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MARINE REVIEW. © 9 Pertaining to Next Season's Business. On account uf the depressed condition of all branches of the iron business, and the entire absence of anything in the way of transactions in iron ore that might be expected to cause preparation for vessel con- tracts, most of the vessel owners have thought it advisable to refrain from comment on the outlook for the coming season. The associa- tion of Bessemer ore dealers has been holding meetings in Cleveland within the past week, however, and this has caused some speculation as to prices of ore and the effect upon the lake freight market of any action that might be taken in this regard by the agents of the ore com- panies. Bui these meetings have resulted in absolutely nothing more 'than a unanimous agreement among the ore dealers to: make no effort to open up negotiatidns for business under present conditions. The ore dealers are making no secrets of their conclusions. Mr. L. C. Hanna, who is one of the executive officers of the association, and who is also largely interested in vessel property, said that the talk of an 80-cent freight rate from the head of. Lake Superior at this time has no more significance than anything that might be said of a dollar rate or a 40-cent rate. "Tt is quite probable," he said, "that the Bessemer ore dealers' association will be continued through the coming year, but there has been absolutely nothing done towards the establishment of prices. The element in the association known as the producing-consuming element, that is where furnaces and mines are controlled by the same interests, is now avery important, factor to deal with, especially on the Mesabi range. This problem may prove so difficult of adjustment that the Mesabi properties will not be included in the association another year, but aside from questions of this kind it is agreed that it would be useless to attempt to fix prices of ore on a pig iron market that is based on $9.50 a ton. We can hold off for two, three or four weeks, or even two months, and must do so in order to serve both our own interests and the interests of customers. There has been some expect- tation of a reduction in rail charges between mines and shipping ports. Such a reduction would help to meet the demand for lower prices, but the ore producer can not go to railwyvay managers and ask for a reduction now. He would be told to await a settlement of the ' present unsatisfactory state of affairs in the iron market, and until there was some hope of doing business. This is an instance of the causes that are prompting delay. "' It will be seen from this interview that there is no hope of con- tracts being made between ore dealers and vessel owners for some time to come, and that there is nothing to be gained now by talking of rates of any kind. Unless the iron market improves before the open- ing of navigation it is quite evident that contracts will be made at figures that will probably be as low as have ever been accepted by ves- sel owners, but there is no telling what changes may occur in the gen- eral business of the country before the first of April. Several rumors of big sales of steel on foreign account have been heard during the' the past few days but none of them are pronounced authentic. One is to the effect that the Carnegie company has sold 200,000 tons of bil- lets and that engagements of vessels to move this steel have caused a further scarcity of tonnage at New York and other points. It has already been noted that vessel owners have nota great deal to expect from the wheat movement out of Duluth during the coming spring and summer. Late advices from the head of the lakes are to the effect that agents of the whalebacks have taken quite a large amount of Duluth grain for delivery at Buffalo at 2 cents. A letter from one of the principal Duluth brokerage concerns is as follows: "The quantity of grain in store in Duluth is at this time is about 7,500,000. bushels, of which only about one-half is wheat. A year ago at this date there were about 9,500,000 bushels of wheat alone, and about 3,000,000 bushels of coarse grain. But the quantity of grain in the country elevators tributary to Duluth is estimated to be not nearly so large this winter as it was in the winter of 1895 and 1896. About 1,250,000 bushels of grain has been contracted for spring shipment. Of this grain nearly one-half will go.to Lake Ontario. Buffalo char- ters have been made on a basis of 2 cents and the Lake Ontario char- ters at 34 cents, vessels to pay canal tolls. All the Buffalo charters were made fora large iron concern in Cleveland, who have about twenty-five spot boats on this market. Until these spot boats are dis- posed of, there will probably be very little inquiry for tonnage to arrive, Shippers have, however, been bidding 1} cents on Buffalo boats to load within fifteen days after the opening of navigation. There seems to be some dispute as to the quantity of grain in the country available for early shipment. Our largest elevator manager maintains that there are yet several millions to go forward, while other elevator concerns declare we will see comparatively little more wheat until the new crop. Atany rate itis almost safe to estimate that the quantity of wheat to go forward from the port of Duluth from the opening of navigation to Sept. 1 is not more than half as great as during the same period in 1896. The coal movement from this port up to the last fortnight had been rather slow, but the pro- tracted low range of temperature has stimulated this movement to a considerable exteut. Although it is rather early to anticipate what the condition of the coal docks will be at the opening ,we incline, at - the present time, to ,believe that there will be very low stocks sitar the first boat arrives." Two cents on wheat is equal to only 74 cents on ore, while 1% cents on wheat is equal to only 65.3 cents on ore. To Visit England, Secretary Francis T. Bowles of the Society of Naval Architects and Marine Engineers makes the following announcement to members: of the organization under date of Jan. 22: -- - "Under date of Dec. 21, 1896, the president of the Institution of Naval Architects , 5 Adelphi Terrace, London, W. C., invited the Society of Naval Architects and Marine Engineers to visit England towards the commencement of next July to attend an international congress of naval architects and marine engineers in London, under the honorary presidency ot His Royal Highness, the Prince of Wales; to celebrate the sixtieth reign of Her Majesty, Queen Victoria. By direction of the council, given at a special meeting held on the 21st inst., the president has accepted this invitation for the society. Mem- bers who propose to attend the congress are requested to notify the secretary at their earliest convenience. The executive committee, charged by the council with such detailed arrangements as may be nec- essary, will further communicate through the eee oo mem- bers who signify their wish to accept this invitation.' Gen. Wm. P. Craighill, chief of army engineers, who retired a few days ago under the forty years' service law, was one of the ablest and most distinguished of engineers who have been in charge of river and harbor and fortification works throughout the country. He - would have been retired in a few months for age, but he preferred a voluntary retirement. His entire service has been with the corps of engineers. He has been chief of the corps for two years past. His successor, Gen. John M. Wilson, is well known on the lakes. He was at one time division engineer with headquarters in Cleveland. He served first in the ordnance department as an artillery officer and was twice brevetted, captain and major, before his second year in the service had been completed. He was transferred to the engineer corps during the latter part of the war and received three brevets for services around Mobile. Much as we may regret it there is one important point in favor of Great Britain and Canada that must not be lost sight of in dis- cussing the question of abrogating the agreement which prevents the building of war vessels on the lakes. The St. Lawrence canals, which form the only connection between the lakes and the seaboard that will admit of the passage of torpedo vessels and small gunboats, are open to our merchant vessels, but would Great Britain consent to allowing war vessels of any kind to pass through these canals ? Prob- ably not, unless it might be under a proposition that would disturb the entire canal regulations now existing between the two countries, This was the snag struck by Senator McMillan when he went into 'this question very thoroughly a few years ago. A statement published recently by the Insurance Company of North America, which conducts a large business in both hulls and cargoes on the lakes, indicates a prosperous business during 1896. The company's income during the year aggregated $5,865,173.39, as against a total of $5,190,453.68 in expenditures, or an excess of $674,- 719.71. Assets on Jan. 1, 1897, footed up $9,651,808.08, and the surplus as regards policy holders on the same date was $5,319,773.52. 'Both of these items also show a material increase over January, 1896. Capt. George Stone, Cleveland vessel owner, is at Thomasville, Ga. Mrs. Stone, who is also at Thomasville, has. not been i in_yery good health of late. 4 ' is