The Iron Age 1911-11-02: Vol 88 Iss 18

THE TRON AGE Established 855 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. S eneEeEnnnitEntnnemimeea Subscription Price, United States and Mexico, $5.00 $7.50 per Annum; to Other Foreign Countries, $10 0.00 per Ann Ansan 09 Conate, is requested, none will be Credit for payment will be dont, can’ date eae Sat alias vee W. H. Taylor, - - - President and Treasurer 1. A. Mekeel, - - - . - First Vice-President Harold S. Buttenheim, - - Second Vice-President and Secretary Geo. W. Cope, A. L. Findley, W. W. Macon, M. C. Robbins, ‘ Charles S. Baur, . - Assistant Manager Branch Offices Philadelphia, Real Estate Trust Building mee Fisher Building Pittsburgh, Park Buliding Cleveland, Boston, Compton Building Buying by Railroads The Suit to Dissolve the Steel Corporation Keeping Down Idle Labor British and American Export Trade Steel Foundry Extensions The Steel Corporation’s Quarterly Statement Minnesota Iron Ore Valuations Machine for Close Measuring Available Free The Iron and Metal Markets New Tools and Appliances Patents and the Public Welfare The Sherman Act and the Labor Trust Personal Obituary RCN : ON a ink sn ne bainnehpinela ace be Oe Cod cw kueed 951 A Suit to Dissolve the Steel Corporation Dodge Iron-Center Wood-Rim Pulley Test American Iron and Steel Institute Directors Pittsburgh and Vicinity Industrial Notes Morgantown Seeks Additional Industries The Organizer of Men in Management Unique Advertising Device Made of Toncan Metal The Upson Nut Company’s Steel Plant Box Column Drilling Machine Motor-Driven Lathe Center Grinder Machine Shops of Rumely Tractor Works The Morris 16-In. New List Prices for Iron Body Gate Valves The New Silver Saw Table Case Hardening of Steel Swedish Iron and Steel Statistics Baltimore Industrial Notes. New Wire Brush Cambria Axles and Forgings Ransom Emery Wheel Guard The Pig Iron Production of Japan Product of Titanium Steels This Year Western Steel Corporation Bankruptcy The Miami 14-In. Lathe Grant Motor-Driven Ceiling Riveter New Standard Gear Cutters Fr eight Handling in Small Shipments Canton Industrial Notes Oldham Riveting Hammer Self-Contained Sand-Blast Machinery nll Converting Attachment stoms Decisions Machinery Markets Tament Purchases le Publications D Cu The G T New York, November 2, 1911 Buying by Railroads Orders for 10,000 Cars Last Week Lower Prices in Bars and in Pig Iron—Rail © Inquiry for 1912 Whether the Steel Corporation suit has already been a factor in iron and steel markets is merely a matter of opinion. Where buying has fallen off, that has been the reason given, but against it is the fact that the Steel Corporation’s own bookirigs—practically all for early shipment—were better than in several weeks. That a long period of close competition is ahead will doubtless be taken as an obvious view of the: situ- ation the suit has created. Those longest in the steel trade will suggest in this connection that the low prices of periods like the present discourage exten- sions and are apt to be followed by times of fapidly expanding demand, inadequate capacity, ahd prices swinging as far up as before they had swung down. The scale of operations at leading steel works has slackened but little. One Steel Corporation blast fur- nace went out in the Pittsburgh district and one was started up in the Chicago district. The statement of the corporation for the third quarter of the year was better than had been looked for. That for the final quarter may reflect some falling off both im volume and in prices, though the export trade continues to fig- ure strongly. There are more indications than have appeared in months that the railroads have about reached their limit in the postponement of equipment buying, The car orders of the past three years have amounted to about one year’s legitimate requirements, counting that a 10 per cent. replacement should be made each year. In the week new car contracts have amounted to nearly 10,000. The New York Central followed its order for 2000 reported last week by placing 3000 for the Pittsburgh & Lake Erie, and it is reported to be still in the market for 5000. The Grand Trunk has bought 2000 cars and the Chesapeake & Ohio 2000. The B. & O. is now figuring on 5000 and the Southern Railway will buy 500. Pittsburgh reports the beginning of rail inquiry for 1912, the Norfolk & Western being in the market for 25,000 tons, a part of which has already been placed. Two Eastern rail mills are closed down, having worked off all the business scheduled for 1911. Bar business has shown some increase, but competi- tion has grown keener and 1.10c., Pittsburgh, is com- mon, with here and there a deeper cut. There are in- dications that the pace in bars is growing uncom- fortably hot, and conditions are such that a-stiffening in the price of any one manufacturer might lead to a general stand against further decline. The wire trade has not been greatly stimulated by the lower prices of the past ten days. In the South : f, * hi, ' e > Ahi k — a EN < ; “So aye =>, Tenis hs Sec Baoan 2 pedokonss -- be Os) A eee eae 2 Sasa a Cnt in sli Sila ail ill to eat = sacs 5 ai Ba et a - %, oi . th : 934 THE IRON AGE the Pittsburgh basing has been swept aside by recent transactions in wire and wire nails at prices lower than in many months. Tin plate mills are now operated to about 50 per cent. of capacity. The status of the $3.40 basis for 1912 contracts has not yet been definitely settled, the larger business being still held back. A Canadian order just entered calls for 150,000 boxes for delivery next year. Sheet mills find buyers disposed to wait for further concessions; the mills, on the other hand, are not willing to take long contracts at to-day’s prices. The billet, rail and sheet-bar business of the Carne- gie Steel Company in October was the largest month’s total since March and exceeded that for September by 27,000 tons. The larger mills have only slightly shaded $19 for open hearth billets, but as low as $18.50 at mill is reported. Pig iron markets have had one of the quietest weeks of the year. Raw material prices for 1912 are entering more largely into calculations of buyers and sellers and the trade is pretty much at sea on that question. Bessemer pig iron has declined to $14.25 at Valley furnace and sales of malleable Bessemer have been made as low as $12.50 at furnace in the Central West. a em The Suit to Dissolve the Steel Corporation The suit of the Government to dissolve the United States Steel Corporation comes at a time when market conditions are refuting with disastrous emphasis the charge that there is any monopoly or any restraint of trade in steel products. Surprising as the Govern- ment’s action is, it is perhaps as well that it comes at this time; for as long as the Steel Corporation’s status under the Sherman act went untested, so long, in the present state of public opinion on the trust issue, was the steel industry menaced by the possibility of such an attack. The inquiry of the Stanley Committee has indicated plainly that the Steel Corporation would be an issue in the coming national campaign, and judicial proceedings now may set forward the final decision of .the question. On the other hand, there is the possibil- ity that the litigation just begun may even outlast the Sherman act in its present shape. It is entirely con- ceivable that the developments in the case or the de- velopments in industry resulting from this and other prosecutions will bring a decided change in sentiment. There are hopeful signs, too, in the protests already coming from some prominent figures in public life against the general attack on great corporations. It has been said that the officers of the Government are only doing their plain duty in starting such prosecu- tions. That statement would be more convincing if the law were plain or even the decisions which are now made the occasion of activity by the Department of Justice. The strange feature of the Government’s action against the Steel Corporation is that it is begun following Supreme Court decisions which made the application of the Sherman law less sweeping than preceding decisions made it. For 10 years the Steel Corporation has gone on without hindrance from the Government. Its form of organization and its policies have met with no official protest until the present year. This was not because it worked in the dark. Not a material statement in the voluminous petition filed at Trenton last week, apart from some that are untrue or misleading, is new. It is fair to ask, therefore, whether the Government itself is not in part respon- November 2, 19/1 sible for much that has been developed in this i. rma- tive period of the consolidations, under at lea:: the sanction of tolerance. So far as the inception of the Steel Corporation js concerned, there was much to find fault with i) the acts of its promoters. It was a time when the lust for the enormous profits of industrial promotions was {airly riotous. After the panic and the depression 0 the ‘nineties the tide of a new prosperity was rising rapidly. It seemed to many that co-operation and consolidation were to establish this prosperity so firmly that there could never be a return to the competition that in the iron trade had at times been ruinous. Quite as much did the Steel Corporation’s stock and bond issues rep- resent the capitalizing of this prosperity as the capi- talizing of what measure of control it had of the ma- chinery of production in iron and steel. And with the exception of 1904, the six years following its creation gave returns that helped to bear out the belief in a new era. The conditions seemed made for the purposes of the trust promoters. Never had the profits of iron and steel manufacture in this country paralleled those of the years in which the promoters of the Steel Corpora tion distributed their first holdings. It was not con- solidation that produced these profits, as the Govern- ment’s petition asserts, for all blast furnace and steel companies, with but few exceptions, shared them. Out of that prosperity came the millions for promotion and other millions of stock market profits based on the pub- lic’s acceptance of the swollen scale of values at which properties were acquired for purposes of con- solidation. What the Government’s action proposes is not to take away any of the scores of millions the promoters and those who sold out to them were able in that carnival of money-making to take out of the steel in- dustry. That is plainly impossible. But for all the sins of the exploiters it is now the purpose to make the 120,000 stockholders of the Steel Corporation suf- fer. As this journal pdinted out in the early years of the corporation’s history, what was most open to cen- sure in it was not the work of the managers of its great operations, in the markets and at the works. Its conversion plan and the things in its original putting together now most criticised by the Government were the product of banking and promoting interests, whose ownership in it is relatively small. It is truth to say that as time has passed and the Steel Corporation has developed a policy in reference to its customers, its competitors, its employees and the public, there has been an evolution out of early mis- takes and disfavor into a growing appreciation by its officers, of the responsibilities of its position and the demands of public opinion. It has been said that the cancellation of the Hill ore lease would not have been decided on, nor the reduction in ore freights, but for the threat of Government action. That may or may not be the fact. These steps, at all events, indicated a willingness to remove the grounds of complaint to which attention had been directed by the Commissioner of Corporations and the Stanley Committee, and sug- gested that further changes might be brought about if there were a disposition on the part of the Adminis- tration to conserve rather than to rend and destroy. In the actions against the Standard Oil Company and the American Tobacco Company, the charge of monopoly was based on extermination of competition or a systematic policy of -injury to competitors. The petition against the Steel Corporation founds the mo- Nov er 2, I9II harge on its failure to injure its competitors. doubt, a surprise to the independent steel pro- vho attended the Gary dinners, to find that by tion they were participating in an unlawful t of trade and in the furtherance of monopoly | products, And if such co-operation as was | under the Gary idea subjects the Steel Corpora- ) prosecution, it is hard to see how the other pants in that movement can escape. But there | authority for the view that there is no monopoly ‘tempted monopoly under the Sherman law unless cdiments are placed in the way of competitors. If Supreme Court should so hold, the Government’s ise will fall, so far as it attempts to find in the co- perative movement one of the chief of the corpora- s offendings. | matter and manner the Government's petition is more like a political campaign document than a pleading in a case involving momentous issues, Its recklessness of statement, its “thundering in the index” lead one to doubt at times whether it is intended to be taken at par. What has happened in the Standard Oil Company and the American Tobacco Company cases suggests that the Department of Justice will be satis- fied with far less than is called for in its threatening petition. Serious thought need hardly be given to the Government demand: that each of the constituent com- panies be dissolved. As we have said before, in rela- tion to this proposal, it involves a physical impossi- bility. The American Tin Plate Company, for ex- ample, acquired about 40 companies. There are but 17 of these tin plate plants in existence today. Many months will elapse before the final determina- tion of the Steel Corporation suit. The steel trade will go on with the same freedom from control, it may be assumed, that exists to-day, and for a time the pace may be a hard one for some producers. Some of them, indeed, may fall by the way. Three years, four years, may go by with the dissolution proceedings still pend- ing. Other governmental policies, more constructive, may by that time have supplanted that of attack upon large companies, There may even be such progress toward the solution of the trust question as to make it possible for corporation officers to know whether they are within the law without facing a suit for dis- solution, a Oe Keeping Down Idle Labor Systematized records of employees’ absence from work afford information which is of great value in keeping down the percentage of idle labor and by so doing reducing overhead costs of manufacturing. Chere is a wide difference between men in the con- stancy of their labor and the effort of the employer is always toward securing those who are the most de- pendable. In a general way, absence from work may be classified as the unavoidable, including sickness and bereavement; the result of dissipation, and the very uportant and not so easily controlled type, which may subdivided between the lazy and the enthusiast s¢ private hobbies lead him from his regular em- ment. The ardent fisherman. or hunter, the man m wanderlust catches occasionally, and he who ns his skill to private ends, even to private gain— © are examples of the last-nanied subdivision. Ac- te data as to the reasons given for absence and luration, and the consequent losses to the owner, titute an admirable check which must yield good rns, THE IRON AGE 935 In works where the health of employees is sys- tematically studied the records are already proving of actual financial value, no small part of the result being in the better control of idleness. A complete record, going beyond the medical, would tell the whole story. The physical examination permits of getting close to the workman, and the physician may co-operate in records extending beyond his actual province, though, of course, he would be slow to reveal confidences. The absence of a workman from his post in the shop breaks the rhythm of production, It is as important to maintain the balance of a plant in the personnel of the employees as to maintain the balance of equip- ment. In fact, the two elements merge one into the other. We venture to state that the percentage of idle hours due to the absence of workmen, as compared with the full producing force, varies widely in differ- ent works. If records are not systematized, the per- centage must depend entirely upon the personal factor of the superintendent and foreman; upon the degree of their leniency toward delinquents; upon their insist- ence that regularity of attendance shall be an all-essen- tial element in retaining employment. If one man in 10 is out of a works, overhead costs must climb high, as compared with an average of one in 20, It may be accepted as an axiom that a plant where dependable men are employed throughout requires a smaller in- vestment to manufacture a given product than one where the force is often disorganized by the absence of operators. The study of employees’ health should lead naturally to the remainder of the recording system. The habit- ually absent and tardy, and those who frequently de- sire to leave their work early, would soon be classed by themselves, and unless their failings were rectified others would take their places. As a moral influence in a plant, the system should have a most salutary effect. —_—_++e——_—_—_ British and American Export Trade While there is no evidence that the increase in the iron and steel export trade of the United States in the past twelvemonth has been directly at the expense of the British trade, there is clear evidence that British trade has not expanded as ours has. Re- turns for the United States are available through August and for the United Kingdom through Sep- tember. The United States exports in August were 2 per cent. less than the average monthly exports in the eight months, while British exports in September were 7 per cent. less than the average. These varia- tions are negligible, and the totals for the eight and nine months periods respectively may be taken as rep- resentative of the movement for the year, as well as of the trend at the latest time for which information is available. Accordingly we estimate exports for each country for the calendar year on the basis of the re- turns thus far in, and compare these estimates with the actual results in the past two calendar years: Iron and Steel Exports, Calendar Years—Gross Tons. United States. Great Britain. S000 ss cihe Aoces: 1,239,708 4,373,381 1G ivisedect 1,535,693 4,741,905 tf Pee *2,160,000 4,500,000 " Estimated. uM British exports increased from 1909 to I910, but 1911 exports are falling just about midway between the records for those years. American exports, on aaa Sa ce € ie he eee Z eek x ee . oe a = . > eae es * on et, ¢ aoa 8 eee Sank ahr ae a nan \e ¢ - a ee SEAR yk a oe aX 936 7 THE IRON AGE the other hand, increased from 1909 to 1910 and then showed a still larger increase in 1911. The gain appears to be at the rate of 625,000 tons a year, which is 41 per cent., while the British loss is only 240,000 tons, less than two-fifths as great as the American gain. The relative loss was very small, only 5 per cent., because the total British exports in 1910 were more than three times the American. It is difficult to trace the British loss in detail, because it was spread over so many items. The actual exports in the nine months ending September were 3,554,033 tons in 1910 and 3,386,917 tons in IQII, a decrease of 168,000 tons. Pig iron lost 30,000 tons; spiegeleisen, ferronmanganese, etc., 22,000 tons; rails, 83,000 tons; wrought tubes, pipes and fittings, 8,000 tons, and “unenumerated” 28,000 tons. Many items showed slight gains. The only conspicuous loss was that in rails, from 346,777 tons to 263,356 tons, or 83,421 tons. Our own rail exports, comparing eight- month periods, increased from 243,244 tons to 311,732 tons, or 68,488 tons. One would naturally infer that England’s loss was our gain, but the alignment in the international rail trade is such that it is not safe to draw inferences. There is great complaint in England that British participation in the international syndicate has been losing orders, while on behalf of the American mills it is stated that there is no participation in the international agreement. Whatever may be developed as to the relation between British and American exports, it is a fact that the British economic position in iron and steel is not good. Imports and exports, covering scrap, pig iron, rolled material, castings, forgings, etc., but not finished machinery, have been as follows in gross tons in the first nine months of the years indicated: Imports. Exports. a ne 663,781 4,135,960 ey ey eee 808,637 3,204,366 iis was nadbae 897,180 3,192,304 rere 1,022,942 3,554,633 | 1,336,374 3,396,917 The exports have shown considerable fluctuations, with no regular movement, while the imports have grovn rapidly, and with remarkable steadiness. They have exactly doubled in four years. The character of some of the imports is surprising. Below we give a table showing all the items in which the movement in the first nine months of this year exceeded 30,000 tons, or a rate of 40,000 tons a year: British Imports, First Nine Months—Gross Tons. 1907. 1911, re: ia P36. cess dbiveks sepes 71,924 129,981 Ph Pr SED. ...canscsctobensece’ 20,594 38,386 I, MN IDs oc cc ccvccsescsccove *220,491 344,204 ee ee ee ne RROR, Lecce neseess eaeses 243,405 PUN. 550s wwe eecedeshens 45,669 86,938 GWG Ta ruds o «sce pacteee eee ees 67,363 55,363 Senet Bars eG Shapes... ccc cccccccsees 15,515 68,048 Steel plates, 34-in. up...s.s.ceccccescess 27,310 65;645 Rahn us bs XSek pees OENd 0060 cbees 24,072 66,628 regis Labi wks wine cesta odsaedint 45,159 31,188 PAE, et abe ane es cosbeseecteVatecets 28,772 66,628 ecto senupihias sense 96,912 139,960 UE SURSEREA Deen se PbAS bs ccadececone 663,781 1,336,374 i oS sheet and tin plate bars, also ingots; ingots not included in ; The imports of ingots, blooms, billets, slabs, sheet and tin plate bars, etc., in the first nine months of 1907 amounted to 220,491 tons, increasing in the cor- responding period this year to 344,204 tons of blooms, billets and slabs and 243,405 tons of sheet and tin plate bars, as shown above, while imports of ingots amount to 17,195 tons, making a grand total of 604,804 November 191] tons, an increase of 384,313 toms, or 174 per cen’ This material came chiefly from Germany and the Jniteg States. Our total exports, in eight months this year, amounted to 161,424 tons, and probab! mainly to England. German and American unfinished steel cre.ted 4 scare in England more than a dozen years ago, |)1t the movement did find a large number of defenders who pointed out that British rolling mills would 10 pe importing it if they were not able to finish it and selj the finished product, and as similar finished products were being exported, the operation was not, on the whole, disadvantageous. It was better to do this than not export at all. Time has not brought accretions to the ranks, and there are now relatively few to be found who will defend these unfinished steel imports as a blessing in any disguise. The Iron and (Coal Trades Review makes no attempt to do so. Com- menting on a portion of the figures we have cited, it Says: went Turning to the imports, it is very unsatisfactory to find that our total imports for the nine months were nearly 1,300,000 tons. Deducting imports of pig iron, it appears that at the present moment our imports of iron and steel are at the rate of 48 per cent. of our exports. For a country which up to a few years ago was not only the premier, but practically the only country exporting iron and steel on a large scale, these figures have a grave significance. The greater part of the imports, of course, consists of billets and sheet bars, of which we imported in the first nine months of the year 587,000 tons, as against 357,000 tons and 406,000 tons in the corresponding periods of 1910 and 1909 respectively. Whatever may be the posi- tion of the home or export trade in iron and steel, the import trade is clearly booming. As iron and steel manufacture was practiced years ago, the successive operations being distinct and usually affording a considerable profit, the character of business England does might be considered more or less satisfactory. We at one time had a blast furnace industry (which indeed imported a great deal of ore) selling pig iron to steel works, while the steel works in turn sold unfinished steel to rolling mills. There were even wire nail works which bought wire, and corrugating plants which bought flat sheets, but the old order has passed away. In the first nine months of this year Great Britain imported 4,972,955 tons of iron ore, exporting only 5,374 tons; exported 870,757 tons of pig iron, importing only 129,981 tons; imported 604,804 tons of unfinished steel, exporting only 3,595 tons, and exported about 2,602,978 tons of finished products, importing about 580,398 tons. This back-and-forth movement cannot win in the long run. Success is to be attained by catrying the operations from the raw material in the ground to the finished products ready for actual use. Attention has been called to the remarkable reversal in our tin plate movement, whereby our imports have this year dropped to very small proportions, while our exports have become large, and. instead of importing much more than we export we are now exporting much more than we import. This reversal was brought about by American mills capturing practically all of the packers’ business, these packers having formerly used Welsh tin plate, imported with benefit of draw- back. As noted in thése columns October 12, the tin plate movement in the first eight months of 191° and torr has been as follows: 1910. 1911. FenGOOR denis 550 50a 51,082 12,706 HagOROD ics sinndsnoens Sob nqese aguas 36,094 In July and August the imports were 533 tons and er 2, 1911 rts 10,517 tons, showing a balance of exports jorts of 5,000 tons per month, while last year orts exceeded the exports by a balance of ns a month, thus indicating a reversal of about tons a year in the tin plate movement. ; most interesting to observe from the British -s that this very sudden increase in our tin ide was not accompanied by any decrease what- the British trade. The total tin plate exports first nine months of this year were 364,577 gross f which 12,780 tons went to the United States. We have computed the rate per year from these figures for nine months, and compare the tonnages with the tonnages for full calendar years in the fol- lowing table, representing gross tons: > British Tin Plate Exports. To United Grand States. total. 14 0 ce 0 « ) Wisaneceiie Soieem mete ameaenen 71,862 359,634 PEPPER ee oe ee et eee 63,052 354,951 ee 61,518 374,802 7 sccvsavtucteenet eee ann keane 58,920 405,329 3 cts 0 ew klbnie onan sean 60,602 402,869 ID cccvvctetseveOhereel st et aeae 64,446 439,804 10 0200+ ¥a'0d a sue e 73,636 483,020 1 0+ c.0We dealin Opie au a olin ate *17,000 *486,000 *Estimated. This year, therefore, British tin plate exports promise to make a new tonnage record, and this despite t only the loss of the American trade, to the extent ‘f 57,000 tons, but also the establishment of American exports at a rate 43,000 tons greater than last year. hat, however, does not necessarily imply great staying powers on the part of the Welsh tin plate trade. The demand in foreign markets must have increased very decidedly and as South Wales has had the trade for so many years it could hardly be otherwise than that it should get the orders. The astonishing thing is that the American mills could capture the first 100,000 tons of business not protected by the tariff. To add 100,000 tons to the first 100,000 tons would not repre- ent nearly so remarkable a development. The ton- nages are not large for our own trade. Thus British exports have not yet reached half a million tons in a vear, and the production cannot greatly exceed that amount, because the domestic consumption of tin plate is relatively small. Our own production last year was nearly three-quarters of a million tons, and this year’s tonnage promises to exceed the three-quarters of a million mark. — Steel Foundry Extensions.—The Scullin-Gallagher Iron & Steel Company, St. Louis, manufacturer of open earth steel castings, recently purchased three cranes of QI 10 and 5 tons capacity from the Alliance Machine any, Alliance, Ohio, and two cranes of 25 and 10 copaalia from the Niles-Bement-Pond Company, New ‘ork. This equipment together with the six new mold ‘Tying Ovens, new core room and five ovens, and the ex- tensions to the main foundry, annex and chipping shops of ‘ie company’s No.'!2..plant, wilh miore thart’ double its -apacity for making miscellaneous steel castings. The 1 plant, the capacity of which was doubled less than a year ago by the addition of three traveling cranes, 18 ne w jib cranes and a very large air compressor of 5500 it. of free air per min. capacity at 125 Ib. pressure, “i'l continue to be employed entirely in the production of ‘feel castings for railroad purposes, Edwin B. Stimpson Com ing out illus circulars calling attention e its i ome at 68 pi ) anklin avenue, between Flushing and Park avenues, lyn, N. Y. The company has at this address a new story building of its own, which is equipped with nery for the manufacture of perforated metals, ‘, eyelets, washers, metal checks, etc. ee | 3 S&S woe: THE IRON AGE 937 The Steel Corporation’s Quarterly Statement The United States Steel Corporation” has issued its statement of earnings, covering its subsidiary companies, for the quarter ending September 30, 1911. It compares as follows with the corresponding quarter of 1910: 1911. 1910 Fale: COCRINRD. on ccnen.cc cessecunecseswerees 8,750,467 $12, 132, 188 RUE CRDOTIEE, ogni s cnivcensviintayeeies 0,710,145 13,132,755 September eCOrmings 2... ccnccscnsesesasuss 10,062,113 12,100,244 Total after deducting all expenses _ inci- dent to operations, including ordinary repairs and maintenance of plants, and interest on bonds and fixed charges of subsidiary companies .......eee.sse0% 29,522,725 37,365,187 Less charges and appropriations for sinking funds on bonds of subsidiary companies and depreciation and extraordinary re- SENROUGNDY TED ® hi.o cn cdvneintedeckpees 6,806,568 6,316,462 eek CAN a bss cccenivs csc cet chuamenke 22,716,157 31,048,725 Deduct interest for the quarter on U. S. Steel Corporation bonds outstanding..... 5,761,157 5,824,146 Sinking funds on the U. S. Steel Corpora- tion bonds: SION nn cb Vodiccag Sadnta tabdecar te 1,012,500 1,012,500 Interest on bonds in sinking funds....... 538,306 475.316 7,311,963 7,311,962 Die iss. iccioddiinvam ieee "15,404,194 23,736,763 Dividends for the «quarter on stocks of U. S. Steel Corporation: Preferred, 134 per cent........seeeeeeee 6,304,919 6,304,919 Comet. 196: S60 CORR. siceccc vc cnnes sae 6,353,781 6,353,781 Surplus for the quarter..............-. 2,745,494 11,078,063 Less appropriation on account of expendi- tures made and to be made on authorized appropriations for new plants, construc- HO GR dec ek cic ccccdgevercuneebietets. yh ceMee 7,500,000 Balance of surplus for the quarter..... $2,745,494 $3,578,063 Unfilled orders on hand September 30, tons ~ 3,611,317 3,158,106 The earnings for the quarter ending June 30, 1911, were $28,108,520, and for the quarter ending March 31 were $23,519,203. The unfilled orders June 30, 1911, were 3,361,058 tons, and March 31 were 3,447,301 tons. ———_+-e——_ Minnesota Iron Ore Valuations The Minnesota Tax Commission has completed its work of equalizing the values of the iron mineral prop- erties of St. Louis, Itasca and Lake counties. In 1910 the shipments were 26,191,981 tons and on May 1, 1gtt, there were in stock piles and assessed as personalty 6,719,124 tons. These two items are deducted from the total remaining tonnage of 1910. During 1910 there was developed by drilling new ore amounting to 53,011,303 tons, which is now added. The final figures for the 1911 valuation are based upon 1,368,236,579 tons reported for taxation and assessed for $232,465,603 (which includes $900,000 for well-located prospects). Adding $3,340,920, assessment on prospects and mineral lands within the Mesaba ore belt, the total assessment on tonnage and mineral properties for 1911 is $235,806,523. The 1910 valuation was based upon 1,348,- 136,221 tons which, with prospects and mineral lands, was assessed at $224,660,845. The 1911 assessment shows a net increase over 1910 of 20,100,358 tons and of $11,- 136,678. a EO Machine for Close Measuring Available Free—The New’ Departure Mfg. Company has installed at its West- ern branch, 1016 Ford Building, Detroit, Mich., a measur- ing machine which is available to the trade in general for close measuring. This service is offered without cost. The machine positively indicates variations of one-fortieth of one one-thousandth of an inch and is a duplicate of the machine used by the company at its factory in Bristol, Conn., in accurately manufacturing gauges used for in- specting New Departure ball bearings. This machine is so delicate that it is affected by temperature. In —_— the machine,’a microscope is used in which are hair ‘lines which correspond. to similar lines onja:gr: char, A complete set of measuring plugs and disks or meas- uring the bore and diameter of New Departure bearings the United States Bureau of Standards. . aid ; aye, wa > se . * git} < , ad ‘a 5 ‘ z Ps oh ‘ 4 * es | i, 3 ¥ < 4 aa he a é ae wea ‘ rhe i= ’ ay it & oy of ote 4 pa B Se 7 f hae * ee a: Bam hg , % 7 : 7 < coe! . ‘ ~ x yea i 7h . + “a ya | * * i] : tn ‘ eam : iy - €3 -7 wo « . ik * * 4 > ip ie % ° eo = Fay “p - oe x ¥ ne €. 3 a. Ret * “a ; ie ‘ AS ee 8 83 eee hs ee. ag i Boe i, eee S ws sty Be om ebb g 2 i te 6 ae ve 938 Advances Over the Previous THE IRON November ©. i, AGE Qt The Iron and Metal Markets A Comparison of Prices Declines in Italics. At date, one week, one month and one year previous. Week in Heavy Type, Nov. 1, Oct. 25, Oct. 4, Nov. 2, PIG IRON, Per Gross Ton: 1911. 1911. 1911. 1910. Foundry No. 2 standard, Phila- f GERBER onc cc wctccccvesceccs $15.00 $15.00 $15.00 $15.75 Foundry No. 2, Valley furnace. 13.25 13.25 13.25 14.00 Foundry No. 2 Southern, Cin- SEE ec cahd sae ths chess ve 13.25 13.25 13.25 14.25 Foundry No. 2, Birmjngham, Ala. 10.00 10.00 10.00 11.0 Foundry No. 2, at furnace, Ce - sos ch'eh<bsse2iseae 14.35 14.35 14.50 16.00 Basic, delivered, eastern Pa.... 14.50 14.50 14.50 14.75 Basic, Valley furmace......... 12.50 12.50 2.60 13.00 Bessemer, Pittsburgh ......... 15.15 5.40 15.55 15.90 Gray forge, Pittsburgh....... 13.65 13.65 13.65 14.15 Lake Superior charcoal, Chicago 16.50 16.50 16.50 18.00 COKE, CONNELLSVILLE, Per Net Ton, at Oven: Furnace coke, prompt shipment 1.50 1.50 1.50 1.55 Furnace coke, future delivery. 1.55 1.55 1.60 1.70 Foundry coke, prompt shipment 1.80 1.80 1.85 2.10 Foundry coke, future delivery.. 2.00 2.00 2.10 2.25 BILLETS, &c., Per Gross Ton: Bessemer billets, Pittsburgh.... 20.00 20.00 20.00 23.50 Open hearth billets, Pittsburgh. 19.00 19.00 19.00 23.50 Forging billets, Pittsburgh..... 24.00 24.00 25.00 28.50 Open hearth billets, Philadelphia 21.40 21.40 21.40 26.00 Wire rods, Pittsburgh......... 26.00 26.00 26.00 28.50 OLD MATERIAL, Per Gross Ton: ee ee PPT Eee ee 14.50 13.50 13.75 16.00 Iron rails, Philadelphia........ 15.50 16.00 16.50 18.00 Car wheels, Chicago........ ; 12.00 12.50 12.50 13.50 Car wheels, Philadelphia....... 11.50 11.75 11.75 13.75 Heavy steel scrap, Pittsburgh... 12.00 12.00 12.25 14.25 Heavy steel scrap, Chicago.... 9.50 9.50 10.00 12.25 Heavy steel scrap, Philadelphia.. 11.75 11.75 12.00 13.50 FINISHED IRON AND STEEL, Per Pound to Largest Buyers: Cents. Cents. Cents: Cents. Bessemer rails, heavy, at mill.. 1.25 1.25 1,25 1.25 Iron bars, Philadelphia....... 1.20 1.20 1.22% 1.40 Iron bars, Pittsburgh.......... 1.20 1.20 1.20 1.45 ee eee 1.15 1.15 1.20 1.35 Steel bars, Pittsburgh......... 1.10 1.10 1.15 1.40 Steel bars, tidewater, New York 1.26 1.26 1.31 1.56 Tank plates, Pittsburgh........ 1.15 1.15 1.20 1.40 Tank plates, tidewater, New York 1.31 1.31 1.36 1.56 Beams, PUISGUTEE ..6s0..050.- 1.15 1.20 1.25 1.40 Beams, tidewater, New York.. 1.31 1.36 1.41 1.56 Angles, Pittsburgh ............ 1.15 1.20 1.25 1.40 Angles, tidewater, New York.. 1.31 1.36 1.41 1.56 Skelp, grooved steel, Pittsburgh 1.15 1.15 1.15 1.25 Skelp, sheared steel, Pittsburgh 1.25 1.25 1.25 1.35 SHEETS, NAILS AND WIRE, Per Pound to Largest Buyers: Cents. Cents. Cents. Cents Sheets, black, No. 28, Pittsburgh 1.85 1.85 1.85 2.20 Wire nails, Pittsburgh........ 1.60 1.60 1.65 1.70 Cut nails, Pittsburgh.......... 1.50 1.50 1.50 1.60 Barb wire, galv., Pittsburgh... 1.90 1.90 1.95 2.00 METALS, Per Pound: Cents. Cents.. Cents. Cents. Lake copper, New York....... 12.50 12.62% 12.50 12.8714 Electrolytic copper, New York.. 12.37% 12.50 12.25 12.75 Spelter, St. reais Seabee atdeeed 6.20 6.20 5.85 5.80 speiter, New York... ..0s0..0- 6.35 6.35 6.00 5.95 ES eae oe 4.15 4.15 4.32% 4.27% Se, OW ROR es iwecedecnas 4.25 4.25 4.47% 4.40 Se. eee rer 41.62% 42.05 40.15 36.80 Antimony, Hallett, New York.. 7.70 7.70 7.70 7.75 Tin plate, 100-lb. box, New York $3.64 $3.64 $3.84 $3.84 _*The average switching charge for delivery to foundries in the Chicago district is 50c. per ton. ——+--—___—_ Prices of Finished Iron and Steel f.o.b. Pittsburgh Freight rates from Pittsburgh in carloads, per 100 Ib.: 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 pipe and boiler tubes. Plates.—Tank plates, 4 in. thick, 6% in. up to 100 in. wide, 1.15c., base, net cash, 30 days. Following are stip- ulations 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. chain rods, $26 to $26.50. Plates up to 72 in. wide, inclusive, ordered 10.2 Ib. px juare foot, are considered %-in. plates. Plates over 72 in. w must be ordered % in. thick on edge, or not less than 11 Ib, px luare foot, to take base price. Plates over 72 in. wide ordered than 11 Ib. per square foot down to the weight of 3-16-in. take + vrice of 3-16-in. Allowable overweight, whether plates are ordered to gauge or weight, to be governed by the standard specifications of the cia tion of American Steel Manufacturers. Extras. Cents per lb Gauges under % in. to and including 3-16 in. on thin EE arr re errr yy hen Gauges under 3-16 in. to and including No. 8........ Gauges under No. 8 to and including No. 9....... ies one Gauges under No. 9 to and including No. 10.......... 0 Gauges under No. 10 to and including No. 12........ 40 Sketches (including all straight taper plates) 3 ft. and ower fen MO oc 00d Kosa e480 00d n rete read sees 10 Complete circles, 3 ft. in diameter and over.......... 20 Beller dud Gama: GOs 6 i ic San dsad swans saree veces .10 “A, B. M. A.” and ordinary firebox steel............. 20 Still QOUUGA GOON okies sevees suv vive caasceweebvaens. 30 | Pere Tree erat i ye ocr) eee 40 Leqoaatien: Sretion > Wines sci aac seh do tiaaseae Cees canes. 50 Widths over 100 in. up to 110 in., inclusive........... 05 Widths over 110 in. up to 115 in., inclusive.......... .10 Widths over 115 in. up to 120 in., inclusive.......... 15 Widths over 120 in. up to 125 in., inclusive........... .25 Widths over 125 in. up to 130 in., inclusive.......... .50 Wiktis OFRt 100 Whi os 6iie cides ceeedt cen gs a4 0s5 45 0 1.00 Cutting to lengths or diameters under 3 ft. to 2 ft., in- CRIN ain s bo a 0d 6 bc sn ced ea dee EONS ESSN EE Crees. 29 Cutting to lengths or diameters under 2 ft. to 1 ft. in- COS | nc wsasicee'e cu tase nee he wa baie Sehe USA e Rae hebes sae 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, 3 to 15 in.; channels, Other shapes and s Cents per Ib. Themes Oder. 15. Bs ss civic pedis cccdiectssteaevaee 1.20 to 1.25 Mi esens ater 16) tans wks vive s005esneeetd Cua 1.30 to 1.35 Amaten OG? 6 ih. vccnase0eknusssbhtss eeaseeee 1.20 to 1.25 Angles, 3 in. on one or both legs, less than % in. thick, plus full extras as per steel bar card Sent.” i; WSS. cdc cecccccsdastesncvacee 1.20 to 1.25 Toes, 3: 20: GUM MD. oc ve scinte coedscseedssenen 1.20 to 1.25 £008, 3 iM, BRE WPe 000.0366 ce acsceed stapee ene 1.15 to 1.20 Angles, channels and tees, under 3 in., ‘plus full extras as per steel bar card Sept. 1, 1909.1.20 to 1.25 Deck beams and bulb angles............eseeees 1.45 to 1.50 PSOE TON COGN. io 6s dec cnkg's 0css 4600 se0s ORE 2.00 to 2.15 Checkered and corrugated plates..........+-+e++ 2.00 to 2.15 3 to I5 in., and angles, 3 to 6 in. on one or both legs, . 4 in. and over, 1.15c. to 1.20c. are quoted as follows: izes Sheets.—Makers’ prices for mill shipments on sheets Biue Annealed Sheets. Cents per Ib. Noe. 3.008) cwecssesuespe5scayetpeetieetne 1.25 to 1.30 Nos. 9 al: Bias ois ten ssinnseeane hn teeaeeon 1.35 to 1.40 Woe. 21 and Gis oss cs cna cu ceede ees vs beuanees 1.40 to 1.45 Nos. 13: and 14. <. «vs sdtunwedsudbcack es Oeeru 1.45 to 1.50 Neos. 15: ant IM......cscshacccdsns sees ase enee 1.55 to 1.60 Box Annealed Sheets, Cold Rolled. One Pass. Three Pass. Mos. 80:20. BBs asenwievesase 1.50:to 1.58 «= -« ‘eeseesseee ee: BO ome 14 sks skeen 1.55 101.60 «= secswesese NOs. 19 BEG 36. .2cicscaehe te 1.60 to 1.65 1.70 to 1.75 fo ae ee: eee 1.65 to 1.70 1.75 to 1.80 Noe. Za, 20 OO Bh .sictnnune 1.70 to 1.75 1.80 to 1.85 Noe. 25 and B60. cin vecacencs 1.75 to 1.80 1.85 to 1.90 INGs “Bl b5:4$44 hone aes scan 1.80 to 1.85 1.90 to 1.95 No: 36s. seesniaseaececgerean 1.85 to 1.90 1.95 to 2.00 ING; BOs 00s sess 50h0ee keen 1.90 to 1.95 2.00 to 2.05 Ne, 30. 6<iiwdsdscepeeee 2.00 to 2.05 2.10 to 2.15 Galvanized Sheets, of Black Sheet Gauge. Nos.. 30 and Abs ccanvctccekbcast ss eeetisns sn 1.85 to 1.90 Noe. 12, 13: a0 This cis ace thaec eieeeecnes 1.95 to 2.00 Nos. 15, 26 amd 385.04 64s chee ce cuen css eexe nee 2.10 to 2.15 Nos, 28 te. Bb. 46. vsdenéibedsenseeneane ane 2.25 to 2.30 Nos. 23 On D0s..45c0ccsésacadcsctbuaesaueen 2.35 to 2.40 Se ee eee re eye sn 2.55 to 2.60 IU®, Qe ac ud web's dveice uence Sie COLE Tee 2.70 to 2.75 NOE MSO. D3. ica acewekenc dss 64 baa taeee eee 2.85 to 2.90 No. 20.4! 66.0005 6s 288 AE; MESS 2.95 to 3.00 No. 36. wae cedvesscleh vaena ds Meee 3.15 to 3.20 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: All above rates on sheets are f.o.b. Pittsburgh, terms base prices Corrugated Roofing Sheets, Per Square. 30 days net, or 2 per cent. cash discount in 10 days from date of invoice, as also are the followin ) square for painted and galvanized roofing sheets, with 2%4-in corrugations. per Gauge Painted. Galvanized. | Gauge. Painted. Galvanized SOs oc Skis $2.30 8 cisnv $2.35 $3.45 Oe rs $1.30 2.45 Rees 2.55 3.65 i ce 1.45 2.50 ae 2.75 4.00 Se 1.55 2.60 oe 3.00 4.30 Sh ace 1.80 3.00 fas 4.60 .¢ ote ae 2.05 3.10 56sisos 4.85 6.4 Wire Rods and Wire.—Bessemer, open hearth and Fence wire, Nos. 0 to 9, per 100 lb., terms 60 days, or 2 per cent. discount in 10 days, carload lots, to jobbers, annealed, $1.40; galvanizee. ber 2, IQII THE IRON THE IRON AND METAL MARKETS AGE 939 m Carload lots, to retailers, annealed, $1.50; gal- |, $1.80. Galvanized bar wire to jobbers, $1.90; _ $1.60. Wire nails, to jobbers, $1.60. following table gives the price to retail mer- on wire in less than carloads, including the ex- 1 Nos. 10 to 16, which are added to the base price: Fence Wire, Per 100 Ib. 0 to 9 10 11 12&12% 13 14 15 16 1 ....$1.55 $1.60 $1.65 $1.70 $1.80 $1.90 $2.00 $2.10 ed... las UG “199 2 220 223 26 275 Wrought Pipe.—The following are the jobbers’ car- iscounts on the Pittsburgh basing card on wrought in effect from October 2, 1911: Butt Weld. —Steel—— ——lIron— ; ac Galv Black. Galv. Land 3% imixecisnPhomes sak 73 53 68 48 6 i. codes cheveses sak taenee 74 64 69 59 Re cacastepeskueatresabaal 77 67 72 62 Min. 00 196 Obes iccevseusuts 80 72 75 67 2 in. to BS Mp ecssu neoersdins 81 74 76 69 Lap Weld. Z and 196 WGssi conse since aid 68 61 I. oe c¥ebeavaee wes dewaeen 77 70 72 65 to 4 Miasacceden uedwdioes 79 72 74 67 4% to 6 Mheie sch bsedctauwens 78 70 73 65 7 to 18 Wicd vnkesnescevawhs 76 66 71 61 3 to 15 tieccciveusdewbeste 52 NF 47 Butt Weld, extra strong, plain ends, card weight. %, 34, 96: dbvan ccutieee ee 70 60 65 55 iS. ccceuseteuee deuehee ae 75 69 70 64 f to 196 Bisdisccsonevebe~we 79 73 74 68 t hs a nnccibannwees eee 80 74 75 69 Lap Weld, extra strong, plain ends, card weight. 1% iia. ccaaweanseeeeesbees on i 66 60 2 im.scicqudenereuetasacuat 76 70 71 65 2% tO 4 Itheececelscewcatces 78 72 73 67 4¥, tO 6 IMivccceseccccccess 77 71 72 66 7 tO 8 iM... ceeereecceccceces 70 60 65 55 9 to 12 BMixekcsdceveseie 65 55 60 50 Butt Weld, double extra strong, plain ends, card weight. ith.ess0s500eh eee 65 59 60 54 Ye tO 1H im. vsesccvecccvess 68 62 63 57 2 to 3 Mi visctekdecss tutes 70 64 65 59 Lap Weld, double extra strong, plain ends, card weight. 2 itisvien seceeeveeseeccccees 66 60 61 55 244 to 4 IMicisscccccesensss 68 62 63 57 4% to 6 tmicivc csesieevess 67 61 62 56 7 to 8 ithicksien wus Pees 60 50 55 45 Plugged and Reamed. will be sold at points lower basing (higher price) than morekante’ or card weight pipe. Butt or : lap weld, as specified. The above discounts are for “card weight,” subject to the usual variation 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 and — iron boiler tubes to jobbers in carloads are as tollows: Steel. | two (2) 1 to 1%, 2 to 3 in. Butt Weld 2, 2% to 4 in...... Lap Weld Charcoal Iron. 2% in. and smaller, over 18 ft., 10 per cent. net extra. 2% in. and larger, over 22 ft., 10 per cent. net extra. Less than carloads will be sold at the delivered discount for car- oads, lowered by two points for lengths 22 ft. and under to desti- nations east of the Mississippi River; lengths over 22 ft. and all s ipments going west of the Mississippi River must be sold f.o.b. mill at Pittsburgh basing discount, lowered by two points. Pittsburgh PITTSBURGH, Pa., November 1, 1911.—(By Telephone.) Pig Iron—A further break in prices of Bessemer i has taken place and in the past week sales of small have been made at $14.25, Valley furnace, and one ‘tof 200 tons for prompt shipment was sold at $14.10, alley, or $15, Pittsburgh. Malleable Bessemer has further declined, sales of about 3000 tons having made in the past week at $12.50, Valley furnace. re is very little doing in foundry iron, buyers plac- ‘s orders only for small lots for current needs and ~owing no disposition to make contracts for next year. ‘ve quote: Bessemer, $14.25; malleable Bessemer, 5°; basi¢, $12.50; No. 2 foundry, $13.25, and gray ree, $12.75, all at Valley furnace, the freieht rate ‘to i ittsburgh district being 9goc. a ton. Steel.—Specifications against contracts for billets heet bars are fairly active, but new inquiry is dull. have been some negotiations between the steel ind the sheet and tin plate mills for sheet and tin ‘« bars for first quarter, but so far no contracts have } Deer “A posite gondolas and 1500 steel gondolas. been closed. The billet and rail sales department of the Carnegie Steel Company reports that orders sent to the mills for rolling in October exceeded September by 27,000 tons, October having been ‘the largest month in billets and rails the company has had since last March. We note sales of 4000 to 5000 tons of open hearth and Bessemer billets for prompt shipment at about $19 for open hearth and $20 for Bessemer at maker’s mill. We quote open hearth billets, $19; Bessemer billets, $20; open hearth sheet bars, $20; Bessemer’ sheet bars, $21, and forging billets, $24, f.o.b. at maker’s mill. Steel Rails.—The first actual inquiry for steel rails for 1912 delivery has come from the Norfolk & Western Railroad, which is asking for 25,000 tons for the first quarter of next year. Further inquiry from other roads is expected within a short time. The Carnegie Steel Company reports a fairly active market on light rails and is making regular shipments abroad. n some cases light rails for export bring slightly higher prices than domestic business, We quote light rails as fol- lows: 8 and 10-Ib. sections, 1.295¢.; 12 and 14-lb., 1.205c.; 16, 20 and 25-Ib., 1.16c.; 30 and 35-Ib., 1.15¢.; 40 and 45- Ib., 1.105c¢. (By Mail.) A leading official of one of the larger independent steel companies, in referring to the suit to dissolve the United States Steel Corporation, says that “it would be a national calamity” if this should be brought to pass, and it may be stated that this opinion is held by most of the iron and steel companies that are direct compet- itors of the Steel Corporation. In the 10 years of its existence the treatment of its competitors and its cus- tomers by the Steel Corporation has been most consid- erate. Numerous instances can be recalled when its subsidiaries have furnished badl