LIFE STORIES-HENRY PHIPPS-(Concluded)

negie fortune. But the wisdom of the canny Scotchman came to his assistance. Phipps and Thomas Carnegie knew how to run an iron mill. They had had successful experience. To them went Andrew Carnegie with a proposition. They three would form a company. He would put in his mill, and hold forty per cent of the stock. Phipps and Thomas Carnegie would put in such capital as they possessed and their experience, and hold the remaining stock. The deal was made; also the vast fortune of Andrew Carnegie-potentially, at least.

Phipps ran the finances of the new concern; Thomas Carnegie, the mill proper. And the mill began to pay well. Then Phipps, never satisfied till he knew all about a subject in which he was interested, fussed around the furnaces until he discovered a new process of making pig iron which cut the necessary expense down by a large percentage. That process was kept secret for a long while, and it fairly poured big profits into the coffers of Carnegie, Phipps & Company.

There is'nt any use in going further with this story. If the lesson isn't plain by this time, it never will be.

When the billion dollar "Steel Trust" was formed, Henry Phipps had-next to Andrew Carnegie-the largest interest in it. He had, it is certain, more money than any human being can possibly know what to do with. To-day the little, short, slender, "pony-built" errand-boy of the late fifties, lives in a Scotch castle and in a Fifth Avenue palace, retired from active business. In personal manners he is gentle and retiring. He has given great conservatories to the town where he made his wealth, and in other ways has shown the philanthropic spirit.

There seems to be no good reason why any young man may not follow his example-up to the full limit of his abilities and his opportunities.

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CONSULTING DEPARTMENT

Displacement of Ships

Question: I am taking advantage of your offer, to ask for information through your magazine. I wish some one would kindly give some information as to displacement of boats, and what base it is figured on.-J. P.

Answer: The displacement of a vessel is the weight of the volume of water which it displaces. For sea water, it is equal to the volume of the vessel beneath the water line in cubic feet, divided by 35, the result being the displacement in tons of 2,240 pounds.

The displacement or gross tonnage is sometimes approximately estimated as follows:

If L denotes the length, in feet, of the boat; B, its breadth in feet; and D, the mean draft in feet, the product of these three dimensions will give the volume of a parallelopipedon, in cubic feet. Putting V for this volume, we have:

V=LX BX D

The volume of displacement may then. be expressed as a percentage of the volume V, known as the "block coefficient." This percentage varies for different classes of ships. In racing yachts with deep keels, it may be as low as 22; in modern merchant vessels, it varies from

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will give a fair estimate. The volume V, obtained as above, when multiplied by the correct "block coefficient," will give the actual volume of displacement in cubic feet. Dividing the volume of displacement by 35, as mentioned above, gives the displacement in tons.

In ship construction, more accurate methods are employed than the above. From the plans of the ship, different water lines are determined; and by means of these curves, together with the crosssections at regular intervals along the ship's length, the displacement can be accurately determined.