Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1912-04-16

based upon the s0undest business
judgment. However what the effect
upon the quotations for The Stee.
corporations stock may have been
on accoun, OF an issuing ot q block
OF SaO,J0C.ou0 IN bonds Is a matter
Of trifung consequence 90 oompari.
son vita The broader features aud
more important factors contained
The Ever lurking Apprehension.
There is ole phase OF the steel and
iron industry OF which the public
has little knowledge aud ye' IL serves
to explain In part why the securi-
ties Of The railway companies are
regarded with higher favor on the
wole, than are the securities Of the
corporations whose product is iron
and steel commodities.
There can be no radical change in
the science OF railway operation and
management, speaking now purely
from the scientific and material poin,
Of view. NUthgng now conceivable can
! displaee the railroad Whatever tha
possibilities Of The airsh.p are, they
! can never bring aerial transportation
into real competition with the rail.
roads. There Is, therefore, an Gle.
ment OF permanently In the railway
world There may be changes due Ia
political agitation. hut the method.
of building and operating railroad:
will always remain the same.
In the world OF industry there is
on the other hand the ever presen
possibility that science, chemistry
physics, some new utilization OF a Law
OF nature. may impair or even com
plctely ruin methods Of manufactur
now prevalent. II used 10 be said o
the late II. o Havemeyer, prcsidcn
Of the so-called sugar trust. that h
believed his business strategy wa
equal TO any competitive battle an
that ne was confident that, condition
e OF sugar production and manufactur
remaining what they were in his da'
he would always stand In equal ran
] with the masters OF the sugar bus
ness. Brit with him there was m
constant. lurking apprehension
= some master Of chemistry. some grei
] authority Of physics. might discov,
p some new method of extracting ga
charine matter from the raw pr
duct and invent apparatus whic
s would utilize that discovery an
Z would be able 10 produce the cost
8 refining 50 greatly as 10 put the O.
- rcfirars ont Of business For M
I N he kept his own chemists 60
d stantlv employed In the hope that
r there were discoveries his mon Won
make them
- This lurking apprehension Of no
p sihle discoveries and the perfec'ii
g end ratentinc ~ apparatus BY viii,
j. the discoveries COLD be utilized
b the manufacture Of steel and irt
% products Is constantly In Tho minds
s tho treat manarers Of the bushes
'lthough Il Is q subject rarely p
'orrel 10 by them The discover
9rl patents OF Dessemer and u
;, 'ar discovery ard patents Of Gayl,
8 Illustrates what Is meant bv the ter
!, "i- king apprehension Now. WIFI
j. "a Is MT probable 10 is within M
O. possihil.fis. mat some master min
j. In Tho field % science NAV DO n
p the steel Industry what Pessemer al,
What would be ne effect Of M.
$ upon TN United States Steel col
j. poration or upon any other a m
great corporations OF the iron an
steel commoditv'
This Is Il, probably. which wi
= always serve 20 make the securitie
upon industrial corporation on IN
whole less favorahly REGARDED tha
p are the securities of the rallroa
companies II was a mastery Of ne
I. rnc.ples in the, production Of fro
and stecl which gave the Carneel
company rs nre-eminenco Yet ther
e was always the DANGER that some ne
: master Of the science might discov,
: the way 10 wrest from the CarnegI
company IFS pre-eminerce.