Roy,
The cone, also called a "fairing" or "fairwater", placed over the end of the each propeller, was a relatively thin, lightweight casting. It's basic purpose was to provide a hydrodynamically "clean" surface, reducing turbulence as the water was forced aft of the screws. They had a secondary purpose in preventing or reducing corrosion of the shaft, keyway and key within the propeller hub. The cone was sealed to the hub of the propeller with one of a variety of substances in use at the time, creating a watertight enclosure around the lock nut holding the propeller hub onto the tailshaft. The opposite end of the propeller hub was also fitted with a sealing device. The gap between the shaft bossings on the hull and the leading edge of the propeller hub was then nearly closed up by a metal band which was fastened in place.
The actual lock nut on each shaft is visible in some of the dry-dock photos of the Olympic, and is readily visible in the photo of Titanic's starboard tailshaft being fitted prior to launch. It is located on the very end of the tailshaft. The type of nut H&W used on these ships was not the more familiar-looking hex type. Look for the large barrel-like protrusion having a series of holes bored into the periphery perpendicular to the centerline of the shaft at the end of the shaft. I would guess that the nuts were installed on the shafts and left in place during the launch and, afterwards, during fitting out, to protect the threads on the end of the tailshafts from damage.
This type of nut is both tightened and broken loose with a large forged crescent-shaped spanner having a tooth at the outer end which locks into one of the holes on the periphery of the nut. These spanner wrenches are often unique to the specific ship, and because of this are sometime carried aboard the ship so that they are available for use in dry-dock in locations away from the builder's yard. Titanic carried hers lashed to the after outboard bulkheads of the after well deck - one having a smaller radius for the lock nut on the center screw, and one having a larger radius to accommodate the lock nuts on the wing screws. Photos taken 1912 and later of the Olympic show these propeller spanners stowed aboard her in similar fashion and in the same location.
Regards,
Scott Andrews