The Iron Age 1911-08-03: Vol 88 Iss 5

: Established 1855 Published Every Thursday by the DAVID WILLIAMS COMPANY 239 West 39th Street, New York Entered at the New York Post Office as Second-Class Mail Matter. Sabscription Price, United States and Mexico, $5.00 per Annum ; to Canada, Other F Countries, $10.00 per coum Unless receipt a ‘il be cai. oC for payment will be shown by extending the date on the wrapper of your paper. - - - - - President and Treasurer tae - - - - - First Vicc-President Harold S. Buttenheim, - - - > Samad Vice-President and Secretary Geo. W. Cope, ° « o é A. |. Findley, - - - - Editors W. W. Macon, ° . - ‘ M. C. Robbins, - - . - Manager Charles S. Baur, - - ~ Assistant Manager Branch Offices i i aldi i Fisher Building Philadelphia, Real Estate Trust Building Chicago, Pittsburgh, Park Bulding Cleveland, American Trust Building Boston, Compton Building . Cincinnati, 807 Andrews Building CONTENTS. International “‘Co-operation” in the Steel Trade...........0+. 234 British Iron.and Steel -Exports Stationary......+.-+--+eeeeeeere 235 The Intermountain Railroad Rate Decision.........-++++++e0+: 235 Two Problems of Factory Building..........6...ceweeeeeees 236 Half-Yearly Pig Iron. StatisticS.......eeeseeeeeeeerreee scene 237 The Standard Oil Company’s Dissolution.......-.....+++++++ 237 Obituary. i.e ccer cei Pav eeecce rece eewereneecseceeeseesrees 237 The Iron and Metal Markets.........ccseeeeecsceusereseece 238 Vismera Steel SheetsS........ccccccceececereerernenteceneeees 248 American Iron Trade Statistics for 1910.....66eeseeeeeeeveee 249 International Exposition of InventionS.........+-++-s+eeeeeees 251 erence. < cake beh ks tke Rhe Bee ERC ATES 60 OA eee ek geen 251 The Inland Steel Company’s Annual Report........-.+++««+++ 251 International Iron and Steel Association..........++++eeseeee+ 252 The Mammoth Potrero Gusher......csecececesccccneeceeerees 298 Lake Superior Mining NoteS........+.enceeereecenercemecees 264 Pig Irom, Mixers... .cccccsnccccckdcesegnticss' t's o opine ee cmngese 265 The Swedish Iron & Steel Corporation Hunts Swindlers....... 265 The British Iron and Steel Market.........ceeeeeeeeeeeeeee 266 New Publications. . 5.65. cccccdccwedertecesececiongevscvesees 266 German Pig Iron Production,.....+-seeceeeeeereeeeeesrerees 266 Two Motor-Driven Garvin Grindets,,..6...eeeeesmecerceeeee 267 The Youngstown Sheet & Tube Company’s Annual Meeting... 267 Shop System for Greater Output.:. 5... cee eee eee be eee eee 268 Aluminum. Pulleys for. the. American. Planers. .........0+-++% 271 An Improved Barb Wire Machine..........eceeeeeeeesel tees 272 The Platt Iron Works Company’s Affairs.......4.0.04.0+-+000- 273 The Simonds Lockport Steel Mill...........seeceeeeeeereeees 274 Air Cylinders for the’ Pyramid Pumps............6eeeeen eens 276 Autographic Transverse Testing Machine..........++++++++3++ 277 Safety Measures May Be Too Thorough...........0.seeeeeeee 277 A Steel Transformer) Gat. ys sdesysscccvcvteccccstvndeveseess 278 Efficiency of Pipe Line Carrying Superheated Dp. i. steed 278 Accident. with the’ Metal "Pres¢.j.......-.ceseeeeeeeesesecees 279 New Landis Threading! Aesinines. thlods vwasscbledshvvcservess 280 Industrial Lighting. 2. ..2e)- cess ete sees). cE Peace we 281 Percentage of. Production. of ‘the United States? Steet Corpora- Yon for 1926.3 .¢..cesdases St epind tpee ee eas pies debe neniee ges 281 The Columbia“) Chuck. i... ug ke Nei Ese ve cy h eas ee eee 282 The World’s Production’: of #Pig: Promiic...%4. fitie. ts Teich ay. 282 Railroad Equipment Orders. ‘teenth s e000 UU Bins 2a: the edi: *, 282 Baltimore“ Tadustrial “Np... - <6. +504. Wide) ah etee: ee 283 The W Vesttnsihgome Electric. & Mfg. Cémpany’s Meeting......-. ' 283 The International Railway’ General. Foremen’s Association, 284 The Appalachian Exposition,,..... d iietn oo eo oh 2 04 Heb ea sek oa : ; 284 The Machinery Marlets........ 0. SSO. ores wes: woes 285°t6 293 Government Purchases. ...sassjessess pred gat oe dS ew ene Se a 293 British Columbian Mining in 1910, og Ua nk oaaeee eee Mb age dc ch ay 293 oo cee ~~ ve? ) ae | ‘THE IRON AGE New York, oe a 1911 the 1.25 cent basis at Pittsburgh is more generally “Production ‘Keeps ‘Up ‘Well Generally Favorable Re Reports from Steel Centers More Activity in Pig Iron The tenor of reports from steel selling and pro- ducing centers is still favorable. With no lines show- a ing marked activity in new demand, production goes on at a good rate, and some producers have courage enough to look not only for a continuance of the pace reached in the second half of July, increase in the fall months. but even for an The statistics of production by the leading interest indicate either that the steel trade is in better con- dition than has been appreciated, or that the Steel Corporation has of late had a slightly larger share of current shipments than was the case two or three months ago. For the present week jit scheduled 76 per cent. of its ingot capacity for operation, and for a part of the past week produced 48,000 gross tons of steel ingots a day. This is at a yearly rate of 14,- 300,000 tons, whereas the record production of the corporation was 14,179,000 tons in 1910. The pig iron production of two large independent companies has increased and the Steel Corporation continues to operate about two-thirds of its blast fur- nace capacity. It has been drawing upon its pig iron stocks lately at a rate which points to the blowing in of a few more furnaces if specifications keep up as in the past fortnight. It is interesting to note that of the total of 11,- 666,000 tons of pig iron produced in the country in the first half of this year the Steel Corporation, with an output somewhat over 5,000,000 tons, contributed 42.9 per cent., against 43.3 per cent. in 1910 and 43.2 per cent. in 1901, the year of its formation. The orders of the Carnegie Steel Company in July for billets, sheet bars and track material apart from rails were greater than those for June. Ingot production of the Steel Corporation for each of the two months’ was around 1,040,000 tons, but July had one less working day than June, owing to the extra holiday on Monday, July 3. Reports do not agree _ entirely as to the extent to which prices of certain finished products have yielded where attractive business has come up. In \steel bars, wire products and galvanized sheets variations have been reported and latterly there have been similar in- timations concerning plates. Following the recent steel bar contracts.by implement and wagon manufacturers, held. Few noteworthy contracts in finished lines have been placed in the past week, but sellers still comment on the way in which moderate orders have come in for material for early use, showing that consumption is closely abreast _of the output of the mills, The Endley , and Chicago. district, rail mits have : ee ter One a ~~ oe Ce 234 booked 26,0co tons of rails in the past week, the two largest lots being 5500 and 3000 tons. Wrought pipe and wire have been the two laggard lines of late, but the former gives a better acount of itself this week in contracts for about 100 miles of oil and gas pipe, with an inquiry for 60 to 80 miles of 12-inch pipe for Oklahoma. An Indiana wire company is in the market for 40,- 000 to 50,000 tons of rod billets for delivery over the next six months. The foundry pig iron market is more active at Buffalo, and Chicago reports some good inquiry for foundry and malleable irons. Southern producers ask $10.50 for No. 2 iron where deliveries run into 1912, but melters are not entering on that ground, though some of them have evidently bought iron at lower prices which will last into the new year, though shipment will be made in 1911. A large Pittsburgh interest has come into the market for 12,000 tons of foundry iron for delivery in the Pittsburgh and Cleve- land districts in the last quarter of 1911 and the first quarter of 1912. A St. Louis inquiry for 10,000 tons of basic iron for the first half of 1912 has come out, but the trade is quite at sea as to the prices to be asked. At Pitts- burgh 1500 tons of Bessemer iron has sold at some- what under $15 at Valley furnace. scigemitiiinlapallssiisieee International “‘ Co-operation” in the Steel Trade We publish this week the stenographer’s report of the iron and steel manufacturers’ conference at Brus- sels last month, as officially given out. It makes pos- sible some deductions as to the purposes of the pro- posed international organization. What it does not bring out is the reason for the adjournment of the con- ference with nothing more definite accomplished than the appointment of a committee to consider whether an international association on commercial lines is feasible and to report its conclusion to another conven- tion which the committee has power to call. It will be seen that the representatives of European countries who took the floor after Judge Gary’s address spoke in favor of an association; also that they regarded Judge Gary as its sponsor, and credited the steel industry of the United States with pioneering in the lines which they hoped the association would follow. In so saying they must be understood as advocating in the main the form of “co-operation” practiced by the steel manu- facturers in this country since the panic of 1907. That there were differences of opinion among the various European delegates as to the desired form and scope of the international organization was evident. But the chief obstacle to action is doubtless to be found in what has developed in the United States since the international conference in New York in October, 1910, The questions involved in the decision in the anti-trust cases and the more recent judicial and legislative — shall we also say political?—proceedings affecting the steel industry have given special significance to the government’s attitude toward a movement likely to affect prices or to put any restraint upon competition. It was the steel manufacturers of the United States who gave the first impulse to the proposition for an in- ternational association. They were likewise the ones to suggest to their competitors in Europe that until the situation in this country is clearer it were better to make haste slowly in the plans set om foot last year. The delegates to Brussels from other countries, promi- THE IRON AGE August 3, ‘911 nent among them men who said at New York las: (ear; that they favored an international association, haq reason to expect that some form of permanent or:yj- zation would take shape at the meeting. That expec. tation was apparently well founded, at least up t.\ the preliminary conference held the week previous, o1 the arrival of the American delegates in London. There have been differences of opinion at times as to the economic soundness of the market policy {fol- lowed by American steel manufacturers in the past few years. No serious question has been raised until recently, however, as to the legality of such co-opera- tion; nor has it been doubted that the manufacturers have regarded their action as entirely within their rights and beneficial to the iron trade at large, as well as to collateral industries. Now that the effort to ex. tend the Gary idea to the foreign trade in iron and steel has been postponed for an indefinite time, the question comes up, How are the leaders in the movement to get the light they are seeking? After years of non-interference by the government with the plans of large combinations, followed by a period of prosecution and investigation, we have now the rule of the Supreme Court that to all acts alleged to be in restraint of trade is to be applied the test of Now that some of the acts of large steel companies have been called in question, it is desirable that some branch of the government be con- stituted an authority whose direction may be sought in advance as to the policy to be followed by large manufacturing interests. The railroads have the Inter- state Commerce Commission as the supervisor of their acts. It is a question whether the steel industry, in which the manufacturers have virtually been deciding for some years what is a reasonable market price for their product, may not now expect to have their de- cisions subjected to closer government scrutiny than heretofore. Undeniably, the great size and influence of the United States Steel Corporation, as well as the commanding importance of the steel industry itself, will make the latter a constant subject of Congres- sional attention. Federal incorporation, with its ac- companying supervision, may be the.ultimate solution of the problem. But failing that, some extension of the functions of the Bureau of Corporations may not unreasonably be expected. Thus far the call for greater publicity concerning the acts of large corporations has meant publicity after the fact. It may yet turn out that the combines themselves, including those in the steel trade, will prefer publicity in advance of taking a debatable step— publicity at least to the extent of having a decision from some officer of the govern- ment as to the legality and propriety of what is pro- posed. In the case of the Tennessee Company purchase of 1907, the President of the United States was con- sulted; but, as is well known, his acquiéscence had no legal sanction. What has been written above is suggested by the reading of the proceedings at Brussels in the light of a question raised at one of the Stanley Committee's sessions. The Brussels conference was referred to by the chairman of that committee as part of a plan for an “international steel trust” controlling the export trade and regulating competition between the steel making-countries. He even suggested that the schem¢ was designed to nullify any reductions that might be made in American duties on steel products. The ut possibility of any such arrangement is perfeetly well known to anyone at all familiar with the foreign trade their reasonableness. Aucust 3; Igtt on and steel. What was said at Brussels by the esentatives of Germany and Great Britain indi- that they would not favor a division of markets, that they do not understand that any such idea is tained by the American manufacturers. It is ly plain, however, from a reading of the proceed- that the proposed association will be no mere | and educational affair, but is intended to have a nite influence upon prices in international markets. scheme of organization suggested from Austria ts strongly that way. n so far as American manufacturers participate in | an association, their acts will be judged by the standards that apply at home. It would be no rprise, therefore, if no further action is taken as the iit of the Brussels conference without the full vledge of the Department of Justice at Washing- 1 or of the Bureau of Corporations. That may seem ite advanced to manufacturers ofthe old school, but ; plainly in line with the latest interpretation of government oversight of large corporations. ——_s--oe—_- British Iron and Steel Exports Stationary \Vhile our iron and steel exports increased suddenly last November and have since been averaging 175,000 tons a month, against 100,000 to 125,000 tons formerly, it is interesting to observe that British exports are proceeding at practically an unchanged rate. As is generally understood, the increase in our exports was not due in any great measure to increased demand in the international markets. . Had such been the case, British exports would presumably have undergone a somewhat similar increase. If, on the other hand, our increased exports are at the expense of other iron and steel exporting countries, England is evidently not the sufferer, for we find British exports in this recent pe- riod have been at substantially the old rate. The fol- lowing table, compiled from the returns of the British Board of Trade, shows the total tonnage of iron and steel exports from the United Kingdom, covering scrap, pig iron, rolled iron and steel, and cast, forged and drawn material, but not machinery: British Iron and Steel Exports—Gross Tons. Months 1910 1911. SAT Y 2 ccc coe edwe tb eeekbsbecbawoeeee 422,166 396,457 : MY cocnccodéhanhs une ensetene cet nun 339,297 333,987 Orch 1.0 scolds deandebd che Secibndcabenee 386,838 398,446 Silk se eeeeeeeeeseeeeeeeunessenereeeunes 459,436 391,614 MAY wc cccn eth vectnab esas eeeue eae cena 388,824 424,093 June ....0+4s. een ane anaes nanan 374,078 403,151 july ....cee-ssb eimawiwee gaalenaeee een nae ee OCs a me aco necceieens bbb cowed den wa weet s |} ae ¢ MDOP .cccccdecsetsvaedsdieavssteeue Sen >. tena CT cccccvvces convenes S¥eeMi bee bse tals 904,503. wvccte MDCE »...svenngepesesneb ds heaeeeeen SOmaee.. wp eee CMDS? |... wie ele eane eee ewee ae weuee SOVA7E ew aes TORK: 2 iisis-nds Seas khesaceeue 4,741,905 2,347,748 it will be observed that the monthly average in 1910 \ a trifle less than 400,000 tons, while the same is the ‘ase in the first six months of this year. Exports by rs.are shown in the table below, beginning with 5, when a slight rearrangement was made in the tem of compiling the statistics: British Exports by Years—Gross Tons. 00s dete vaee seen BIZ tS TOS. og ccs ck ccsv cess) Seen coccecee ese een 4,688,846 2909 5. sien cisiseve 4375081 oo oe we Smale 5,152,227 WID wcevenccivierre : See eaueee n the years indicated aboye our exports have fluctu- ated in much the same manner as British exports, being ‘cry heavy in 1907, light in 1908 and heavier in. 1909, iot as heavy as in 1907. Here the parallelism Stops, for in 1910 we easily made a new record, passing ic 1907 exports by nearly 20 per cent., while British '] THE. IRON - completely upset by the decision. AGE 235 exports did not vreak the previous record. Again, our exports this year have been at a rate 63 per cent. in excess of the average of the preceding three years, whereas British exports in the first six months of this year—2,347,748 tons, or at the rate of 4,700,000 tons 4 year—are only 6 per cent. in excess of the average in the preceding three years. Even with our recent increase, our tonnage figures are small compared with the British figures, for our exports this year have been at the annual rate of only 2,200,000 tons, or somewhat less than half the British exports. A large part of this British preponderance is found in pig iron and the manganese metals, as British exports of pig iron, ferromanganese, spiegeleisen and ferrosilicon have been running quite steadily in the past three years at the rate of about 100,000 tons a month, whereas our own pig-iron exports have been averaging only 13,000 tons a month, and we import the manganese metals instead of exporting them. In un- finished steel, on the other hand, we have the advan- tage, for we export when England imports, both from us and from Continental makers. In rails we usually fall somewhat behind, but not much, while in a number of descriptions of rolled steel we are ahead, as we con- spicuously are in all wire products. We fall behind again when it comes to sheets and tin plates, in which England has enjoyed a supremacy which we have only lately come to question, and that very quietly. Eng- land’s lead in total tonnage, it is thus seen, is due largely to her exports of pig iron and to her exports of products which involve a great deal of labor, In products whose manufacture we have reduced largely to a mechanical basis we have been able to take the lead. The Intermountain Railroad Rate Decision The possibility is strongly apparent that Eastern manufacturers may find themselves as deeply inter- ested as the railroad companies in the recent decision of the Interstate Commerce Commission ordering a readjustment of railroad rates to intermountain points. A great deal of business is transacted between manu- facturers and merchants east of Illinois with consum- ers and distributers on the Pacific coast and in the Rocky Mountain section. This business had been established on apparently permanent lines, so that its growth has for many years been within well-defined This arrangement now bids fair to be The establishment of zones with different rates in each, diminishing from east to west, introduces a completely new element in rate making. Up to this time the rates to Pacific coast points and the Rocky Mountain region have been so arranged by the railroad companies as to enable Eastern manufac- turers and merchants to compete for such trade with those established a thousand miles further west. Geo- graphical location, therefore, gave the Central West- ern business men no advantages over their competitors in the East.in endeavoring to reach the Pacific slope trade. If the decision of the commission meets with the approval of the courts on appeal, the business for intermountain delivery originating in the Atlantic sea- board east of the Alleghany Mountains will pay a much higher freight rate than that originating in the zones which have been laid out in the part of the country lying further west, being allowed to exceed the freight boundaries. rate to the Pacific coast. not more than 25 per cent. 236 The Pittsburgh district will be allowed to exceed the freight rate to the Pacific coast by not more than 15 per. cent. The district known as Chicago territory will be permitted to make a rate not exceeding the rates to Pacific coast terminals by over 7 per cent. In the St. Paul-Minneapolis district no higher charge can be made to any intermediate place than to Pacific coast terminals. It will be seen that this arrangement will give quite important advantages to manufacturing es- tablishments located in the interior of the country, and the closer they are to the intermountain region the greater those advantages will be. The railroad companies are stated to be completely at sea in endeavoring to figure their possible loss in receipts which would be caused by the rate reduction imposed by the commission. They are unable to de- cide whether or not the reduced rate may so increase their traffic as to make up to a great extent the loss by the reduction in the rate. Eastern manufacturers are confronting a less complicated problem and it will perhaps take but little time after the new rates shall have been put in effect to determine precisely what the result will be in the volume of. business handled by them. It seems clear that an important readjustment of the intermountain business in relation to the East- ern section of the country is threatened if the commis- sion’s decision is permitted to stand. The opening of the Panama Canal three or four years hence will bring about another important read- justment. The manufacturing establishments which will then be located on the Atlantic coast will be able to reach the Pacific coast by water in much shorter time than is now the case. It is expected that ship- ments wholly by water from New York to San Fran- cisco and other Pacific coast ports will then be made within two weeks. Undoubtedly at that time railroad rates will be named from the Pacific coast cities to intermountain points which will make the through rate from the Atlantic coast considerably lower than the all-rail rates to be made under the recent decision. Two Problems of Factory Building Every day new manufacturing enterprises are being incorporated. A large proportion of these are in- augurated by men who are for the first time “going into business for themselves.” Immediately the new company is likely to be confronted with at least two questions of prime importance: 1. What kind of factory buildings? 2. Where shall the plant be located? Ex- perience indicates that these two problems are handled unwisely with a frequency beyond apparent excuse. Moreover, the complaints one hears on every hand dis- close that “going” concerns that have thriven and prospered, grievously err. at.some period of expansion in the solution of the same two problems. The mis- takes of the wealthy corporation are not of so much concern, but most of the others begin business with too little rather than enough money, so that what may be saved to them is saved to good purpose. The first mistake usually arises from a failure to realize that a new business should be proved to be a “good” business: before one dollar is permanently in- vested in buildings. This may be ‘termed a principle rather than a hard and fast rule, for in some instances buildings already erected and perhaps suitably equipped can be obtained at bargain prices. At the same time, it may be stated without any exception that a factory THE IRON AGE August 3, igr1 building project should ‘not ‘be entered into! on ay ownership basis before the merits of a projected bisj- ness aS a money-making proposition have been thor. oughly demonstrated. Much too frequently the pro- posed factory looms up as the biggest thing in the new company’s horizon, when it should be only in- cidental to the great problem of building up a business. Where a new and untried business may easily cripple its prospects seriously, through too great an investinent in plant, leaving too little of its original capital for working purposes, the “going” business has surpris- ingly gréater resiliency under stress, and, moreover, offers an infinitely better basis for financing and for planning the new plant. Therefore, beginners should establish their business temporarily in any quarters that will do, and then wait until the business proves that a plant is necessary before building. Deciding upon a location is scarcely less important. While many concerns succeed in spite of their location, a mistaken choice is a source of continual annoyance and ordinarily is possible of change only at great cost. The new company is the prey—and, strange to say, is often flattered thereby—of the enterprising “improve- ment associations” of a dozen towns, to say nothing of the now numerous “land associations.”’ It is indeed unfortunate that so many too energetic folks in sub- urbs and villages are inspired to make manufacturing towns of these hamlets, wholly regardless of their qualifications therefor. The tendency to boom towns that never should be anything but farming or residence communities, by enticing unwary enterprises to locate, has resulted in no end of harm to those industries and no ultimate good to the community. There are now for sale hundreds of abandoned plants all over the country that stand as a striking condemnation of such incongruous and ill-advised endeavor. Before considering the question of a building site a company should have available sufficient resources to acquire ownership of the land without fear or favor. So situated, the company is not likely to be influenced to forego really necessary facilities in order to take advantage of the tempting concessions offered. More often than otherwise the new company starts out with too little money. It follows that the cash bonuses, free sites and building material, easy taxes, etc.—the com- mon bait held out—come to be reckoned upon as a part of the company’s available capital and as necessary to the inception of the enterprise. To so consider these inducements is unqualifiedly wrong. Thus, the most liberal offer becomes the most attractive, while consid- erations having to do with operating conditions, if the particular locality, are made secondary or entirely sub- merged. It may be accepted as almost axiomatic ‘hat the most liberal offer will emanate from the least ucsir- able location. It cannot be too strongly emphasized that no such inducements, however liberal they, may be, are sufficient to justify the permanent handicapping of operating economy. The merits of every location should first be considered wholly apart from the terms of acquisition, and the unsatisfactory site should be rejected regardless of the gifts which are handed out with it. This may seem an extreme ruling, but-if 4 business is worth the building of a plant it may be expected to continue for many years, and the earnings of the business will dwarf original considerations into insignificance. On the other hand, the disadvantages of location that at first may: seem trifling will roll up inté mountains’ of annoyance as they are accentuated by the growth of the business and the passing of time: August 3, 1911 Half-Yearly Pig Iron Statistics e statistics of the American Iron and Steel Associa- just completed by General Manager James M. Swank, show that the production of pig iron in the United Stares in the first half of 1911 was 11,665,796 gross tons, against 42,324,829 tons in the same half of 1910 and 14,- 978,738 tons in the first half. These totals include spiegel- eisen, ferromanganese and ferrosilicon. The decrease in production in the first half of 1011 from that of the second half of 1910 was 659,033 tons, and from that of the rst half of 1910, 3,312,842 tons. [he production. of Bessemer and low-phosphorus pig iron in the first half of 1911 was 4,704,424 tons, against 4921,759 tons in the last half of 1910 (a decrease of 217,335 tons) and 6,323,883 tons in the first half of 1010. The production of basic pig iron in the first half of 1911, not including charcoal of basic quality, was 3,935,487 tons, against 4,140,666 tons in the last half of 1910 (a decrease of 205,179 tons) and 4,943,942 tons in the first The production of charcoal pig iron in the first half of 1911 was 160,847 tons, against 176,854 tons in the last half of 1910 (a decrease of 16,007 tons) and 219,653 tons in the first half. The production of spiegeleisen and ferromanganese in the first half of 1911 was 77,595 tons, against 93,484 tons in the last half of 1910 and 130,947 tons in the first half. The production of spiegeleisen alone in the first half of 1911 was 43,429 tons, and of ferromanganese alone the production was 34,166 tons. —_++e—____ The Standard Oil Company’s Dissolution The Standard Oil Company has made public part of its plan of reorganization under the decree of the Supreme Court. There is to be a thorough segregation. The Standard) Oil Company of New Jersey will distribute ratably to its stockholders shares of stocks of 33 com- panies which it owns directly or through its ownership of stock of the National Transit Company. The distribution will be made to the stockholders of the Standard Oil Company of New Jersey of record September 1, 1911. Books will close August 31 and: be kept closed until the date that the stocks are ready for distribution, which will be about December 1. ‘rom teliable sources the Wall Street Journal learns that the decimal ef distribution will be five shares of Standard Oil Company of New Jersey. On a basis of five shares of the stock of the Jersey corporation, a holder of that amount of stock will receive fractional shares in each of 30 subsidiary companies and one full share or more in each of three constituent properties. A holder of, say, one, two, three or four shares will receive a full share in any one company of the 33 subsidiaries that must sepa- rate themselves from the parent concern. The distribution of the shares of the 33 subsidiaries will range from 1-100 part of a share to a full share in exchange for five Stand- ard Oil Company of New Jersey shares. Obituary George Capwell. Avery George C. Avery, president of B. F. Avery & Sons, Inc., Louisville, Ky., died in France July 24, aged 59 years. was a son of B. F. Avery, the foundér of the com- iny. Born in Louisville, he was a graduate of the ward ind high schools of that city and of the Massachusetts In- stitut e of Technology, Boston, and had taken special irses in classical and mechanical branches in several of leading European universities. Thus, thoroughly pped, in 1873 he entered the'plow manufactory which ‘een established by. his father in 1825, obtaining prac- | experience in every department of the works. He became the superintendnt of the factory and grad- y extended his field of usefulness in the business until vas made president of the corporation in 1892, which he held continuously until his death. r. Avery was a thorough mechanic and mechanical incer and was a designer and inyentor of many im- | devices and complete implements in the field of ‘grcultural machinery and of machinery used in the pro- a THE IRON AGE 237. duction of plows and agricultural implements. Through-, out his 38 years’ connection with the plow manufactory he gave especial attention to the manufacturing depart- ment. Under his administration the business and the: works gradually enlarged until the ground space available at the old factory location proved insufficient and he planned for the erection of an entirely new plant on a 35-acre tract of ground partly within the city limits of Louisville, the construction of which was begun in 1909 and completed in 1910. This new plant, which is con- ceded to be one of the most complete, modern and exten- sive in its line in the whole country, was designed, ereetd and equipped in every particular by Mr. Avery, who. sur- vived one year to direct and observe its operations to his entire satisfaction and gratification. He succeeded his brother, Samuel L. Avery, in the presidency of B. F. Avery & Sons in 1892, and was preceded in death by him and his only other brother, William Sidney Avery, both of whom were long connected with the business. From the establishment of the business, a period of 86 years, either the parent founder or one of his sons was in unbroken charge of it, a record probably unexcelled in this country for direct control of one business by members of an im- mediate family. Mr. Avery leaves a widow and an only daughter. His venerable mother, Mrs. Susan Look Avery, is still vigorous at 94 years of age. Mr. Avery was methodical and systematic in the conduct of his business and found time for reading and study. He was one of the best read men in Louisville, a lover and patron of art and music, and had traveled extensively. When heart failure suddenly terminated his life, he was on his ‘annual summer vacation of several months at his Chateau St. Michel, Gaillefontaine, Seine Inferieure, France. A note from the company, accompanying a biographical sketch, from which the above obituary was abstracted, says: “Mr. Avery was a regular reader of Thé Iron Age throughout the 50 years covered by his school days and business life. Upon his return from his summer vacations he would systematically scan the issues of The Iron Age which had come to his desk during his absence. He es- teemed it as the model trade journal.” Hyatt S. Hase.ton, secretary in charge of the iron ore mining department of Pickands, Mather & Co., Cleveland, died in that city July 27 of a stroke of apoplexy. He had been in rather. poor health for some months, although at- tending to his office duties as usual, but his demise was entirely unexpected. He had entered the Union Club at lunch time when he sank upon a sofa and before medical aid could be summoned had expired. He was 52 years old. When a youth, Mr. Haselton was a stenographer in a Michigan iron ore mining company’s office, invested his savings in the shares of a rather unpromising: mine but reaped the reward of his shrewdness later when the mine became a dividend payer. About 30 years ago he became connected with the North Chicago Rolling Mill Company, at Milwaukee, and later became secretary of the Metro- politan Iron & Land Company which operated the Norrie mine at Ironwood, Mich. When the Oliver-Carnegie in- terests took over the Norrie mine, Mr. Haselton hecame connected with Pickands, Mather & Co. in their Cleveland offices. He leaves a widow and five children. Henry Cray Larraset, Baltimore, Md., president of the iron foundry company in that city which bears his name, died July 29, aged 82 years: He left no family, his wife and children having died some years ago. a L. G. Fiscus, of Apollo, Pa., advises us that he is organizing a company to erect’ two §50-ton open-hearth furnaces and eight: hot-sheet and tin-plate mills, together with a blooming mill, at Apollo, Pa. The new company proposes to make galvanized barrels, tin cans, shovels and graniteware. Mr. Fiscus states that the new company will be capitalized at $600,000 and he expects to start work on the new plant as soon as sufficient money has been raised. He further says that citizens of Apollo will invest $150,000 in the new enterprise. The fourth annual convention of the Atlantic Deep Waterways Association will. be held at Richmond, Va., October 17 to 20. An elaborate programme of business and pleasure has been arranged. Hotel Jefferson will be headquarters. S. DIESCHER & SONS; Mechanica) and Civil PITTS) i) clea sigr7 238 ‘THE IRON AGE August 3. 191; The Iron: and Metal Markets Comparison of Prices Advances Over the Previous Week in Heavy Type, Declines in Italics. At date, one week, one month and one year previous. Aug. 2, July 26, July 5, Aug. 3, PIG IRON, Per Gross Ton: pean. S920; - 294%. 4910, Foundry No. 2 standard, Phila- CNN. o's unc dsdaneeineseae $15.00 $15.00 $15.( 00 $16.00 Foundry No. 2, Valley furnace.. 13.50 13.50 "13.50 14.25 Foundry No. 2 Southern, Cin- CANE - csp phe edas «axe 13.25 13.25 13.25 14.50 Foundry No. 2, Birmingham, Ala. 10.00 10.00 1000 11.25 Foundry _No. 2, at furnace, COCR. cerca e to es & 14.50 14.50 15.00 16.50 Basic, delivered, eastern Pa... 14.50 14.50 i4.50 15.25 Basic, Valley furnace.........5 13.00 13.00 13.25 14.25 Bessemer, Pittsbargh ......... 15.90 15.90 15.90 16.15 Gray forge, Pittsburgh........ 13.90 13.90 13.90 14.40 Lake Superior charcoal, Chicago 16.50 16.50 16.50 18.50 COKE, CONNELLSVILLE, Per Net Ton, at Oven: Furnace coke, prompt shipment. , 1.50 1.45 1.55 Furnace coke, future delivery. 1.60 1.65 1.60 1.80 Foundry coke, prompt shipment. 1.85 1.85 1.85 2.15 Foundry coke, future delivery.. 2.00 2.00 2.10 2.25 BILLETS, &ce., Per Gross Ton: Bessemer billets, Pittsburgh.... 21.00 21.00 21.00 24.50 Forging billets, Pittsburgh..... 26.00 26.00 26.00 30.00 Open hearth billets, Philadelphia 23.40 23.40 23.40 27.50 Wire rods, Pittsburgh......... 27.90 27.00 27.00 28.50 OLD MATERIAL, Per Gross Ton: reg SOU, RR so ns 0 55500 14.00 14.00 14.00 16.50 Iron rails, Philadelphia........ 17.50 17.50 16.50 18.00 Car wheels, Chicago.......... 12.75 12.50 12.50 14.50 Car wheels, Philadelphia....... 13.00 13.00 13.00 14.00 Heavy steel scrap, Pittsburgh. 13.25 13.25 13.00 14.50 Heavy steel scrap, Chicago.... 10.75 10.50 10.25 12.25 Heavy steel scrap, Philadelphia. 13.50 13.50 13.00 13.75 FINISHED IRON AND STEEL, Per Pound: Cents. Cents. Cents. Cents. Bessemer rails, heavy, at mill.. 1.25 1.25 1.25 1.25 Refined iron bars, Philadelphia. . 1.27% 1.27% 1.27% 1.42% Common iron bars, Pittsburgh. 1.25 1.25 1.25 1.45 Common iron bars, Chicago... 1.20 1.20 1.20 1.40 Steel bars, Pittsburgh......... 1.20 1.20 1.25 1.40 Steel bars, tidewater, New York 1.36 1.36 1.41 1.56 Tank plates, Pittsburgh....... 1.35 1.35 1.35 1.40 Tank plates, tidewater, New York 1.51 1.51 1.51 1.56 Beams, Pittsburgh ...........- 1.35 1.35 1.35 1.40 Beams, tidewater, New York... 1.51 1.51 1.51 1.56 Angles, Pittsburgh ........... 1.35 1.35 1.35 1.40 Angles, tidewater, New York.. 1.51 1.51 1.51 1.56 Skelp, grooved steel, Pittsburgh. 1.20 1.25 1.25 1.50 Skelp, sheared steel, Pittsburgh. 1.30 1.35 1.35 1.60 SHEETS, NAILS AND WIRE, Per Pound: Cents. Cents. Cents. Cents. Sheets, black, No. 28, Pittsburgh 2.00 2.00 2.00 2.25 Wire nails, Pittsburgh7........ 1.70 1.70 1.70 1.70 Cut nails, Pittsburgh?......... 1.60 1.60 1.60 1.65 Zarb wire, gajv., Pittsburgh7.. 2.00 2.00 2.00 2.00 METALS, Per Pound: Cents. Cents. Cents. Cents. Lake copper, New York....... 12.75 12.75 12.87% 12.75 Electrolytic copper, New York, 12.62% 12.60 12.62% 12.50 Sorter, 22; DOGBinsadcpeckese 5.70 5.60 5.60 5.05 neeeer.” TIO TOE. cuscsckecss 5.90 5.80 5.80 5.20 Leee, Dh. RM. isos see ds cw hab 4.45 4.45 4.35 4.25 ame OE se 4.50 4.50 4.50 4.40 ZO, Se Beck iakstonconens 42.00 42.00 45.40 33.20 Antimony, Hallett, New York. 8.00 8.00 8.12! 8.00 Tin plate, 100-lb. box, New York $3.94 $3.94 $3.94 $3.84 * The average switching charge jor delivery to foundries in the Chicago district is 50c. per ton. + These prices are for largest lots to jobbers. Prices of Finished Iron and Steel f.o.b. Pittsburgh Freight rates from Pittsburgh in carloads, per 100 lb.; New York, 16c.; Philadelphia, 15c.; Boston, 18c.; Buffalo, 11c.; Cleveland, roc.; Cincinnati, 15c.; Indian- apolis, 17c.; Chicago, 18c.; St. Paul, 32c.; St. Louis, 22'%4c.; New Orleans, 30c.; Birmingham, Ala., 45c. Rates to the Pacific Coast are 80c. on plates, structural shapes and sheets, No. 11 and heavier; 85c. on sheets, Nos, 12 to 16; 95c. on sheets, No. 16 and lighter; 65c. on wrought boiler tubes. Structural Material.—I-beams and channels, 3 to 15 in., inclusive, 1.35c. to 1.40c., net; I-beams over 15 in., 1.45¢. to 1.50c. net; H-beams over 18 in., 1.50c, to 1.55¢.; angles, 3 to 6 in. inclusive, ¥% in. and up, 1.35¢. to 1.40c., net; angles over 6 in., 1.45c. to I.50c. net; angles, 3 in. on one of both legs, less than 4% in. thick, 1.40c . plys full extras as per steel bar card effective Septemser ; 1909; tees, 3 m. and up, 1.40c., Net; zees, 3 in. a up, 1.35¢. to 1.40¢c., net; angles, channels and tees unier 3 in., 1.40c., base, plus full extras as per steel bar cird of September 1, 1909; deck beams and bulb angles, | 6<¢ to 1.70¢., net; hand rail tees, 2.45c.; checkered and corry. gated plates, 2.45c., net. Plates.—Tank plates, % in. thick, 6% in. up to 00 iy wide, 1.35c. to 1.40c., base. Following are stipulations prescribed by manufacturers, with extras to be added to base price (per pound) of plates: Rectangular plates, tank steel or conforming. to manufacturers’ standard specifications for structural steel dated February 6, 1903, or equivalent, % in. thick and ovet on thinnest edge, 100 in wide and under, down -to but not including 6 in. wide, are base. Plates up to 72 in. wide, inclusive, ordered 10.2 lb, per square root, are considered %-in. plates. Plates over 72 in. wide must be ordered % in, thick on_edge, or not less than 11 Ib, per square foot, to take base price, Plates over 72 in. wide ordered less than 11 Ib. per square foot down to the weight of 3-16-in. take the price of 3-16-in. Allowable overweight, whether piates are ordered to gauge or weight to be governed by the standard specifications of the Associa- tion of American Steel Manufacturers. Cents per | Gauges under % in. to and including 3-16 in. on thin- DOO OU, GRE oa uns s sc cdne seacndak panetlinabeses « 10 Gauges under 3-16 in. to and including No. 8........ .1 5 Gauges under No. 8 to and including No. 9.......... 25 Gauges under No. 9 to and including No. 10........ 0 .30 Gauges under No. 10 to and ineluding No. ; Sketches (including all straight taper plates) 3 ft. and Over Th) TARO | ocean nb cas ph ese wenk ee RRAeras 6s: 10 Complete circles, 3 f. in diameter and over.......... .2 0) ee Oe Perret eee cee eee .10 “A, B. M. A.” and ordinary firebox steel............ .20 ee i een RE, Ueto ie Ar ae 30 PROUEOD GOOUE ig dc vnicenpeesceteukhs ah eh seh ehewee ies 40 Locomotive. firebox steel 2. ..0ccscccosecsccssvepsoss 50 Widths over 100 in. up to 110 in., inclusive.......... 05 Widths over 110 in. up to 115 in., inclusive........... 10 Widths over 115 in. up to 120 in., INCINSIVE bc seeces 5 15 Widths over 120 in. up to 125 in., INCIUREUES s 42900 29 Widths over 125 in. to 130 in.,; ineclusive.............. 50 Wilts went 1B0 Wiis i.csasnddcigcgkodnkhadesanacites 1.00 Cutting to lengths or diameters under 3 ft. to 2 ft. in- GORUEOD caches heutneebsaxvubedee caved Shea a 25 Cuttings to lengths or diameters under 2 ft. to 1 ft., METS: —(bnde any v0ns ios 6400 0n bd Chb Es see hee ees se Cuttings to lengths or diameters under 1 ft........... 1.55 No charge for cutting rectangular plates to lengths 3 ft. and over Terms—Net cash 30 days. Sheets.—Makers’ prices for mill shipments on sheets in carload and larger lots, on which jobbers charge the usual discounts for small lots from store, are as fol- lows: Blue annealed sheets, Nos. 3 to 8, U. S. standard gauge, 1.40c.; Nos. -9 and 10, 1.50c.; Nos. 11 and 12, 1.55c.; Nos. 13 and 14, 1.60c; Nos. 15 and 16, 1.70c. One pass, cold rolled, box annealed sheets, Nos. 10 to 12, 1.65c.; Nos. 13 and 14, 1.70c.; Nos. 15 and 16, 1.75c.; Nos. 17 to 21, 1.80c.; Nos. 22, 23 and 24, 1.85c.; Nos. 25 and 26, 1.90c.; No. 27, 1.95¢.; No. 28, 2c.; No. 29, 2.05¢.; No. 30, 2.15c. Three pass, cold rolled sheets, box annealed, are as follows: Nos. 15 and 16, 1.85c.; Nos. 17 to 21, 1.90c.; Nos. 22 to 24, 1.95C.; Nos. 25 and 26, 2c.; No. 27, 2.05¢.; No. 28, 2.10c.; No. 29, 2.15¢.; No. 30, 2.25¢. Gal- vanized sheets, Nos. 10 and It, black sheet gauge, 2¢.; Nos. 12, 13 and 14, 2.10c.; Nos. 15, 16 and 17, 2.25¢.; Nos. 18 to 22, 2.40. ; Nos. 23 and 24, 2.50c.; Nos. 25 and 26, 2.70c.; No. 27, 2.85c.; No. 28, 3c.; No. 20, 3.10¢.; No. 30, 3.30c. All above prices are f.o.b. Pittsburgh, terms 30 days net, or 2 per cent. cash discount 10 days from date of invoice, as also are the following base prices per square for painted and galvanized roofing sheets, with 2%4 in, corrugations: Gauge. Painted. Galvanized. { Gauge. Painted. Galvanized. a ca $2.40 | Sas anh $2.40 $3.50 EE $1.40 2.55 | 2055 sino 3.70 tay 5-280 1.55 2.60 Bias be 2.80 4.05 Diicwiicss 1.65 2.65 ee ae 3.05 4.35 eR iuvaeak 1.85 3.05 PR e's bs 4.05 5.70 BOL ac 308 2.10 3.15 | BBs alae 4.90 6.50 Wrought Pipe.—The following are the jobbers’ caf- load discounts on the Pittsburgh basing card on wrought pipe, in effect from October I, 1910: Butt Weld. -——Steel—— Tron—— Black. Galv. lack. Galv. Ds $0 BAG Behs ond wc teks ccanet we ae 49 43 Ye IM. ees eeteeeeeereceenes 75 63 71 59 OE B0:306 feb. s ci caveckontnne 79 69 75 65 I SR re a en 80 70 76 « 66 Lap Weld CMs gts ieciussakinowee 76 66 72 62 2 £0 4M. ceeseccencccsecs 78 67 74 64 ee reer eee 77 67 73 63 PBI M0 obs ies oned ates 75 59 71 55 August 3s 1gtt THE IRON AGE 239 THE IRON AND METAL MARKETS Butt Weld, extra strong, plain ends, card weight. 65 (6 Mies cceteter tase 69 59 1. 3diseeteneee ons ae 68 70 64 » 15 ad ieee 78 72 74 68 3 imnvicsseneaes ee’ A 73 75 69 Lap Weld, extra strong, plain erds, card weight. net cwd onte a’ Sao oh 75 69 71 65 to 4 inc isis’ Sindbwea we 77 71 73 67 to 6 ivcwwheeksck ae 76 70 72 66 8 Mh vos simied ibe an wicca 69 59 65 55 » 12 teas ca reeeeeawes 64 54 60 50 tt Weld, double extra strong, plain ends, card weight. i, ase +: Geek ae aaa an 64 58 60 54 1%: ‘th 53 casena enone 67 61 63 57 3 iB «ote Cuneeweriioees 69 63 65 59 ap Weld, double extra strong, plain ends, card weight. fi. cates badwakeus Uondeet 65 59 6 5 to © Mii dudgendaee eee 67 61 63 57 to 6 in ee eee eres e sees es 66 60 62 56 to 8 Wi «ctinwcdetdaweeen 59 49 62 56 Plugged and Reamed. will be aa at oe. (2) ‘ . . re points lower basing (imgher , 2 to 3 in. Butt Weld 4 price) than merchants or pipe.’ Butt or to 4 im...eee Lap Weld card weight | fa weld, as specified. above discounts are for “card weight,’ subject to the usual n of 5 per cent. Prices for less than carloads are three (3) s lower basing (higher price) than the above discounts. Boiler Tubes.—Discounts on lap welded steel boiler s to jobbers in carloads are as follows: Steel to 2% CORO eee eee eee eee HERE HERE ee eee 65 ith. av edue cdo oodlan Obed Sees seats Wearsereeiaee 67% to 336 Sie icds hee hc ideshae sce bart saewenwans 7 t 4y% Se Gas a adic gle cae a 0d tie gee gteee 72% 6 Me ois ccd ga Chen esd bet, 6s tds ada OAS RST SRE 65 » 1D Mba civ ke ces eek. vob es basiee set ele 624% s than carloads to destination east of the Mississippi River will | at delivered discounts for carload lowered by two points for ths 22 ft. and under; longer lengths f.o.b. Pittsburgh. Usual to jobbers and boiler manufacturers, Wire Rods and Wire.—Bessemér, open hearth and rods, $27. Fence wire, Nos. 0 to 9 ver 100 Ib., s 60 days, or 2 per cent. discount in 10 days, carload to jobbers, annealed, $1.50; galvanized, $1.80. Car- d lots, to retailers, annealed, $1.55; galvanized, $1.85. Galvanized bar wire, to jobbers, $2; painted, $1.70. Wire nails, to jobbers, $1.70. The following table gives the prices to retail mer- hants on wire in less than carloads, including the ex- tras on Nos. 10 to 16, which are added to the base price: Fence Wire, Per 100 Ib. No. 0 to 9 10 11 12&12% 13 14 15 16 Annealed ....$1.65 $1.70 $1.75 $1.80 $1.90 $2.00 $2.10 $2.20 Galvanized .. 1.95 2.00 2.05 2.10 2.20 2.30 2.70 2.80 +t and Stone Wire in Bundles, Discount from Standard List. Bright and Annealed: 9 and COGEOBT 60 40ss ei Cccceeeeseses cen eneuesees Caan 80 10 to 18 .0csdemte be vede S404 rhs eds ee ek eeeee 80 and 10 19 to Zoi ccks eb ads tees epaew Meee Veees 80 and 10 and 2% I to 436. ks eck Cel he nes de os ee ee eee Galvanized: and OGOTOORs as «weaene de ceewehsocheeehanen 75 and 10 10 to 16. cede cockiateks vids Ree RReee eee 75 and 10 7 CO 2By vcldecdedsehden Es chee Gee Oh baae caren 72% and 10 ] 0 Bbc aecceenes decevess. os bcidlkned vi trees~eenaeel 724% pered or Liquor Finished: ) an COMPOEG. £5 iba cat ee (anne sd see hicks 75 and 10 0 to 26. csnecdpeee teas etenchateleaen lien ee 75 and 10 27 tO 96.0064 ahdede cutee datnabe cedure 70 and 10 and 5 Tinned: 6 to 16. Lccccnnndddsagkaaseaede Cees 75 and 10 and 10 ————__-@—_____- Pittsburgh PirtspurcH, Pa., August 2, 1911.—(By Telephone.) Pig Iron.—Theé local pig iron market has quieted wn in demand, the only large inquiry out being that the Westinghouse Electric & Mfg. Company, which sking prices on 12,000 tons of Nos. I, 2 and 3 undry, comprising 2500 tons for its Cleveland works the last four months of this year, 3500 tons for same plant for the first three months of next year, 2500 tons for its Allegheny works for the last quarter of this year, and 3500 tons for the same works for the three months of next year. A local consumer bought 1500 to 2000 tons of Bessemer iron for very over the next three months at a price some- under $15, Valley furnace. This iro