I'd be surprised to learn that in the 1930's anyone was concerned with product liability. I'd rather guess that they did not buy the Bros name to avoid overlap with all the other Parker Bros products still being produced. And, probably the Parker family had some say in the issue as well, pride being what it is and all. It's tempting to apply our wussy 2007 perspective to a 1930's transaction but I'd have to see it to believe it. In 1938 if you cut off your hand with a saw you changed your name to Lefty and made it a point not to contact the saw company in fear they would not sell you any more saw blades. In the 1930's we had not yet become a nation of victims and ambulance chasers.
As for the Parker O/U debacle, let's just say the old boys who put the finest name in American guns on that mule of a gun will have to reckon with their maker one day. Just because you are legally within your rights to wear a Speedo at the beach doesn't make it right.
I'd have to guess that an 1870's gun would wear out every other single part long before the tubes wore out. Given that I have heavy use 1880's Damascus Parkers with healthy tubes I have to question the need for a more hard-wearing material. I'd be more willing to accept that even in the 1870's people operated on misinformation, emotion, and hearsay rather than fact. As for Damascus being more pleasing to the eye - I'll bet there are plenty of members of this board who would drive a Lexus over a Toyota given the choice. Will people 100 years from laugh at them for choosing pretty over reliability?
It sounds like I'll have to go back to my expert and tell him the mantra has been revised to "When it comes to Parkers, never say never except sometimes it's OK to say never".