The basic principle was laid out in an 1848 paper by Wilhelm Weber (1804-1891)
Fleming worked with two different wattmeters, one was Siemens, and the other was Swinburne. The correlation between the two was very poor.The electrical inventor and entrepreneur, Werner von Siemens (1816-1892), used this principle in his electrodynamometer, first described in 1880. In order to measure the power dissipated in an electrical load, it is necessary to measure the current through the load and the potential drop across it. In the Siemens instrument, the stationary coil is made of relatively few turns of heavy wire and is connected in series with the circuit. The rotating coil consists of many turns of fine wire, and is connected across the load with a multiplier resistance in series with it to measure the potential drop. The currents through the two coils are I and a current proportional to V, and the product of the two currents is proportional to the power dissipated in the load.
170622-0741 EDT
It appears that Fleming created and used his power factor equation to evaluate transformer losses. Not quite the same as our use of the equation.
Fleming clearly defined it as the ratio of real to apparent power. He also discussed it in terms of a general AC circuit. Described it as cosine theta for sinusoidals. The whole nine yards. Just what we have today for the term power factor.170625-1045 EDT
His study does not appear to be concerned with power losses in the supply side of a distribution system with low power factor loads. Rather he seems to be using the power factor equation as a means to evaluate performance of a transformer.
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What Mr. Swinburne may have proposed first was the use of condensers by central station operators to help offset the lagging system characteristics and make the system more efficient but I don't have an exact paper for that. Others were using synchronous motors and other such techniques to offset lagging vars.