The Iron Age 1911-09-21: Vol 88 Iss 12

THI E TRON AGE es New York, September : 21, 1911 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. Subscription Price, United States and Manton $5 00 per Annum ; to Canada, $7.50 per Annum; to Other Foreign Samtsion, § Annum. Unless receipt is requested, none will be sent. Credit for ea 30 Pe, 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, - - - oe Vice-President and Secretary A. |. Findley, eo: ca uel ow Geo. W. Cope, ¢ e ° « Editors W. W. Macon, ° e $ os M. S Robbins, - - - ~ Manager Charles S; Baur, = = - - Assistant Manager Branch Offices Philadelphia, Real Estate Trust Building Chicago, Fisher Building Pittsburgh, Park Bulding Cleveland, American Trust Building Boston, Compton Building Cincinnati, 807 Andrews Building CONTENTS. WO FINS 5: 6 there A ous Gert deen eokeshbiadeneiese 607 Is Government Interference with Business Culminating?...... 608 Se Oe ee ee Os 0. kn. 5 0:50-006 6c dnice cicaeeanabass 608 Tae Ce Ey FN oo ik 6c cciceavcvcsecececeseurs 609 SHTORUATGING WOO TOMES UIIE BGs csv eweccccccocsccessccctcs 609 Economic Changes and Better Business...............eeeeee08 610 Rate Discrimination Alleged on Eastern Iron Ores............ 611 The Philadelphia Foundry Foremen’s Outing................ 611 The Thomas Iron Company’s Meeting.............ceescceeees 611 Wee GO ee, MINOR i 5 8 Pawo ok 6 dre acpecnvscOesecea 612 Banquet of American Ingot Iron Salesmen................... 623 American Engineers for the New Steel Works In India........ 623 Connellsville Coke Producers Demand Lower Freight Rates.... 623 Fe ne I a i 0 oko hin 00 h06'05 54 edebaeecc cdgeds an 624 More Factories Wanted in Pittsburgh.............ccccccccecs 624 ge ht Eee re err eT eT eR Eee eC eee eee 625 The Pittsburgh Foundrymen’s Association...............e..005 625 CRED. nat ila OS OR ae 6 ow eK ea We RN RE \enedd Cab sess 625 Pittsburgh and Vicinity Business Notes............e.eeeeee: 626 President Farrell on the Steel Corporation’s Plans for Duluth.. 626 Aemorietn Siperteaty Ph TUTORS. ac cccivcvcdccvecesveudcdese 627 ee Cee I Is oo dino w cask cccccuccvececéaanns 627 New Portable Welding Machine..............+.. Kos be C Ene aan 628 EOE SE RIOD cc ise pact poscecususcavessgectece 629 The Youngstown Sheet & Tube Company.................008: 630 Hanna Electric Riddle Cocillator oc scicccccccscicsavcscvesves 638 FO ee ed v6 Fins Si tics cdd phy conse ab bcaudeecd ene 638 The American Institute of Mining Engineers................. 639 The Lagonda Automatic Cut-Off Valve.............cccecceees 640 The Tera O8 MetaToreind” WOIS. sos 6 ae o'ncrcvcceedecesse 641 Molybdenum Steel from the Electric Furmace.............ss+ 641 Root & Van Dervoort Factory Expansion...........ceseeeeees 641 The; Cost wi Gowtiern. Pie Trees. oi 6d ic deckiccatcacccssivade 642 CI NI wh e656. 3 x6-w ose as o0lb-as cee once eeaeae eee 642 TOS Ee Se PPR a oF daa bb o.cn ob bos on acealuskekeess 643 A Slocomb Tool Store in New York. .........cccccceccccvcs 643 The Brown-Ketcham Iron Works Failure.............eeseee0- 643 Cupola: and: Aly Purmnce Cobban oie save ieisnk oc chccsts cvawiees 644 Tpoaea <n re UDR os cos wedn cde Vases <dlacdaccunad aon 644 MGReeRereeees TIONS o's SDs wv kd od ais ee uae eee he saes 645 Improved Westinghouse Transformer..............eeeeeeeeees 645 Allgn-Detsiiay Bieter Baereteh soa sf vkivk vce cin cccbnctes cawlses 646 Important Westinghouse Electric Contracts.............eeeeeee 646 Judicial Decisions of Interest to Manufacturers............... 647 New: Tie: Be NN pig ois oie cenis be sides akvan 648 Trade Publications..............+- ped Ri eae needs eb oolh 649 Te SECON NNN 6 05.555 5 Sa bs ode Son's Cheba ¥h0d ssa pecs 650 VoL. 88: No412 Wage Readjustments A Factor in the ‘the Steel Situation An Effort to Raise Wire Prices—Frequent Cutting on Other Products Taking the steel industry as a whole, the past week has brought little change in volume of orders or in prices. Rumors of further cuts on this or that product have been sifted down to what the trade has known well for weeks—that there is actually an open market in iron and steel. The reports that some large pro- ducers had given a free hand to salesmen in their re- spective districts scarcely needed denying; yet in some lines their effect was evidently unsettling. The possibility of lower wages at steel works and rolling mills is being very seriously discussed. In 1909 10 per cent. reductions were made by the independent producers a few weeks after the price cuts of Febru- ary; but the market broadened so rapidly under the lower prices for finished material that prices rebounded and the old wages were soon restored. Conditions at- tending the present open market do not point to a repe- tition of the course of prices in 1909, and in the opin- ion of some manufacturers it is inevitable that labor will share in the hardships the trade is undergoing. Denial has been made, however, of a report that a large Western mill has already made a beginning by putting in force a reduction in tonnage rates. It is still the case that the reports as to volume of business which emanate from the Steel Corporation are more favorable than those coming from indepen- dent steel companies. The average of capacity em- ployed by the various steel companies on domestic busi- ness continues to be about 65 per cent. The wire trade appears to stand alone in an effort to establish higher prices, after the recent lapse to $1.65 for wire nails and $1.45 for plain wire, and a number of manufacturers are now asking $1.70 for wire nails and $1.50 for wire. In the Central West, while the 1.20c. Pittsburgh basis for steel bars is commonly maintained, some good transactions have been put through at 1.15¢., while farther west the use of a Chicago basing price is more general, resulting in sales that with an 18-cent freight deducted would represent 1.10c. Pittsburgh. A 10 per cent. wage reduction at two mills in the Philadelphia district emphasizes the effect of recent declines in sheets. At 1.90c for No. 28 the market: is now at the low level reached in the distressful year, 1898, while independent producers are paying $5 a ton more for sheet bars than in 1898. No indication is yet given that a new and lower card on merchant pipe will be issued October 1, when the present guarantee on prices expires. Naturally business is restricted meantime. The B. & O. has given an order for 7000 tons of rails and the Buckhannon & Northern one of 4500 tons to be rolled at Pittsburgh. At Chicago the Davenport = ee a oes 608 THE IRON AGE & Muscatine Railroad has bought 3000 tons and the Birmingham, Bessemer & Ensley has placed 3200 tons with the Ensley mill. A 1500-ton order for the Stewart Sugar Company of Cuba. will be rolled at Sparrows Point. The Grand Trunk contract for 10,000 tons is still pending, as are 10,000 tons for Peru and 30,000 tons for Argentina. Pittsburgh reports some shading of the 1.35¢ price on plain structural material, 1.30c having been named on a large order for beams and chamzuels up to 15 in. The contract has been let for the Kesner building, Chi- cago, 3400 tons, and bids have been taken there this week on 6000 tons for the C. B. & Q. office building. The American Bridge Company will fabricate 7500 tons for the new open hearth plant and finishing mills of the Youngstown Sheet & Tube Company. The foundry pig iron market drifts on, without any promise of greater activity. In the East there are signs that more iron will have to be bought for this year than was counted on, while in the West a good many consumers are expecting to carry over in their yards into next year iron bought for 1911. In southern Ohio an inquiry has come up for 20,000 tons of basic. At Pittsburgh a sale of 1000 tons has been made at $12.60 at furnace, representing a decline of 40 cents. Ferromanganese and ferrosilicon have advanced sharply. In the Central West a sale of 6000 tons of ferromanganese was made at $37 for first quarter and $38 for second quarter. Some producers have ad- vanced their price to $38.50 for next year. On an in- quiry for 200 tons of 50 per cent. ferrosilicon for the first half of next year as high as $60 Pittsburgh was named, as against a recent market of $58. A slump in tin at London has brought the New York price down to 38.87%c, as against 39.75c¢ last week. Lead is lower in the West and copper is weak at 123<c for electrolytic. ; ——_—__»-@ Is Government Interference with Business Cul minating ? This country has had practically eight years of tur- moil and harassing interference with business. Bar- ring loss of lives and actual destruction of material, the expense to the country could hardly have been greater if it had been engaged in actual warfare with some other power. Business enterprises have been interfered with, young men with well-considered schemes for business advancement have been ham- pered in carrying such projects into successful opera- tion, the natural growth of the business of the country has been seriously impeded, and capitalists have prac- tically been ordered not to make further investments in manufacturing and transportation projects. So much interference with business matters has been ex- perienced that the whole country has become weary of the constant agitation. It is impossible to conceive that a condition of this kind should continue indefinitely. All physical or men- tal developments or phenomena have their period of growth, culmination and decline. The country has seen a continuous increase in the activity of govern- ment agencies in interfering with business matters, and the past year has had crowded into it more devel- opments of this character than any previous twelve months. We have had final stages in the prosecution of great corporations and we have had investigations of several corporations proceeding simultaneously. In addition to all the ordinary investigations by the Execu- September 21, 1911 tive branch of the Federal Government, we have had this year a siege of Congressional investigation. And now President Taft has declared in a public address at Detroit that he proposes to continue to enforce the Sherman anti-trust act against “all the industrial com- panies with respect to which there is any reasonable ground for suspicion that they have been organized for a purpose, and are conducting business on a plan which is in violation of the anti-trust law.” It would seem as if this condition of affairs must mean the culmination of the long period of business turmoil. We may be unduly hopeful, but we are strongly inclined to the opinion that a decline in this class of agitation will be perceptible in the near future. Of course some of the political agitators, whose activity in this direction has brought them prominence, may continue until the end of their political careers to play the same tune, but we believe it will be increasingly difficult for them to attract a following. a OS To-day’s and Other Price Levels In a recent comment in these columns on the course of prices for rolled iron and steel it was stated that “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.’”’ It need scarce- ly be said, however, that in several lines producers hav- ing to buy semi-finished product in the market find difficulty in getting a profit out of present prices for their final product. Intimation of the hardship in which one industry is already involved was given in our last issue in the statement that “the spread between the prices of sheet bars and sheets is probably less than has ever been known.” Late in 1898, when the lowest prices ever known in this country were reached on nearly all iron and steel products, No. 28 sheets sold at 1.90 cents at Pittsburgh. The American Metal Market in referring to that low price (adding that on a few sales 1.85c. was touched) shows that it was done with sheet bars at $16 as against $21 and $22 to- day. Even with labor cost—surprising as it may seem —$2 less per ton of sheets now than in 1898, it is hard to see how independent sheet mills are living with $4 to $5 a ton handicap today as compared with the con- ditions under which this lowest sheet price in the his- tory of the industry was last made in the United States. Passing to bars, there need be no discussion of the small chance any mill has today on a cost of $20 to $21 at Pittsburgh for billets and a market for bars in which sales have been made as low as 1.28c. in the Chicago district, which would be equivalent to 1.10c. for a Pittsburgh mill. Nor is there any living profit for a wire mill buying its own rods at $26 at Pittsburgh and selling plain wire at 1.45 cents per pound. Indeed, even for the big companies recent wire prices have left nothing to boast of in their scale of profits. In the wrought pipe and tube trade, moreover, where the com- petition is largely among companies having their own blast furnaces and steel works, while some have ore and coke also, profits have been far from satisfactory, while prices have gone close to the lowest on record. It will be of interest to compare, as is done in the following table, today’s prices of the principal iron and steel products with the high level reached in 1907, the low point in the open market of 1909, and the midway prices at the opening of I910 and IgII under coopera- tion among steel manufacturers. Pittsburgh prices September 21, 1911 are given, except in the case of Southern foundry iron, for which the Cincinnati price is quoted: Fluctuations of Iron and Steel Prices in 1907, 1909, 1910 and 1911. {Pig iron, billets and rails in dollars per ic a tons; other products in cents per pound.] High, Low, Jan. 1, Jan. 1, Sept. 20, 1907 1909. 1910. 1911. 1911. Bessemer pig iron........... $24.35 $15.65 $19.90 $15.90 $15.90 Basic pig Tren Deed daie cet eae 23.90 14.90 17.90 14.15 13.50 So. No. 2 foundry iron, Cinti. 26.00 14.25 17.25 14.25 13.25 Bessemer billets............. 30.00 22.00 27.50 23.00 21.00 eee 28.00 28.00 28.00 28.00 28.00 Cents. Cents. Cents. Cents. Cents. MRS sae ainbie's'c0 a6 ad Oates as 1.70 1.10 1.55 1.40 1.30 Structural shapes..........+. 1.70 1.10 1.55 1.40 1.35 OE, DOS 6.6 s'ea ds h6 wed wnne 1.60 1.05 1.50 1.40 1.20 Ms Wie cig canon sues 2.55 2.10 2.40 2.20 1.90 i ye Ae ee 3.85 3.40 3.60 3.60 3.60 ee eee. rere 1.90 1.40 1.65 1.50 1.45 It will be seen that the heavier finished materials are $7 to $8 a ton less today than at the crest of the wave in 1907, while wire is $9 and sheets are $13 a ton lower. Billets and all pig irons on which there is a free market (Bessemer pig iron being scarcely a mar- ket factor today) are lower now than in 1909. While rails show a good profit and plates, shapes, bars, wire and tin plates have not yet fallen to the low levels of 1909, when independent steel manufacturers found it necessary to reduce wages, it is evident that further shrinkage in a number of lines would be a serious menace to the maintenance of steel works and rolling wages. ——_9--———— The Coming Machinery Meeting The joint meeting of the National Machine Too! Suilders’ Association and the National Supply & Machinery Dealers’ Association to be held in New York October 10 to 12 should prove an interesting occasion, as it will be the first time for these organiza- tions to meet concurrently. The decision to do so re- flects credit on the officers of the two associations, as such a meeting should smooth over numerous rough places in the machinery business world. The matter of adopting a uniform contract between manufacturers and dealers is scheduled to come up at the meeting, and if this question alone is amicably settled it will have been worth while. The past year has been a trying one for machinery makers and sellers, and the question of selling terms has been quite troublesome. At the last meeting of the Machine Tool Builders’ Association a uniform con- tract was ratified, but in many cases the terms agreed upon have not been fully carried out. On the dealers’ part, the matter of maintaining the manufacturers’ prices has apparently been misunderstood, as in many cases dealers have cut their commissions on some makes of machines in order to induce trade in other directions. The result has been that manufacturers’ representatives elsewhere have obtained the impres- sion that the dealers making such reductions have been given special terms by the manufacturers. Again, other dealers have not rigidly kept their operations within the territory allotted to them. The dealers, too, have their complaints, one of which relates to the practice of some manufacturers in underselling the dealer in the latter’s territory by offering the buyer terms more advantageous than those awarded to the dealer in a selling contract. The making of uniform prices for machine tools is out of the question, regardless of the legality of such a course, but a proper price understanding between the manufacturer and seller can be arranged and adhered to, as can the other selling problems that arise. The proposition to have the association adopt punitive THE IRON 609 measures toward a member who violates a contract would seem to be a correct solution of the matter. Another matter to be taken up will be the requests of professional appraisers for information concerning prices of equipment in the works of their clients. Trouble and expense to manufacturers and dealers are involved in the furnishing of these details. The proposition is to establish a standard fee as com- pensation. In the routine of its work the appraisal company has its men go through a plant, placing valuations on everything in much detail. Equipment is often an unknown quantity to the experts, and it has come to be their custom to send lists of tools to the machinery people, with requests for the price at which each item was sold. The task imposed may be a for- midable one. With new tools it is not difficult, but usually the inquiries pertain to older machinery, which necessitates the unearthing of records extending back over years. While the inclination is to decline to undertake the labor, a duty to a customer, the client of the appriisal company, usually prevails. If the two associations would agree to establish a fee in payment for such information, the problem would be simplified. Buyers of machinery would understand the reason for a refusal. The purpose is not to make the charge an extortionate one. One sug- gestion is a dollar an item, which, it is said, would not cover the actual cost. The fee would be a deterrent with the appraisers. They would be more likely to de- pend upon their own judgment and upon records which might be maintained in their offices. Doubtless, also, they would use the books of their customers more freely in getting at the facts. Whatever may result from the joint meeting, the decision of the two organizations to meet together and discuss the issues between them cannot but result in a better understanding on both sides. AGE — ~—--e—__—_ Safeguarding the Bankruptcy Act Periodically a bill is introduced in Congress pro- viding for the repeal of the national bankruptcy act. Such a measure is now pending, and called forth a protest by the American Bar Association at its recent annual meeting. Probably the law is in little danger— its workings have been eminently satisfactory from the beginning and various amendments have added to its efficiency. Nevertheless, it is well to call attention from time to time to the benefits which have come to business since laws governing failures were organized into a federal statute. The experience of many of the younger generation engaged in manufacturing industries does not go back to the chaotic conditions which prevailed when each State was a law unto itself in the handling of the af- fairs of bankrupts. In those days insolvency proceed- ings—treceiverships, trusteeships, assignments—were often binding only in the individual commonwealth. The findings of a New York court, for example, as to an insolvent estate was final only in regard to prop- erty within that State. Similar proceedings might be necessary in other States, before a tangle was un- snarled. A complete relief from the obligations of a debtor could sometimes be prevented by unscrupulous practice. A creditor might have the power to squeeze more than his share from an estate. The result was a marked influence on the extending of credits, even to the point of giving preference to residents of some States as compared with those of others. The federal 610 bankruptcy act has put all creditors on an equal basis. It is a machine which automatically and equitably ad- justs the affairs of an honest bankrupt. His obligations are wiped out once and for all, so that he is given a chance to start afresh as a factor in the commercial or industrial community. aR Om Economic Changes and Better Business Increased Power and Auxiliary Requirements in Various Industries Early reports on the prospects for fall business made to a number of large machinery builders in the Middle West from their sales offices and agencies in all parts of the United States as well as Canada and Mexico have been of an encouraging nature. The most marked feature of the situation is the provision being made throughout the country for increased power. Manufacturers of steam engines and condensers, gas engines, steam turbines and water turbines are all busy figuring on future require- ments, with a fair percentage of active negotiations; and those supplying boilers, stokers, heaters, feed pumps, gas producers, governors, electric generators, etc., appear to be benefiting in proportion. This activity is contrary to anticipations. It was the general belief in midsummer that most lines of industry were “over-powered,” as com- pared with the rate of production that has been called for; it was thought that, even where improvements or greater capacity seemed to be required, mill, factory or mine own- ers would patch up existing plants rather than buy much new equipment. The lesson of the lean years has obvi- ously been, however, that it is true economy to keep in advance of power requirements, rather than to lag behind them, and that it costs less to maintain power plants in a high state of efficiency than to save by curtailing invest- ment. Simultaneously there has arisen the need for the more complete electrification of various industries where this can be brought about to advantage. In spite of all that has been accomplished in substituting motor drive for shafting and belting it would seem as though this progress does little more than keep pace with the total increase of general productive capacity, leaving the field for future work in this line practically as extensive as in the begin- ning. Opportunities for the introduction of electric con- trol and the automatic Tegulation of operating machinery are also greater than ever before. Handling Equipment As in the case of power equipment, the conviction is becoming deeply rooted that money expended in better facilities for handling material, whether by piece or in bulk, will earn dividends rather than dissipate them; also, that it is more profitable to get rid of worthless com- ponents of raw material at its place of origin, as far as possible, than to pay freight and handling costs on the intermingled refuse. ing and washing plants and separators for material of many different kinds are sharing in the attention given to elevators, conveyors, cranes, magnets, steam shovels, suc- tion dredges, etc. Even gravel washing has become an important industry, and numerous additional plants for this purpose—nearly all motor driven—will be erected within the year. In connection with the above has come the recogni- tion, so long delayed, that water and other fluids used in large quantities for industrial purposes represent merely so much bulk material to be handled. Hence, instead of contenting themselves with a “hodge-podge” of pumping units unrelated to one another and of unknown efficiency, users are installing well planned water-handling systems. This frequently results in one central pumping plant of high economy, serving many different purposes, where not long ago the operating costs, depreciation, etc., from scattered units ran into absolutely unwarranted figures. The possibilities of this gain in economy, taking all of its varied applications, are only just beginning to be real- ized, but many more managers are figuring on them than even a year ago. THE IRON AGE Hence coal and ore crushing, screen- . September 21, 1911 Air and Refrigerator Appliances Air under pressure, whether at 2 lb. or 150 Ib., has also come to be regarded not as an elusive, intangible quantity, but as a commercial commodity, the handling of which requires judgment. This is a subject to which a great deal of attention is being devoted at the present time, attention that has lately been reflected in the purchase or planning of equipment. Similarly, apparatus that is pneu- matically operated finds increasing application, and is bought more than formerly on the basis of demonstrated efficiency. The same may be said of apparatus producing or utilizing hydraulic pressure. Refrigeration, although confined until recently to the preservation of animal and vegetable matter, has suddenly become an advanced science, and the beneficial effects of using air freed from moisture by this means are being studied out in their bearing upon numerous industrial processes, of which drying the blast for the iron smelting furnace was one of the earliest to be tried. Plants for ice- making have, however, been extensively built this year, especially for operation as a day load for electric lighting stations; and numerous orders for the coming season are already being placed. This line is, in fact, one of the most active in the entire list, and it helps to relieve the condition in others. The use of electric heat in the industries, including metal working, is also looming up as one of the most im- portant facts now before the manufacturers of this coun- try. Its applications to steel refining furnaces, to welding, cutting, softening armor plate, etc., which constitute some of the best known of present processes, are only a few of many for which equipment will be developed on a large scale within the next year or two. The advantages of a localized, closely regulated heat and the lowering in cost which improved methods have brought about will force growing recognition of this subject. In the various auxiliary lines mentioned above pros- pects are brighter at the present time than for the pur- chase of operating machinery peculiar to each branch of the industry, as in ore reduction plants, iron and steel mills, cement-making plants, textile mills or factories for the production of numerous daily necessities. The field of each of these has its limits, while power, pumping and conveying apparatus finds its application everywhere; but the demand for these auxiliaries is very evenly distributed through the country; and this always means that within a short time there will be improvement in the related lines, the machinery for which is usually standard and can be secured and installed in considerably less time, as required. Metal Working Tools While the manufacturers above referred to build ma- chinery for almost every conceivable line of industry none of them produces machine tools, and. their reports con- cerning the probable requirements of metalworking plants did not include these tools. So far as their own require- ments are concerned, it does not seem probable that these will be very heavy during the fall. Independent inquiries among representatives of machine tool agencies develop a hopeful attitude on their part, but in some instances the optimism seems rather forced, being based upon the feel- ing that after the summer dullness business “must pick up.” Several of those interviewed had, however, a good run of inquiries in hand and were following them up sharply. Actual orders have had their origin of late in widely separated parts of the country, with buying mainly of a miscellaneous character, some being from quite un- expected sources. Repair plants auxiliary to large in- dustrial enterprises are taking an occasional lot of tools. Foreign trade has been cultivated to a greater extent this year than in other recent seasons, and the results are showing up well. There is a disposition now among lead- ing houses to make this a regular feature of their business, catering to it when times are good as well as when they are dull; but how long that feeling will last remains to be seen. Taken altogether, the situation is favorable to gradually bettering conditions during the next few months. There is no lack of money for the purchase of new machinery as needed, and all that most prospective users require is to be convinced that the time has come to prepare for an increase in their own business. This now seems in a fair way to be brought about. C. A; ©. Pi nase Se a Ta SRR TaN Spe MS September 21, I911 Rate Discrimination Alleged on Eastern Iron Ores B. Nicoll & Co., 165 Broadway, New York, have filed a petition with the Interstate Commerce Commission at Washington, complaining of the rates on iron ore made by the Delaware, Lackawanna & Western, the Lehigh Val- ley, Philadelphia & Reading, Central Railroad of New Jer- sey, New York Central, Erie and other lines. The iron ore from Buffalo to Lehigh Valley and other Eastern points is $1.45 per gross ton. The petitioner admits that this rate is reasonable but avers that the rates fixed by the various railroads named, on iron ore shipments from mines whose output B. Nicoll & Co. sell, to consuming points in New Jersey and Eastern Pennsylvania are unjust and discriminating in that they represent a much higher charge per ton per mile. Comparison is made in the petition between the rate on Lake Superior ores from Buffalo and the rate on New Jersey and New York ores to Eastern points to which lake ores are shipped. Comparison is made also between the rate from Fort Montgomery, N. Y., near which is located the iron mine of the Hudson Iron Company, whose produtt is sold by B. Nicoll & Co., and the rate on Port Henry ore to New Jersey and East- ern Pennsylvania points, which is $1.85. It is shown that while the rates on Lake Superior and Port Henry ores to Eastern furnace districts average about 1-3 cent per ton per mile the rates from Ringwood, N. J., and from Fort Montgomery to the same furnace districts average about I cent per ton per mile. B. Nicoll & Co. ask for a refund of $38,000, which they claim is excess freight paid in the past three years, and for the establishment of reasonable and non-discriminating rates on the ofes from the Eastern mines they represent. An issue of excessive freight rates is also made in the case of the Wharton Steel Company, Wharton, N. J., against the Central Railroad of New Jersey and the Penn- sylvania Lines, which has been pending for some time and on which a decision will soon be handed down. The Wharton Steel Company’s allegation is that on June 24, 1909, a joint through rate of $1.05 per gross ton was fixed on pig iron from Wharton, N. J., to Harrisburg, Pa., and that a tariff filed on August 15, 1910, made the rate $1.15 per ton. The company asks that the $1.05 rate be restored and maintained. er OG The Philadelphia Foundry Foremen’s Outing The Associated Foundry Foremen of Philadelphia and Vicinity held their first annual outing September 16, at Central Park, Philadelphia. About 500 persons identified with the foundry trade attended. An elaborate pro- gramme of outdoor sports was carried out during the afternoon, for which numerous prizes were presented to the winners. At an appropriate opportunity Clarence R. Brown, president of the association, introduced Thomas Devlin, president of the Philadelphia Foundrymen’s Association, who said, in part, that he believed he had been selected to address the assembled foundry foremen because he was one of the oldest local foundrymen, having been in the business for 57 years. Up to a few years ago, he said, the foundry trade was not beset by the many difficul- ties now being encountered. Tariff agitation, financial policies, etc., had some influence from time to time, but the multitude of hindrances which the trade has met was not so pronounced. The interference with business to- day, he believed, was largely due to the disturbing influ- ences of investigating commissions, composed to a great degree of men lacking practical knowledge in the work in which they are engaged. F Dancing followed in the evening. Music was rendered during the afternoon and evening by the Municipal Band. The general committee in charge of arrangements com- prised Clarence R. Brown, John Alexander, C. J. Krayer, Charles Muir, James Whitehead, George Moore, C. Gor- man, H. Bing, H. Freiler and J. Schram. The Athletic Committee was composed of John Alexander, J. Fasey, T. J. Connelly, Thomas Smith, M. S. Hare, R. R. Rentlin- ger, H. Taylor, H. A. White, F Hack, A. W. Carr and W. Elkins. James Whitehead and Charles Muir had charge of the music and dancing. te The Thomas Iron Company’s Meeting.—The stock- holders of the Thomas Iron Company held their annual meeting September 12 at Hokendauqua, Pa. The reports THE IRON AGE 611 for the year submitted by the officers were quite. satis- factory to the stockholders. The dividends paid were earned. The occasion brought out a large attendance. The old board of directors was re-elected, consisting of B. F. Fackenthal, Jr.. W. P. Hardenbergh, Edwin Thomas, F. R. Drake, A. D. Chidsey, J. S. Krause and William H. Hulick. The board reelected the old officers, consisting of B F. Fackenthal, Jr, president; William H. Hulick, vice-president, and James W. Weaver secretary and trea- surer. As to the immediate condition of business, the president reported that practically all consumers having contracts for pig iron are pressing for prompt shipments. A noteworthy feature is that buyers will use their utmost endeavors to get a price under that asked, probably con- suming much time in such negotiations, and immediately after giving the order will urge shipments as speedily as possible, indicating that stocks at foundries are very low. ee The Baldwin Locomotive Works, Philadelphia, states that the report that a steel plant is to be erected at its works at Eddystone, Pa., is untrue. The company is put- ting in foundations there for a 500 ft. addition to its erecting shop, but does not contemplate the immediate building of the superstructure. It is taking the precaution of having the foundations completed so that should the demand for the heavier type of locomotives, which are too large to handle at its Philadelphia plant, develop at any time, it could be in position, on short notice, to take care of the work. The Baldwin Works has enough orders on hand to enable it to operate at its present rate for the next 60 or 90 days, but the demand is, extremely light, being quieter, in fact, that at any time since 1907. The directors of the American Hardware Corporation at a meeting at New Britain, Conn., September 18, voted to change it from a holding company to an operating com- pany. Recent interpretations of the Sherman law, a de- sire to economize in management and to extend the busi- ness in foreign countries are the reasons given for the action. Charles E. Wetmore, who has been secretary, was made treasurer and Andrew J. Sloper, formerly treasurer, becomes secretary. The corporation has a capital of $10,000,000 and the five controlled companies $2,600,000. The Linde Air Products Company, Buffalo, New York, reports an apparently unlimited demand for its oxy-acety- lene welding and cutting apparatus and for compressed oxygen. Its business has not been affected appreciably by the depression of the past months, and the present year is expected to establish a record. The growth of the company’s business has been so rapid that it has increased its capital stock to $1,000,000 and néw has four extensive plants in operation at various points, while the construc- tion of others in the early future is under contemplation. Commerce of the United States with foreign countries was prosperous in August, which closed with a balance of trade for the month of more than $18,000,000 in our favor. With exports of $144,241,515, August this year made a new record for the month, surpassing August exports in all previous years and August of a year ago by almost $10,000,000, according to statistics of the Department of Commerce and Labor. The Book Department of the David Williams Com- pany, of which Edward P. von Gogh is manager, has ar- ranged to have a representative stock of books on display at 50 Wilsey street, Newark, N. J. It is in charge of C. Donsaft, who has been specially trained to assist an in- quirer in selecting books he may require on building, esti- mating, house planning, carpentry, drawing, plumbing, heating, sheet metal work, hardware, and iron and steel. The Williams Tool Company, Erie, Pa, is erecting a new shop, 45 x 175 ft., as an addition to its present plant. This is made necessary by a steady increase in business which in the past year has been the largest in the com- pany’s history. Its products are pipe-threading and bolt- cutting machinery and transverse-current water heaters. The Metal Manufacturers’ Association, Philadelphia, Pa., held its regular quarterly meeting at the Bellevue- Stratford Hotel on the evening of September 13. About 200 were in attendance. F. W. Taylor was the speaker: of the evening, making an address on “Scientific Manage- ment.” THE IRON AGE September 21, 1911 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 previous. Sept. 20, Sept. 13, Aug. 16, Sept. 21, 1911. 1911. 1911. 1910. $15.00 $15.00 $15.00 $16.00 Foundry No. 2, Valley furnace. 13.50 13.50 13.50 Foundry No. 2 Southern, Cin- cinnati 13.25 13.25 13.50 Foundry No. 2, Birmingham, Ala. 10.00 10.00 Foundry No. at furnace, Chicago* Basic, delivered, eastern Pa Basic, Valley furnace... 4essemer, Pittsburgh Gray forge, Pittsburgh Lake Superior charcoal, Chicago COKE, CONNELLSVILLE, _ Per Net Ton, at Oven: Furnace coke, prompt shipment. 20 Furnace coke, future delivery.. 60 Foundry coke, prompt shipment. 85 Foundry coke, future delivery. 2.10 BILLETS, &c., Per Gross Ton: Bessemer billets, Pittsburgh... . Forging billets, Pittsburgh Open hearth billets, Philadelphia 22.40 Wire rods, Pittsburgh 27.00 OLD MATERIALS, Per Gross Ton: Iron rails, Iron rails, Car wheels, Car wheels, Heavy steel t Heavy steel scrap, Chicago . 10.50 Heavy steel scrap, Philadelphia 12.50 FINISHED IRON AND STEEL, Per Pound: Bessemer rails, heavy, at mill. . Refined iron bars, Philadelphia. Common iron bars, Pittsburgh Common iron bars, Chicago.... Steel bars, Pittsburgh Steel bars, tidewater, New York. Tank plates, Pittsburgh Tank plates, tidewater, New York Reams, Pittsburgh Beams, tidewater, Angles, Pittsburgh Angles, tidewater, York... Skelp, grooved steel, Pittsburgh Skelp, sheared steel, Pittsburgh. SHEETS, NAILS AND WIRE, Per Pound: Sheets, black, No. 28, Pittsburgh Wire nails, Pittsburght+ Cut nails, Pittsburgh? Barb wire, galv., Pittsburgh?... METALS, Per Pound: Lake copper, -New Electrolytic copper, New York.. Spelter, St. Spelter, OS ie a Lead, New York Tin, New York Antimony, Hallett, New York.. Tin plate, 100-lb. box, New York PIG IRON, Per Gross Ton: Foundry No. 2 standard, Phila- delphia_ ,..... 14.50 14.75 12.60 15.90 13.90 16.50 14.50 14.75 13.00 15.90 13.90 16.50 1.50 1.60 1.85 2.10 21.00 26.00 21.00 26.00 23.40 27.00 26.00 23.40 27.00 28.00 16.00 18.00 .00 Chicago Philadelphia Chicago Philadelphia scrap, Pittsburgh.. 4.50 2.25 14.00 YuwON » Sununu SooummosS Anon et 1 1 1 1 ot pea Od ps fd ald gs fat ess Ded fed bd Pe ps WOYWNN Ss MINONUS = o Cents. 1.25 1.40 1.45 1.37% 1.40 1.56 1.40 1.56 1.40 1.56 1.40 1.56 1.40 1.50 Cents. 1.25 1.22% 1.25 1.22% 1.20 1.36 NN DAorwunu ws New York... Ue UI Pt eet pk ee et tet tt et Ge 0 in W in btw WON NNND Wh iuwWinw pe OOK MEN Cents. 2.15 1.70 1.65 2.00 ° wo o QO 2 a ents, 75 62% 95 15 45 50 -00 42 .94 SCNus tat puss Gal gus Ouse SS Ut Qahus meoowns w a WAYS SPAWN w Wry hk hAAUNO LD Wy PuuUddo 00 G0 Un = Ww aNQuUooou f oo NI “NI fun fr tf _* The average switching charge for delivery to Chicago district is 50c. per ton. + These prices are for largest lots to jobbers. foundries in the 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%c.; New Orleans, 30c.; Birmingham, Ala., 45c. Pa- cific 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, 4% 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. per square foot, are considered ‘%-in. plates. Plates over 72 in. wide must 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 less 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 Manvfacturers. - Extras. Cents per Ib. Gauges under % in. to and including 3-16 in, on thin- nest edge Gauges under 3-16 in. to and including No. 8 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 Sketches (including all straight taper. plates) 3 ft. and over in length .10 Complete circles, 3 ft. in diameter and over .20 Boiler and flange steel... ; 10 “A, B. M. A.” and ordinary firebox steel .20 Still bottom § steel Marine steel Locomotive firebox Widths over 100 in. Widths over 110 in. Widths over 115 in. Widths over 120 in. Widths over 125 in. Widths over 130 Cutting to lengths or diameters under clusive Cutting to lengths or diameters under clusive Cutting to lengths or diameters under 1 ft No charge for cutting rectangular plates to lengths 3 ft. and over. Structural Material—I-beams, channels and angles, 3 to 15 in., inclusive, 1.35c., net. Other shapes and sizes are quoted as follows: Cents per lb I-beams over 15 in.... 1.45 to 1.50 H-beams over 18 .50 to 1.55 Angles, 3 to 6 in., inclusive, ! ; .. 1,35 to 1.40 Angles over 6 i -45 to 1.50 Angles, 3 in. on one or both legs, less than % in. thick, plus full extras as per steel bar card Sept 1, Tees, 3 in. and up Zees, 3 in. and up . .35 to 1.40 Angles, 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................. 1.65 to 1.70 i nn <bean. Won e chau seine hls aes ho ibaa ee Checkered and corrugated plates...............+... 2.45 .40 to 1.45 .40 to 1.45 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: Bine Annealed Sheets. Cents per Ib. 1.30 to 1.35 1.40 to 1.45 1.45 to 1.50 1.50 to 1.55 1.60 to 1.65 S: te: Baas . 9 and 10.. i. end 12... 13 and 14 15 and 16 Box Annealed Sheets, Cold Rolled. One Pass. 1.55 to 1.60 1.60 to 1.65 1.65 to 1.70 .70 to 1.75 -75 to 1.80 .80 to 1.85 -85 to 1.90 1.90 to 1.95 1.95 to 2.00 2.05 to 2.10 Three Pass. |) SS ee 13 and 14 wert ts MODOCOHDON: Galvanized Sheets, of Black Sheet Gauge. 1.90 to 1.95 2.00 to 2.05 2.15 to 2.20 2.30 to 2.35 Nos. Nos, 13 Nos. 15, 16 and Nos. , 22 Nos. 2.40 to 2.45 Nos. and 2.60 to 2.65 No. 2 2.75 to 2.80 No. 2 2.90 to 2.95 No. 7 3.00 to 3.05 No. 3.20 to 3.25 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 roofing sheets, with 2%4-in. corrugations: Painted. Galvanized. $2.40 $3.50 2.60 3.70 2.80 4.05 3.05 4.35 4.05 5.70 4.90 6.50 Painted. Galvanized. $2.40 2.25 2.60 2.65 3.05 3.15 Gauge. Gauge. : 23 Wire Rods and Wire.—Bessemer, open hearth and chain rods, $27. Fence wire, Nos. 0 to 9 per 100 Ib., terms 60 ‘days, or 2 per cent. discount in 10 days, car- September 21, 1911 THE IRON AGE 613 THE IRON AND METAL MARKETS 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. The following table gives the price to retail mer- chants 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 lb. Nos O0to9 10 1) 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 Market and Stone Wire in Bundles, Discount from Standing List. Bright and Annealed: PE WIEN a iacd'oibse: db ocd owian sd c6a ds Hl daeew ese eens 80 OF Sr es ne eae ee OS o DEA ws ep Rees eee 80 and 10 Ot es they os Posen Oe poh see eh eens 80 and 10 and 2% Se Ur Gk cea es 60 Ce ceecdbe 18a 7 dnibaees Gann nee 80 and 5 Galvanized: DO COMI ois 6.6006 060.5.65 i eh eee 75 and 10 OR BO econ ide bet Wiss ih teods kab di thiens 75 and 10 LP OP Mieka sa Vike ead aang SECON Sek eka eED 72% and 10 Be Sa wide ie ite Ske staan alka Cs, os Obie Da eee Se 72% Coppered or Liquor Finished: <5 2. I reer eee 75 and 10 OD Uy Ge ceeha ede caabs deded ch bee oe ues woe e ee 75 and 10 SP OB Bad chG shee OEd we tens HOR wk ....70 and 10 and 5 Tinned: SC er we ere errr 75 and 10 and 10 Wrought Pipe.—The following are the jobbers’ car- load discounts on the Pittsburgh basing card on wrought pipe, in effect from October I, 1910: Butt Weld. ——Steel—— . -——-Iron—— Black. Galv. Black. Galv. hee) Sereda eee os 49 43 tt ON Pee. ee ee 75 63 71 59 eee er ee 79 69 75 65 POO Dicer ect aceoevevienres 80 70 76 66 Lap Weld. B iavvedcvwsdeadiustavesas 76 66 72 62 256. 26 GAs o5 ewan backs ae 78 67 74 64 BY 06 © Whi s ccsascsinccosne 77 67 73 63 GE Be id Ons on soko say 75 59 71 55 $320 EF Bhi cn de views ceccus 51% . as ba Butt Weld, extra strong, plain ends, card weight. Whe EE Mina tenendaees kun 69 59 65 55 Me M5 cen cictvarencateaes 74 68 70 64 $6 00 PB Wis tein cevecees’s 78 72 74 68 Se See ee eee 79 73 75 69 Lap Weld, extra strong, plain ends, card weight. 2. Didivedseeb een oiaigernenas 75 69 71 65 Bee Ob DS Bhs ctcccsccceoussys 77 71 73 67 ae Oh OG WEs webeceuctesscure 76 70 72 66 F OO Us oka vee andehacvens 69 59 65 55 Ota IS Miveviaawiaewsaeens 64 54 60 50 Butt Weld, double extra strong, plain ends, card weight. We Es ec 053s ceras aman eee 64 58 60 54 S646 TSG IB es ce cdes se cewews 67 61 63 57 DG WAS os iaks ia cde 69 63 65 59 Lap Weld, double extra strong, plain ends, card weight. ii ck see a wees ke besa torens 65 59 61 55 ZY to 4 IM. .crcccecveeecens 67 61 63 57 GE 26 GU so vcveccicceceees 66 60 62 56 PR Msi sha cc haeenees 59 49 62 56 Plugged and Reamed. { will be sold at oe {2) g - | points lower basing (higher . te es + 3 in. pe woe { price) than merchants’ or haya ee eek ha =P | card weight pipe. Butt or | lap weld, as specified. The above discounts are for ‘‘card weight,” subject to the usual variations of 5 per cent. Prices for less than carloads are three (3) points lower basing (higher price) than the above discounts. Boiler Tubes.—Discounts on lap welded steel boiler tubes to jobbers in carloads are as follows: Steel errr errr errr ere ee 65 Ses ON Sd he as hawks ede a:e 60 CUR ENED Ss +p Oscars oe 67% SOR. ON BE Bi ys oi as cen 886 vad bb5 bets Cpe tee bn van 70 Peer rere eee er 72% Oe eg Re rae ey ne re eee 65 FG Br ic ak lh a 6a 2 ae N ve ke ee ans cents es ret 62% Less than carloads to destination east of the Mississippi River will be sold at delivered discounts for carload lowered by two points for lengths 22 ft. and under; longer lengths f.o.b. Pittsburgh. Usual extras to jobbers and boiler manufacturers. —_~--oe____ Pittsburgh PitTsBURGH, PA., September 20, IQIT. Several of the larger steel interests report that in the last few days specifications against contracts for finished material have been coming in a little better, but probably because of the lower prices being made on nearly all kinds of finished iron and steel. The market on steel bars seems especially weak, and while 1.20c. is now the open market 1.15c. has been done on desirable orders. Structural material is also slightly weaker, and 1.30c. on beams and channels up to 15-in. is being done. The smaller open-hearth steel plants are going after new business very aggressively and are offering open- hearth billets at about $19 and open-hearth sheet bars at about $20, f.o.b. Pittsburgh, for prompt specifications. The leading mills that make Bessemer and open hearth billets and shee