This perforated shaft was covered under two patents issued in 1916 and 1917 to Allan Lard. Spalding offered the club in its 1918 and 1919 catalogs. Spalding promoted Lard's metal shafts as a substitute for the best hickory shafts, which were in short supply.  Ironically, a shortage of steel during World War 1 interrupted the production of Lard's steel shaft. The shaft itself has six sides bearing hundreds of holes. Drilling out the metal was necessary to bring the shaft to a decent weight.

Lard shafts are exceptionally visual collectibles.  Because they were one of the earliest steel shafts commercially produced,  Lard-shafted clubs are also quite historic.  Spalding sold these clubs 7-8 years before the USGA ruled that steel shafts conformed to the rules of golf. Complete with its original leather wrap grip and replacement whipping atop the hosel, this 39" iron is a solid example in all respects.

TCA2 Vol 2, p 658-659