications of exceptional mong their employees. In larger works the superintendents and their foremen are ex- to exercise the function. Most foremen and iperintendents have had their initial training in nts where they perform their administrative Drafting rooms are recruited with young me- , whose ability as designers has been brought , paternal interest. While the trend of the day rd specialization of labor, at the same time it rd the advancement of a workman, where he is possess more than average ability. A great nen, constituting the large majority, will get ts, and nothing that any one can do for them inge them, but the man who stays in a rut does spite of the efforts of intelligent employers. statement that in a works employing 800 men e superintendent had no knowledge of his people, to the extent of finding one of them of sufficient ability t nt promotion, indicates plainly that something ng with his system, a wrong that did not exist, tly, in the plants from which he hired five fore- le should have been in closer touch with his either directly or through his foremen. It is not much to state that never has it been so well real- employers that it is well worth while, from point of view, to cultivate the ability of the in, and that the movement promises to become itensified as time goes on. The need of effi- en requires it. lron and Steel Stocks and Consumption t the accumulation of pig iron stocks at the mer- last furnaces of the country be given undue nee, it has been pointed out that statistics on ibject need interpretation. It has been said with hat besides the figures representing pig iron in e yards it is necessary to know whether consum- ve little or much pig iron in their yards. Twelve s have brought a complete reversal of the situa- to stocks, both in pig iron and in finished ma- A year ago the process of restocking was go- Foundries, machine shops—all the metal work- iustries—were building up stocks that for two or more had been allowed to run down. The was true of jobbers and of dealers, large and ‘in all iron and steel lines. It became well estab- . early in 1910 that this rebuilding of stocks was ng the remarkable demand upon blast furnaces rolling mills, and that the country had not come on after the depression of 1908 to a consumption re than 30,000,000 tons of pig iron in one year. rom what is known in a general way of the scale AGE 1169 of operations in industries consuming iron and steel— that work the product of the rolling mill or the blast furnace into other forms—there has been no such shrinkage in the past 10 months as is represented by an annual rate of 31,600,000 tons in the pig iron production of February and of a little more than 24,000,000 tons in that of to-day. In the early months of the year the restocking movement culminated. To- day the consumer of pig iron buys sparingly and lets the furnace carry the stocks; the user of rolled steel, judging that prices will not advance and may recede, limits his purchases and lets his supply on hand run as low as prudence allows, and often lower. The vol- ume of unfilled orders in the hands of manufacturers is meanwhile steadily cut down, and there is as much exaggeration of the actual decrease in consumption as 11 cr 12 months ago there was exaggeration of the actual increase. ; It is no easy matter, with such a reversal of con- ditions in so short a period, to determine the real con- sumption of iron and steel for the year. Pig iron pro- duction may be estimated at somewhat under 27,300,- 000 tons, or about 1,500,000 tons more than in 1907 and 1909, when the totals were 25,781,361 tons and 25,- 795,471 tons, respectively. Exports have been consid- erably more than in 1909, and stocks at furnaces are much larger than at the beginning of the year. How- ever, with the offset of stock depletion by consumers, it appears that in spite of limited railroad demand, 1910 will establish a noteworthy record in the home con- sumption of iron and steel. Shortening the Working Day One of the most important matters brought to the attention of the National Founders’ Association at its convention held in Chicago last week was the per- sistency of efforts to curtail the working day. This movement manifests itself in various directions. In his report to the convention President Briggs alluded to the condition of affairs on the Pacific slope where the Iron Molders’ Union and the Machinists’ Union have been successful in forcing an agreement with employers in San Francisco for an eight-hour day. As our readers have been previously informed, this move- ment for a shorter day began in 1907, when an agree- ment was made with employers of molders and machin- ists that the working hours in San Francisco were to be reduced 15 minutes every six months until the eight- hour day was reached, which was in June of this year. A condition was attached to this agreement, however, whereby the unions promised to have in effect at the same time the eight-hour day both north and south of San Francisco. Although aggressive efforts were made by them in enforcing strikes in both foundries and ma- chine shops in other places on the Pacific Coast, the employers resisted so stubbornly that the unions have not been successful. Their failure, however, instead of resulting in the San Francisco unions retiring from their stand for an eight-hour day in that city, appears merely to have made those unions more determined in their position, with the result that an eight-hour day now appears to be a fixed regulation there unless the employers shall eventually decide to precipitate a strug- gle for the settlement of this question on a different line: It would seem that the Pacific Coast had been selected as good fighting ground by the unions for the establishment of a general shorter working day. Their ta , ‘i 4 as € s ae oy 2 Reel terete: ae watts to 1170 THE IRON AGE officers have declared that as soon as an eight-hour day was established on the Coast, as contemplated, they would then enforce it on this side of the Rocky Moun- tains. Other developments in the establishment of 2 shorter working day have been the incorporation in cer- tain legislation at Washington the provision that on Government work the eight-hour day shall be in effect, and the announcement as made by President Briggs that demands have been made by the Iron Molders’ Union upon the Stove Founders’ National Defense Association that the hours of molding in stove shops shall be reduced from seven to six. The goal of the Iron Molders’ Union has been eight hours with ten hours’ pay, with the expectation that if eight hours are reached the next step would be to make the day seven hours and then six hours. In view of these conditions the action taken by the National Founders’ Association is noteworthy. <A resolution was adopted, as set forth in the proceedings of the convention printed elsewhere in this issue, stat- ing that the association is opposed to any reduction in the hours of working below those now established, be- cause it is believed that such reduction would be harm- ful to both manufacturer and consumer. It is pointed out that the movement of labor unions for a shorter workday, restriction of output and higher wage is directly responsible for higher cost of production and consequently higher cost of living. Possibly no class of consumers in this country is more vehement in complaining of the high cost of liv- ing than wage earners. They blame everybody and everything for the advance in the cost of living but themselves. The workmen in the building trades in large cities complain of high rents, while at the same time, by the enforcement of short hours and the ex- action of exorbitant wages, they have so increased the cost of building that owners are compelled to name higher rents for the purpose of getting anything like a satisfactory return on their investment in buildings. The movement travels in a circle, one set of wage earn- ers demanding higher wages because the price of necessaries produced by another set of workmen has been advanced to a pinching point. t would certainly appear as if the movement for a shorter workday should be opposed vigorously by all classes of manufacturers as an economic proposition. The working day as now established in many occupa- tions is sufficiently short from a humanitarian and sociological standpoint. The hours are not the same in all. occupations, and it is perhaps impossible and as- suredly impracticable to try to make them uniform. The movement for a still shorter workday will not only further increase the cost of living, but will put this country more and more at a disadvantage in competi- tion with manufacturers in other countries. The in- terrelation of industries throughout the world is now such that international competition must henceforth be seriously considered. Correspondence Typewriter Spacing To the Editor: I note that at page 1110 you are asked by the W. J. Clark Company if you can influence typewriter manufacturers to arrange for a spacing be- November 24, 19), tween lines equal to one and one-half times the space of the present marrowest spacing. Permit me to say that the Remington typewriter can be arrange: to give such spacing when required, FRED J. Mitter. 280 Broapway, New Yorx, November 17, 1910 a L. R. Wister & Co. in Financial Difficulty —¢;.). itors filed a petition in the United States Distri¢ Court at Philadelphia, November 19, asking that |. & R. Wister & Co., Rodman Wister, jones Wister and J. N. M. Shimer, co-partners, iron mercha: ts, 672 Bullitt Building, Philadelphia, Pa., be adjudved in- voluntary bankrupts. The act of bankruptcy alleged is allowing judgment to be entered on claims upon which execution has been issued. The petitioning creditors are the Farmers’ National Bank, Fphrata. Pa.; Harrisburg (Pa.) National Bank, and the South- wark National Bank of this city. Cownsel for the creditors in this case also ask that the Dunbar Furnace Company, Dunbar, Pa., in which L. & R. Wister & Co. are involved, and for which concern a receiver was recently appointed, be also adjudged an involun- tary bankrupt. Both L. & R. Wister & Co. and W. ( Harris, receiver for the Dunbar Furnace Company, will present statements to the court at an early date. J Oe Tables of Lake Iron Ore Values.— Announcement i; made by F. M. Catlin, sales agent, St. Paul, Minn., that a book will be published soon after the fixing oi prices for lake ores for 1911, with the title, “ Hurd’s Tables of Iron Ore Values of the Lake Superior Dis- trict.” It will contain schedules of ore values at Lake Erie for every per cent. and fraction, of every grade of ore from 40 per cent. to 61 per cent.; general sta- tistical data of the Lake Superior region from 1853 and for each iron range for every year; shipments, rail and lake freights, ore and pig iron prices; geological and mineralogical description; the iron ore reserves o! the United States, and the iron ore valuation and method of the Minnesota Tax Commission. The author is Rukard Hurd, C. E., secretary of the Minnesota Tax Commission. —————— Dea ——— The National Metal Trades Association’s Annual Meeting.—The Administrative Council of the National Metals Trades Association has issued a call fixing the time and place of holding the next annual convention of that association. It will be held during the week of April 14, 1911, at the Hotel Astor in New York City. J. H. Schwacke, president of the association, has called a meeting of the Executive Committee to be held at the Hotel Astor December 6. ———§- The Kroenert Smelting & Refining Company, 6020- 6626 Kelly street, East End, Pittsburgh, Pa., manutac- turer and dealer in metals, has recently increased ts capital from $14,000 to $20,000, to give it additional working funds to carry on a larger business. The company operates a new plant, having melting furnaces and other equipment for the refining of metals. such as solder, babbitt, pig tin and lead, type metal, &c., and is operating day and night. It recently established 4 Western sales office in Chicago. G. A. Kroenert ' secretary and treasurer of the company, and has pet sonal charge of its general sales. The National Association of Brass Manufacturers will hold its annual meeting at the Hotel Astor, New York, December 13 and 14. Questions of modern methods of prodaetion and trade policies will be take up for discussion, and officers will be elected for the ensuing year. November 24, 190 The Colorado Fuel & Iron Company Annual Report for the Year Ending June 30, 1910 Colorado Fuel & Iron Company has issued its ¢ : report for the fiscal year ending June 30, io1o, Following is the income account: Gross carnings from operation. .$23,639,813.08 Oper n and management,..... 19,897,197.93 \-+ earnings from operation $3,742,615.15 In from securities..... eee 499,079,84 Intel and e@XChamge.«..eece. 127,839.65 $4,369,584.64 Bond erest..ccsceccsectese aoe $2,097,682.50 TAXCS . cc ceceneseessesegae ees 218,764.64 es 2,316,457.14 lus over fixed charges.........ese08 $2,053,077.50 for sinking funds, etc. $171,457.56 n GC. cs cceceveencee ee 154,908.11 TENGWSls cos cv ceevews : 164,945.44 Craft ntract guaranty....... 36,000.00 Pros Ing .. «e0qmeReee Kane’ te 18,947.51 a 546,258.62 plus for fiscal year, to eredit of profit nd lOGW.'c.s.0ahiuness Senet ay ai setae wae - $1,506,818.88 e balance sheet, as of June 30, is as follows: Assets. ; 1 al, limestone and other lands...... $57,650,115.00 Equipment at steel plant, coal —_ coke ’ kC.6 se tena oan cepaeaedeayetes tens 28,082,010.53 Ri IS 1.00 sei aeeee yieescesceseagens . 5,854,000.49 Cooperage plantiscwesau'wiehotweas Whe oh bewes 34,087.65 Timber lands, franehises, buildings, BO. o:0 00% 36,184.41 Store buildings, lots and equipment.......... 889,628.45 Inventories—Supplies and manufactured stocks 4,033,465.51 Accounts rec@lVABle.; .c.cdc.vevcadeleceebéedrees 8,111,117.07 Cs hand. «. «ssbeseiwede wre cES Tr Thr 2,683,951.00 Bills receivable. . iss <vice eeeeae s Ohake Seen ms 84,784.05 Securities—Stocks amd bomds,...c..sscseees 238,958.90 Cas ld by CrusQSeBe ls cicedeuee wecebtesuey 16,549.41 Reserve funds,» vss ssiiad ceawaeewewoneah 99,840.77 Accrued interest Om s@curities.....ccecscsses 6,077.34 I of royalties in advance............ 87,720.38 Q80NW. oo we benye eee 6do44 o'0 steadwo $102,358,240.96 LAabilities. tal stock of Colorado Fuel & Iron Company: Common stecK.ccssneqhse wee ein $34,235,500.00 Pre ferred stock eee eeeeee eeeeee * * See $36,235,500.00 i d debt : Colorado Fuel & Iron Company general mortgage 5 per cent. DONGS .. cess ese aee eae oe $5,515,000.00 Colorado Fuel & Iron Company 5 per cent. 10-year convertible debentures « .«cvéses Sueihewas 993,000.00 Colorado Fuel Company general mortgage 6 per cent. bonds... 863,000.00 Industrial Company 5 ent. DOME, 6 ousae o0-us'on-c 38,848,000.00 Rocky Mountain Coal & Tron Com- ny first mortgage 5 per cent. BGS . .. . «0.00 see eee 554,000.00 | River Coal & Coke Com- first mortgage 6 per cent. ere ke Sa 877,000.00 Realty Trust Company 6 ent. mortgage Domds..... , ° mortgage bonds 575,000.00 42,725,000.00 payable, payrolls, &C...sseeseeeees 1,908,629.24 bond interest, mot due@........esesees 862,746.68 | taxes, mot due..... pide dhhet covesves 113,500.00 Ue biBUGRinkss kedapea«toann sas ante $81,845,875.92 assets over liabilities. . th colkidetean 20,512,8865.04 $102,358,240.96 production of the company’s mines, furnaces lls was as follows, in tons of 2000 Ib.: Year ended June 30, °10. Increase. DUROR ss cwkdr iver cecashesor ue 298,846 QnGrried oad den dress 407,517 43,542 I produced, ....senee POE 90,068 ‘ ined: " making coke. .......ss esses 1,566,549 ‘( company plant®,....«.<+sses++ 686,888 ‘ mercial GRID ciitinssiee candid 19,900 ’ 722,832 481 manufactured........ Se $30'065 Finished irom amd seel.......seeee. - 412,749 THE IRON AGE 1171 In his accompanying comments President J. F. Wel- bern says that the gross earmimgs from operation showed an inerease over the last previous year of 16 per cent.; operating expenses, an increase of 14 per cent.; net earnings from operation, an increase of 29 per cent.; net income from all sources, an increase of 34 per cent. “ After providing for all fixed charges, sinking funds, &c., there remains a surplus of $1,506,818.88 car- ried to the credit of profit and loss. The debit balance in profit and loss account June 30, 1909, was $467,- 505.30, the lowest it had been since June 30, 1905, when it was $1,877,402.95. The surplus for the past year takes care of this balance, as well as various small charges to profit and loss, and leaves a credit balance in the account amounting to $983,554.09. “The demand for coal was fully up to our capacity during practically all of the year, but operations at the coal mines were so retarded by shortage of railroad cars during the fall and winter months as to cause a loss in output of close to 200,000 tons; yet the total coal production for the year was 4,722,832 tons, being 628,481 tons, or 15 per cent. greater than the previous year. Of this 3,100,000 tons, or 65 per cent. were sold as coal and in the form of coke, and the remainder used in the operation of steel works and other plants. “ The physical condition of the plants has been well maintained and in many respects improved during the year, yet the increasing demand for open hearth steel will make necessary some enlargement of the open hearth department in the near future. The surplus from the past year’s operations will enable us to pro- ceed with these additional improvements without bor- rowing money, and business conditions warrant this increased equipment. “Business for the current year promises well and earnings in the first quarter just closed compare fa- vorably with corresponding period last year. Opera- tions since August 1, however, have been interfered with by shortage of railroad cars to an extent unusual at this season of the year, the loss in coal production during August and September from that cause having been in excess of 100,000 tons.” ee oe ee i It is announced that when the Grand Trunk track elevation work now in progress in Montreal is com- pleted, the use of steam locomotives in the company’s intra-city lines will be discontinued and electrically driven engines will take their places. Additional capi- tal for the terminal and electrification purposes will, it is said, be provided for by legislation to be obtained in the present session of the Canadian Parliament. The plant which the Canadian Light & Power Company is erecting at St. Timothy, Montreal, is owned by inter- ests close to the Grand Trunk directorate. This plant, which will produce 100,000 hp., is expected to be ready for operation by the time the Grand Trunk has com- pleted its track elevation and other terminal arrange- ments in Montreal. The Kelker Blower & Forge Company, 533 Elk street, Buffalo, N. Y., which is having plans prepared for a new factory building at Westcott and Milton streets and the Pennsylvania Railroad, will require con- siderable equipment for the new plant in the line of shears and riveting machinery, also electric motors. The Linde Air Products , Cecil Lightfoot, general manager, streets, Buf- falo, N. Y., is having plane prepared for a branch fac- try to be built ot Newark M. Jn $0 Be 130 & 130 ft, two stories, brick and steel construction. The Thomas Iron Company has blown out one of its Saucon furnaces at Hellertown, Pa. THE IRON AGE November 2. i919 | The Iron and Metal Markets od A iF eS . + a4 at olee 2 2 . ~ 4 A Comparison of Prices 1.45c., net ; angles, channels and tees, under 3 i: Adc. i | base, plus full extras as per steel bar card of Septeinber 1, 3 Advances Over the Previous Month in Heavy Type, 1909; deck beams and bulb angles, 1.70c. to 1.75c., net; f Declines in Italics. hand rail tees, 2.50c.; checkered and corrugated plates, At date, one week, one month and one year previous, 2.50¢., net. Noy.23, Nov.16, Oct.26, Nov.24, Plates.—Tank plates, 4 in. thick, 6% in, up to 100 in, PIG IRON, Per Gross Ton: 1910. 1910. 1910. 1909. wide, 1.40c. to 1.45c., base. Following are stipulations pre. Foundry No. 2, standard, Pbila- scribed by manufacturers, with extras to be added base ics dade dx biexin 0» $15.50 $15.75 $15.75 $19.00 price (per pound) of plates: Foundry No. 2, Southern, Cincin- ‘i a £553 taal Rectangular plates, tank steel or conforming to manufactur. : GR: Oth. én casey ee,6 0 $5 ocb.5s 14.25 14.25 14.25 17.75 ers’ standard specifications for structural steel dated February 2. Foundry No. 2, local, Chicago... 16.00 16.00 16.00 19.00 6, 1903, or equivalent, 4-in. thick and over on thinnest edge, 19) . Basic, delivered, eastern Pa.... 4.75 14.75 15.00 18.75 = wide and under, down to but not including 6 in. wide, are i asic r ay P ace 2.5 2 On 2 2 OF ase, * Basic, Valley aes SG ti 0° ose ae oe ee Plates up to 72 in, wide, inclusive, ordered 10.2 lb. per square eri Bessemer, Pittsburgh.......... 15.90 15.90 15.90 19. 0 foot are considered \%-in, plates. Plates over 72 in, wide must - Gray forge, Pittsburgh........ 13.90 14.15 14.15 17.40 be ordered.\-in, thick on edge, or not less than 11 Ib. per square 3 Lake Superior charcoal, Chicago 18.00 18.00 18.00 19.50 — 7 take base _— —_— ping Pil = At ora d less ; . than per square foct down to the weight of 3-16 in. take *. BILLETS, &c., Per Gross Ton: the price of 3-16-in. ~ ; 4 : boa 33) Be Allowable overweight, whether plates are ordered to gauge 135 Bessemer billets, Pittsburgh.... 23.00 23.50 25.00 21.00 or weight, to be governed by the standard specifications of the a Forging biliets, Pittsburgh.... 2.50 28.50 29.00 31.00 ee of a Steel pean : # arth billets. Philadelphia 25.50 25.50 28.00 30.6 auges under \%-in. to and including 3-16-in. on i Opm haart a eee a rae oree ge thinnest COE. cc cave ccs vece geese scene +s 6$0.10 i, Wire rods, Pittsburgh......... e500 <5. 29-9 dade Bates oe ore to and including No. 8...” 15 e TERIAL, Per Gross Ton: yauges under No to and including No. 9....... 25 on OLD MATERIAL, Per Gross Ton : Gauges under No, 9 to and including No. 10....., 30 ; teel rails, melting, Chicago.... 13.50 13.50 13.50 17.25 Gauges under No, 10 to and including No. 12..... 40 ¥ Stee ’ e hes $ ; Steel rails, melting, Philadelphia 13.50 13.50 13.75 18.00 Sketches (including all straight taper plates), 8 ft. ‘ e) ; Iron rails, Chicago. tee eeeeeee 16.00 16.00 16.00 19.50 Complete circles, 3 ft. in diameter ‘and a 90 oj Iron rails, Philadelphia........ 18.00 18.00 18.00 21.00 Boiler and flange steel..........-0.s+seeeeees: 10 | Car wheels, Chicago.......... 13.50 13.50 14.00 18.50 “ A. B. M. A.” and ordinary firebox steel......... 20 | s ' a tietatea ht oe @ 9K we Still bottom steele. te FE TER. ee ree dew ete 30 3 Car wheels, I hiladelphia...... 13.75 13.75 13:78 17.50 Marine steel 4( a Heavy steel scrap, Pittsburgh... 14.25 14.25 14.25 17.50 Locomotive firebox steel..............2s2.c202. BO a 3 Heavy steel scrap, Chicago..... 12.25 12.25 12.25 16.00 wae over 100 in. up to 110 in., inclusive...... 05 - ry steel scrap, Philadelphia. 13.50 13.50 13.75 18.00 idths over 119 in, up to 115 in., inclusive...... .10 i Heavy a as . fo sala oy Widths over 115 in. up to 120 in., inclusive...... .15 at | FINISHE ON AND STEEL, s over 120 in. up to in., inclusive...... .25 | : : : 4 Widths over 125 in. up to 130 in., inclusive...... 50 es Per Pound : Cents. Cents. Cents. Cents. Ween 00ST ALE: 80. os én cen nieces <a> 1,00 + Steel rails, heavy, at mill..... 1.25 1.25 1.25 1.25 ery > 3 ~ lengths or diameters under 3 ff. to 2 ft. ; Refined iron bars, Philadelphia. 1.37 1.37 1.40 1.65 neiusive .. « 25 | Common iron bars, Chicago.... 1.35 135 135 1.60 Cuttiog te. lengths or diameters under 2 ft. to itt. 50 | Common iron bars, Pittsburgh.. 140 145 145 1.70 Cutting to lengihs or diameters under 1 ft....... 155 ed Steel bars, tidewater, New York 1.56 1.56 1.56 1.66 No charge for cutting rectangular plates to lengths 3 ft. and 4 j Steel bars, Pittsburgh......... 1.40 1.40 1.40 1.50 TS aeaenh age Ae 2 ; Tank plates, tidewater, New York 1.56 1.56 1.56 1.71 cRMS.—Net cas a we et Yank plates, Pittsburgh....... 140 140 1.40 1.55 Sheets.—Makers’ prices for mil] shipments on sheets in 4 Beams, tidewater, New York... 1.56 1.56 1.56 1.71 carload and larger lots, on which jobbers charge the usual iT Beams, Pittsburgh............ 1.40 1.40 1.40 1.55 discounts for small lots from store, are as follows: Blue ce Angles, tidewater, New York... 1.56 1.56 1.56 1.71 annealed sheets, Nos. 3 to 8, 1.60c.; Nos. 9 and 10, 1.65c.; #2 Angles, Pittsburgh............ 140 1.40 1.40 1.55 Nos. 11 and 12, 1.70c.; Nos. 18 and 14, 1.75e.; Nos. 15 and a * Skelp, grooved steel, Pittsburgh. 125 1.25 1.30 1.55 16, 1.85¢c. ne pass, cold rolled, box annealed sheets: Nos. - Skelp, sheared steel, Pittsburgh. 1.30 1.35 1.40 1.60 10 and 11, 1.85c.; Nos. 12 to 14, 1.90c.; Nos. 15, 16 and 17, : SHEETS, NAILS AND WIRE, 1.95c.; Nos. 18 to 21, 2c.; Nos. 22, 23 and 24, 2.05c.; Nos. } a5 2° 81%0+. Noe 97 ‘ : Pid Per Pound: Cents. Cents. Cents. Cents oy _— a6, 4c. 5 Nos, 27 and 28, 2.20c.; No. 29, 2.250. = | Sheets, black, No, 28, Pittsburgh 2.20 220 220 2,99 0 30, 2.d5c Three pass, cold rolled sheets, box annealed, a Wire nails, Pittsburgh*...... oe £70290 1.90" BO are as follows: Nos. 15 and 16, 2.05c.; Nos. 17 to 21, 2.10c.; +4) : Cut nails, Pittsburgh.......... 1.60 160 1.5 1.80 Nos. 22 to 24, 2.15c.; Nos. 25 and 26, 2.20c.; No. 27, 2.25c.; | Barb wire, galv., Pittsburgh*... 2.00 2.00 2.00 2.10 — ne ona Galvanized bag Nos, 10 and 11, ae: i i ‘pene : " . Nos, 12, 13 an , 2.30¢c.; Nos. 15, 16 and 17, 2.45c.; Nos. a METALS, Per F ound: Cents. Cents. Cents. Cents. 18, 19, 20 and 21, 2.60c.; No. 22, 2.60c.: Nae. 93 and 24, ey Lake conper, New York..;--- 19:00, 18.00 1287141400 2.70e.; Nos. 25 and 26; 2.00e.; No. 27, 3.05¢.; No. 28 3.20: ae roo _- on els nye a aR ae ph No. 29, 3.30c.; No. 30, 3.50c. Painted roofing sheets, No. Speleets et Lom: 2. 20000005. emote 'do~-eam:¢ a2 SSE PS omens. Selena eee Peet bh reals Rove Cart 155: ; 4b * Aen “a0 ane square for 24-in. corrugations. All above prices are f.0.b. Lead, St. Louls............... 440 430 4.27% 427% Pittsburgh, terms 30 days net, or 2 per cent. cash discount Tin, New York............... 36.90 36.50 3615 3130. 1° days from date of invoice. Antimony, Hallett, New York... 7.75 7.75 7.75 8.25 _ Wrought Pipe.—The following are the jobbers’ carload Nickel, New York............. 45.00 45.00 45.00 45.00 discounts on the Pittsburgh basing card on wrought pipe, in Tin plate, 100 Ib., New York... $3.84 $3.84 $3.84 $3.84 effect from October 1: Whe neki aie See’ Baron aie e Butt Weld. * These prices are for largest lots to jobbers. om Bteel. ae Gan aA j ack. Galy. Black. Galv iu rb ie ie. oR UA Le o 7 ; | : Phe taaeerwmrrr KN Ce ta ibid © ot BM Bese. SO sae ii 6 6 Tl (59 . Prices of Finished Iron and Steel f.o.b. Sere Ore (ee ee ; é " Ge, me Bile é i 664404600 0008 7 0 | : Lap Weld, i: Pittsburgh BAM ye sese eee eeesen ees 18 98 72 682 oe 2 ° Miuiainis 4.00 Swe dee 74 6 ‘ Tet | UOTE 8 apes ied 6-0 67 73283 . Freight rates from Pittsburgh in carloads, per 100 Ib.: ts"s 787k ttt seeeeees tees at 59 — ‘ee | New York, 16c.; Philadelphia, 15c.; Boston, 18c.; Buffalo > = +15 ete s Bee Ye na 4 ‘7 r Sa aa = 4 te ’ Butt 1 \ lic.; Cleveland, 10c.; Cincinnati, 15ec. ; Indianapolis, 17e. ; he iA, ‘e * oxtae otnen: Bias mde, card weights 55 i j Chicago, 18¢.: St. Paul, 32c. ; St. Louis, 2214c.; New Or. Mewar artist tteesesees - 74 68 70 64 _ leans, 30c. ; Birmingham, Ala., 45c. Rates to the Pacific ws : : 4, ae. hs Divas SNe 7. 7 Ly S 14 Coast are 80c. on plates, structural shapes and sheets, No. Lap ‘Weld, extra strong, plain ends, card wei Pt 4 11 and heavier; 85c. on sheets, Nos. 12 to 16; 95c. on sheets, 2 Mee ee eee eee eee scene -- 7 69 85 4 No. 16 and lighter; 65e. on wrought boiler tubes. ae eee ee ety See 3 66 j Structural Material.—I-beams and channels, 3 to 15 d to BM wn ereeeeeeeenes 88 69 5° 50 in., inclusive, 1.40c. to 1.45c., net; I-beams over 15 in., 1.50c FO Fe nee. «woos soos t ° : < e oy Let . y card s weight ta to 1.55c., net; H-beams over 8 in., 1.55c. to 1.60c.; angles, Se ee — strong, plain en ends, 3 to 6 in., inclusive, 4 in. and up, 1.40c. to 1.45c.. net: i tO. 14 Ie ss.nne sae amie $f a 83 ef 5 angles over 6 in., 1.50c. to 1.55e.,-net; angles, 3 in., on one to 8 im, ws eee nes 63 65 . : or both legs, less than % in, thick, 1.45c., plus full extras 2 an Weld, Gouilivertes stro, pian on Sore ener 35 as per _ bar apy effective September 1, 1909; tees, 3 in. : 6 DUhctackndnaeseane Tt Gt 63 i and up, 1.40c. to 1.45¢., net; S in. SNe isa cc te ot sake e 66 60 62 P zees, 3 in. and up, 1.40c. to 7 te 8 Muj\icss. canna etl 59 0 49 55 4S nber 24, 1910 THE IRON AGE 1173 THE_IRON AND METAL MARKETS Plugged and Reamed. il,,2to3in. Butt Weld /{ Will be sold at two (2) points lower basing (high- er price) than merchant or card weight pipe, Butt 21, to 4 in....Lap Weld |or Lap Weld as fied. above discounts are for “card weight,” subject to the us iciation of 5 per cent. Prices for less than carloads are { ) points lower basing (higher price) than the above dis- oiler Tubes.—Discounts on lap welded steel and char- »n boiler tubes to jobbers in carloads are as follows: os. Iron. 114 Be n.on van dda dh’ COREE ska eee » DE IRs ibs ch'eeees os be tee cee ae S br 10... ¢ Ghee bb a's s Vathe 66 bas OR ere eee 62 tO Se ii ei eR ECR ee ee ee 69 55 8 in » in. and smaller, over 18 ft., 10 per cent. net extra. , in, and larger, over 22 ft., 10 per cent. net extra. ess than carloads to destinations east of the Mississippi will be sold at delivered discounts for carloads lowered by ints, for 'engths 22 ft. and under; longer lengths, f.o.b. | — Ss I irgh, Wire Rods.—Bessemer rods, $28; open hearth and rods, $28.50. Steel Rivets.—Structural rivets, % in. and larger, . base; cone head boiler rivets, % in. and larger, 2c., 5¢ in. and 11-16 in. take an advance of 15c., and % in. and 9-16 in. take an advance of 50c.; in lengths shorter 1 in. also take an advance of 50c. Terms are 30 days, sh, f.o.b. mill. Pittsburgh Park Burprne, November 23, 1910.—(By Telegraph.) Pig Iron.—Several large lots have been sold. The American Steel Foundries has bought 10,000 tons of basic for its Alliance, Ohio, plant and local consumers have bought 3000 to 3500 tons of gray forge for first half at $13, Valley furnace, or $13.90, Pittsburgh. A sale of 1200 tons of standard Bessemer for first quarter is reported at $15 at furnace. Several large lots of Bessemer are under negotia- tion and may be closed within a week. Although there is more pressure by furnacemen and dealers to sell iron, prices are strong, especially basic, which is now held at $13.50 minimum at Valley furnace. We quote for delivery in first half of next year as follows: Standard Bessemer, $15; malleable Bessemer, $13.75 to $14; gray forge, $13; basic, $13.50 to $13.75, and No. 2 foundry, $14, all at Valley fur- nace, the freight to Pittsburgh being 90c. a ton. Steel.—Reports that an inquiry is in the market for 40,000 tons of sheet bars for first half of next year cannot be confirmed and are believed to be untrue. However, there is some inquiry for billets and sheet and tin bars for first juarter. The stee] mills now quote entirely on an f.o.b. isis, Pittsburgh, with freight to destination added. We juote Bessemer and open hearth billets, 4 x 4 in, and up to t not including 10 x 10 in., at $23, base, and sheet and tin bars in 80 ft. lengths $24.50, f.o.b. Pittsburgh, full eight to destination added. (By Mail.) Reports from several of the leading steel companies in- te that specifications against contracts so far this month ave been about equal to, or slightly in excess of, the same riod last month. While the feeling for the future is mistic, it must be admitted that general conditions in iron trade are quieter now than they were two weeks zo, and the material swell expected in volume of business ‘er the election has not materialized. Not much better- t is looked for until after the turn of the year, as we are close to inventory period and as little material as pos- will be taken in by consumers until January. There uore pressure by furnaces and dealers to sell pig iron, so far there has been no easing off in prices. Bessemer iron continues firm, at $15, at Valley furnace, for first . while basic has advanced squarely to $13.50, at fur- , some sellers declining to accept this price for de- ries running through first half. A change has been le in the method of quoting billets, and sheet and tin bars now all quotations are made f.o.b. “Pittsburgh, full cht to destination added. Under the old method of ‘ing prices the mills absorbed part of the freight. Some the leading coke operators are working on a project to ‘blish a central selling agency, and endeavor to raise es, which have been badly demoralized for some months. meeting of those interested was to be held in this city vember 25, but it has been postponed until a later date. The scrap trade is quiet, and probably will remain so until after the turn of the year. Ferromanganese.—The low prices ruling on ferroman- ganes® are attractive to buyers. A large consumer in the Mahoning Valley has bought 1500 to 2000 tons for first half on-the basis of about $38.50, Baltimore, and another con- sumer in the Shenango Valley has closed for about 1500 tons for first half at about the same price. We quote for- eign 80 per cent. for first half delivery at $38.50 to $38.75, Baltimore, the freight rate for delivery in the Pittsburgh district being $1.95 a ton. Ferrosilicon.—There is practically no new demand, con- sumers being well covered. We quote 50 per cent. for de- livery over the first six months of next year at $55 to $55.50, and for prompt delivery at $56 to $56.50. We quote 10 per cent. blast furnace silicon at $23; 11 per cent., $24; 12 per cent., $25, f.0.b. cars, Jisco and Ashland furnaces. Skelp.—aA sale of about 1200 tons of sheared steel skelp is reported on the basis of about 1.35c., Pittsburgh. Most consumers who buy in the open market are pretty well covered for the next two to three months. We quote grooved steel skelp, 1.25c. to 1.80c.; sheared steel skelp, 1.30c. to 1.85¢.; grooved iron skelp, 1.60c. to 1.65c., and sheared iron skelp, 1.70c. to 1.75c., all for delivery at con- sumers’ mills in the Pittsburgh district, usual terms. Rods.—The market is very quiet, the new demand being only for small lots. Specifications against contracts are not coming in at a satisfactory rate, a good deal of tonnage being held up. We quote Bessemer rods at $28 to $28.50 and open hearth and chain rods at about $28.50, Pittsburgh. Muck Bar.—We do not hear of any new demand, con- sumers being pretty well covered for some time ahead. Local makes of best grades of muck bar, made from all pig iron, are held at about $30, delivered, buyer’s mill, Pittsburgh, while Eastern muck bar is being offered here at $29 or less, delivered. Steel Rails.—A uumber of small contracts for standard sections have been closed, but the expected large orders from the leading railroad systems have not yet developed. New demand and specifications against contracts for light rails have fallen off, actual sales made by the Carnegie Steel Com- pany last week having been much the smallest for some time. This company reports a sale of 800 steel railroad ties to a leading road. Quotations on light rails are now as follows: 12-lb. rails, 1.25¢.; 16, 20 and 25 Ib. 1.2le to 1.25c. ; 30 and 35 lb., 1.20c., and 40 and 45 lb. 1.16c. These prices are f.o.b. at mill, plus freight, and are the minimum of the market on carload lots, small lots being sold at a lit- tle higher price. We quote standard sections at 1.25c. per pound. Plates.—While the new demand is fair, no. large jobs involving heavy tonnages are in the market. . No important contracts for steel cars have been placed, and expected in- quiries from leading roads that have been talked about a good deal lately have not developed. Specifications against contracts so far this month have been running about the same as in October. We quote % in. and heavier plates in the wider sizes at 1.40c., Pittsburgh, but on the narrow sizes two or three mills are naming 1.35c., Pittsburgh, on attractive orders. Structural Material.—Inquiries have been much better in the last week or ten days, a number of leading railroads figuring on bridge work that will require a very heavy ton- nage