Hammond Times, Volume 6, Number 40, Hammond, Lake County, 4 August 1911 — Page 11

Friday, August 4, 1911. THE TIMES. ID

SOME CITY, BELIEVE ME"

STEEL HAS OFF WEEK FIRM SENTIMENT EXISTS Pig Iron Shows Strong Undertone; Foundries Increase Smelt.

While business in the iron and steel trade of the Chicago district for the last week did not begin to equal that of the preceding week, the firmer feel

ing which increased buying on the part of railroads and similar interests recently brought out continues to exist This firmer undertone is particularly noticeable in the pig iron market. Although southern iron may still be bought on a basis of $10, Birmingham, this price is not so general as it had been. . In finished steel lines the tonnage for the week, while not so large as the week preceding, was of a character to give support to the belief that there will be a steady growth in consumption requirements during the remainder of the year. Kail orders did not amount to 6,000 tons, while the building and structural steel contracts call for less than 8.000 tons of steel, as compared to about 20.000 the week before. The week's aver

age was maintained by specifications against plate and structural contracts. There are evidence of increase In the melt of both malleable and gray iron foundries. Closing of agricultural implement contracts for the year is responsible for this awakening activity. Stocks of sheets are low in the hands of both jobbers and manufacturers.

judging from the Insistent demand for

prompt shipment. Aside from some buying that is evidently for speculative purposes, the old

material market shows little change in the quiet conditions that have marked it for osme time. Present indications are that there will be no prospect

of hikher prices for several weeks. Steel bar contracts on the books of the leading manufacturers are reported

to do satisfactory, but specifications drag somewhat. According to some of the reports, slight concessions have been made In the $1.25 prtee in securing some-of the larger orders now on the books.

INLAND STEEL MAKES REPORT Good Year Is Shown Despite Cut in Price. Stockholders of the Inland Steel company held their annual meeting and received the report of the operations of the company, showing that the net profits for the year, after deductions

for depreciations and for the exhaustion of minerals, were $1,59S,624. Previous to this meeting, the directors met and declared a dividend of $1.75 a share to stockholders of record Aug. 10. The dividend Is payable Sept. 1. The financial statement for the year ending June 30, 1911, Is as follows: Net earnings from operations after deducting $714,452 for maintenance and repairs of plants $1,798,437

Other income.

1,981

Total profits for year. ., .$1,800,419 Less-.

Provision . for. de- . preclation and re

newal of plants. $150, 000 Provision for exhaustion of minerals .' 61,795 201,795

STEEL OUTLOOK GOOD

26,000 TONS BOOKED

Net profits for year $1,698,624 Deduct Interest on bonds. .$159,750 Dividends paid.... 594.344 754,094

SOme PrOdUCerS EXpeCt In-1 Huntington. Electric light current 1,, i . i . i , . , t t . . , : .

will pq mrni&uru on 1110 nunuuiuii M county fair grounds this year and many ! of the shows will probably run after

Surplus year ending June 30, 1911 814,529 Add premium to capital stock paid for 112,000 Add previous surplus 2,416,417

Total surplus per balance sheet June 30. 1911 $3,372,947

Have Your Plaster Done by a Man in Your Home Town

Cko W,

Roop

PLASTERING CONTRACTOR SPECIAL ATTENTION TO PATCHING Residence 3722 Hemlock Phone 321J Indiana Harbor, Ind.

PRACTICAL AND SENSIBLE PLAN.

Design 032, by Glenn L. Saxton. Architect. Minneapolis. Minn.

Indiana Harbor has need of many more Houses and Flat Buildings. The need is increaming respite the very active building this season. Houses or Flat Buildings sell readily and can be rented immediately. A great opportunity is presented to. the investor desiring to build for the purpose of selling or renting. BUSINESS AND RESIDENCE LOTS ACRES FOR SUBDIVISIONS

East

Chicago Go.

3336 Michigan Ave. Indiana Harbor Indiana

Pay

lent to Yourself

Vic offer some attractive Houses in the Park Addition. Terms Easy. STEAK HEAT FURNACE HEAT ' ' Citizens Trust & Savings Bank, Agents Real Estate Dept. 3405 Michigan Avenue

Y ' . - ' f r .J s VVV V " " m" r - U-r w Y FT T CbiiU ( y M uSu- v fa i

PERSPECTIVE VIEW FROM A PHOTOGRAPH.

The moneyed Man

Of today the business man never pays his bills in cash he always uses a check. He has been bit by unscrupulous methods therefore, he adopts the only sure method of payment the check. Do you use itt If not, inquire of US how you can. enjoy this protection. Real Estate, Insurance and Mortgage Loans Indiana Trust & Savings Bank Indiana Harbor Indiana

j p -"L . "' LJ 11 L jj ' CHAMBtKl JB j ffll- gl Hi SrJ "

FIRST FLOOR PLAN.

SECOND FLOOR PLAN.

This bouse bas a practical appeal. A large lirlng room across the from; part of tbe house increases the beanty and apparent size of the whole Interior. The first story Is finished in red oak or birch If desired and the second story In pine to enamel, with birch floors on both. There is a full seren foot basement Cost to build, exclusive of beating and plumbing, $3,050. By special arrangement with me the editor of this paper will furnish one complete set of plans and specifications of design No. A32 for $25. GLENN L. SAXTON.

Carl Jo Lundberg General Contractor

3947 Parish Ave. Indiana Harbor Phone 624

ESSE

First National Bank OF EAST CHICAGO, INDIANA ... Capital and Surplus, $70,000.00 directors: O. J. BADER, C. a SMITH. J. O. ALLEN, W. R. DIAMOND. J. H. YOUCHE, WH. J. FUNKEY, JR., T. F. DONOVAN.

I STEEL

FOUNDRIES MAY BUILD

Mammoth Steel Mill Exer

cises Right of Option on 16-Acre Tract on Canal; Land Will Double Site;

New Buildings Planned.

(Special to The Times.) East Chicago. Aug. 4. The Amerl can Steel Foundries company has noti

fled John A. Chapman and William

Jenkins, who hold title for the McCor

mirk estate to a large tract adjoining their plant, that they will exercise

their rlgrht of option on sixteen acres o land back of the plant which Is in

eluded In the McCormiek tract. The

land is located on the canal and turn ing basin. The fact that the steel company i;

desirous of closing on the sixteen

acres, together with the fact tha about a year ago they bought an add!

tional twelve acres, making 28 acre:? in

all, and thereby almost doubling their site, leads to the conclusion that the

firm is contemplating something big

in the way of Improvements. The twelve acres purchased a yea

ago is between the plant and! Michigan

avenue and was a part of the Albert

Ersklue tract. The option now under consideration wag secured eight years ago while- the land to which It refers

was wend by the Kast Chicago com

pany

The price for which the parcel o

land can be purchased under the term

of the option, is not given out but I

is understood that It is a great deal

less than would prevail without th option.

Col. Zinn. chief engineer of the de

partment of the lakes for the govern

ment has made his report on the har

bor as to the reconstruction and

straightening out of the piers and th building of breakwaters. While th report Is not made public It is believe

it will be favorable, as Col. Zin seem

ed to be favorably impressed with the

proposition.

ft the recommendation Is for Wies

improvements and is acted upon by th

government, the benefits to Indiana

Harbor and all users of the canal and

the harbor now and in future, canno

be over-estimated ,:

CHANGES

FOLLOW FORECAS

Hammond, Ind., August 4.

In accordance with the forecast In

The Times of the changes that are to be made In the management of the

Chicago, Indiana & Southern and In

diana Harbor Belt Railroads follow

Ing their separation an official circular

was Issued today In which it is an

nounced that H. A Zlesel, superintend

ent of the Kankakee division of the

Chicago, Indiana & Southern railroad

will have his Jurisdiction increased t

cover the Danville division. This will

make him superintendent of the two divisions and his headquarters will oe

at Gibson.

The office of chief engineer of Ch Indiana Harbor Belt Railroad and th Chicago, Indiana & Southern railroa has been abolished following th resignation of R. B. Seamour. Ott

Oersach, who was under him, will Ie

the engineer of maintainence of way u

the Indiana Harbor Belt railroad. M. C Cleveland will be engineer i

charge of maintenance of way of th

Chicago, Indiana & Southern railroad,

The office of the general manager of

the Chicago. Indiana & Southern rail

road has been abolished. In accordance

with a recent announcement In Th

Times. Following the resignation

C. W. Hotchkiss as general manager of the C, I. & S., George Hannauer will be in charge under the title of general

superintendent Mr. Hannauer will re port to one of the vice presidents o

the New York Central lines.

IIS YOU READING THE TIME

INDUSTRY

INDIA IS A

crease in Pace hr Fall Months.

the

Aug. 3. The Iron Age

night. Rushville.- After drilling three wells in the last month, the city council has been unable to add to the Rushville water supply, which has been Jow all summer.

Terre Haute. The county commis-

New York,

today says:

'The tenor of renorts from steel sell- !

ng and producing centers is still f-a sloners have decided on $35,000 worth

orable. With no lines snowing mark- of bridges in the township and are

ed activity in new demand production I planning for $100,000 worth of gravel goes on at a god rate, and some pro- 1 ronds to be built this year. ducers have courage enough to look! Washington. The government postal

not only for a continuance of the pace ' savings bank was opened at the local reached in the second half of July but ! postoffice Saturday morning and many event for an increase in the fall persons opened accounts. There was

months.

"For the present week the steel cor

poration scheduled 76 per cent of its inot capacity for operation, and for a

considerable rivalry among citizens as to who should be the first depositor and that distinction fell to Harry Cates. a boy. E. E. Kelley, a postoffie la-

part of the last week produced 48,000 ! spector, had charge of the opening.

gross tons of steel ingots a day. This) Muncie. The Central Union Teieis at a yearly rate of 14,300,000 tons, i phone Company has purchased all prop-

whereas the record production or iai j erty and franchises of the Newcastle

corporation was 14;iT9,000 tons In 1910, i Telephone Company,-of Newra.stle, In-

'The pIk iron production of two'cludine rural lines. The residence rate

large independent companies has in-l is now $1 a month and the business creased, and the steel corporation eon-irate $2. The Eastern Indiana Teletinues to operate about two-thirds of ! phone Company,' of Winchester, own

Its blast furnace capacity. It has bejn

drawing upon its pig iron stocks lately at a rate which points to the blowing

the stock of the Newcastle company. Shclbyvllle. John Clark, " who has been superintendent Of the assembling

in of a few more furnaces if specifica- ! department at the Clark Motor Car

tions keep up as in the last fortnight. j plant ever since the plant was put in

The Ensley and Chicago district rail; operation two -ears ago, has resigned.

mills have booked 26,000 ions of rails The plant was named after him on ac-

in the last week, the two alrgest lots count of plants he controlled. At a being 5.&00 and 3,000 tons. monthly meeting held by the board of ,

Wrought Iron pipe and wire -have directors of the Farmers' Mutual Fire

been the two laggard lines of late, but Insurance Association last week, the the former gives a better account j report showed that during the month itself this week. (of June this year there were fire losses

An Indiana wire company in in the to the amount of $4,946.60.

market for 40,000 to 50,000 tons of rod j Evansville. The repairs be! made billets for delivery over the next six . at the Sunnyside coal mine in this city, months. which forced the closing of the mine

"The foundry pig iron market is ( several weeks ago, are nearly corn-

more active at tturraio. ana t:nicago re-, pietea. and it is expeciea me mine win ports several good contracts for, resume operation in about two weeks.

foundry and malleable irons." (giving work to over one hundred dlg-

j gers. The preliminary trial of the

members of the Schmadel Packing Company, charged with having putrid meats on hand, which they expected to sell, wllj bo held before Tollce Judg-o Philip C. Gould, on August 15. The

lnoianapons uitizens uom- sult of spite work.

j Lawrneceburg. The electric light plain V enderS Have Com j plant erected in Sunman by Joseph M.

Kueliei is in operation. Mr, tvueoei nm a twenty-flve year franchise and a coa tract for one hundred street lights. The Ohio river at this point is so low that the little steamer Pauline, runnintr

Indianapolis, Ind., Aug. 3. rrices for between tnls citv and Aurora, has been

vegetables and meats at the groceries oomDeiied to discontinue operations.

WAR ON HIGH PRICES

bined to Raise Cost.

and city market are three timers as

high as In average seasons. Complaints are so numerous that Mayor Shank yesterday appointed a committee of citizens to investigate the costs to dealers and to the people, and report some method of relieving conditions. Hrada OIT Kornaern. Inferior potatoes are selling for $1 a peck, tomatoes at 10 cents a pound and apples at 50 cents a peck. The marketers and grocers buy from farmers at less than one-fourth of these prices. Investigation by the mayor shows .ni the marketers and grocers watch for farmers' wagons and buy their produce at wholesale, thus cutting the householders out of the opportunity of buying direct from the producer. Complaints from all classes have reached the city, officials, who rent the market stands to venders, and It is believed that a combination has been formed among the latter to keep prices

up to the highest notch

SEND THE TIMES TO YOUR FRIEND. 300 LETTERS FROM HOME EACH YEAR.

The Six Shooter, a small boat, has been put In the trade. When the government dam at Fern Bank, Ohio, is closed the river falls nearly four feet here, but when It is opened the water rises nearly, four feet. A party of ten Ken-

near he ferry landing." the water ie:

ing so shallow that their horses were compelled to swim only about sixty feet across the channel. India has a new factory law which limits adults' work to twelve hours and children's work to six hours a day. Shirley. Fire has been placed under the tank at the plant of the Woodbury Glass Company and the factory will resume operations about August 1, after being shut down since the 1st of May. The business men of Shirley are having electric lights Installed In Main street. The money to defray the cost was raised by popular subscription. The power will be furnished by the Indianapolis, Newcastle & Toledo Traction Company.

SEND THE TIMES TO YOUR FRIEND. 300 LETTERS FROM HOME3 EACH YEAR.

INQUIRY INTO MORGAN'S GREAT MONEY TRUST EXPECTED TO STARTLE NATION

It-JS&ZrtSL T Tf II I r 6?

V7karz.hjz built vp Jus fortuive

Hou.se leaders predict tbat tbe lnYestlgation of ti "money trust" determined upon by the bouse rules committee, as a result of the Introduction ot the Lindbergh resolution, will startle the entire country. The alleged gigantic combination of capital. Leaded 1 . J. Morgan, is said to be ble of calling 12,000,000 of loans orer night and ruining any adversary, reducing credits, manipulating bank reasrves at wtlL crippling the government by refusal to buy Its bonds, and lo fating to railroads. The picture shows the bank building In New York occupied by Morgaj tor so many years.