The Iron Age 1911-11-16: Vol 88 Iss 20

THE IRON AGE == Established 1855 Published Every Thursday by the DAVID WILLIAMS COMPANY 239 West 39th Street, New York Entered at the New York Post Office as Second-Class Mail Matter. Subscription Price, United, States and Mexico, $5.00 per Annum ; to Canada, $7.50 per Annum; to Other Foreign Countries, $10.00 per Annum. Unless receipt ig requested, none be sent "Credit for payment will "be shown by extending the date on the wrapper of your paper. W. H. Taylor, - - - - . President and Treasurer 1 A. Mekeel, - - - - - - - — First Vice-President Geo. W. Cope, - ° e a A. |. Findley, - - - - Editors W. W. Macon, “ . 3 . M. C. Robbins, - - - - Manager Charles S. Baur, - - - Assistant Manager Branch Offices Philadelphia, Real Estate Trust Building Chicago, Fisher Building Pittsburgh, Park Buliding Cleveland, American Trust Building Boston, Compton Building Cincinnati, 807 Andrews Building CONTENTS, An Inc in Forward Buying. .....c.cccccsccscccccceseccen 1053 Iron and Steel Works Improvements... ........+6-+0eeeeerenes 1054 The Trust Prosecutiome ....cccecsccscccedevcecesseccesveces 1055 Commercialized Engimeering ........eceseccereereteeseceses 1055 Inspecting Fire pn PPVEEP ESTEE cL Le 1056 EMBTESPONGENCE “acd sade sak oo c¥ob 66 CORN EeOSS Oe 6.6 Ledeen 1056 The Tobacco Trust Decision .......cccscccecscccccesevevese 1057 The Stanley Investigating Committee. .......0.ses-ceeeeeeees 1057 The Woodward Iron Company’s Purchase..........-s+eeeeee0+ 1057 Bee Iron and BMEGGME PeMPtRs 6 6c ices ewe tou baiwevedévcteccenw 1058 mee and [ndwstciphceeeeiie ¢ssdniutine.<dcceus cot tl neewieds ant 1068 Natio: Foundekiy mets dake 6.0.0. 0tdn c Copeubiceue te sicwees 1068 October Copper Production and Stocks: ...........s0eee05 sacs 1068 Eethmian Canal Compaen MNGBss 6 de 0s occcbie sea scvievesveeess 1069 mae “Steel Wirg SRCeA Cabs 6 Ccdade bs si¥wguee cee da de eeven 1069 The Stee! Corporation’s Unfilled Orders..............2.-e0e0- 1069 Seipenal . ..... +0 bn ah eeuee bans abs Badia nd hac Pou aaa 1070 Obituar Y ..cccc cde ele RRERtG GAs banuraeekiek ¥ bes 06s eeeigte de had 1070 Pittsburgh and Vicinity Industrial Notes..............0sse0e- 1071 Standardizing Factory Expense and Cost.........-...----+++ 1072 Lake Iron Ore Shipments in October.............sssseeeeee: 1073 mamance Crane: CMR coo 10 «cx uaedabdirecadpebecsedsend 1073 An Analysis of Factory Work... ...0..csssesccceccscceecsees 1074 The Canadian Sirocco Company, Ltd........s.ssceeseeesees 1076 The Canadian Duty on Wrougut Pipes or Tubes.......--..-. 1076 im New Carnegie iGRs NBME c cvs ethdia svsccmunedcocess dvs 1076 The Physical Properties of Cast Iron........seeeeceseeseess: 1077 New Single-Phase Electric Motors........--seecseeeseeereess 1080 The Saver Transmission Gear ......2..cccsceeceeescceetces 1081 New Cutler-Hammer Crane Panel........ssceceeeeceeecesees 1081 New Wire and Rod Machines ......ssesssesesesccreceessens 1082 American Ironmasters Safeguarding Their Men............+: 1082 Bernal Cold Mintel Mic. J... scpotnddvees ddecsssccuden 1083 The (Chronograph ....cssseceecscesseses hilt Gs tus devedcrabes 1084 An Exceptionally Large Tank Car.......cseeecsesthecccesees 1085 Notable Departure in Religfovalves........0.cc.ssessecceeealt 1085 Carborundum for Dpeeter DROS. oss o cctvncccs o's og aanvegs 1086 The Gardner Ring Wintel Cheitles fo fon. cope tcccincusbethee +1087 The Knox Pressed & Welded Steel Company......--++.0s--++ 1087 The Colorado Fuel & Iron Company......s.ssssessseeesstes 1088 The Detroit Return TIM. cis i vase ceo ven caumecnpqobecesaenss 1088 Mechanical Engineers’ Annual Meeting..........-++++++s+0+5 1089 Hauck Changeable DOGS ws oss ps wabwemetveleckbineaness «+1089 Time Study Observations .......-ccccsemecsvecsede gs ss. 18090 A $5-Ton Shipbuilding Crane. .......s0ss<+ces+ees bh p++ ge 2 1092 Judicia| Decisions of Interest to Manufacturers... ++ «241093 The Le slond Combination Miller. steedeescsneme ted ~---1094 Contest of the Society of German Foundrymi@n......... «1094 The Machinery Markets ......+.+ Wines dadses Mikes vcsita «1095 ° eroment Peneheeeh Jud sss es soedea sen eb eeccecccssecsses 1103 Tools and Appliances .......++-- ish Ode oaina dines deareeee 1103 New York, November 16, 1911 VoL. 88: No. 20 An Increase in Forward Buying Consumers Would Contract More Freely Railroad Demand Keeps Up—Round Sales of Basic Iron for Western Delivery Summed up, the latest developments in finished steel products are these: A larger business in some of the heavier lines, a continuance of the better buying by the railroads, lower prices where there has been any change and more offers from consumers to place long-time contracts at present levels. This last is the most significant feature of the situation. There are also offers to take and pay for, as soon as the mills can ship, rolled steel in various forms sufficient to last the would-be buyers for months. While some mills. are resisting the effort to carry present prices far into next year, there is evidently an increase in forward selling. The whole price situation turns on the amount of backlog accumulated under this move- ment. Attention is still focused on the railroads. Car buying last week made a larger week’s total than in months and other good-sized orders are yet to be given out. The New York Central added 5350 to its previous total, and the B. & O. gave out three orders calling for 2000, 1000 and 1500 cars, respectively, In the Pittsburgh district the plate and structural ton- nage resulting from car orders placed with local builders amounts to 60,000 tons and Chicago district mills have booked 40,000 tons of plates and shapes for Western car shops. The Atlantic Coast Line has bought 12,000 tons of rails from the Carnegie Steel Company and 7000 tons from the Maryland Steel Company. The Reading and the Central of New Jersey have placed 18,000 to 20,000 tons with the Pennsylvania Steel Company and the Bethlehem Steel Company. In addition to the 21,000-ton order which went to Gary, the Burlington road has bought 40,000 tons of open-hearth rails from the Colorado mill. The New Haven is added to the list of roads figuring on next year’s requirements. Arrangements may be made that, will bring some 1912 rail rolling to the mills for Decémber, filling gaps that Have been giving some concern. There is larger buying of steel bars and July I, 1912, is, as a rule, the limit on contracts. Two sellers are reported to be holding to 1.10¢., Pitts- burgh, as a minimum, but it is known that on some latge lots, of small range in sizes, the price has gone to rote. “In the Chicago district sales’ have been madé which of a Pittsburgh basing would figure even lowetdt.. ...? In plate, structural shapes and bars, the products. on which thé mills in different districts come into sharpest competition, the week’s prices have shown _- bo = Why J a oa > — er, eis ad. TST wires _ WE — r ide | an cs a 7 . ¥ eS i 1054 THE IRON AGE Novenbe: 16, igi variations of $1 to $3 a ton, when reduced to a Pitts- burgh basis, the differences being largely a matter of freight rates. In the lighter products conditions are not uni- form. Sheet prices are so low that buyers are trying to place large orders, but the mills would rather travel closer to actual consumptive needs, believing that the market is scraping bottom. Tin-plate mills are down to 45 per cent. of capacity in current operations. In wire the deeper cuts in prices have not produced more business. Eastern cast iron pipe makers have an inquiry from a gas company for nearly 15,000 tons of pipe for next year—a larger tonnage than any single interest has ever called for at this time of year for spring delivery. Low prices are stimulating demand in this industry, as in others. Foundry pig iron buying has increased somewhat in nearly all districts. At Chicago local foundry iron at $14 for No. 2 ‘is crowding out Southern iron on a $10, Birmingham, basis. Cincinnati, Buffalo anid Cleveland report better buying by foundries, but the uncertainty about raw material prices for 1912 is still a factor. In basic iron several large lots have been closed. At St. Louis over 15,000 tons was taken by Chicago district and Central Western furnaces, and more busi- ness is pending there. A northern Ohio steel plant bought 10,000 tons at a new low price for this year, reported at $12.35 at Valley furnace. The Eastern steel works have been holding up shipments of basic iron lately and the prospects are that several more blast furnaces in that section will go out. +e — —— Iron and Steel Works Improvements Periods of stationary or decreased demand for iron and steel products operate to decrease but not to stop the flow of capital into improvements. They do alter in a fundamental way the channels through which the capital flows and the use to which it is put. In a period of increasing demand additional capacity is to be provided, and the manufacturer thinks chiefly of how cheaply the output may be increased. The oppor- tunity is embraced, of course, to adopt new methods and devices, but the chief desideratum is the increased output. In periods of slackened demand, by which we mean periods in which there is either an absolute de- crease in the demand or such a decline in the relative rate of increase as brings about a condition of surplus capacity, the flow of capital continues, though perhaps in smaller volume; but the capital is used chiefly to re- duce cost of manufacture, the necessity for which is particularly pressing at such times. From a period of slackened demand the iron trade always emerges with its average costs reduced and with the general standard elevated. This improve- ment in the average is brought about partly by the investment of new capital and partly by the elimination of unfit plant, which has been below the average and the withdrawal of which serves to improve the general average by leaving the field exclusively to the more fit. The blast furnace is by far the oldest of our iron and steel manufacturing institutions, the Bessemer and open-hearth steel processes, with their attendant equipment and the rolling facilities adapted to them, being comparatively new. The history of the blast furnace industry is one of wholesale elimination in every period of depression. The period of depression in the nineties marked as unfit dozens and \ozeng of blast furnaces. Mr. Swank’s compilation i: the 1892 directory showed a total of 14,550,708 gr: - tons of blast furnace capacity for January, 1892. [he best production in a half year was the 4,911,763 | \1s in the preceding six months, at the rate of 9,823,000 tons , year, and three years intervened before tha: hal{-yea, record was broken. From January, 1892, tv January. 1899, blast furnace erection did not cease. \\any ney furnaces were built" and many others wer mproved so as to have much larger annual output, yet the boom of 1899, with the very high prices attendant, foung the blast furnace industry unable to produce more than 13,620,703 tons, which was almost a million tons iess than the claimed capacity of seven years earlier. There is no question that a great many furnaces, as- sumed in January, 1892, to be fit were shown by the hard times of 1893-8 to be wholly out of the running In the intervening years they were either actually dis- mantled or marked as impossible, so that they were not a factor in 1899. The average standard of blast fur- nace operation was raised by the elimination of these unfit furnaces, Outside of the raising of the general standard by the elimination of the unfit there has been the factor of actual improvement in methods and devices during periods of relative depression. Some of the most im- portant developments of the past quarter century occurred during the depression of the nineties, the pioneer work or the extensive adoption occurring in that period. The Duquesne blast furnaces, for instance, were blown in, two in 1895 and two in 1897, and marked a distinctly new type, with much greater blow- ing capacity than had theretofore been provided, while in the handling of material they also constituted a dis- tinct step forward. The basic open-hearth steel process as a tonnage proposition in the United States had its birth in the depression referred to, and the conditions which favored its adoption were distinctly those of hard times. Three factors dictated its adoption: Very cheap scrap, which had previously been absorbed on fair terms by the iron mills; very cheap pig iron from fur- naces in Alabama, where the development had been overdone, and very low transportation rates from Bir- mingham to Pittsburgh because the railroads stood badly in need of business. The modern continuous merchant bar mill was dis- tinctly the child of the 1893-8 depression. It gave wonderful promise of economy in manufacture, and without such promise it would not have been adopted at the time. The first steel interests which installed it fully recognized the lessened manufacturing cost s- sured, and adopted it although they had no assurance that they could find tonnage for full operation. !- deed, it was stated frankly on behalf of the first two installations that the mills would save their owners money even if only enough orders could be found t operate them at an average of one-half capacity. A large part of the pioneer work and the epoch making expansion in capacity in the tin plate industry occurred in the depression. Those who urged the ™- position of a protective duty in the McKinley law ° 1890 claimed that a rate of 2.5 cents per pound was needed, and no serious claim was ever made that ti plate manufacture was a possibility in the United States under the previous duty of 1 cent a pound. The 2.2-cent duty which was actually incorporated in the McKinley law was regarded as not more than st! ficient, yet times had so changed, as to the cost of steel m the was reduced, but because conditions made the reduced duty sufficient. he expansion in iron and steel demand since 3ok .1 enormous amount of capital has been invested ind steel making,.and much of it has been spent w methods and apparatus; but in the spending far the major part of this capital increase in vy was the chief aim, the adoption of new ses and equipment being simply incidental. New vas being built, and naturally the most modern were adopted. Of construction for the purpose acing old plant with newer and more modern has been considerable, but this has constituted a cly small proportion of the total outlay. prospect is that the next half dozen years will change in the direction of the flow of capital, the major portion will be expended for the of reducing cost of manufacture rather than purpose of increasing output. There are many sing fields, and as producersgare having a respite the task of striving for larger outputs per unit iipment in order to keep pace with the activities es departments, there will be ample time for igh study. From the by-product coke oven and vall blast furnace clear through to the steam ex- of the rolling mill, where a turbine may be ‘hed, there are opportunities for study and the m of ideas which such study may approve. ver may be the steel prices and wage rates of years hence, there is no question that measuring quality of finished steel produced in terms of tal and manual labor expended, the average cost of iction will be very materially reduced. Co > The Trust Prosecutions he stock market last week took on the appearance jubilation after the announcement of the United States Circuit Court’s decision regarding the disinteg- ration of the American Tobacco Company. The de- n was much more favorable to those holding the securities of the company than had been expected. ¢ properties of the company were not divided among ‘arge number of small interests, but were separated to) four leading parts. Under this arrangement the terests of the stockholders and of the various classes ondholders appear to have been amply protected "he announcement of such a result of the pro- ings by the Department of Justice against this | corporation was immediately taken as a message reassurance to other great corporations which are r the subject of government prosecution or are to be. The assumption was drawn that the Ss are inclined to be tender in handling the great ests coming under their care and not to enforce irastic division of the property of such corpora- into either their original components or into very units incapable of wielding an important part in ’ respective branches of trade. It was taken as i that the United States courts will be conservative indling matters of this kind. The fear had pre- | that the ferocity of certain of the government ccutors would be imparted to some extent to the es and that a decision would be rendered that ber 16, 1911 THE IRON AGE es the o) 1 market and as to the manufacture of tin plate would work considerable financial loss to the holders itself, (hat when the Wilson-Gorman law of 1894 re- of the company’s securities. duce ‘he duty to 1.2 cents the industry continued to While the stock market has acted as though the ro ind indeed grew faster than before, not because skies had cleared for great corporations, and that here- after no serious harm is to be expected to them, a sober contemplation of the situation hardly seems to war- rant extravagance of delight at what has so far occurred. The decision is not necessarily final, but can be appealed to the Supreme Court, and the views of the Department of Justice may there be received with more consideration. Nor will the result in the case of this particular company measure what may be meted out to a company in a different branch of trade, as it seems necessary from the position taken by the courts that each case shall be considered on its own merits. Beyond this, however, comes the even more serious consideration that leaders of public opinion and of political action in Congress may now be spurred to greater activity in endeavoring to curb the power of corporations. Indications are not wanting that measures of this character are likely to be brought forward by leaders of radical legislation. On the other hand, equally strong indications appear that a great part of the public, probably more than ever before, is tired of the baiting of corporations, and that an effort will be made, not only to shelve any further proceedings in that direction, but probably to amend the Sherman act so as to make it less injurious to business interests. It may be possible that in this great conflict of public opinion and of political turmoil the climax of interference with large business may be reached, toward which the business world has long been looking. tamesinsniiiilialplibiniiinnshiinais Commercialized Engineering To say that engineering is becoming commercial- ized may arouse a combative spirit in the engineer. It is not intended to intimate that engineering is neces- sarily being subjected to opprobrium, nor-to announce a discovery of a present tendency. Engineering is rapidly being recognized as a profession, notwithstand- ing a not infrequent claim that fees for engineering service are far below comparison with fees for other professional service. Signs have been apparent, how- ever, to those stopping long enough to consider that untrammeled expression to the initiative, originality and resourcefulness of the engineer is not always allowed. This statement takes the term engineering in its broad sense, variously defined by authorities, in which the intimate relation is maintained between, say, the scientific and the financial. It may be well to particularize. The engineer de- velops an article which is meritorious from the economy or comfort which it will contribute to man- kind. It is caleulated to replace an article which is .itself satisfactorily filling a mission, in the light of common knowledge. The investment in the article of current use is large; the demand has not yet been fully met; so long as it remains profitable to maintain and supply the market the newer device remains hidden from general knowledge. Finally at the propitious moment from the commercial standpoint the invention, design or discovery of the new article is heralded; a demand for it is created, and the older article, even if recently purchased, becomes obsolete over night. It is a question if mankind has not lost a little to the advantage of those in control of the two articles. 2 Ng PERS OEY 1056 THE IRON AGE Justification for the procedure may be claimed on the same basis as that on which the development of standards rests. If carried to the limit it would mean ultimately little or slow progress. The difficulty of securing an engineering structure of any sort along lines meeting strictly in the best manner the special problem involved is serious in considering, for ex- ample, international commerce. Great freedom seems to be given to the Continental engineer. Yet it may be that the situation abroad is as unsatisfactory in this respect as it is in the other respect in this country. Certainly in some lines of engineering one finds as much difference in Europe among what might well be substantially identical plants as there once was among equal priced watches of Swiss manufacture. It is of great economic importance to have interchangeability, but universal application should not be attempted. Definite differences meeting special engineering de- mands tend to encourage similar endeavor in later problems. It would seem that engineering in this country is very much subservient to business. It is a question, moreover, if this subordinate position is not working harm. Inspecting Fire Equipment As an annuai reminder to the manufacturer, few are more important than the word of caution against neglect of fire protection at the beginning of cold weather. The number of fires, including those of the conflagration class, is most numerous when artificial heat has become necessary and when men are housed in works during their idle minutes, especially at noon. Every plant has more or less of a system with which to fight fires in their incipiency, but during the warm months neglect is apt to creep in, until emergency ap- paratus has become to some extent inefficient. A de- tailed inspection in the autumn will reduce the danger. and the placing of responsibility for a continuance of efficiency may bring large results as a preventive. —~++¢@—_—_ Correspondence Titanium Alloys With and Without Aluminum To the Editor: I have read with great interest the long letter written by Mr. Hulbert, of the Goldschmidt Thermit Company on the subject of “Ferrotitanium and Its Use.” This letter is published in your issue of October 12, and is in reply to one of mine on the same subject published July 27. . The question of the condition of the carbon in the so-called 10 per cent and 15 per cent alloys, made by the Titanium Alloys Mfg. Company was _ considered rather fully in my previous letter and need not be dwelt upon now. Mr. Hulbert’s statement that all ferroalloys should be free from carbon is altogether too sweeping. Since the time of Mushet steelmakers have used spiegel- eisen and ‘ferromanganese in increasingly large amounts when making both crucible and the large tonnage steels, with splendid results. By the latter I mean Bessemer and open hearth steels. All the manganese alloys classed under the heads of spiegeleisen and ferromanganese contain a large percentage of carbon, the presence of which is a disadvantage only in very rare cases, such as the making of low carbon steels for experimental purposes or for special uses. One of the special advantages of the 10 per. cent and 15 per cent ferrotitanium alloys is that they are so cheap, and so little is needed to bring about good results, that they are not restricted to special steels made only in small quantities, but are also applicable to the large tonnage steels. It is a matter of great interest to all those who November 16, 191] were fortunate enough to be engaged in the | neer ex- perimental work with these alloys, to see them ing used more and more extensively in this latter fie)! ferro. chromium is another ferroalloy that is largely seq with excellent results, and it contains considera) carhop There is no question of the fact that a good i.) of the manganese and chromium in the ferroalloys : ; , entioned is combined with carbon in the form of doubl. carbides but this does not prevent the metal bath takin. up the full amount of chromium or manganese added. less th part oxidized. SOLUBILITY AND MELTING POINT. With regard to the subjects of solubility ani melting point, Mr. Hulbert is quite right in saying that they ar, two entirely different things. His, or rather Gold schmidt’s, illustrations from the domain of nonferroy: metallurgy are not, however, directly applicable to the question of the solubility of ferrotitanium in a bath of molten steel. In the latter case there is no question jn my mind that a comparatively low -melting point will greatly assist solubility. The proper place to test theories regarding steel making is in the steel mill and the various laboratories. After several years’ experience wit! the 10 per cent and 15 per cent titanium alloys, covering the making of thousands of tons of steel, I can say that when added properly they are readily taken up by Bessemer and basic open hearth steel, at ordinar temperatures. LADLE ADDITIONS NOT BEST. I must take exception to the dogmatic cha: another of Mr. Hulbert’s statements, namely, that the h¢ way to use any deoxidizing ferroalloy is in th« runner. The greatest deoxidizing ferroalloys in use to day, with regard to the work done and the amount used, are those of manganese and silicon. Jn acid Bessemer practice, when making rail steel, experience at more than one mill has shown that much better results are obtained when the spiegel mixture is added to the converter and not to the ladle. This spiegel mixture contains large amounts of both manganese and silicon. The reasons for this practice are very interesting, but will not be gone into now. Also in open hearth practice the best results, with regard to the quality of the steel, are obtained when the whole or part of the manganese and silicon alloys neces sary are added in the furnace. ALUMINUM IN THE TITANIUM ALLOY. Mr. Hulbert’s next argument is with regard to the aluminum in the Goldschmidt titanium alloy, which is un- avoidably present in considerable amount. His contentiot is that this aluminum is beneficial for several reasons which he quotes from a recent letter by Dr. Goldschmidt The main point is that after solution of the alloy in a molten bath of steel the titanium is changed to TiO: which oxide separates from the steel only with difficult) if, however, aluminum is present with the titanium then Al.O; is also produced which unites with the TiO forming titanate of aluminum, more easily fusible than TiO: In other words, the mental picture produced 's that the TiO. has to separate from the steel as TiO: un- less aluminum is also present in the alloy, when the Al:0 produced helps it by forming titanate of aluminum Other paragraphs, however, say that aluminum. is a much stronger deoxidizing agent than titanium, and that when this alloy is used the aluminum first reduces all the oxides and impurities present. This, therefore, will remove the oxides and it will be impossible for any TiO, to form Some of the chemical physics involved when ferro- titanium is added to a bath of molten steel are unknown, and concerning them only theories can be made. ne thing, however, is definitely known, and has been proved through several years’ experience. It is that the use ©! titanium alloys containing no aluminum gives steels that are remarkably clean, solid, and free from slag-like ma- terials. This is so noticeable that it constitutes one of the chief advantages of using ferrotitanium. The explanation is probably as follows: The oxyge" present in the bath of steel exists, not as oxygen, Dut 4s various oxides. Of these the most harmful is ferrous oxide, FeO existing in solution in the metal. At the same time considerable amounts of silica, SiO,, and oxide 0! manganese, MnO, are undoubtedly present as the addition of ferrotitanium generally closely follows that of the manganese and silicon alloys used. Smaller or larger Nove nber 16, 1911 ‘ - of intermingled slag are also probably present. TI nium of the ferrotitanium decomposes the FeO, gettin. free iron and forming TiO,, which does further eful work by uniting with the other oxides and imt ‘s, giving a fluid slag that separates readily from the ial. The great value of the TiO, in helping to ‘a such a slag is recognized, and its importance has inted out by such well known metallurgists as Pro- Howe and Stoughton. If AIl,Os; is present, or is intentionally, there is then so much the more material for the TiO: to help to slag off. ther words, the Al,O; will prevent a large amount riO. from uniting with, and helping to remove as e oxides and impurities already present in the steel. G. B. WATERHOUSE. aLo, N. Y., November 6, 1911. —_—+-o—____ The Tobacco Trust Decision United States Circuit Court, New York, handed pinions November’ 8, approving the plan of the an Tobacco Company for its division into 4 com- Some conditions suggested by Attorney-General sham were adopted, but these do not materially the plan suggested by the company. His request new companies be kept under the jurisdiction of rt for five years, so that a try-out of the plan may le with a reservation of the government privilege pening the subject in case competition is not re- is denied. The question of a possible appeal to preme Court will rest with the Attorney-General, vernment is the only party to the suit aside from efendants, who are not expected to object to the hanges specified by the court. The independent interests were not able to impress their views on irt sufficiently to secure the more complete dis- ion of the company. udge Lacombe, who wrote the principal opinion, holds that the court would have no power to order the tion of a different plan for that submitted and that the changes which are approved can be made only e consent of the defendants. He says: ld be sheer waste of time, therefore, to consider any plan different from the one now before us; if we find this ld not create the condition defined in the opinion of the Court, or if such modifications as we may require as a f giving our approval are not accepted by defendants, t obey the mandate of that court; must seize the property t at public auction in appropriate and convenient lots, ap- the proceeds of the sale to the payment of the debts (includ- mortgages) or of such dividend thereon as the proceeds may irning over the surplus, if any, to the owners of the equity. contention that no dissolution plan would be ef- and that a receiver should be appointed is dismissed the remark that “evidently the Supreme Court be- | some plan was practicable or it would not have di- | this court to inquire into the matter.” Other plans ssolution, differing widely in form and scope, are dis- missed because “there is no suggestion that the defendants will adopt them,” Judge Lacombe arguing that the plan of the defendant must either be approved or rejected, and hanged in character. ize Lacombe stands on the decisions of the Supreme t in the Northern Securities and Standard Oil cases, in the same situation was created as to whether the nt owners would continue to be the owners of the ompanies. He says that since this method of dis- ‘curation was acquiesced in by the Supreme Court it | seem that the question has been settled for the t Court by the controlling authority. dge Noyes, in his opinion, says that “the successful struction of this organization should teach that the ‘ of enforcing the statute against industrial combina- is not to destroy but to reconstruct; not to demolish re-create in accordance with the conditions which ress has declared shall exist among the people of inited States,” idge Coxe, in his opinion, says he approves the plan Decause he thinks it perfect, but because it is the best nable. He says: “The plan which we have sanctioned lates the objectionable features and permits no un- nable or unlawful restraint of trade.” THE IRON AGE 1057 The court has laid some prohibitions upon the new companies to be formed and upon the interests affected by the decree. The companies shall have no officers or directors in common; they shall not hold each. other’s stocks; they shall not have the same purchasing and sell- ing agents or officers. Also, they are enjoined from the doing of the things enumerated in the court’s opinion as being in violation of the law. Om The Stanley Investigating Committee Wasuincton, D. C., November 13, 1911.—The Stanley Investigating Committee will resume its hearings on Mon- day, November 20. These hearings, like those of the last session, will be held by the full committee, which consists, in addition to the chairman, of Representatives Beall, of Texas; Bartlett, of Georgia; Littleton, of New York; McGillicuddy, of Maine; Young, of Michigan; Danforth, of New York; Gardner, of Massachusetts, and Steriing, of Illinois. No definite programme has been arranged by the chair- man, nor is one likely to be. The investigation will prob- ably begin with a thorough inquiry into the transportation question and all the related subjects, which will include also those of the Minnesota ore fields and their operations. With these exceptions the hearings will be governed largely by the developments from day to day. Before adjourn- ment the entire field of inquiry will be fully covered and the widest latitude consistent with a proper regard for time will be permitted both the individual members of the committee and those appearing before it. Mr. Stanley finds from his correspondence and other sources that interest in the hearings is quite as keen as it was when recess was taken a few months ago, This is no less true of the general public than it is of his committee associates, all of whom have announced their intention to be present at the opening day, and this includes one mem- ber who it was thought until a few days ago would be unble, by reason of illness, to reach Washington until the regular Congressional session had begun. It is not Mr. Stanley’s intention to subpeena witnesses but to invite certain gentlemen to appear and give the com- mittee the benefit of their views. He does not doubt that in every case those who are so invited will promptly accept. It is not unlikely that Andrew Carnegie and J. P. Morgan will be among the gentlemen of distinction in the financial and industrial world who will appear before the committee. The hearings are expected to last a month, everything depending on the volume of testimony brought out and its relative importance. That the hearings will be quite as interesting from a popular standpoint as were those of last session is quite evident from Mr. Stanley’s observa- tion that “the best is still to come.” J. G ——_»--e—__—_ The Woodward Iron Company’s Purchase.—By the purchase of the Birmingham Coal & Iron Company by the Woodward Iron Company of Birmingham, Ala., the latter company acquires 37,000 acres of coal lands, with a coal mine at Mulga, Ala. 2400 acres of ore lands, two blast furnaces and a coke plant. The purchase gives the Wood- ward interests important coal reserves, a direction in which their mineral holdings needed reinforcement. It is re- ported that the Woodward Iron Company will soon con- tract for a duplicate of its Koppers by-product coke plant at Woodward, erected last year. The report is also re- vived that the company will build a steel plant, but no definite announcement of plans is made. The authorized capital stock of the Birmingham Coal & Iron Company is $5,000,000. The bonded debt consists of $2,159,000 first consolidated gold 5’s, due in 1927, and $2,000,000 of Bir- mingham Iron Company general gdld 5's, due in 1926. The two Vanderbilt blast furnaces of the company are located just east of Birmingham. —_——_¢--e—_—— The question of hours of labor in shops in San Fran- cisco, Cal., which has been under discussion between the California Metal Trades Association and the Iron Trades Council for several weeks, has been referred to the San Francisco Industrial Conciliation Board for ar- bitration. Pending a decision, the eight-hour day will be continued. 1058 THE IRON AGE November 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. PIG HERON, Per Gross Ton: Foundry No. 2 standard, Phila- ROE *- wthicnac's Ghed.es 695 4uaie Foundry No. 2, Valley furnace. Foundr; No. 2. Southern, Cin- ED ck ae weird a neg Sonne Foundry No. 2, Birminghm, Ala. Foundry No. 2, at furnace, ON i ee ae ee Basic, delivered, eastern Pa.... Basic, Valley furnace.......... Bessemer, Pittsburgh.......... Gray forge, Pittsburgh......... Lake Superior charcoal, Chicago COKE, CONNELLSVILLE, Per Net Ton, at Oven: Furnace coke, prompt shipment. Furnace coke, future delivery. Foundry coke, prompt shipment. Foundry coke, future delive BILLETS, &c., Per Gross Ton: Bessemer billets, Pittsburgh.... Open hearth billets, Pittsburgh. Forging billets, Pittsburgh Pek as Open hearth billets, Philadelphia. Wire rods, Pittsburgh......... OLD MATERIAL, Per Gross Ton: Iron rails, Chicago............ Iron rails, Philadelphia........ Car wheels, Chicago........... Car wheels, Philadelphia....... Heavy steel scrap, Fiteburgh. . eavy steel scrap, Chicago... Heavy steel scrap, Philadelphia. FINISHED IRON AND STEEL, Per Pound to Largest Buyers: Bessemer rails, heavy, at mill.. Iron bars, Philadelphia........ Iron bars, Pitisburgh.......... ee Bere,” SN. a os. os oes Steel bars, Pittsburgh.......... Steel bars, tidewater, New York Tank ae Pittsburgh es aha aeg Tank plates, tidewater, New York i PE have kien iscce Beams, tidewater, New York... BREE, TED < n.6 since senes Angles, tidewater, New York... Skelp, grooved steel, Pittsburgh Skelp, sheared steel, Pittsburgh. SHEETS, NAILS AND WIRE, e Per Pound to Largest Buyers: Sheets, black, No. 28, Pitts sbargh Wire nails, Pittsburgh....... Cut nails, Pittsburgh.......... Barb wire, galv., Pittsburgh. METALS, Per Pound Lake copper, New York Electrolytic copper, New York. 3 Spelter, St. Louis.... Spelter, New York Lead, St. Louis. bitaewa'ss eC. eee Tin, New York Antimony, Hallett, New York Tin plate, 100-Ib. box, New Waste *The average switching charge Chicago district is 50c. per ton. 5c > et et Ot tO ON ho ka CO = Go ee Co DD — st , Nov. 8, Oct. 1911. $15.00 13.25 13.25 10.00 So oo oCv AY Vd pS atunme Nee Sdoinin oou 20.00 19.00 24.00 22.40 25.50 14.50 15.50 12.00 11.25 12.00 9.50 11.50 Cents. pas b=? pet NYLDH oom Ss oun Ft tl fa het ft DO = Go ms bo ee Co OD ee WU Ue ue U1 Cents. 1.8 00 tn Ut ASUn eo Ss0of na rN te WIT RRAAVN 4? IDNHKHwrowwds » oOv fF delivery to foundries ee Prices of Finished Iron and Steel f.o.b. Pittsburgh Freight rates from Pittsburgh lb.: New York, 16c.; apolis, 17c.; 224%4c.; New Orleans, 30c.; in carloads, Philadelphia, Buffalo, 11c.; Cleveland, toc.; Chicago, 18c.; 15¢.; Cincinnati, st. Paul, Birmingham, ‘ cific coast, 8o0c. on plates, structural shapes and sheets No. 11 and heavier; 85c. on sheets Nos. on sheets No. 16 and lighter; boiler tubes. Plates. —Tank plates, 1% in. wide, I.15c., base, net cash, 30 days. ulations prescribed by manufacturers, with extras: Rectangular plates, tank steel or conforming to manufacturers’ standard specifications for structural 6% 1n. dated February 18, Nov. hininn AVAL SS oe Re Coin wn oouw 4 on 9% 1 wm ANNs Ste we mus > wn vin Ln » per 32¢.; 6, 1910. $15.75 13.75 14.25 11.00 16.00 14.75 13.25 15.90 14.15 18.00 none Noe Nonuw 23.50 23.50 28.50 25.50 28.00 16.00 18.00 13.50 13.75 14.25 12.25 13.50 onus UAKRS in the 95c. 5c. on wrought pipe and up to 100 in. 'F ollowing are stip- 16, 100 T&c.; Indian- Louis, Pa- 1903, or equivalent, Y% in. thick and over on thinnest edge, n. wide and under, down to but not including 6 in, wide, are b Plates up to 72 in. wide, inclusive, ordered £0.2 |b square foot, are considered \Y-in. plates. Plates over 72 in le must be ordered % in. thick on_edge, or not less than 11 Ib r square foot, to take base price. Plates over 72 in. wide orde: ss than 11 Ib. per square foot down to the weignt of 3-16-in. take the price of 3-16-in. Allowab!e overweight, whether plates are ordered | iwe or weight, to be governed by the standard specifications of ‘ Associa. tion of American Steel Manufacturers. Extras. s per Ib, Gauges under % in. to and including 3-16 in. on t MESt CUBE. 200 cece ccccccsccvcsadsevecveesesess Gauges under 3-16 in. to and including No. 8...... Gauges under No. 8 to and including No. 9...... Gauges under No. 9 to and including No. 10..... ’ Gauges under No. 10 to and including No. 12..... 4( Sketches (including all straight taper plates) 3 ft. and Over in Temi. ... 0558s usec cvs pccesecw de csevce. Complete circles, 3 ft. in diameter and over...... Boiler amd flamme Gteel. .cccccecscsevvecvccceces “A. B. M. A.” and ordinary firebox steel......... Still bottom steel...........- ERRRAAT CRMRE «0,0. Te epee rr eT ere rele Cry er ere errr 4( Locomotive firebox steel.........ss+-+: badineaes { Widths over 100 in. up to 110 in., inclusive....... Widths over 110 in. up to 115 in., inclusive...... Widths over 115 in. up to 120 in., inclusive...... Widths over 120 in. up to 125 in., inclusive.......... Widths over 125 in. up to 130 in., inclusive........ Widths over 130 im. .....cccecccccsecsssevecsesss++-1.00 Cutting to lengths or diameters under 3 ft. to 2 ft., clusiv ; : Cutting to lengths or diameters under 2 ft. to 1 ft., in NE gc kc bk bck ta RES ae RAS eR OER RERN ED So 00 08 Cutting to lengths or diameters under 1 ft....... ‘ 5 No charge for cutting rectangular plates to lengths 3 ft. and over. Structural Material.—I-beams, 3 to 15 in.; channels, 3 to 15 in., and angles, 3 to 6 in. on one or both legs, 4 in. and over, 1.15c. to 1.20¢c. Other shapes and sizes are quoted as follows: Cents per |b. I-heasmms over 15 iti..cccccocapecssccvecassornewe 1.20 to 1.25 H-beame over 16 Wn... .6.0asseeceenee eee 1.30 to 1.35 Angles over 6 1M... .cccccecvccecsseesseseeves 1.20 to 1.25 Angles. 3 in. on one or both legs, less than 4 in. thick, plus full extras as per steel bar card Sept. 1, 1909.2... 6200s s%s,qs bane 1.20 to 1.25 Tees, 3 200, BG) CBee 6 ook o 60:0 000009 kuin 1.20 to 1.25 Zees, 3 IM. GRE MD. i..o ccc ecesescncsvaceyvaeee 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............seese0: 1.45 to 1.50 Hand cpil £0CG..sc.ccecanevscvasnvdies seneeunns 2.00 to 2.15 Checkered and corrugated plates..........+..+- 2.00 to 2.15 Sheets.— Makers’ prices for mill shipenrate 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: Biue Annealed Sheets. Cents per Nos BS CO Cs pw cecicéidusveseove seeuceneleerene 1.25 to 1.30 mes. 9 om - 30.6 6cccsisacstbevenneateaneeeee 1.35 to 1.40 POs. 23 GRE TBs ac cicenas is sa4 bene eenn eee 1.40 to 1.45 Nos. 13 amd 164... ccvevccs ents onthe ene een 1.45 to 1.50 Nos. 15 smd BGs. vcs ccsectaes cute esha 1.55 to 1.60 Boa innealed § heets, Cold Rolled. One Pass. Three Pass mon. 10 46:32, ..vsetwaeavane 1.50 to 1.55 shes 7 eS eB eee eee 1.55 to 1.60 aes : moe: 15, oe Bho is col ceande 1.60 to 1.65 1.70 to 1.7 Nos. .£9,*te. Bis cscaeeseesees 1.65 to 1.70 1.75 to 1.80 Nea. 32, 23 amé? 34. ..s<cce0s 1.70 to 1.75 1,80 to 1.85 Mas. 2S: Wie: WE. ss cveos oot 1.75 to 1.80 1.85 to 1.90 NG. . Bl evawntonsa saopescsewe 1.80 to 1.85 1.90 to 1.9 NG. SOvip wes seen ieee Gen wee 1.85 to 1.90 1.95 to 2.00 NO. “Di aeiasie cee ate ckebuee 1.90 to 1.95 2.00 to 2.05 INO. -O0i dices envied bans 2.00 to 2.05 2.10 to 2.15 Galvanised Sheets, of Black Sheet Gauge. Nos.. 10 and> 2). ities die eae 1.85 to 1.9 Nos. 12, 13 am 16. sc6ccssaseunahs tose 1.95 to 2.00 Nes. 35, 16 e086 [17.....s.ctsusnee ena 2.10 to 2.15 Nee, 38 60 Obie nis acekeuet dcdeieesentnen 2.25 to 2.30 Noa, 23 ond. 8.00.0 ducks 32 RO dea soa 2.35 to 2.40 Mes, 25 On6 ):DB. ..c0c0.cu0 0s uch setae 2.55 to 2.60 Nag. BP ic scons dpe acedawioeactea clade tee 2.70 to 2./> OD, GR. avs Savie an edn eee ok ee ee 2.85 to 2.% NG. Bicdsccwanas tp cvenecbbbhieaudbue CORE ERES 2.95 to 3.00 MGs. BOs ansévrmenens ewes & adic biases alee 3.15 to 3.20 All above rates on sheets are f.o.b. Pittsburgh, terms 30 days net, or 2 per cent. cash discount in 10 days trom date of invoice, as also are the following base prices Per square for painted and galvanized roofing sheets, with -in. corrugations. Corrugated Roofing Sheets, Per Square. Gauge. Painted. Galvanized. | Senge. Painted. Galvanized. B0: uwiuse last ORs. ie BE oh co ki $2.35 3.45 aod $1.30 2.45 22. sa 2.55 3.65 PRE ae 1.45 2.50 ORS ct rae 2.75 4.00 96. ins Se 2.60 BBs basese 3.00 4.39 Bai ctaice 1.80 SOR be BckGs can 4.00 5.65 94. ease 2.05 S40 0 7463 coke 4.85 6.49 Novem ver 16, Igtt Wire Rods and Wire.—Bessemer, open hearth and in + ds, $25 to $25.50. Fence wire, Nos. 0 to 9, per erms 60 days, or 2 per cent. discount in 10 days, arloa) lots, to jobbers, annealed, $1.35; galvanized, 61.65 arload lots, to retailers, annealed, $1.45; gal- i $1.75. Galvanized bar wire to jobbers, $1.85; oainted, $1.55. Wire nails, to jobbers, $1.55. ~The following table gives the price to retail mer- n wire in less than carloads, including the ex- Nos. 10 to 16, which are added to the base price: Fence Wire, Per 100 lb. 0to9 10 11 12&12% 13 14 15 16 ..$1.55 $1.60 $1.65 $1.70 $1.80 $1.90 $2.00 $2.10 .. 185 190 195 200 2.10 2.20 260 2.70 Wrought Pipe.—The following are the jobbers’ car- scounts on the Pittsburgh basing card on wrought effect from October 2, I91T: Butt Weld. ———Steel——_, -——Iron——, Black. Galv. Black. Galv. { in. ccavoaeeeeee un 73 53 68 48 <0 0004 6 4 eee tiene’ 74 64 69 59 ose eth eearen 77 67 72 62 to 156 PA cawsameenks 80 72 75 67 i. os ck dU weewaen 81 74 76 69 Lap Weld, 14 Weis cbeeeest eee oF 68 61 occ c sub ehe bemdeesanewe 77 70 72 65 4 Ahiws eee meee veds 79 72 74 67 6 ih. cic eeeueneene ee 78 70 73 65 12 in. uc ces eRe ames 76 66 71 61 S it. ccs v denen deine 52 “et 47 ond jutt Weld, extra strong, plain ends, card weight. (, 4 ticeecets deers 70 60° 65 55 fl. sos ckdee SS acme an 75 69 70 64 1% in. cavenveeduinves 79 73 74 68 3 iM. aes ahd eae eee 80 74 75 69 1p Weld, extra strong, plain ends, card weight. ‘0:64 es aan eee x i 66 60 . eveb eee akiene 76 70 71 65 to 4° a paeevaneeewers 78 72 73 67 6 ice eee 77 71 72 66 8 in. .ccs at Kew reewenren 70 60 65 55 2 in. .sveunnd es eneee 65 55 60 50 t Weld, double extra strong, plain ends, card weight. oc ccc ee tar eeee aaa 65 59 60 54 1% i./us20se wounmeene 68 62 63 57 3 IN. , «3 +ee eee 70 64 65 59 Weld, double extra strong, plain ends, card weight. ccvweeekenepenens en 66 60 61 55 » 4 hi clin giao panne 68 62 63 57 6 1hsecadndduename 67 61 62 56 B it. .«ciackeunoneeuee 60 50 55 45 Plugged and Reamed, will be sold at two (2) _ 2 to 3 in. Butt Weld points lower basing (higher | 4 ie cae Lap Weld price) than merchants or card weight pipe. Butt or lap weld, as specified. ove discounts are for “card weight,” subject to the usual f 5 per cent. Prices for less than carloads are three (3) er basing (higher price) than the above discounts. Boiler Tubes—Discounts on lap welded steel and rcoal iron boiler tubes to jobbers in carloads are as Steel, Charcoal Jron, ots 04.5 ae 65 5E6 BR Tie i oe snk aac 2% in.e....4 sbeueun eee 67% Se Bae Bika Caen bic vn 8's wee iM, . « 0s’ w-awiale ae 72% RES Bes sis one 0-0 pthae ater 55 ened sha 75 AME, OW ciire a we 6 <cvdnea dae ‘ gicwhobcan ae 67% oa naw eae 65 and smaller, over 18 ft., 10 per cent. net extra. and larger, over 22 ft., 10 per cent. net extra. han carloads will be sold at the delivered discounts for car- vered by two points for lengths 22 ft. and under to desti- east of the Mississippi River; lengths over 22 ft. and all nts going west of the Mississippi River must be sold f.o.b. t Pittsburgh basing discount, lowered by two points. ———--—_—<>-@—__—- Pittsburgh SBURGH, Pa,, November 15, 1911.—(By Telephone.) Pig Iron—The American Steel Foundries, which y bought a large tonnage of basic iron from ‘ern furnaces for its plant at St. Louis, has also within the past week 10,000 tons or more from ning Valley furnaces, for its Alliance Works, at said to be about $12.35 at furnace, for delivery in iarter. The Westinghouse Air Brake Company e market for 1000 to 2000 tons each of forge and v iron for first quarter. The wide spread between of Bessemer and basic iron is being diminished. past week several small sales of Bessemer have ade at $14, Valley furnace, and one sale is re- at $13.75, and a further decline in prices is ex- We quote Bessemer iron at $14; malleable er, $12.50; basic, $12.35; No. 2 foundry, $13.25, y forge, $12.75, all at Valley furnace, the freight the Pittsburgh district being 90c. a ton. Foundry ems to be firmer in the Valley than in the Cleve- THE IRON AGE 1059 land and other districts: We note a sale of 200 tons of Bessemer iron for prompt shipment at $14, and 100 tons of No. 2 foundry at $13.25, Valley furnace. _ Steel—Prices on Bessemer steel are weaker, billets having ben sold at $2a.50 or less, and sheet bars being offered at less than $21, Pittsburgh or Youngstown mill. New inquiries for steel are very light, but con- sumers are specifying in a moderate way against con- tracts. We quote open hearth billets at $19; Bessemer billets, $19.50; open hearth bars, $20; Bessemer bars, $20.50 to $21, and forging billets, $24, all at mill, Pitts- —— or Youngstown dis