The Iron Age 1911-09-14: Vol 88 Iss 11

THE IRON AGE — —— sta blished New York, adic 14, 19tt 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. Price, United States and Mexico, $5.00 Ann 1 Canada, $7. pine aoe Other Foreign Countries, $10. 00 oot Annan, « Unless receipt is requested, none . Credit for payment will be shown by extending the date on the wrapper of your paper. W. H. Taylor, - President and Treasurer 1, A. Mekeel, - ~ First Vice-President Harold S. Buttenheim, - tied Vice-President and Secretary Geo. W. Cope, A. |. Findley, Editors W. W. Macon, M. C. Robbins, Charles S. Baur, pon Manager Branch Offices Philadelphia, Real Estate Trust Building Chicago, Fisher Building Pitburgh, Park Bulding Cleveland, American Trust Building ildi Cincinnati, 807 Andrews Building CONTENTS. New Demand Not So Large 53% walla bi ies s “hae a After Effects of Co-operation in the Steel Trade.............. 562 Electrification at Lake Superior Mines...........--e+eee0++-+ 562 Piece-Rate Cutting Correspondence What Is the Matter with Business? Trench & Co.’s Hopeful Forecast. ......05.. 00. eseeeessecceses SOS The Iron and Metal Markets... 0.2... ccc cee ctweee cence Personal Obituary The Steel Corporation's Unfilled Orders A Steel Company Charges Disc1imination warther Decrense it Take Care... ciiiswccsicccicswrbedaewecses 578 Lake Superior Iron Ore Shipments in August American Rolling Mill Company Sheet and Pair Furnaces...... 578 Illinois Steel Screw Spikes....... The Milwaukee Industrial Exnusition.............6600000000-05 579 The Philadelphia Foundrymen’s Association Phe Progress GE Tees |. viek os ThE N Seb bc knies ccdaevedurne’s 580 The New Comptometer The Fiie Trade Atlas Crude-Oil Engine One Steel Corporation Investigation Ended The Sintering of Mayari Iron Ores in Cuba Copper Production and Stock in August...........00e0eceeeees New Atlas Ore Car Air Drill for Close Quarters............. Westinghouse Air Brake Business....... Text ook and Blue Print Holder Baltimore Induistrial Notes... .¢i00 206.06. cevcccaUekoecdeer. 592 Large Lagonda Strainers Mechanical Equipment of the New York Central Terminal Correcti; A Toled Pittsburgh The Vilt The Moto: The |} Defi The Metal Stamping Plant and “Vicinity ._ Business: Notes... 2.02.08 cevedescese 59S é ake Lamp Trade ll-Bearing Journal Jack ichinery Markets VoL. 88: No. ae ——————$— New Datind Not So Large Mills Still Under August Momentum Pig Iron Stocks Less— Eastern Market Shows Most Activity September has not yet brought such a scale of buying in iron and steel products as that of late July and early August, which made last month the banner month of the year in steel works and rolling’ mill operations. The August performance may have been due to one of the moderate waves in demand which, throughout 1911, have alternated with the troughs— the short periods in which the market has halted. It is hard for the trade to be satisfied with condi- tions under which the most certain thing about rolling schedules is that for a given week they can only be made up when the week arrives. The uncertainty about prices is one reason for this; there is also the fdct that many consumers of steel have no assurance of con- tinuing their own present rate of operations. As for some weeks, structural steel work is of good volume. This week the principal contracts reported are 4000 tons for the Boston & Albany bridge at Worcester, Mass.; 3500 tons for the Aeolian Build- ing, New York; 3800 tons for the city hall at Cleveland, Ohio; 3000 tons for spillway gates and valves for Panama,.and 2000 tons for the New York Central Railroad, in addition to a large number of jobs run- ning from 200 to 1000 tons, the East leading in the activity. There is not enough business pending, how- ever, to encougage high hopes for-the winter—a fact that may explain the eagerness of large. fabricating interests in going after recent contracts. Railroad buying shows further shrinkage, with little promise of any change for the better. Rail sales are insignificant, ineluding 2100 tons to the Pittsburgh & Lake Erie and_1800 tons to the: Pennsylvania Lines West. The Canadian Government has inquired for 10,000 tons forete Hudson Bay Railway. Continued weakness is shown in tin plates, sheets, wire products and merchant pipe; in none of the last three lines has the buying this month been up to that of August. For tin plates. both months have been of the off-season. period, but new business has_ been done at $3.60, Pittsburgh, or 10 cents below the basis of existing contracts. In the Pittsburgh district sheet bars have been quoted recently at $2 a ton below the $22 basis at which the majority of mills have aimed. . At the same time the “spread” between the prices of sheet bars and sheets is probably less than has ever been known. - In Eastern Pennsylvania a tentative inquiry has appeared for a three years’ billet supply of an interest using a minimum of 20,000 tons a year. The Eastern pig iron market is more active and has a better tone than is indicated by reports from ' a Bs Ne RE va gitar ome es ae Lei OE ‘Se -ae S af a ee serait ; - , 562 THE IRON AGE Chicago and the Central West. Buffalo has made a number of sales for Eastern shipment and in New England, New York and New Jersey 25,000 tons of pig iron, chiefly foundry grades, is under inquiry. Buffalo and Eastern Pennsylvania producers are ap- parently firmer than sellers in Central territory. Alabama pig iron stocks were reduced 10 per cent, or by 26,000 tons, in August. Eastern Pig Iron As- sociation figures, as well as those of the Buffalo dis- trict, show slight reductions also. While the statis- tical position is thus tending in the seller’s favor, the market for Southern iron is not so strong, and in some quarters the past week has shown more effort to get business, the $10 basis for No. 2 prompt iron at Birmingham still persisting. The United States Steel Corporation’s steel works operations this week are scheduled at 75 per cent. of capacity, which is slightly below the recent rate. The p‘g iron stocks of the corporation only increased 18,000 tons last week with the steel plants shut down for Labor Day. As these stocks have been for some time at a minimum, two additional blast furnaces are being blown in—one Shoenberger and one Donora, both operated by the American Steel & Wire Company. Their resumption confirms reports of large August bookings in wire products. The corporation’s state- ment of unfilled orders on August 31, showing a gain of 112,000 tons over the total on July 31, is to be taken in connection with the heavy shipments of Au- gust and the fact that June and July.made a total gain of 471,000 in the tonnage on the books. Exports have much to do with this showing, foreign business for some time having been but little short of 20 per cent. of the total. seaiileiicghalsialagansevnligne After Effects of Co-operation in the Steel Trade The steel trade has been so long accustomed to so- called official prices for rolled material that it finds difficulty in adjusting itself to the conditions attending an open market. Frequently the prices actually made in the past few weeks have been referred to as depart- ures from a level which sellers are assumed to be main- taining. While any control of the market through co-operation among manufacturers has disappeared, as is well known, this continued recognition of standards from which it is to be inferred the market has at times slipped away is proof of the influence still exerted by the good understanding among manufacturers arrived at after the panic of 1907. While profits have been reduced, it is not claimed that the manufacturers of finished material have gone to the limit of their ability to sell at a profit, as has plainly been the case in the pig iron market; yet, in the midst of conditions which might be expected to bring out sharp competition, actual market transactions as reported week by week show only fractional teductions from the basis announced by the leading interest early in June. It may be that the American Iron and Steel Insti- tute’s Committee on Improvement in Methods, which was the court of resort when one steel company felt that a competitor was not living up to the understand- ing, did its work so well that its influence is still strongly felt in the trade. There is no doubt, more- over, that the lines of operation of the respective com- panies, which have become pretty well defined in recent years, are receiving more or less recognition. One of the things claimed for the policy of co-operation was that it kept the various steel companies “within their September 14, IQIr own particular bailiwicks.” This expression no meant in part that there was a ceftain regard fo; a torial lines and that one steel company would ).; go far afield in order to take business naturally tri)jytary to the plants of another, It may have meant als, that one manufacturer would not cut prices in order ‘o get the trade of a buyer most of whose requirement: had been regularly supplied by another manufacturer. [t js evident that this latter feature of the steel trade—the fact that a buyer is apt to place his orders wii) the company he has been in the habit of dealing w:th— gives continued momentum to a quasi-co-operati this present period of open competition, Another factor which cannot be exactly measured. but which without doubt has an influence, is that the buyers of steel are not ignoring the effect upon their own products of drastic cuts in the products of the roll- ing mills. The agricultural machinery trade, for ex- ample, would find an insistent demand for an important reduction in prices of implements and harvesting machinery if it were able to buy bars at a material reduction from the prices prevailing last year. Similar considerations may have prevented buyers in other lines from aggressive attempts to break the market for iron and steel products. on in There should be no omission, in accounting for the absence of demoralization in the steel market, to give full weight to the amount of business flowing in upon the mills. With all that is said about the absence of railroad buying and the failure of demand to occupy our increased mill capacity, the continuous exhibition of buying power that has marked the past few months of open competition should by no means be underesti- mated. It may be well that the steel companies learned, under the regime of live and let live, to be content with less than full rations. It is plain, at all events, that none of them, in spite of occasional evidence of special aggressiveness, has determined on a policy likely to bring on any serious unsettling of values. Something might be said, in this connection, of the sustaining influence of the Lake Superior ore situation, but that is apart from the present purpose. What is evident, aside from all other considerations, is that the steel trade has acquired a new habit in the past four vears, and is not hurrying to break away from it. Electrification at Lake Superior Mines Compared with the advance made elsewhere in the electrification of mining properties, there has been until lately relatively little progress among the opera- tions on the iron and copper ranges of upper Michi- gan. Recent tendencies are, therefore, of consider- able interest, from the fact that they indicate impor- tant developments in this direction within the next few years. The entering wedge has usually been electric haul- age underground, followed by the use of electric motors in the shaft and crusher houses, for surface tramming and on the stock piles. In this the Cleve- land-Cliffs Iron Company, Ishpeming; Corrigan, Mc- Kinney & Co., Crystal Falls, and the Oliver Iron Min- ing Company, Iron Mountain, have been among the pioneers. Electric hoists, both for cages and skips. have naturally followed, the leaders in this respect being the Penn Iron Mining Company and the Cleve- land-Cliffs Iron Company. In working out their sys tems, however, the methods of the two show a radical september 14, IQII jiference; for, while the former manifests a prefer- ence for rebuilt hoists of early standard design work- with heavy fly-wheels and clutches, the latter is lucing the German Ilgner system of control, in 1 current from the generating plant is led to the t motors through a fly-wheel motor generator set t balances the load. The latter plan was first tried in the upper Peninsula, with marked success, by \Vinona Copper Company, Winona, Mich., and recently been investigated by the Cleveland-Cliffs | Company, whose engineer made a tour of Euro- | plants in which the system had been installed. third distinct line of demarcation is to be found in plans of the Calumet & Hecla Mining Company for operating the hoist motors in groups directly from 1m turbine generating sets, the latter being re- led as sufficient balancers in themselves. (he companies named above have also been promi- ent in the trying out of motor-driven pumps for mine lrainage. A notable installation is that of the Penn Iron M‘ning Company, at Vulcan, Mich., which con- sts of a concrete station at the 1,200-ft level enclos- two 8-stage turbine’ pumps, electrically operated, raising water to the surface. The Cleveland- liffs Iron Company, on the other hand, is trying the experiment of using a piston pump, motor-driven, to yperate against the unusually high head of 1,000 ft., the idea being to secure greater efficiency than is ob- tainable from a rotary pump. lor operating compressors of standard piston types motors are beginning to come into use, and on long lines the use of small electrically driven com- pressors as boosters will be quite general in future. lurbo-compressors do not seem to be as well adapted to the requirements of mining work as those of the rec'procating pattern, but if their efficiency for this service can be demonstrated there ought to be a con- siderable field for them here, In the surface plants, particularly of the copper ‘ountry, motors are finding wide application, being used to operate the valve gear of steam stamps, trom- nels, jigs, classifiers, concentrating tables, buddles, crushers, rolls, regrinding mills, water and sand pumps, elevators, conveyors, tailings wheels, repair shop machinery, etc. The Calumet & Hecla Mining Company has gone into this more extensively than any other. It is also working out very thoroughly matter of electric control. [lectricity naturally is used very largely for light- ing, also for firing blasts and for signal systems. The possibilities of electric drilling are being given con- siderable attention, but there appears to be a decided lack of definite information on this subject. A start has been made toward the utilization of water power for generating electric current to be em- ployed in mining operations. The first important plant of this kind was that constructed by the Penn iron Mining Company in the vicinity of Republic, Mich., followed recently by another of larger capacity it Loretto which has attracted a great deal of atten- Last year the Cleveland-Cliffs Iron Company ut in operation a small hydro-electric plant on the Au [rain River and is constructing one of considerable on the Carp River between Negaunee and Mar- quette. The greatest interest, however, is generally ‘taken at present in the development being carried out ‘t [win Falls on the Menominee River by the Penin- Sula Power & Development Company, Iron Moun- ‘ain, Mich., which will supply current as needed to the THE IRON AGE mines in that vicinity. There are at numerous points on the iron ranges opportunities for similar plants; and it is probable that in the not far distant future they will almost entirely displace steam units for regular service, F Steam engines or turbines will find a place, how- ever, as auxiliaries to the water power plants; and some of those at present operated will be held in re- serve for that purpose. Two new steam turbine units were purchased by the Cleveland-Cliffs Iron Company specifically with this end in view and are now run- ning parallel 17 miles apart, serving the part of the company’s transmission system already completed. a Piece-Rate Cutting Few subjects are of more general interest ‘to manufacturers than systems of wage payment, and few parts of this subject are more vitally interesting than the justice or injustice of the widely prevalent custom of piece-rate cutting as carried out in every factory in the land. There are times when the work- man knows there is some justice in the cut, but there are far more times when the apparent injustice of it all strikes a bitterness into his heart which rankles there for a long time. From the ordinary work- man’s standpoint, cutting rates is usually considered unnecessary and is done only to increase the profits for a grasping employer. Yet ‘it is quite possible, and, in faet, it can be shown that with the world and its people as they are to-day, that readjustment of piece prices is often necessary and is not always unjust. In the first place, all will admit that no one can do exactly as he should wish to do because we are all subject to certain natural laws—because we are human and deal with other human beings. We daily make sacrifices for our children; we have clear days and stormy, we have sickness and health. We ought not to complain when it rains, because rain, disagreeable as it is, is necessary to our lives. We have to accept compromises in practically everything we do. Let us keep that in mind. Admitting the unfortunate custom of piece-rate cut- ting to look blameworthy from the standpoint of the producer, let us imagine a case in which the manage- ment of a factory decided to try out the success of a system in which everything was on piece-work and a promise was made not to cut a single price, no matter how much money a workman made. It can be conceded that that is the way most producers would wish to have the system arranged. The first visible effect of such a change would be to increase the total factory daily output. ‘The in- crease might be as much as 25 per cent., or more, with the same working force, equipment and floor- space. This increase in productive capacity would un- doubtedly be very acceptable to any manufacturer. With the workmen, however, it would not be so pleas- ant as would at first appear, for a condition of which little is known would immediately show up glaringly, and on the first payday following about 50 per cent. of the hands would be exceedingly unhappy. The cause of this unhappiness with one-half of the work- ers would be that they had been able to earn only a little more than before, whereas the other half had most of them earned half as much again, for no one will attempt to deny that some piece-prices have been 563 ill aca St ee eee om el aul 0 TE ae eaters bit eres 4 = » ais ae ie Ss ri Rear ene Let LO RR aN September 14, gt; 564 THE IRON AGE set more accurately than others; also that some work- nd wa for the workingman. With piece-work in which a Boise ceed a ee ee De ee TK ea koe see wera ae et ae men can do twice the number of pieces than their fellow workmen. The moment, then, that the new system takes effect all these things will show up; some will earn big wages, others will earn very little more than under the old conditions. And there is nothing to do about it, because the company has agreed to stick by the’ prevalent rates, which is just what it was asked to do. The only thing left for a workman to do, then, is to seek employment in some department where he is told one can make higher wages than he can at his present work. This he tries to do, with more or less success. Now it will be seen that trouble will begin for the manufacturer. Everyone, of course, wants the best paying jobs; no one wants the hard jobs and feels imposed upon if he is asked to take one. That there always will be both hard and easy jobs will not be denied. It may be that one department in the fac- tory has its piece-prices more correctly adjusted than the others, and after the change this department will find great trouble in getting men, as the latter will all flock to the other departments where it has been rumored that the prices are high, and where therefore a larger day’s pay may be earned. What a disorganiz- ing influence a condition like this brings about, only those who have employed help can fully understand. Let us suppose, however, that a man is having his house painted at so much a day, and that when it was only half finished the painters all quit and went to painting his neighbor's house, because he agfeed to pay them 25 cents more a day. It can be seen in this example the good effect which stability of prices has and just why a manufacturer dislikes to start any- thing which will upset the wage scale in his own shop. In self defense he cannot afford to do it, at any rate just at present. But there is still another obstacle. On certain ar- ticles which he makes, of which perhaps he manufac- tures great quantities and on which the margin of profit is quite small, there is a great deal of competi- tion. Each year he has to quote a lower price in order to get the business, and it is quite clear that a time will come when he must quote a price which will bring him no profit unless he reduces his cost of manufac- turing. One way of doing this is to substitute auto- matic machinery for hand work; another is to cut the price paid for work. Evidently, if he has promised not to cut prices, he must either discontinue manufac- turing, or put in automatic machinery, either of which actions will be felt by the help. Any manufacturer must look a long way ahead and lay his plans with great caution and only after considerable study. With such obstacles opposing the straight “no cut” piece-work system he is bound to go slowly. He realizes full well the benefits, but he likewise appreciates the dangers. For example, it is clear to him that he cannot be the only one to install the system; his competitors must immediately do like- wise, or he will lose to them the greater part of his business, because of his promise not to cut piece-rates. His competitors have the advantage because they have made no such agreement with the help. It is acknowl- edged that we can have no world’s disarmament of nations until all the nations agree to it. Realizing the evils of rate-cutting, the manufacturer has devised the “premium” system, which is really a distinct advance in the direction of better conditions cut follows the earning of more than a certain day's pay, the workmen saw to it that he was not punished in this way for his efficiency. With the uncertainty which exists as to the accuracy of piece prices, no factory owner dares to allow straight unlimited piece- work. What he has done, however, is this: He has in- vented the half and half premium system, which is the same as saying, “You are capable of doing more than you do, and it has been my custom to cut you when you did it. If I was sure my prices were all right, I'd say go ahead and earn all you can. Since you can do more and want to earn more, and since I am not sure of my prices, I'll tell you what I'll do. I'll share half and half with you what you can make over your old day rate.” The world is full of apparently unjust conditions, but general conditions are far better than they once were. Yet it is found that a great many things can- not be changed all at once. This life is full of com- promises. ———_3- Correspondence Labor and Lower Prices for Commodities To the Editor: Referring to page 504 of The Iron Age of September 7, I have read with interest your answer to Mr. Thornton on “Labor and Lower Prices for Commodi- ties,” and the facts you state ought certainly to be con- vincing. But it seems that you have omitted one argument which could be used with telling effect to explode the untenable theory that lower price widens the market and thus benefits the laborers, and I suggest this argument as follows: If prices have to be lowered on account of reduction in the duties, the consumption of home-made products. will not be increased because the importation of foreign mate- rial will keep it limited. In connection with this I beg to suggest that the following self-evident truth should not be lost sight of by the framers of the tariff., The free traders constantly repeat that lowering the duties will break up trusts. Now the largest factories of combinations of capital as, for instance, the United States Steel Corpora- tion, are located so far inland that they are protected from competition with foreign goods by the freight from the coast. The independent companies are mostly located fur- ther east. The last named would therefore be most hurt by increased importation, and the combinations of capital would then have the field more to themselves. The free traders keep on’ telling that lower prices caused by lowering of duties will make living cheaper and thus benefit the consumer. They either will not or cannot see that the vast majority of people have to work in some way or other and are thus producers as well. Each one ot! them generally produces one class of articles and consumes a variety of others. If now the price has to be lowered on the article he produces, his buying capacity will be re- stricted—in many cases so much so that he cannot buy any commodities at all, no matter how much the prices may be lowered. The only class of people who will not get hurt by such price reductions are the fortunate ones who live off the interest on their capital and thus do not produce. That class alone gets the full benefit of lower prices on com- modities. It thus seems that the free traders are work- ing for the interests of the rich who do not need te work. The stagnation in business caused by the fear of un- practical and experimental legislation has cost and 1s at present costing the country enormous amounts, and it 's marvelous that none of the agitators in Congress has any feeling in that respect. The only explanation I can s¢e¢ is that the agitators are personally interested in the pro- longation of this uncertainty. N. LIvtenserc. PHILADELPHIA, SEPTEMBER 7, IQITI. September 14, IQII What Is the Matter with Business ? editorial answer to the above question was re- printed in the Sunday Call of Easton, Pa. The ition taken by the editor of that paper is so refresh- ingly different from the attitude assumed by many of his newspaper colleagues that we feel sure that our readers will take pleasure in perusing his remarks as luced below: here has grown up within the past decade a demand for an interference by the government with what is ed “big business.” There are United States com- ins, composed almost all of lawyers and “experts” out of colleges, whose official duty is to tell those have their money in an enterprise or in a big isiness how the same must be conducted or carried on. hese learned commissioners—who pretend to be acting for the people—find it necessary, if they would hold heir positions and draw their salaries, to keep them- selves in the limelight. To do this they must, forsooth, keep nagging those who are doing the country’s “big business” until the men who are in these “big business” enterprises have little time to attend to anything except urt trials. There was a time when men who did a + business” were considered invaluable and most de- sirable citizens. To-day they are not only being fined for crimes that are new in the calendar, but they are threat- ed with imprisonment. Nor is the United States government alone in these prosecutions (or persecutions, have it either way), but nearly every State is making laws against the way that men have found it best to do their business, and there is another lot of commissioners drawing fine salaries for ‘reating business disturbances. What would you do if you kept a store and were trying to do business if an inspector came in every day to tell you what to buy and what you must pay for your goods and what to charge for what you sold? You'd be more than human if you did not tell your daily caller to get out p. d. q. or wish he were in a place that rhymes with “well.” Now “big business” is not unlike “small business.” There is no difference in doing business. It is all done with a view to profit or gain. Of course, sometimes—too often—it is with a loss, but that can’t be helped. The unthinking person may see a difference between the men doing a big business and those who do a smaller business. We don’t. The old Knights of Labor motto was “The injury of one is the concern of all.” And ) it is with business. If the “big business” man is hurt it doesn’t matter in what way—it won’t be long before the smaller fellow will feel it. And when there is any interference with the small dealer the first to find it out—and to his sorrow—is the bigger chap. And go along the line to the consumer—who buys of the small lealer, who buys of the big dealer. Curtail his work- ing time or cut down his wages and you'll not need to vail long to hear some one crying “ouch” at the other lhe people of the country are like the spokes of the cel. Every spoke that is broken weakens the wheel. nterference with the manufacturer by any combination f men has an ill effect on the whole. Put the trans- portation companies to unexpected expense and they'll start out to economize—certain to start with the dis- harge of employees, the shortening of working days, : failure to keep their road beds and locomotives and ‘ars in the best condition. Thousands of railroad shop are idle half the time. We know how it is in aston. The companies can’t spare the money to keep their workmen employed. They need the money to pay hig fees to lawyers to defend them in court. No man ‘an spend more than a hundred cents for a dollar, and railroad company or industrial enterprise or “big siness” undertaking can with the same money pay big ‘ces for legal services and its men in its shops. ‘Ve read a great deal these days about the “conserva- ’ of the coal fields and the forests and the water ers. But whoever thinks of the “conservation” of business interests? The country has gone mad in its ‘its on business enterprises, and now having done all could be done to bring about the prevailing condition onder, in our stupidity, what's hurting us. The way THE IRON AGE the country has been led by demagogues into the financial bog verifies the statement made many years ago by an English writer that there was a larger proportion of fools in America than in any other land. > oo Trench & Co.’s Hopeful Forecast The market report of C. S. Trench & Co., 81 Fulton street, New York, is always interesting, but the one issued September 5 is especially so. Following are some extracts from it: “We see no reason, in spite of the heavy declines in Wall Street since our last report, to change our opinion regard- ing an improvement in business operations during the next few months. Such statistics as are available bear witness to an increase in the business operations of the country. We spoke in our last two reports of an improvement having commenced, and cited the iron, steel and metal trade as bearing witness to this fact, This week a state- ment has been issued by the United States Steel Corpora- tion which must be rather surprising reading to those who, influenced by the decline in securities, may have formed the impression that the business of the country was very poor and going backward. [Extracts are then given from President Farrell’s statement which was printed in The lron Age of August 31.] That prices are slightly lower does not spell dullness and bad business. The iron and steel market is virtually an open market now; there are no pools, and therefore it is quite natural that in some cases prices are lower. With an unmanipulated market it is not unnatural that with increased demand, after a dull spell, the competition for the business should make in some cases lower prices. That the manufacturers of the country should feel more confident over the immediate future is easily explained from the fact that the tariff ques- tion, as far as any actual duty changes, has been put off for easily 18 months, if not two years, The trust ques- tion of course remains, but even on that subject we have a rest for at least three months. In other words, the de- velopments in business have been favorable, even including the reaction in Wall Street. That reaction should have taken place two or three months ago. Perhaps it is just as well that it did not, otherwise it might have caused a mild panic, as business was then very much unsettled over tariff, trusts and crop failures. As it is now, the present decline in Wall Street prices has made no impression whatever in depressing commercial circles. This we think a very interesting feature and well worthy of being noted. “There has, however, been one unfavorable feature in- terjected into the situation, and that is the labor question. It would have been extraordinary if our labor interests were not excited over the remarkable happenings of the past few weeks in England. How serious our labor ques- tion may become remains to be seen, but we are inclined to think the present fears are exaggerated, and that it will be felt more seriously next spring than this autumn. We think the outlook good for business in America over the next three months, but believe the English strike has perhaps ended the late wonderful European trade move- ment abroad of the past two years, and that nothing very encouraging may be expected from now on from that quarter, They have, however, had a good long innings. . . From our standpoint the September improvement is as much to be expected now as we thought a fortnight ago, because the intervening dullness was also expected.” OR Oe The Pittsburgh Gage & Supply Company, Pittsburgh, states that orders during July and August were not good, but that a very satisfactory increase has been noticed this month, especially in the oil filter and oiling system de- partments. It has received another order from the Jones & Laughlin Steel Company for a large White Star oil filter to be installed in its Aliquippa Works. Orders for large duplex and multiplex White Star filters have also been placed by the William Tod Company, Y Ohio; Allis-Chalmers Company, Milwaukee, Wis.; Wis- consin Engine Company, Corliss, Wis.; Pocahontas Coal Company, Ware, W. Va.; Philadelphia Company, Sisters- ville, W. Va.; Standard Plate Glass Company, Butler, Pa, and Trinidad Electric Transmission, Railway & Gas Company, Trinidad, Colorado. 565 4 bE e 4 7 » ae i % > +h Fe es ie a i ee a sot, 9 ass ae Ty a an: i a Cai Be 4 ' ‘a f bf THE IRON AGE September 14, 191; The Iron: and Metal Markets A Comparison of Prices Advances Over the Previous Week in Heavy Type, Declines in Italics. At date, one week, one month and one year pores. Sept. 13, Sept. 6, Aug. 9, Sept. 14, PIG IRON, Per Gross Ton: 1911. 1911. 1911. 1910. Foundry No. 2 standard, Phila- Gelgkia ...caccsavcesavansses $15.00 $15.00 $15.00 $16.00 Foundry No. 2, Valley furnace. 13.50 13.50 13.50 13.75 Foundry No. 2 Southern, Cin- CAMA 600.045 Nat beeh be cess 13.25 13.50 13.50 14.25 Foundry No. 2, Birmingham, Ala. 10.00 10.25 10.25 11.00 Foundry No. 2, at furnace, Cseece™ «ick ccm ctw eben oesas 14.50 14.50 14.50 16.50 Basic, delivered, eastern Pa.... 14.75 14.75 14.50 15 00 Basic, Valley furnace.......... 13.00 13.00 13.00 15.75 Bessemer, Pittsburgh .......... 15.90 15.S0 15.40 15.90 Gray forge, Pittsbargh........ 13.90 13.90 13.90 14.15 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 1.50 1.40 1.60 Furnace coke, future delivery.. 1.60 1.60 1.65 1.75 Foundry coke, prompt shipment. 1.85 1.85 1.85 2.10 Foundry coke, future delivery.. 2.10 2.10 2.10 2.25 BALLETS, &c., Per Gross Ton: Bessemer billets, Pittsburgh.... 21.00 21.00 21.00 24.50 Forging billets. Pittsburgh...... 26060 2600 26.00 29.00 Open hearth billets, Philadelphia 23.40 23.40 23.40 2700 Wire rods, Pittsburgh......... 27.00 27.00 27.00 28.00 OLD MATERIALS, Per Gross Ton: Bear TOUS, CNR sa5 ccc cscces 14.59 14.00 14.00 16.00 Iron rails, Philadelphia........ 17.00 17.00 17.50 18 00 Car wheels, Chicago........-es0- 12.75 13.00 12.75 14.00 Car wheels, Philade!phia....... 12.75 13 09 13.00 13.75 Heavy steel scrap, Pittsburgh.. 12.75 13.09 13.25 14.50 Heavy steel scrap, Chicago..... 1050 10.50 10.75 12.25 Heavy steel scrap, Philadelphia. 13.00 13.25 13.50 13.75 FINISHED TRON AND S'LEEL, Per Pound: Cents. Cents. Cents. Cents Bessemer rails, heavy, at mill.. 1.25 125 1.25 1.25 Refined iron bars, Philadelphia. 1.27% 1.27% 1.2713 1.40 Common iron bars, Pittsburgh... 1.25 1.25 1.25 1.45 Common iron bars, Chicago.... 1.22% 1.20 1.20 1.37% Steel bars, Pittsburgh.......... 1.20 1.20 1.20 1.40 Steel bars, tidewater, New York. 1.36 1.36 1.36 1.56 Tank plates, Pittsburgh........ 1.30 1.30 1.35 1.40 Tank plates, t'dewater, New York 1.46 1.46 1.51 1.56 Penta, “WaOGRG EE oc acceercce 1.35 1.35 1.35 1.40 Beams, tidewater, New. York... 25% 1.51 1.51 1.56 Angles, Pittsburgh........ oc aa 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 1.20 1.20 1.40 Skelp, sheared stzel, Pittsburgh. 1.30 1.30 1.30 1.50 SHEETS, NAILS AND WIRE, Per Pound: Cents. Cents. Cents. Cents. Sheets, black, No. 28. Pittsburgh 1.90 1.95 2.00 2.15 Wire nails, Pittsbureht........ 1.65 1.65 1.70 1.70 Cut nails, Pittsburzhf.......... 1.60 1.60 1.60 1.65 Barb wire, galv., Pittsburgh?... 1.95 2.00 2.00 2.00 METALS, Per Pound: Cents. Cents. Cents. Cents. Lake coppei, New York....... 12.75 12.75 12.75 12.874 Electrolytic copper, New York.. 12.37% 12.50 12.62% 12.62% ee “Tet? “A, ow os dae s sun 8 5.90 5.80 5.80 5.35 Beekter, - New: Vache. .issi0 veces 6.05 6.00 6.00 5.50 ee Se er 4.40 4.42% 4.45 4.30 See, POO MOE as ocd cshaeene 4.50 4.50 4.50 4.40 ZO, OW ROR vain ond Pain cen 39.75 41.25 43.00 34 80 Antimony, Hallett, New York.. 7.75 7.75 I80 7.87% Tin plate, 100-lb. box, New York $3.84 $3.94 $3.94 $3.84 “The average switching charge for delivery to foundries in the Chicago — strict is 50c. per ton. + These prices are for largest lots to jobhers. 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, 1oc.; Cincinnati, 15c.; Indian- apolis, 17c.; Chicago, 18c.; St. Paul, 32c.; St. Louis, 22%4c.; New Orleans, 30c.; Birmingham, Ala., 45c. Pacific coast, 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. Plates.—Tank plates, % in. thick, 6% in. up to 100 in. wide, 1.30c. to 1.35c., base, net cash, 30 days. Fol- lowing are stipulations prescribed by manufacturers, with extras: Rectangular plates, tank steel or conforming to manufacturers’ standard specifications for structural steel dated February 6, 1903, or equivalent, % in. thick and over 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 Ib. pe: foot, are considered %-in. plates. Plates over 72 in. w bs oy be ordered 4% in. thick on edge, or not less than 11 Ib. per square foot, to take base price. Plates over 72 in. wide ordered ess than 11 lb, per square foot down to the weight of 3-16-in take the price of 3-16-in. Allowable overweight, whether plates are ordered to gauge or weight, to be governed by the standard specifications of the Associa. tion of American Steel Manufacturers, Extras. Cents per Ib Gauges under % in. to and including 3-16 in. on thin GUE URIS 6 ois 0 Sac We vbe't His nk 4.44 Bean Pian se 10 Gauges under 3-16 in. to and including No. 8........ . 15 Gauges under No. 8 to and including No. 9........... 25 Gauges under No. 9 to and including No. 10.......... 30 Gauges under No. 10 to and including No. 12......... 40 Sketches (including all straight taper plates) 3 ft. and GVOE th - RORRER, oon i ck Wan > 66551 a OnE Ree ees wo 10 Complete circles, 3 ft. in diamete: and over........... .20 Botler path Bene. Steel « «dass os knsc+ dbs cab bAmbnneds. 10 “A. B. M. A.” and ordinary firebox steel............. 20 aE RON: GOO 505k. 'k Beka oseed 00 bah ee CARER Se se e's 30 PPE ere Ce ee ee en ae 40 LOCO WEOUEE SUBOL, .s o6 onvae cee bebe tbdeews suc 50 Widths over 100 in. up to 110 in., inclusive............ 05 Widths over 100 in. up to 115 in., inclusive........... 10 Widths over 115 in. up to 120 in., inclusive........... .. 15 Widths over 120 in. up to 125 in., inclusive............ .25 Widths over 125 in. up to 130 in., inclusive........... .50 PrP WEE LOO Bilis a ak cd oe he chetk ee eens Cheba ss 1.00 Cutting to lengths or diameters under 3 ft. to 2 ft., in- NNO 50 45 an i045 4b ben eek ereee bet... 25 Cutting to lengths or diameters under 2 ft. to 1 ft., in- CNG iin en ocddn casas soca teat ieversthaacce 50 Cutting to lengths or diameters under 1 ft............. 1.55 No charge for cutting rectangular plates to lengths 3 ft. and over. Structural Material_—I-beams and channels, 3 to 15 in., inclusive, 1.35c. to 1.40c., net. Other shapes and sizes are quoted as follows: LS OUOE ES Waset i656 v pen ehe tended teabun 1.45 to 1.50 OE Be Whe sc cc debe nes atenbedenniaten 1.50 to 1.55 Angles, 3+to 6 in., inclusive, in, and up...... 1.35 to 1.40 Acagree ever @ Gis o's. 0340:02 s00hss Cabeneh ohne 1.45 to 1.50 Angles, 3 in. on one or both legs, less than 4% in. thick, plus -full extras as per steel bar onrd Gept. 1.1909... sss aeteheshe samen 1.40 to 1.45 Tees, 3 in, OG Wiis conc caiub cdeena oh eeee eae 1.40 to 1.45 C008, (3:38. QOD. 065 ce sekbsd ee dead camen phat 1.35 to 1.40 Avgles, channels and tees, under 3 in., plus full extras as per steel bar card Sept. 1, 1909. 1.40 to 1.45 Deck beams and bulb angles........ccccedceee 1.65 to 1.70 FIONA TO. ClO. oo se sss caver susteoesnccseccnns 2.45 Checkered and corrugated plates.............. 2.45 Sheets.—Makers’ prices for mill shipments on sheets of U. S. standard gauge, in carload and larger lots, on which jobbers charge the usual discounts for small lots from store, are as follows: Blue Annealed Sheets. Cents per Ib. as. Dt Beaks. ¥o5 Nas so a30 lh detrows cea 1.35 to 1.40 PER, 2 EUs cn dco kena hae CREE OL CRE 1.49 to 1.50 ee. SAGO BO. Jed sated: 6c ctltkan baud eee 1.50 to 1.55 TEGe,, BO OE Sess Sore aie sé nabs cru ca 14 1.55 to 1.60 PGR 2S UE BO e's onan bud cha Ren bbs pete 1.65 to 1.70 Box Annealed Sheets, Cold Rolled. One Pass. Three Pass. Nii 00°48 BRS se dee 200 0 BIE ict eSese Bee, Ce Ae, oy «View «eu 1.65t0 1.70 ... sessweress GG, 85. ONG BG... kites esses 1.70 to 1.75 1.80 to 1.85 INGE. OP WO bina cecsch eckete 1.75 to 1.86 1.85 to 1.90 Noe. ABa, £8 OME Bbie's ocn scene 1.80 to 1.85 1.90 to 1.95 OK: Ee QU andes axicase 1.85 to 1.90 1.95 to 2.00 A, Meas Sen ab awadadaceee tek 1.90 to 1.95 2.00 to 2.05 BO GRE Sonik Glteae: ack wen ak ae 1.95 to 2.00 2.05 to 2.10 i ko va CokaWeRRE Gade ae 2.00 to 2.05 2.10 to 2.15 WE Me whee er hec rate deed sik 2.10 to 2.15 2.20 to 2.25 Galvanized Sheets, of Black Sheet Gauge. Noa: $0 med" 81. 6. ccitcovedacdivbiencgruaaeeen 1.95 to 2.00 Noss 42: 19 ad 16s inc ods vob caesdksde sng 2.05 to 2.10 Nos, 25, 20: Be BF acbciiss di pwedseressuckeh ee 2.20 to 2.25 ee EE OD Bk a wad owas iis oble «sc Coe dee 2.35 to 2.40 RE Bee” Ree ee ern rere eee 2.45 to 2.50 PED, ae OE Oi 6.0 KGa Shc 04 Kd Cee 2.65 to 2.70 BOM: * Bi icc 0245 i Wass uve was eda teieeeee 2.80 to 2.85 BAO, WD ooo :4.n 5 ONG ne ccals'e te Pde ae ee eee 2.95 to 3.00 BOG Dien wwe wide plevucs nd bs othe we eek ae 3.05 to 3.10 TOO. DOs wb ss eanb kp ase pda Sb 0 pac l cake we eeenee 3.25 to 3.30 All above rates on sheets are f.o.b. Pittsburgh, terms 30 days net, or 2 per cent. cash discount in 10 days from date of invoice, as also are the following base prices per square for painted and galvanized roof- ing sheets, with 2%4-in. corrugations: Gauge Painted. Galvanized. | Gauge Painted. Galvanized. Oe vias’, haha $2 40 SS. 2.40 $3.50 ee $1.40 2.25 SR ieam 2.60 3.70 OF sea 1.55 2.60 Et, swine 2.30 4.05 SB. Saati 1.65 2.65 96.6 neg 3.05 4.35 252535 53 1.85 3.05 SB i, ak 4.05 5.70 Wovceccs 2.10 3.15 Wu ciesi 4.90 6.50 Wire Rods and Wire.——Bessemer, open hearth and chain rods, $27. Fence wire, Nos. 0 to 9 per 100 !b., terms 60 days, or 2 per cent. discount in 10 days, cat- load lots, to jobbers, annealed, $1.50; galvanized, $1.80. Carload lots, to retailers, annealed, $1.55; galvanized, $1.80. Galvanized barb wire to jobbers, $1.95; painted, $1.65. Wire nails, to jobbers, $1.65. September 14, IQII THE IRON AGE 507 THE IRON AND METAL MARKETS (he following table gives the price to retail mer- ts on wire in less than carloads, including the ex- on Nos. 10 to 16, which are added to the base " Fence Wire, Per 100 Ib. “ 0to9 10 11 12&12% 13 14 15 16 led ...$1.65 $1.70 $1.75 $1.80 $1.90 $2.00 . $2.10 $2.20 imzed .. 1.95 2.00 2.05 2.10 2.20 2.30 2.70 2.80 et and Stone Wire in Bundles, Discount from Standing List. Bright and Annealed: 9 and CORRMET. «so ance cekce casWbs ube sabes these eeeeaul 80 ) to 1B cccwes reece tee ct ene Cees Ost eaeeeebe 80 and 10 19 to BBc'c c dulinc'eb iene cee ees beaks 80 and 10 and 2% 7 to BGow s+ ca dities oe ods 0a Cena seed 03 00d nee ohn 80 and 5 vanized: 9 and Gobreet. ic seid Sik PRG hah eeeees 75 and 10 0 to 166 ced cwick tblge se Has cawe hare be vee Oeeun 75 and 10 17 to GOi cv cad é hee Chk teres teens wea eee 72% and 10 7 10 BGroc vicar avotsieas s Kes ca ace 005 Rs Vee 72% ppered or Liquor Finished: 9 and COMSOR. Hi iw ode ei Ss eee 75 and 10 10 tO BOccc Cada cedad deh wts ¢n4b) cheens 6068 one 75 and 10 to Mieke ue ede ews tee Rees la teelaaee 70 and 10 and 5 nned: 6 to 106 ie Sie ee eee 75 and 10 and 10 Wrought Pipe.—The following are the jobbers’ car- oad discounts on the Pittsburgh basing card on wrought pipe, in effect from October I, 1910: Butt Weld. r-—Steel—, ——Iron—, Black. Galv. Black. Galv. l to 136° Mhivecechs setae an he 49 43 Y% ith. cicncesa eee aaen sue 75 63 71 -59 4 toe LS Us ssc ch ieaweheean 79 69 75 65 P to 8 Wis. c50. cde ee 80 70 76 66 Lap Weld itt. ..s scatalnes ba ban es Se 76 66 72 62 2% to © Mi aVe.nctso ee bee 78 67 74 64 4 to 6 Mhv tos cacvives tei 77 67 73 63 7 to 12: Waxwevascannaecd aan 75 59 71 55 13 to 85: GQheae's Svea peas oleae 51% ee ee es Butt Weld, extra strong, plain ends, card weight. , Ge HR Mbvvichow seve seens 69 59 65 55 1S « 0:4 denis Aneel ne ane a 74 68 70 64 % to ES ‘Mii tease tae 78 72 74 68 2 to 3-tOis2 5c A ed ake 79 73 75 69 Lap Weld, extra strong, plain ends, card weight. 2 iRccandtitéeinenwartsciuee 5 71 65 2%. to. 4 Mier ieevewceiuwer 77 71 73 67 46 to: 6 tthi.c eecavide Ghai ase 76 70 72 66 7 to Si Pee ectcadwekes 69 59 65 55 9 to £2 Oks takes tac chee 64 54 60 50 Butt Weld, double extra strong, plain ends, card weight. imi as cs ees hie eee 64 58 60 54 4 to, 196 Was asin heees ce 67 61 63 57 2 to 3 tis Nanceneees he esan 69 63 65 59 Lap Weld, double extra strong, plain ends, card weight. , Mv cwvem Ace een eee 65 59 61 55 IY ted 4 ABs kn tower hes es ea 67 61 63 57 4% to 6 ims ek is hveieiates 66 60 62 56 7 10 8 iGsk o1ea cbc baweemas 59 49 62 56 Plugged and Reamed. will be sold at two (2) points lower basing (higher price) than merchants’ or card weight pipe. Butt -or lap weld, as specified. [he above discounts are for “card weight,” subject to the usual iation of 5 per cent. Prices for less than carloads are three (3) nts lower basing (higher price) than the above discounts. Boiler Tubes.—Discounts on lap welded steel boiler tubes to jobbers in carloads are as follows: to 1%, 2 to 3 in. Butt Weld 2: 1 Y%, WR Sees Lap Weld 1 2, Steel te B56 Wii vc cia widecassexe baw een outs Os 6s me ee 65 MB ciao cdoved cueeededdadatvedens tuo ewanan vanes 67% R to BG Wiis ss eas Toole eke ws 9s RON > CRebewe 70 3a 00 $5G: Sidings basic ge cedic debeeuy's ugh 6d eneepe ke 72% 9 tO © Maw sipa dee chibiwctu hu rNeark¥e Vases charset 7 to TF dete ss tee Peed see aeeas awe heres 62% Less than carloads to destination east of the Mississ®pi River be sold at delivered discounts for carload lowered by two points r lengths 22 ft. and under; longer lengths f.o.b. Pittsburgh. sual tras to jobbers and boiler manufacturers. Pittsburgh PitrspurGH, Pa., September 13, 1911. Actual business taken by the mills so far this month s been somewhat of a disappointment and if the present light rate of new orders continues through the st of the ménth it will not show up as well as August. he fact is pretty generally recognized that the iron trade at present is going through a crucial period and ‘he outcome depends much on the action taken by inufacturers to meet conditions as they develop. On actically everything but rails the market is as wide en as it was in February two years ago, but there has 't been the scramble on the part of the mills to get ‘ders at the sacrifice of prices that was seen in Feb- ruary, 1909. One reason for this is that prices to-day all iron and steel commodities are low. The whole ‘rade is moving along cautiously, placing orders for nly such material as it needs, and prices, while holdin ‘airly well, are somewhat weak. ig iron is very dull 1d so is steel. Reports are that sheet bars have been offered at about $2 a ton below what is considered the regular price, and by a mill. There have been no marked changes in prices of finished iron and steel, but there is continued weakness in sheets, tin plates, wire prod- ucts and pipe. The coke market is fairly strong, but prices on iron and steel scrap are weak and lower. General conditions are far from being satisfactory, but at the same time there is a moderate amount of new busi