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MARINE REVIEW. | ' Iron Mining. VALUE OF LEADING STocKs, es feeediee 1. Potter & Co., No. 104 Superior St. Cleveland, O. s. : Cleveland-Cliffs Iron ou ee Bid. Asked. Champion Iron Company............cecseees 25 00 ae #575 90 Chandler dron, Company, iss desscceses) cece. 2 Gaines aren oF Be speeae eon Gomupany en cs a Ce es te ie ie BiciGtiperio® Trpn Company N52 gg Gr Gg ap uuceote Iron Romipaigsiac. ear at ne BS ioe Be =. iets LalkerAngelitie lot Oost. eirssel adeod 1 bsssacen oc Republic Iron Company............. ee a ee eee noo ReO PRSUManTC rte ste ee te: Si a : BAR La ahaes Re ae Becblomedbbinty: three. wvctutsceies il. acct. cea ze GOMad & ees ten: ue ee CUE nOne tm tat we nS ae Soi 2 Ee EGC lia vcoestasccce tsetse cottoes Ae Te, 25 00 2 15 52 00 7 The market for iron mining stocks is duller than it has been for years. 'There is no trading in even the old line securities and prices are very low. 'The Lake Superior Iron Company has declared another regular dividend of $1 a share and an extra dividend of $2 a share from reserved earnings of previous years, payable on the 28th 'inst., to stockholders of record April 2r. This is a division of $180,000. It is expected, of course, that the Chandler company will pay a regular divided of $1 on May I, but there are no other announcements of profit sharing. Stock in the Aurora company, one of the Gogebics which has an accumulation of earnings amounting about $350,000 or $400,- ooo, would find some purchasers as a dividend is expected with this season's work. The contract for the building of the Mesaba branch of the Duluth & Iron Range Railroad into the new iron district has been let to Winston Bros., of Minneapolis. The distance to be covered under the first contract is sixteen miles, through a very rough country, as far as the West Canton mine property of the Minnesota Iron Company, within about a mile of the Biwabik and Cincinnati properties and not far from the town of Merritt. The work will be commenced at once. , Pickands, Mather & Co. of Cleveland have issued a very neat book showing average analysis for the past two or three years of the Minnesota, Chandler, Odanah and Hemlock ores, for which they are exclusive sales agents. The book also con- tains a table showing yield of natural ore, when dried and ana- lyzed at 212°f, at various percentages of moisture. It is a most valuable reference manual for anyone in the ore business. The Minnesota Company has a little more than 250,000 tons of ore instock and with new operations and a big increase in machinery promised shortly is expected to make an output this season of 550,000 tons or more. The Vermillion Iron Journal reports Josheph Sellwood, manager of the Chandler, as again repeating the statement that the Chandler will ship 500,000 tons this season. Alex Maitland of Negaunee has undertaken with other parties a resumption of work at the Grand Rapids mine, Mar- quette range, which has been idle for some time past. Lake Freight Matters. | With improvement in grain freights at both Chicago and Duluth it is more than proable that the close of the present week will see iron ore freights advanced to at least 70 cents from Escanaba and $1.10 from the head of Lake Superior. At this writing vessel owners are holding tonnage for such an ad- vance. Soft coal rates are based on 45 cents to 'Milwaukee and 40 cents to Duluth with no indication of an immediate change. Buffalo vessel owners advance the opinion that shippers of hard coal will restrict the movement in May as they have been doing . during the present month, in order to influence the sales of coal. Such a policy will throw the bulk of the shipping business into the latter portion of the season, as itis already settled that any 3 improvement in the demand for ore must have its effect late in the season. Although the amount of ore on Lake Erie docks at the open- ing--1,750,256 gross tons on April r5--as shown by the last issue of the REVIEW, is quite large, it has been known all along to be entirley sold up and the stocks have had no important bear- ing on the market. At this time a year ago when stocks on dock aggregated a full million tons more, with much of it unsold, the pig iron furnaces were all out of blast. Now there is at least a certainty of present stocks being cleaned up very rapidly under the heavy make of pig iron, and every day brings the ore dealers nearer to the time when furnace men must come into the market for additional purchases. ee : ics A See ee ee Proposing More Rules for the Inspectors. Senator McPherson a few days ago introduced a bill, No. 2,966, which seeks to place the matter of the regulation of lights on barges and canal boats when in tow of steam vessels in the hands of the supervising inspectors of steam vessels. 'The bill proposes an amendment to that effect to the present rule 7, sec- tion 4,233, revised statutes. When it is considered that this same rule, as far as it applies to range lights on steamers, has been in operation on the lakes for several years past and is now a source of great annoyance to everybody concerned, it would seem that to increase the powers of the steamboat inspection service in this regard would only be adding confusion to matters already complicated. Canadian Port Matters. Special Correspondence to the MARINE REVIEW. KINGSTON, Ont., April 28.--Already over 200,000 bushels of grain has arrived for transhipment, but the lower canals are not yet open and laden barges are compelled to lie here. Something is wrong else the canals would be ready for the opening of navigation. Certain repairs are sup- posed to be made to the gates during the winter season and it is these re- pairs, many of which are incomplete, that is causing the difficulty. If vessels come here after all the available barges are filled and can not get unloaded it will be a serious blow to this port. Hon. M. Haggart, minis- ter of canals, is a vigorous administrator, and certainly when the matter comes to his attention he will see that a remedy is applied and that the delay does not occur again in the future. It is expected that all the timber will have been brought forward by the end of July. This work will be rushed so that the lumber carrying bottoms may procure a partof the grain trade. The quantity of timber to be removed is about the same as last year. The Ceylon brought a very large load on her last trip. There were 400 pieces on her deck. , Owing to high rates at the government dry dock several Kingston vessels have been sent abroad for repairs. Rates of other Canadian docks are much lower. The new steamer Columbia, being built at New York for the Richilieu & Ontario Navigation Company, is original in design, 180 x 36 feet, the full length of the St. Lawrence locks. She must go 18 miles an hour. About the end of May she wiil be launched. fee Early this week a large deputation will wait on the government and urge the building of a ship railway from Georgian bay to the city of Tor- onto, and the deepening of the St. Lawrence canals to 20 feet. Both are schemes of the distant future. te The Hon. Mr. Tupper has introduced into Parliament an act to amend the steamboat inspection act which allows steamers on inland waters to carry wooden life boats instead of metal ones. It was claimed in favor of the former that they could be repaired on board. The bill was referred to a commnittee. During last year $874,132 was spent by the Canadian marine, depart- ment, an increase of $67,000 over the previous year. The lighthouse and coast service cost $492,196, or $26,000 more than in 1890. The number of lighthouses now maintained is 710, as compared with 227 some twenty years ago. The losses of sea going vessels and cargoes during 1890 amounted to $694,653; «n inland waters there were 14 disasters represent- ing 11,414 tons register and a loss of $44,169. The Grummond line tug Swain returned to Detroit Thurs- day with her steam pumps, having raised and safely delivered the schooner John B. Merrill at the new dry dock, Port Huron. The vessel is being unloaded as fast as possible when she will be dry docked for repairs, which will take about six weeks. Capt. Ed Tormey of the tug Swain, as well as Diver 'Thomas Gradey, were complimented by the insurance agents and Mr. Connely, the owner, for their successful work in building a bulk-head around the bows of the vessel before she could be floated. 'The expense of raising and delivering the Merrill will be in the neighborhood of $3,000.