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1901.] MARINE REVIEW. 25 TESTIMONIAL TO MR. MORFORD. Chicago, June 12.--It is common enough for marine men to change their places of habitation, but such a testimonial of esteem and down- right affection as was given T. T. Morford Monday night is most un- common. On that score, the event is worthy of being chronicled in the Marine Review. When Mr. Morford was appointed manager of the Union Steamboat Co. and Lehigh Valley line, with headquarters at Buffalo, last April, the first thought of his old associates in Chicago was to give him a little dinner at one of the clubs, but this idea had to be speedily abandoned, for the num- ber of people who wanted to attend such a function passed all calcula- tions. Everybody in the shipping and marine business seemed to 'thave it in" for Mr. Morford. During the thirty years he had been the western representative of the Union Steam- boat Co. he had extended kindnesses to so many people, who demanded a chance to repay in a small way what he had done for them, that the plans of the dinner grew until there were seventy-five people gathered around the tables at the Union League Club Monday night to 'bid him God-speed in his new home. To talk of money in connection with such an event may be in seeming bad taste, yet it should be considered that Mr. Mor- ford's old friends clamored for an opportunity to pay $7 for a plate for this testimonial dinner. The tables were arranged with the head in the large rotunda, and extended through the two adjoining rooms, the folding doors being swung open to make room for them. In the rotunda, where the speakers were seated, there was an elaborate floral piece of roses, banked with ferns and cut flowers. The effect was fairly entrancing. Around the tables was gathered the largest representation of Chi- cago's commercial interests as related to lake traffic I have ever seen. Every grain shipping house had its representative there, and generally the representative was the active head of the firm. Practically every vessel agent was there. Every marine insurance man was also there. The Erie railway was fully represented. The toastmaster of the occasion was Volney W. Foster, president of the Union League Club. In describing this dinner it is difficult not to run into sentiment, for sentiment played a large part in every speech. It was an outpouring of hearty goodwill toward Mr. Morford. It was not strange that in reply- ing to the speech of the toastmaster in presenting him with a magnificent loving cup Mr. Morford showed a depth of feeling which threatened to end his speech then and there. When this loving cup was passed around the board a spontaneous offering of goodwill rounded out the proceed- ings of a dinner unique in the marine annals of Chicago. The list of formal toasts was as follows: E. J. Henry, for the Lake Line Agents Association; John G, Keith, for the Lake Carriers Associa- tion; J. Henry Norton, for the shippers; C. A. Macdonald, for the under- writers; F. A. Wann, for the railroads; John T. Sickel, for the ocean steamship lines; Charles E. Kremer, for the admiralty lawyers; Homer J. Carr, for the press; Homer Peters, for the elevator companies; D. Sullivan, for the vessel agents; Murray Nelson, for the board of trade; W. O. Johnson, for the Erie railway. on Of all the affairs I have attended during a long service in news- paper work I was never at one in which the element of kindly goodwill by associates, competitors and rivals played so large a part as in this testimony to Mr. Morford. : : : Mr. Morford's career as a steamboatman fills his entire active life. He came here, first with the New York Central line, but in 1869 he be- came connected with the Union Steamboat Co., when Washington Bullard was Chicago agent. When Mr. Bullard was appointed general manager of the company in 1873, Mr. Morford succeeded him as the western agent of the company. Full twenty-eight years were ipassed in that position until his appointment to the head of the line last April. It was the remembrances of these twenty-eight years which made the dinner the striking testimonial it was to the good-fellowship of Mr. Morford in all his dealings. As one speaker suggested, it was a heritage more to be valued than riches for his children. : In spite of myself this report has run into sentiment. But as a matter of fact there was more sentiment displayed by men whose repu- tations are for cold-blooded business propositions than one would have ever suspected. The committee of arrangements consisted of J. C. Evans, western agent of the Anchor line, and George E. Marcy of Armour & Co. To them is due the praise for the admirable arrange- ments of the dinner. Hey. Ge MR. T. T. MORFORD. SUBJECT OF THROUGH TRADE FROM LAKES TO EUROPE. Buffalo, June 12.--There is naturally a large: amount of interest in the venture of what is called the Counselman fleet to connect the lake trade with the ocean direct, and at this stage of the undertaking there is a wide difference of opinion as to the probable success of the enterprise. As a rule I find that lake men condemn the effort as foolish and sure to bring disaster, though on the part of the company itself there appears to be entire confidence of success. - ' : ; One lake man who has had considerable disagreeable experience in navigation of the waters, as well as the locks, of the St. Lawrence route, is sure that the boats will be pulled off after two trips. He says that it is practically impossible to make one of these locks with a large boat, one that will just go through it, without having to pay for a lock every now and then. He is only one of several Buffalo vessel men who have had to go down into their pockets to prove what he says. He notes that the course through these locks is so crooked that a boat cannot be squared up as a large one would have to be, in order to make them safely. And then there is always a bridge to pass besides, which greatly compli- cates the situation. The insurance people say that the St. Lawrence river is fit for no craft larger than a "pin flat" and will always be distinctly dangerous, canals or no canals. They say that not to mention the loss to the first steamer, the Northman, from special accidents on the way down, which they estimate at $10,000, she has demonstrated the fact that insurance rates must remain practically prohibitive. On the hull alone the rate is said to have been a matter of 4 per cent., or $6,000 on a valuation of $150,000, and this for the single trip east. The cargo, of say the same value on the average, would have to pay 1% per cent., which is close to twice what it would have to pay via New York. The question is how are these difficul- ties to be overcome? i An insurance man figures that the Northman is not going to be able to complete her third trip this season, at least unless she makes far better time hereafter. Of course it is hardly expected that she will be thirty-five days again this season going one way, but if she is to take on a cargo of merchandise in Hamburg or any other European port, she will be a long time loading it, as compared with such work on the lakes. Someone says that she will have to hustle if she makes her third trip over before the St. Lawrence reaches the ice period again. I find 'that the insurance people are quite as much against the venture as anyone, holding that the St. Lawrence route, even below 'Montreal, is very undesirable to them at any rate that they have so far obtained. Now as to the other side. It is held that the freight over, stated as being $20,000, is alone enough to attract anybody who can figure at all on future prospects. There is no effort to deny that the boats must lighter up here, as the North Town has just done, leaving 35,000 bushels here to be replaced by machinery at Montreal. The chief claims appears to be that there is a great amount of delay and consequent dissatisfaction to importers of merchandise, especially dry goods, that comes over to the lake district. There is not only the difficulty at the start, but in coming via New York there are heavy losses from damage in handling, stealings and the like, which can not be charged up to anyone. Now if these goods come to Buffalo or some other lake city direct from Europe there will be no delay and any loss on the way is at once charged up to the boat. It is held that as soon as our lake importers understand what direct shipment means to them they will be willing to pay the extra freight for the immunity it gives from delay, loss and worry. It may take some time to work up such a trade, but it is held that it is sure to come if the proper effort is made. Just what these boats will do in winter is not stated, but if they are on the ocean they will not need to be idle. JOHN CHAMBERLIN. NEW COMBINATIONS IN THE STEEL INDUSTRY. Great changes are taking place among steel companies of consider- able magnitude and at the present moment it is impossible to tell the relative ownership of several whose plants are in the state of Pennsyl- vania. .It was officially announced in New York Wednesday that the Pennsylvania Railroad 'Co. had acquired control of the 'Pennsylvania Steel Co. and had admitted the Reading Railroad Co. to a minority in- terest. The Pennsylvania Railroad at one time owned the Pennsylvania Steel Co., but at the time negotiations were begun for its purchase the railroad held only 10 per cent. of the stock of the steel company. The capital stock of the Pennsylvania Steel Co. was recently increased to $50,000,000, of which half is preferred and half common. The company is quite independent as far as ore supplies is concerned, having some time ago acquired valuable holdings in Cuba. The company also owns the Maryland Steel Co., Sparrow's Point, 'Md., which has a capacity of 400,000 tons of steel rails per annum, and operates in addition a large ship building plant. The house of J. P. Morgan & Co. announces that the United States Steel Corporation is in no way interested in the pur- chase of the Pennsylvania Steel Co. It is well known, however, that the interests identified with the purchase of the Pennsylvania company are friendly to the great steel corporation. Following the announcement, which is generally accepted, that Pres- ident Schwab of the United States Steel (Corporation has purchased a control of the Bethlehem Steel Co., being a successful bidder against the Vickers-Maxim company, is a report that the Bethlehem works will be eventually turned over to the new interest in control of the Pennsylvania Steel Co. This would permit the new company to build a warship com- plete, armor, armament and all. Another report within the range of pos- sibilities is that this new organization, together with the United States Ship Building Co., now in process of formation, may eventually be ope- rating in harmony or in unison with the United States Steel Corporation. Previous to the announcement from New York regarding the Penn- sylvania Steel Co., it was reported that a combination involving the Cambria and Pennsylvania steel companies was under way. This was due mainly to a circular issued to the Cambria stockholders setting forth plans for a new company, to be known as the Conemaugh Steel Co., and to be incorporated under Pennsylvania charter July 1. The incorporators named in the circular are all officers or directors in the Cambria Steel Co. The proposition is to make the Conemaugh Steel 'Co. a vehicle of reorganization, the business to be continued under the name of the Cambria Steel Co. "Tt is proposed,' President Stackhouse of the Cambria company says, "to organize a corporation under the laws of Pennsylvania with an authorized capital of $50,000,000. divided into 1,000,000 shares of the par value of $50. Of this capital, $5,000,000 will be reserved; $45,000,000 will be presently issued. Of the $13,050,000 resulting from the sale of the 580,000 shares of Conemaugh stock, $11,680,000 will be applied as follows: In payment of the existing debt of the Cambria Co., $3,500,000; to con- struction work undertaken, $1,500,000; for new furnaces, ovens, mills and water works, $5,500,000; for additional working capital, $1,180,000. The balance goes to pay the commissions, $200,000, and as compensation to the underwriting syndicates, $1,170,000." It is announced that the resignation of Henry Wick as president of the National Steel '\Co., to take effect July 1, was due to a disagreement with officers of the United States Steel 'Corporation concerning the re- moval of the offices of the former company to Youngstown, O. A five- year lease of a building at Youngstown had practically been concluded, but it is stated now that the plan has been abandoned.