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AL : DEVOTED TO EVERYTHING AND EVERY INTEREST CONNECTED OR_ ASSO- CIATED WITH MARINE MATTERS ON THE FACE OF THE EARTH. Published monthly by Penton -Publishing Co. PENTON BUILDING ~ CLEVELAND. CHICAGO..3... Howes ee 1328 Monadnock Blk. CINCINNATI.......808 Provident Bank Bldg. NEW YORK....Room 1115 West Street Bldg. PITTSBURG) e255, cos ..-2148-49 Oliver Bldg. Correspondence on Marine Engineering, Ship Building and Shipping Subjects Solicited. Subscription, U. S. and Mexico, $1.00 per an- num. Canada, $1.50. Foreign, $2.00. Single copies, U. and Mexico, 10 cents. Elsewhere, 15 cents. Back numbers over three months, 25 cents. Change of advertising copy must reach this office on or before the first of each month. The Cleveland News Co. will supply the trade with Tue Marine Review through the regular channels of the American News Co. European Agents, The International News Company, Breams Building, Chancery Lane, London, E. C., England. Entered at the Post Office at Cleveland, Ohio, as Second Class Matter. (Copyright 1911, by Penton Publishing Co.) © November, 1911 Tue Marine ReEvIEW can be found on sale at the following news stands: E. J. O'Connor, 2 Ohio st., Buffalo. R. J. Seidenberg, Ellicott Sq., Buffalo. J. H. Fleming, Chamber of Com., Buffalo. Postoffice News Co., 178 Dearborn st., Chicago. Frank Morris, 165 Wabash av., Chicago. James Dunne, C. N. W. depot, Chicago. : Wayne Hotel, Jefferson and Third st., Detroit. Robert Schram, 115 Woodward av., Detroit. Geo. W. Sharpe & Co., 138 Griswold, Detroit. Frank Kleinschmidt, 652 Broadway, Gary, Ind. K. Kramer, Produce Exchange bldg., Toledo. 'Board of. Trade News Stand, Boston, Mass. Revere Beach and Lynn News Stand, 350 Atlantic av., Boston, Mass. Rowe's Wharf News Stand, Atlantic av., Boston. Staub's News Emporium, Exchange alley and Canal st., New Orleans, La. Hollei's News Stand, Commercial place, New Orleans. ' Hill's News Stand, Charles, New Orleans. J. 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Oregon News Co., 147 Sixth av., Portland, Ore. near Canal st., TAE Marine Review The French Revolution of Industry In the French Revolution now pre- vailing in the industrial world, many things have happened since the last issue of THE Review vitally affecting the trade of the lakes. The United States the most benign of all combinations of capital, and undoubtedly the most useful and Steel Corporation, helpful as a steadying influence, has been asked by the government to dis- solve in a brief that is simply a mar- No more important action of a civil char- vel of technical irregularity. 'acter has ever been begun by the United States in- volves a capital that is larger than government. It our national debt; it involves a wage schedule of $500,000,000 per annum, affecting the well-being of a vast army of men. No action more potential in the creation of widespread misery: could be conceived. In our opinion the action of the government is un- timely and unwarranted. Business conditions are in a highly nervous state. and this action merely serves There has been nothing in the conduct of the to make them more so. Steel Corporation to It. has at. all times manifested not only a disposition afiairs of. the warrant the attack. but an eagerness to meet the wishes The Steel Cor- poration is nota corporation organized It lacks both the intention and inclination to crush of the government. in restraint of trade. out competition; on the contrary it has aided its competitors and has al- ways met them in a spirit of helpful- ness. Since it was organized independ- ent producing capacity has increased in greater ratio than the Corporation's producing capacity, notwithstanding the addition of such splendid plants as Gary. . Moreover, it has advocated and practiced publicity in all its do- ings, ihe records of the Steel Cor- it jas no secrets in the trade or out of it poration are an open book. and the country has been the better off for its ten years of life. There doubtless have been trusts that have crushed out competition by unfair methods, but is is unfair to in- clude the category. Steel Corporation in that But as long as.the suit a November, 1911 has been begun let it be quickly end- ed. . The naturally anxious to have an early decision and will file its formal answer to the gov- ernment's petition not later than Jan. Corporation is 2 next. The United States Steel Corporation has given notice of its intention to surrender its lease upon the Hill ore lands on Jan. 1, 1915. The trade had : evidently overlooked the fact that the lease contained this provision because the announcement of the cancellation was a surprise in many quarters. At the time the lease was formed in 1906 there were many who did not regard it as a particularly favorable arrangement for the Corporation ow- ing to the ascending royalty scale and the further provision that 'any re- duction in the rail rate would have to be added to the royalty. Briefly, the lease provided for a minimum out- put of 750,000 tons of ore in 1907 at 85 cents royalty. The minimum was to increase at the rate of 750,000 tons per annum until the annual produc- tion reached 8,250,000 tons, which it would do in 1917, and was to be main- tained at that figure until the deposits were exhausted, the royalty meanwhile increasing each year at 3.4 cents a ton, or 4 per cent on the original rate of 85 cents. This arrangement, if continued until 1950, would have worked out at a royalty of $5 a ton upon every ton of pig iron produced from these ores. It is probable that the directors of the Steel Corporation were not a unit in making this lease. It appears to have been a very favor- able one throughout for the Great Northern railway. The lease did not include the mines that were actually shipping at the time that the lease was made, but merely the lands upon which ore was known to exist. In fact, during 1907 and 1908 the Corpor- ation spent $3,000,000 in exploration and development work and since then has undoubtedly spent an equivalent amount. The determination to cancel the lease was not a sudden one. It has been under consideration for near- ly a year. The freight rate on ore on the two iron range railroads owned by the United States Steel Corporation,--the