The Iron Age 1911-12-28: Vol 88 Iss 26

Esta blished 1855 . Published Every Thu:sday by the 239 West 39th Street, New York i at the New York Post Office as Second-Class Mail Matter. 4 Subscription Price, United States and Mexico, $5.00 per Annum; to Canada, f $7.50 per Annum; to Other Foveign Countries, $10.00 per Annum. Unless receipt is requested, none will be sent. Credit for payment will be shown by extending the ‘ date on the wrapper of your paper af W. H. Taylor, - ° - - - President and Treasurer ‘ |. A. Mekeel, - - - - - - - First Vice-President Frank, - - - Secretary Meé Y ¢ ‘yg Geo. W. Cope, . A. |. Findley, - Editors 5 W. W. Macon, ; M. C. Robbins, . . Manager 16 Charles S. Baur, Assistant Manager 334 _ Branch Offices Philadelphia, Real Estate Trust Building Chicago, Fisher Building Pittsburgh, Park Building Cleveland, American Trust Building Boston, Compton Building Cincinnati, 807 Andrews Building 00 00 50 50 CONTENTS. 50 00 s Active: MaprWet ys oad dba ben 138 50) ” Statistics . ic cidiewibelbs Plates 1382 0 Metal Stimulates Construction Be ny 1383 ~ in Machine Shops. . . . . 1384 Iron Trade Active , , ; Seca wt in Government Shop : 1384 European Copper Market Adv s 385 Canal Lock at Buffal gt . 1385 ( tion Bonuses to Employees... ih bi: 4sp ik aoe, wae and Metal Markets.. 4 aiken wh 1386 EERE a Ren ek Saale ND De ahead ey CAG eee mew 88 396 V. Bingham Compa Changes Ow shiy eek 1396 e- I 97 » Union Furnas ( npa 3% strial Railroad eeeevseeebes ‘y 7 & Trefts and East Buffalo Iron Works Combine. . 1397 and Vicinity Business Notes 397 luge Pennsylvania Locomotive: ......00.s.ceccceevceveces 1397 and Tin Plate Aameeiemeom cic cco is ca ws deen bneee cs 1398 Eastern Steel Company's Warwick Lease....... 1398 pid Bridge eee ous carcass oh k ad tease oe eens 1399 Lined Blast Furnace Construction. ..........+....000% 1400 Product Coke Plant for Atikokan Furnace......... 1401 No. 4 Blast Furnace at Haselton, Ohio.................. 1402 Tain aft Asleaneh, FR®, os iio isc iis ecda owed Vieenwes 1403 Shipbusidiog: 16+ TOR wk ces 655 ebpk'eo's bc Kawa Akane 1403 Pittsburgh Universal Straightener..............4+-s005 1404 Led Roeeoree 2 oct bis e Ocenia koh akes | he vosate aunt 1404 trical Equipment of Gary Coke Plant..:..........-00+- 1406 ter Permanmemd BROAD... 6c 06s bees cvctsutemvaeilees 1409 rhe-Cupols BRowie ti 5i ose idk Sed cei cai ieee . 1410 15-In. Weasley Ti iin wis c wed vans deve pedwanenda 1410 cal Shaper Attachment. .....cccsecsveesscccneeebeneces 1411 New Pipe Weer ua se% i Sa basil ook ee Teed pees »-- 1411 hine Molding for Large Castings..........-+.ee-eeeesees- 1412 Conoidall Pati. oii Siew ba oe Cees ves han) cee deen be ees 1414 Brass Manufacturers’ Annual Meeting........-...++++++ 1414 Molding Flask....ccccesecscrcecvtevesecutosesseceses 1415 xible Metal Hose and Tubing..........--++-eeeereerences 1415 Machinery Markets. .......662-.00ceeeseeereeneeeeeeene 1416 le Pabenebeg ig ik is vba elis w boc ha sida ee de ones ee «ae ¥4 1423 THE IRON AGE VoL. 88: No. 26 ——$—$$—$—$——$——— New York, December 28, 1911 Still an Active Market Sustained Demand for Finished Material Larger Outputs of Mills and Blast Furnaces— Price Advances Established The buying of fimished steel has continued on a scale that has broken the tradition of a quiet market at the end of the year and has tended to establish the higher prices recently asked, particularly for bars, plates and structural steel. Buyers are not rushing in to cover for the future in the way that has been known to bring rapid advances, and cautions against too fast a pace are gratuitous, On the other hand, the attitude of sellérs is decidedly changed, and that of itself has produced busi- ness. Mill resumptions on December 26 were general, and operations have increased this week at a number of plants, instead of waiting until after New Year's day. The Steel Corporation is putting two Ohio furnaces at Youngstown in blast and one at New Castle, Pa., and all furnaces of those groups are now active. January I will be no holiday at the corporation's plants. Heavy orders have come to the steel manufacturers this week and leading interests are now so far commit- ted for the first four months of 1912 that the question has arisen whether the railroads will find open space for such rollings as some of the trunk lines have re- quired, heretofore for spring delivery. One of the two large rail orders now pending is ex- pected to be placed within the week. The Chicago & Northwestern has bought 60,000 tons in the Chicago district and the Soo Line 18,000 tons. A number of smaller orders have gone to the Ensley mill. Stone & Webster have placed 6000 tons with the Pennsylvania Steel Company. The B. & O. order is 40,000 tons. There are confident predictions by high authorities that large car buying will be seen early in the new year. The Rock Island has ordered 2500 cars and the Steel Corporation will buy 3000, of which 2000 are for the Pittsburgh, Bessemer & Lake Erie and tooo for the Elgin, Joliet & Eastern. The advance in steel bars to 1.15¢., Pittsburgh, has been well held. There is more resistance to a higher basis for structural shapes; but 1.15c. appears to be the minimum, while 1.20c. has been secured in some cases. The persistent weakness. in fabricated work is still a factor, as steel companies are called upon to back up the low bids of customers. Plate mills in the Central Western and Chicago dis- tricts have nearly four months’ work ahead, but east- ern Pennsylvania mills, which share in only a small way in steel car business, are not so well off. Consider- able sales have been made on the 1.20c., Pittsburgh, basis. Sheet and tin plate mills will operate in January on better schedules than in months, and the average to-day is about 75 per cent. of capacity. The mewly formed ce a ae ea 1382 THE IRON AGE association of manufacturers in these lines need hardly be rated a market. factor. Any attempt at price mainte- nance is disclaimed, and thus far the larger producers have held aloof. Wire mills are also increasing their operations, good orders having been taken on the $1.55 basis for wire nails. Wire prices are still low in comparison with those for the heavy products. Pittsburgh district steel works are heavily committed on billet and sheet bar contracts for the first half of 1912, and $20 for Bessemer and cpen-hearth billets is now generally quoted, representing $1 advance. Forging billets are now $26, Pittsburgh, an advance of $2 in two weeks. Sustained activity in pig iron in the Central West, particularly at Buffalo and Cleveland, contrasts with quiet markets in the East and at Chicago. In central Ohio 10,000 tons of basic was taken by one melter and an inquiry for 20,000 tons is up. The buying of foundry and malleable grades from furnaces on Lake Erie has also been good. Furnaces having orders for several months ahead have advanced their prices, but sellers for the first half of next year at the recent level have not all disappeared. December pig iron production of the steel companies has been greater than in November. Merchant output has also increased, and a number of furnaces in both classes will blow in in Tanuary. Ferrosilicon is tending upward; foreign offerings of 50 per cent. grades in this country are less, and do- mestic users are more dependent upon American sources of supply. A holiday shortage of labor in the Connellsville coke regions has advanced the price of spot coke to $1.75, but normal operations are expected to make this price short-lived. Trade Statistics The demand for trade statistics is insatiable. The) are desired on every phase of a commercial subject If a promoter seeks to establish a manufacturing enter- prise in a section where a good reason must be ad- vanced for his choice of location, he endeavors to learn from some reputed authority the annual con- sumption within a reasonable radius of ‘the product contemplated. If a manufacturer finds his regular customers taking too little pf his product, so that it is necessary for him to go afield in search of markets, he tries to ascertain the extent of the requirements of an accessible section so that he can determine whether a campaign in that direction would be worth the effort. Every large manufacturing consumer is anxious to know all he can with regard to the produc- tion of his raw materials and the extent of the stocks carried by the producers, so that he can determine whether to buy cautiously or to make contracts for long deliveries. On such subjects as population, ex- ports and imports, crops produced, railroad operations and other matters coming under the attention of de- partments of national, State or municipal government a wealth of statistics is available, every year seeing such inquiries more extended, while the bulk and va- riety of the tabulations cause the apparent impression on the minds of the public that in some way or some- how statistics on trade subjects are similarly gathered. Apart from the figures collected by the Census Bureau, all trade statistics are purely the result of December 28. private effort in getting them together. Certain mercial statistics may be compiled for a locality board of trade or a chamber of commerce. Fi: of production in a particular branch of manufact: industry are collected by some association of the m facturers interested or by a trade journal. The pri agencies doing this class of work are numerous, they do not by any means cover the entire field productive or commercial activity. In some branc! of trade, even quite important ones, no individual association has undertaken the work and annual stati: tics are therefore not available. In the iron and stee! industry, admirable as has been the statistical work done by the American Iron and Steel Association, th variety of products is so great that it has been found impracticable to endeavor to get the figures for ever, one. Hence, even in that line, it is quite possible for one hunting for information on a certain branch of the iron trade to be disappointed because the figures re- garding it are not to be had. Aside from the figures collected by the Census Bureau, all trade statistics are voluntarily furnished by the manufacturers or mer- chants in the several branches of industry or com merce. There is no obligation on their part to give such figures to any private agency, and when they do so it is because they are able to rise above selfish con- siderations for the benefit of the trade at large and in recognition of the universal desire for information showing the progress of the nation. In any branch of trade the unwillingness of a few important members to intrust secrets of their business to the gatherer of statistics would completely block the work. It is there- fore greatly to the credit of American business men that the statistics of American production in so many important branches of trade are much more detailed and comprehensive than those available in foreign countries. Those who have had experience in the collection of statistics, and are therefore most able to appreciate the difficulties encountered in securing the confidence of manufacturers whose figures are desired, have little patience with criticisms of the information that may be published. One of the latest important branches of trade to adopt a policy of publicity is the copper in- dustry. This industry has most courageously gone further than any other, in not merely giving monthly the statistics of marketable copper produced, but also publishing the stocks of marketable copper in pro- ducers’ hands at the close of each month. For many months the publication of these statistics showed stocks of copper increasing, with the natural result that con- sumers bought sparingly, forcing the producers to carry stocks for them, and steadily depressing the price of copper. Although they keenly appreciated the peculiar position in which they had placed themselves, in thus apparently giving buyers of copper a great ad- vantage over them, the producers did not falter, but continued to publish their figures showing still larger stocks. At last the situation has changed, stocks of copper are decreasing, the price of copper is advancing and producers are getting some benefit from their policy of publicity. The statistics being thus in favor of the producer, an important consumer whose views are given monthly in a trade circular now assails the character of the figures published because they relate only to the refined production and do not give the quantity of copper actually mined. The circular issued for this month says: “It is not for the sake of being De er 28, I9QII tical that we draw attention to the fact that the ‘ output and the refinery production of market- pper are two different propositions, but in order mind may not be allowed to become confused ie statistics by which the trade is asked to judge situation.” As marketable copper is the only f copper which appeals to a consumer, the statis- garding such copper are of the highest value to fhe “mind” would be likely to be more confused th mine output and refinery output were to be rhe interests of this and other consumers of have been benefited by the information volun- given by the copper producers. Do the rs of copper, who are also manufacturers of fin forms of copper, treat their customers in simi- liberal fashion by publishing their figures of t and stocks? If they do not, they are hardly in tion to criticise the copper producers, who have con- ckly placed themselves in the forefront of pub- of commercially valuable trade information. may be merely a dream, but we hope that some the not distant future we may find the manu- rers of pig iron following the lead of the copper icers and giving monthly for publication their f pig iron carried in stock. It would be far have the figures accurately stated than to wild estimates in circulation such as those cur- it times in the past year. When no figures are vy authority, guesses will be made and they will vs be so extravagant as to upset the buyer and arket. statisti hina nn Direct Metal Stimulates Construction (he discovery that a very material economy in manufacture of steel could be effected by the use olten, metal direct from the blast furnace has fur- ed a distinct stimulus to new construction by v ay furnace interests adding steel mills and vice When the direct metal process was first applied it assumed to be adapted only to large plants, in ch the product of several blast furnaces would be ixed, the expense of installing and maintaining one more mixers being considered so high as to preclude of the process in relatively small plants. It require a long time, however, to develop the t that the mixer process was adapted even to the ler plants and it was rapidly adopted by all com- perating blast furnaces and steel works in con- This spread was undoubtedly aided by im- vements in blast furnace practice, whereby the iron to run more uniform. The use of direct metal is in invention, for it was the original, and has re- sole, method in Bessemer practice in den, where, on account of the purity of the ores, jig iron is very uniform. The spread of the direct il process, then, which began in the early nineties, s been due to improvements both in blast furnace ed the tice and in the construction and operation of \Vhen the process had been adopted at practically plants where the contiguity of blast furnaces and ‘eel works made it feasible, its progress appeared to me to an end through the possible field having be- me occupied. It develops that this is not the case, ut that the economy promised is such as to be an important factor in inducing steel works to build blast urnaces instead of buying cold pig, and blast furnaces THE IRON AGE 1383 . to build steel works instead of selling cold pig. The case arises only with respect to the open-hearth steel process, since on the one hand there are no Bessemer steel works, apart from steel foundries, which do not have attendant blast furnaces, while general conditions are such that no one is disposed to contemplate the erection of new Bessemer steel works. While precise estimates cannot be made, it is gen- erally taken that the use of direct metal in the basic open-hearth furnace effects a saving of from $1 to $1.50 per ton of steel produced, as compared with the According to conditions, the proportions of pig iron and scrap used vary, and with use of cold pig iron. such variations there is of course a variation in the economy per ton of steel accomplished with the use of direct metal. For concrete illustrations it may be mentioned that both at Detroit and at Cleveland undertakings have recently been entered upon to build basic open-hearth steel plants in connection with existing merchant fur- naces, while a steel plant in ‘Cleveland similarly po- sitioned was recently completed. On the other hand, a Pittsburgh district interest has just placed contracts for the building of two blast furnaces in connection with its open-hearth steel plant. In one or two other instances serious consideration has been given to simi- lar projects. It frequently octurs, of course, that new construc- tion is undertaken for the purpose of linking up processes when -the industry at large does not need the increased capacity and when no important economy in manufacturing is promised. In such cases the new erection is frequently undertaken because the interest which has the one link thinks the interests having the other link are making more than their proper share of the total profits; but in this case it is not so, for what is contemplated is not a redistribution of profits, but the introduction of an economy in manufacture which could not be accomplished otherwise than by new erection of blast furnaces near an existing steel works, or of a steel works near existing blast furnaces. Of linking up in existing units, however, there has been an interesting illustration in the past year in the Phila- delphia district, a well established steel interest and a well established merchant furnace interest consolidat- ing, the chief new construction involved being that of a bridge across the Schuylkill River. In view of the expense involved in this construction, it would not have been feasible to make a term contract for pig iron on a sliding scale, as is frequently done in the case of arrangements which can be terminated sud- denly without inconvenience to either party, The time appears not far distant when the manu- facture of steel from cold metal and the manufacture of steel making pig iron for sale in large quantities in the pig form will be exceptional. This, of course, will remove the special profit made by reason of the econ- omy in direct metal, for if market prices are made entirely by interests which practice this process, no specific portion of the total profit is assignable to the use of this process. This point is obvious. The blast furnaces which use regenerative stoves do not have an assured profit from the fact that the regenerative stove involves much more economical operation than the iron pipe stove, the latter having gone out of date. When the iron pipe stove was in general use there was a distinct profit involved in the use of the regen- erative stove. ee eae S oe y ame wes | \ < 5 sao--ajininlialic%eslainse eihiinipienoinehieiheniasine 1384 THE IRON AGE Idle Hours in Machine Shops One of the simplest ways of increasing efficiency in the machine shop is eliminating the idle time of operators of machine tools. Efficiency experts recog- nize this as a self-evident primary principle; yet its systematized application is far from universal. The tendency to be old-fashioned has by no means dis- appeared. It used to be that a planer or lathe hand would start up the machine on a long task and would do little or nothing, excepting to sharpen a tool or perform some other insignificant task, until it would become necessary again to attend to’the work. It was a common occurrence to see men sitting about chatting or dreaming, even reading books or newspapers. The condition has been remedied to a large degree, but large opportunity remains for economy in this direc- tion, as is evident to those whose business takes them into shops. It is in older plants, especially those man- aged by men whose experience runs back into the older days, that the abuse of time is more prevalent, yet in some of the more modern shops the management would be surprised at the record of unnecessarily idle hours which a week totals. The evil is not so easy to cure as would appear at first thought. It has much to do with the grouping of machinery and routing of work. With the more powerful machines and high speed steel tools, speeds and feeds are much higher and the longer tasks have been greatly reduced. Yet it frequently happens that a man could do more work than is apportioned him, and there is a certain amount of time which he does not employ with profit to the owner. The additional task must be found for him. A little study of these conditions enables owners to increase the average pro- duction per man, in some cases in a large way. European Iron Trade Active Marked Revival in Great Britain, with Advancing Prices British iron trade journals give highly favorable re- views of recent developments in iron and steel, both in Great Britain and on the Continent. The production of pig iron in Germany, which is an index of the situation there, is now estimated at 15,400,000 metric tons for I9II, or about 750,000 tons more than in 1910. Prices are ad- vancing and bookings are increasing in Germany and 3elgium, the indications in the former country, as shown by The Iron Age’s report found elsewhere, being for a record year in 1912 both in profits and tonnage. That the movement in Great Britain is becoming more extensive and more animated is indicated by reports of both the pig iron and finished material markets there. Cleveland warrants have been heavily dealt in and specu- lation has been increasingly active. The closing price on Friday, December 22, was 50s. 3d. and the exchange was closed on the four days following. The advance from the low price of two months ago has been about 4s., or $1. The Iron and Coal Trades Review says that the clos- ing months of ro1t have brought a marked improvement in iron and steel; that the demand for finished material has been on the increase and more recently pig iron has shown more animation, while prices of iron and steel have had an upward tendency, with definite advances made in some lines, while others are pending. The associated manufacturers of plates and structural materiai in the Midlands have put up prices 2s. 6d., while those of the Northeast Coast and Scotland have announced an advance of 5s. aton. There has been heavy buying and the North- east Coast makers have orders for 500,000 tons on their books, which is said to be a record in the history of that December 28 trade. The expansion in demand in these lines is of as “remarkable.” The Review says that “a ¢ trade revival has commenced,” that “works are beiy. opened” and that “there seems every reason to ani that 1912 will be a record year as regards product: Great Britain.” Advances in finished material are . part to advances in primary markets, the same sayin, on the Northeast Coast the quotation for hematite semer) pig iron has advanced from something under « at the end of September to 64s. for prompt and 6s; January delivery. “This increase in its turn has prompted by dearer rubio ore and coke, the former | ing risen in the same period from 19s. 3d. to about 2: c.i.f. less. Tees, and furnace coke from 14s. 6d. to 16s. 6d, Add to this the increasing scarcity of labor, as shown }) the Board of Trade figures—the percentage of unemp|«\ reported in October being only 2.8, as compared with 3.3 in August last—and the increasing wages bill, and there is no difficulty in understanding the upward tendenc prices.” The Iron and Coal Trades Review says that the posed combination among English tube makers is revived. There is also a movement for a combinatio: the Scotch bar iron trade. Referring to Continental mar kets, it is pointed out that between the end of June and the middle of December the price of German and Belg blooms, f.o.b. Antwerp, has advanced from 76s. to &4;.: billets from 78s. to &6s., and sheet bars from 81s. to 9os., or roundly about $2 a ton. In the same time the price of basic steel bars, f.o.b. Antwerp, advanced about $3, or to £5 Is.; wrought iron bars, $2.50, or to £5, and plates, $2, or to £6 per gross ton. The London Ironmonger of December 16 says that the rail trade is more active. An order for 80,000 tons for South Africa is expected to go to British works; that the North-Eastern Railway has ordered 25,000 tons and the East Indian Railway 13,000 tons. Business in prospect includes S000 tons for Norway, 25,000 tons for Bahia and 4700 tons of 60-lb. rails for South Africa, The Iron- monger says of the general situation in steel products : Look where one will the situation in the world’s iron trade seems to be working up for a development of activity such as has not been seen for years. Semi-manufactured products continue exceedingly firm and with Continental sellers out of the market for early deliveries overseas com- petition is confined to the United States. * * * There has been an enormous rush of buying in the steel trade this week and many works have been almost overwhelmed with the business placed before them, while the booking: have in some instances been on an almost unprecedented scale. One steel works, for instance, within the past week or so has booked between 50,000 and 60,000 tuts of shipbuild- ing material. Naturally the heavy general booking has much strengthened the hands cf makers and Scotch prices have been smartly advanced all round, while a further up- ward movement has been put into effect on the North-East Coast. ee ee Efficiency in Government Shops WasuHincton, D. C., December 26, 1911.—Representa- tive Wilson, chairman of the select committee to investi gate the subject of scientific management of Government workshops, has returned to his Pennsylvania home for the holiday recess feeling very happy over the action of the House in placing $10,000 at the disposal of his committee to continue the work it began last summer. The appro- priation was provided for in a resolution reported to the House by the Committee on Accounts to which it had been referred. Although the Democratic majority in the House desires to make a record for economy (notwithstanding the passage of the Sherwood pension bill) there was 10 objection to the Wilson resolution and it passed unam- mously. Before his return to Pennsylvania, Mr. Wilson notified certain of the workmen at the Washington and - Norfolk navy yards and the Rock Island arsenal to report in this city on the morning of January 4 to give their tes- timony regarding the Taylor and other efficiency systems. Some of the heads of departments at these places also wil! appear in order that the committee may have the fullest in- formation from every point of view. Mr. Wilson does not’ purpose to lose time in collecting ber 28, 1911 vet [he committee will begin the hearings on the er Congress reassembles and the work will be » completion as rapidly as possible. In Boston the ce met at 9 o'clock in the morning and contintied in until 5 in the afternoon with a recess at noon for Here in Washington the committee will meet y at 10, though it is not unlikely that an earlier ill be substituted if it shall appear that the work rogressing fast enough to bring it to a close by the f January. The witnesses will be given for their ; a mileage allowance of 5 cents a mile and a per $2. This is a rather modest allowance, but Mr. thinks it will be sufficient to cover the legitimate es of all the witnesses including those from Rock Officials of the War and Navy Departments, par- y those having to do with construction work, will | to give their views and any other persons whose e would make them competent witnesses. Upon clusion of its labors here the committee will visit d and Philadelphia. At Stamford the employees vale & Towne Mfg. Company will be heard, and at lphia the employees of the Tabor Mfg. Company Link-Belt Company. At these plants the Taylor has been in operation for several years and it is that the first hand information obtained will be e in enabling the committee to reach a more intelli- onclusion regarding it. At Philadelphia, ; . W. Taylor's home, Mr. Taylor will appear be- committee. To him its sessions will not be new h as he attended those of last summer in Boston, only as an interested spectator. Returning to ngton the latter part of January the committee will e begin a careful analysis of all the facts it has ed with a view to. having its report in. readiness e House by March 10. he chairman of the special investigating committee, Wilson, is chairman also of the House Committee on and is now serving his third term in Congress. He rn in Scotland and came with his parents to Ameri- vhen he was eight years old, settling in Tioga County, nsylvania. Within a year he was working in the coal He has always taken an active interest in trades lism and was international secretary and treasurer of United Mine Workers of America from 1900 until He is now engaged in farming at Blossburg. He is esteemed in the House. J. G. also, a Why the European Copper Market Advances [he report on the metal. market issued by Henry R. n & Co., Ltd., of London, under date of December as the following comment on the recent interesting pments in the European copper market: view of the excellent statistics published at the close st week, it may be pointed out that the world’s stock ‘pper since it reached the high water mark at the of June, 1910, has decreased 70,000 tons, while during 18 months the consumption in the United States has smaller than during the same preceding period. The nkage in the stocks is therefore entirely due to the y consumption of the metal in the European industries, its continuance as revealed in the latest statistics has in to create some alarm among consumers. The ease which manufacturers on this side have been able to ase copper from some of the large American pro- , rs during the whole of this year and the readiness vn by sellers to make concessions in price for im- tant quantities had lulled manufacturers into a sense curity, and encouraged them all along to cover their iretnents only from hand to mouth. Now, however, it become evident that without any undue eagerness on part of consumers the producers have not only dis- ed of their current output but also of past accumula- ns, and they are not any more in a position to accom- late the trade with liberal offers. They have, in fact, ing the past week been offering very sparingly, and have n obliged to raise their price for electrolytic copper 1 day to day. This attitude has naturally had the ef- ( of frightening consumers still more, so that the de- nd for refined copper assumed enormous proportions | created quite a sensational advance in values, the latest tation for electro being 1374c., as compared with 13%c. eek ago. Lake copper rules at 14 cents. ‘ot since the boom in copper in 1906 has such a sharp in prices and such activity in the consumptive business THE IRON AGE 1385 been experienced in so short a time. The demand was most eager and came from all quarters, revealing a re- markable power of absorption on the part of the trade, not only in Europe but in America also. We are in- formed that consumers in the States are not well supplied, and that in view of the improvement in trade a further increase in the consumption is expected. India; after re- maining out of our market for some weeks past, is now also sending bids for large lines of yellow metal. Manu- facturers in this country are heavily booked with orders for sheets and tubes and the electrical industry has never been busier. The Ship Canal Lock at Buffalo The United States Ship Canal lock at Black Rock har- bor, Buffalo, N. Y., which is the largest inland-water lock in the world, constructed at a cost of $1,250,000, is com- pleted. The lock overcomes a fall of 5 ft. in Niagara River, between the foot of Lake Erie and Black Rock har- bor at the International Bridge, and is situated at the north end of the ship canal. This canal affords a safe passage down the river to the new Erie Barge Canal terminals at Tonawanda, just north of Buffalo. The interior dimensions of the lock are: Length, 650 ft., width 7o ft., minimum depth 24 ft. The capacity is sufficient for the largest freighters on the lakes. The length over all, including operating gates and valves, is 800 ft. The lock gates are each 37 ft. wide and 32 ft. deep, the freeboard being 8 ft. The gates are of steel and will be operated by electricity. It was necessary in preparing for the construction of the lock, which is of concrete, to build a coffer dam ga47 ft. long and 260 ft. wide, larger even than the one around the Maine in Havana harbor. The contract for the lock was let by the Federal Government to the D’Olier Engineering Company, Philadelphia, three years ago. The lock will be placed in service next summer. ' —_+--e—___ Steel Corporation Bonuses to Employees Statements which have appeared in financial newspaper columns in the past week, evidently from authoritative sources, are to the effect that the bonus distributions made to employees in the more responsible positions are less for this year than for 1910. Last year the total was reported at $2,700,000, of which 60 per cent. was in common stock at $70 a share and 40 per cent. in cash; but earnings for this year have been considerably below those for 1910. Subscriptions to the stock of the corporation under its profit-sharing plan will be received in the next two weeks, the basis being close to 110 for the preferred and from 65 to 70 for the common stock. Between 25,000 and 30,000 employees are now stockholders of record. Since the profit-sharing plan became operative in. 1903, employees have subscribed for a total of 237,362 shares of preferred and 44,437 shares of common stock, a total of 282,000 shares. Chairman E. H. Gary gave out the following state- ment December 27 regarding the bonus distribution and the employees’ stock subscription: “The United States Steel Corporation has made its usual distribution to the employees of the corporation and subsidiary companies under its bonus plan, which has been in force nine years. The amount distributed for 1911 is $1,450,000. The cor- poration will also offer to its employees the right to sub- scribe for about 25,000 shares of stock as usual on the basis of the plan which has been in force for the period above stated. The price has not yet been fixed, but it will probably be a little lower than the market.” —_~--e——__—_ Four-fifths of the excavation required to complete the Panama Canal had been done at the beginning of Decem- ber. There remained only 39,669,715 cu. yd. of material to be removed, and that task is expected to be completed within the next year. The Crane Company, Chicago, gave its employees a Christmas bonus of 10 per cent. of their annual salarics, making a total distribution of $500,000. ‘This is the thir. teenth year that a Christmas distributiun has been made, bringing the total amount given to employees up to $3,- 750,000. r ae eae i a eaten ee rhe | iB THE IRON AGE December 28. +91, 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. Dec. 27, Dec. 20, Nov. 29, Dec. 28, PIG IRON, Per Gross Ton: ih. Bid. © 1930. 3976. Foundry No. 2 standard, Phila- delpina $14.85 $14.85 $14.85 Foundry No. 2, Valley furnace... 13.00 13.00 13.00 Foundry No. 2 Southern, Cin- cinnati 13.25 13.25 Foundry No. 2, Birmingham, Ala. 10.00 10.00 Foundry No. 2, at furnace, Chicago* . 14.00 14.00 Basic, delivered, eastern Pa.... 14.25 14,25 Basic, Valley turnace 12.25 12.25 Bessemer, Pittsburgh AG.35 = 15.15 Gray forge, Pittsburgh 13.40 13.40 Lake Superior charcoal, Chicago 16.00 16.50 a 18.00 COKE, CONNELLSVILLE, Per Net Ton, at Oven: Furnace coke, prompt shipment. 1.75 1.60 Furnace coke, future’ delivery.. 1.65 1.65 Foundry conc, prompt shipment 1.90 1.YU Foundry coke, future delivery... 2.15 2.15 BILLETS, &c., Per Gross Ton: Bessemer billets, Vittsburgh.... 20.00 19.00 19.09 Open hearth billets, Pittsburgh 20.00 19.00 18.50 Forging billets, Pittsburgh 26.00 25.00 24.00 Open hearth billets, Philadelphia 22.40 21.40 21.40 Wire rods, Pittsburgh 24.5 24.50 25.00 OLD MATERIAL, Per Gross Ton: Iron rails, Chicago 14.75 Iron rails, Philadelphia 16.00 Car wheels, Chicago 13.25 Car wheels, Philadelphia 12.50 Heavy steel scrap, Pittsburgh.. 12.50 Heavy steel scrap, Chicago 10.50 Heavy steel scrap, Philadelphia. 12.25 FINISHED IRON AND STEEL, Per Pound to Largest Buyers:§ Cents. Cents. Cents, Cents. Bessemer rails, heavy, at mill.. 1.25 , 1.25 1.25 Iron bars, Philadelphia 1.27% 1.20 1.321 Iron bars, Pittsburgh 1.25 1.20 1.35 Iron bars, Chicago 1.15 2:33 1.35 Steel bars, Pitts 1.15 1.05 1.40 Steel bars, tidewater, New York.. 1.31 1.21 1.56 Tank plates, Pittsburgh 1.15 1.10 1.40 Tank plates, tidewater, New York 1.31 1.26 1.56 Beams, Pittsburgh 1.15 1.10 1.40 1 1 1 l l 1 1 1 1 1 1. 1 1 1.2 l ooo oc fmt pee fet et fet tie boone wanocuwnunu cocosdc ~ co ah ft fet eh fet ft Nl wwwnv wn nmouonw _ o Beams, tidewater, New York... 1.31 .26 .56 Angles, Pittsburgh 15 Angles, tidewater, N ai Skelp, grooved steel, Pittsburgh 1.15 Skelp, sheared steel, Pittsburgh .20 SHEETS, NAILS AND WIRE, Per Pound to Largest Buyers: ( ne Cents. Cents, Cents. Sheets, black, No. 28, Pittsburgh 1.5 . 1.85 2.20 Wire nails, Pittsburgh Ls $4 1.50 1.70 Cut nails, Pittsburgh 1, a 1.45 Fence wire, annealed, 0 to 9, Pittsburgh L. 3§ 1.30 Barb wire, galv., Pittsburgh... 1. 1.9 1.85 METALS, Per Pound: Cents. Cents. Cents. Lake copper, New Y 14.25 14.00 Electrolytic copper, New York. 14.12% 13.87% Spelter, St. Louis 6.20 6.15 Spelter, New : 6.35 6.30 Lead, St. i 4.35 4.35 Lead, New York 4.45 4.45 i ‘i 45.25 45.00 Antimony, Hallett, New York.. 7.60 7.75 Tin plate, 100-lb. box, New York $3.64 $3.64 *The average switching charge for delivery to foundries in the Chicago district is 50c. per ton. -40 56 25 fe ee ek fee et tk ft et et et et -30 — te WN BDH ww w ADwWlwowret hOMUMIUNIMOnmW'! nw fA 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, 4 in. thick and over on thinnest edge, 100 and under, down to but not including 6 in, wide, are base Plates up to 72 in. wide, inclusive, ordered 10.2 Ib. per foot, are considered %-in. plates. Plates over 72 in. wid be ordered 4 in. thick on edge, or not less than 11 Ib. pe: foot, to take base price. Plates over 72 in. wide ordered le 11 Ib. per square foot down to the weight of 3-16-in. take tt of 3-16-in. Allowable overweight, whether plates are ordered to ga weight, to be governe by the standard specifications of the A- tion of American Steel Manufacturers. Extras. : Cents Gauges under % in. to and including 3-16 in. on thin nest edge Gauges under 3-16 in. to and including Gauges under No. 8 to and including ; Gauges under No. 9 to and including No. Oe 3 Gauges under No. 10 to and including No. 12. wh ah Sketches (including all straight taper plates) 3 ft. ‘and over in length Complete circles, 3 ft. i Boiler and flange steel “A, B. M. A.” and ordinary firebox steel | ere ere re oy ee er ee a ee ‘ Marine steel Locomsetive' Gréebox steel... ois ccshenaweedebeetda sss. 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 Wr ees over: (400 Wah. dein an ce avas cata heuasGew peubes 1.00 Cutting to lengths or diameters under 3 ft. to 2 ft., in- clusive Cutting to lengths or diameters under 2 ft. clusive p 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, 3 to 15 in., and angles, 3 to 6 in. on one or both 1egs, % in. and over, 1.15c. Other shapes and sizes are quoted as follows: Cents per Ib. Ebeems over 36 10.2605 ios scgu teak in ene 1.20 to 1.25 Si-beams over 1B 18 isiesvessesvbes vss uses 1.30 to 1.35 Amgees. ever. 6 Wks ios c 66 606i aN 886 thi gs eee 1.20 to 1.25 Angles, 3 in. on one or both legs, less than ¥% in. thick, plus full extras, as per steel bar and Beet. 2, > UO oii e's o0u s 00.40. 08b ROR 6 oe ca eee 1.2 Tees, 3 in. and up ZeCO, SF WM. BRE GD soc sic ck dsccuvecsesdanaeane h Angles, channels and tees, under 3 ? pe Deck neneee and bulb angles weer Te ee .1.45 to Sigme SOM COWS. 6 cian osc 090650 6tvbuewens eee 2.00 Checkered and corrugated plates. ...........4.. 2.00 t Sheets.— Makers’ prices for mill shipments on sheets of U. S. Standard gauge, in carload and larger lots, on which jobbers charge the usual advances for small lots from store, are as follows: Blue Annealed Sheets. Cents per Ib. 9 06 Go iii veg ib oetccacespeueee eee 1.30 to 1.35 i DS eR BO i ie cdake es ub 9s eee 1.40 to 1.45 i). ged 32... oa cab ¥ene &cbtinaaeeen eee 1.45 to 1.50 OE TA ae so chica scos fendee sae ene 1.50 to 1.55 1S ned 16s iis cewek oe Sekine eee 1.60 to 1.65 Box Annealed Sheets, Cold Rolled. One Pass. t Dc'nt wie Vis 0 o6d aa ae and PR ses ovis xen eS 1.60 to 1.65 ONG BOs i séeo seus 1.65 to 1.70 $e Shivers coo Haan 1.70 to 1.75 26. OG 2433s cs0deeee 1.75 to 1.80 Seek 26. ek ev eneskecees 1.80 to 1.85 bicaly vs cube sevouberss 1.85 to 1.90 ie Ntads de dw e Aes eee 1.90 to 1.95 No. os Sab ee se eae emo 1.95 to 2.00 No. 30 hak owatniaie sé Ske eae 2.05 to 2.10 Three Pass. Nos. = oO « Nowe ULbONy YI OOo OO wn wn Nos. ad wet oh TR od masuauee UMOuUowWow tNoONhd Sas Nees Sue orf ere e a eocoocooocso yeo Ss Galvanised Sheets of Black Sheet Gauge. Nos. gmk 1s 4 a. os 0324550008 S65 5ue bea eee eee ; Nos. RS GO: 26.4. ko scadebanseeucheer tanta : Nes: (55. 36. aE 42 600.006 cts des cas couaskias : Nos. to Non: 2 OME 2h 6. ccescas ¢cdine ethtoeeh ante . Nos. DS MOE DOs o's cio v0 bts 6 0ua ees +i eee * No. No. No. 2 No. rar ree SSssssssss VeENNNNNNN NMOCBDA RwWHO’ AANDMUUIMNS Vue All above rates on sheets are f.o.b. Pittsburgh, terms 30 days net, or 2 per cent. cash discount in 10 days from date of invoice, as also are the following base prices per square for painted and galvanized roofing sheets, with 2™%-in. corrugations: Corrugated Roofing Sheets, Per Square, Gauge. Painted. Galvanized. Painted. Galvanized. 29 5 ole 3.45 3.65 4.00 3 6 4 Jire Rods and Wire.—Bessemer, open hearth and rods, $24.50. Fence wire, Nos. 0 to 9, per 100 Ib., 60 days, or 2 per cent. discount in 10 days, car- lots, to jobbers, annealed, $1.35; galvanized, $1.65. ad lots, to retailers, annealed, $1.45; galvanized, Galvanized barb wire to jobbers, $1.85; painted, ¢ Wire nails, to jobbers, $1.55. he following table gives the prices to retail mer- ts on wire in less than carloads, including the ex- on Nos. 10 to 16, which are added to the base price: Fence Wire, Per 100 Lb, 0to9 10 11 12&12% 13 14 15 ed ...-$1.50 $1.55 $1.60 $1.65 $1.75 $1.85 $1.95 $2.05 ized .. 1.80 1.85 1,90 1.95 2.05 2.15 2.55 2.65 Wrought Pipe.—The following are the jobbers’ car- discounts on the Pittsburgh basing card on wrought e. in effect from December I, 1911: Butt Weld. ——Steel——~, -———Iron—— Black. Galv. Black Galv. and 3% Mcacsises iaeins 74 54 68 48 in PO ne ey 75 65 69 59 ios ceensbd saa be taaeee cen 78 68 72 62 4 to 336 Mh sowie teen 81 73 75 67 to 3 tO. baideiedace hears 82 75 76 69 Lap Weld and 14.) dissed eliekic taka wd as 68 61 ths vevwe neces valawene ee 79 72 72 65 to 4 hues <> ¢sa weve * ¥ ine 81 74 74 67 6 10 O hui enn deena Seas 80 72 73 65 to 12 ihc ¢ 208 see ee 78 68 71 61 3 to 15 Wisi vewdssaeeeaes 55 ee 47 e° Butt Weld, extra strong, plain ends, card weight b, 3h, HE Whe ds beeen Noes 70 60 65 55 M.ccasccbwinedenenescuans 75 69 70 64 , to 146 Mi doee esi eee ns 79 73 74 68 to 3 iM. .s's¥aeb eeeesenets 80 74 75 69 Lap Weld, extra strong, plain ends, card weight. IMs. 0 0sts. een eneneeseees cs oF 66 60 il. cu0 v0 0 cdeheedaneterean 76 70 71 65 to 4 i, . ca cae tee Beene 78 72 73 67 1% to 6 Wiesisavewaweaaue 77 71 72 66 7 to 8 Bbignsistateoneunise 70 60 65 55 9 to 13. Mh. «swiaaevanrs cas 65 55 60 50 Butt Weld, double extra strong, plair ends, card weight. % imiy sacpekanwencese eee 65 59 54 % to 13% fMicvesvas vans tout 68 62 63 57 2 to 3 Min. s ice taeekvestouns 70 64 65 59 Lap Weld, double extra strong, plain ends, card weight. 2 I. «dss es bee eae seeeeee 66 60 61 55 LY to 4 i. ives ees ccnswee 68 62 63 57 4% to G Wiiccccavrenewers 67 61 62 56 7 to 8. iti..was cand eke ees 60 50 55 45 Plugged and Reamed. f Will be sold at is {2) : . r 1g 194, 2 to 3 in Bute Weid | Points lower basing, Chigher 2, 2% to 4 in. ..ee. Lap Weld | card weight pipe. Butt or lap weld as specified. rhe above discounts are for “card weight,” subject to the usual iriation of 5 per cent, Prices for less than carloads are three (3) nts lower basing (higher price) than the above discounts. : Boiler Tubes.—Discounts on lap welded steel and harcoal iron boiler tubes to jobbers in carloads are as follows: Steel. Charcoal Iron, MY to 256 ims cv incckeeuae 65 RE6: thu. cab dwsdoaree rede de bon 48 ith.s ccbay ose baexeeeeeee 67% BOE 00: BSE Mii cncivcicscnvecccés 50 f to 336 Gn... sowsomsvenas 72% ee. SKE eC ewabeawecenbocess 55 Oe ee es 75 296 46 SAM iesiev ci Vewacecccs 60 to 6 in.«sss9 ésb0eenenee 67% 7 13 im. 6k 0 bso eatiecen 65 4 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 gt the delivered discounts for cax- ids, lowered by two points for lengths 22 ft. and under to desti- itions east of the Mississippi River; lengths over 22 ft. and all shipments going west of the Mississippi River must be sold f.o.b. at Pittsburgh basing discounts, lowered by two points. Pittsburgh PirtspurGH, Pa., December 27, 1911. Owing to the holiday season local conditions in the ron trade in the past week were quiet as compared vith the activity of the previous two or three weeks. Yet there have been no indications of weakening in prices, the market being strong all along the line, firmly holding the higher prices on some lines of finished ma- terial. The local pig iron market is quiet, but several "ms report that actual sales this month have been the heaviest for any one month this year. The steel market showing a good deal of activity, the leading pro- lucers being practically sold up for the first half of the year, prices quoted now being fully $1 a ton higher than two weeks ago. Spécifications against contracts or finished material are fairly heavy, and are expected ‘0 be more active after the first of the year.. Mills - rolling plates, structural shapes, sheets, steel bars and tin plate have an enormous amount of business on their books for first half delivery, and, with the new essions in prices are expected in the near future at business that is expected naturally to come in, no re- _ De mber 28, 1911 THE IRON AGE | 1387 least. The outlook for the first half of 1912 is re- garded as encouraging, but it is not believed that prices for that period will be much higher than they are now. Pig Iron.—Prices are fairly strong, and several of the local sellers report that actual orders booked so far this month are the heaviest in any one month this year. The Pittsburgh Steel Company is still nego- tiating for a large amount of basic pig iron for de- livery over the first half of next year, and it is under- stood will close for at least part of it this week. It is reported that one Shenango Valley furnace interest has quoted below $12.25 on 600 to 800 tons per day over the first half on this inquiry. Foundries have been buying heavily this month, and one local consumer has closed in the past week for about 8000 tons of No. 2 foundry iron for delivery over first half, on the basis of $13 at Valley furnace. A sale of 1000 tons of Bes- semer for January and February, and 200 tons for Jan- uary delivery, are reported at $14.25, Valley furnace. We also note a sale of 2000 tons of forge iron for first quarter at $12.50, Valley furnace, and 1000 tons of Northern No. 2 foundry at $13.00, Valley furnace, for first half of 1912 delivery. We quote: Bessemer iron, $14.25; malleable Bessemer, $12.75; basic, $12.25 to $12.50; gray forge, $12.50 to $12.75; No. 2 foundry, $13 to $13.25, all at Valley furnace, the freight rate for de- livery in Pittsburgh district being 90c. a ton. Steel.—The steel market has been active in the past week, the Carnegie Steel Company having closed some very large contracts for billets and sheet and tin bars for delivery over first half of 1912 on sliding scale con- tracts. In fact, this company is practically out of the market as a seller of billets and she