The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

MARINE REVIEW Entered at Cleveland Post Office as Second-class Mail Matter. . Published every Thursday at 418-19 Perry- Payne Bldg., by the Marine Review Pub. Co. VoL. AXIV. CLEVELAND, O., JULY 25, 1901. Subscription $3.00 a year, Foreign $4 50 a year. No. 4 AFFAIRS OF THE AMERICAN SHIP BUILDING CO. On the subject of earnings, which is a matter of first importance, no information was given out after the annual meeting of the American Ship Building Co., which was held in New Jersey on Wednesday of this week. A financial statement will very probably be furnished to the stockholders later on. In the absence of an official statement it is probably as well not to repeat rumors regarding earnings, but it may be said upon the best of authority that the company has a surplus amply sufficient to begin the payment of common stock dividends. Certain leading stockholders are of the opinion, however, that a surplus beyond all question of operat- ing expenses for a long time to come--the kind of surplus that would do away entirely with the borrowing of money while vessels are under con- struction--should be built up before common stock dividends are begun. The question will be definitely settled at the next meeting of the .board. The only change in officers was the election of Mr. A. B. Wolvin, presi- dent of the West Superior company, to succeed the late W. E. Fitzgerald on the executive committee. Mr. Fitzgerald was also assistant general manager of the company, but that place will be left vacant. Directors and officers for the ensuing year are: Directors--William L. Brown, H. H. Porter, Jr., of Chicago; Robert Wallace, H: 'M. Hanna, Robert: L.° Ireland; James C.. Wallace, L. C. Hanna, Luther Allen of Cleveland; Alexander McVittie, W. C. Mc- Millan of Detroit; J. A. McGean, New York; L. M. Bowers, Bingham- ton, N. Y., A. B. Wolvin, Duluth; Andrew M. Joys, Milwaukee; W. T- Coleman Carpenter, East Orange, N. J. Executive committee--Luther Allen, A. B. Wolvin, Robert L. Ire- ps William L. Brown, L. M. Bowers, Alexander McVittie, James C. Wallace. Officers--William L. Brown, president; Robert L. Ireland, vice- president; Russell C. Wetmore, secretary and treasurer; James C. Wal- lace, general manager. The capital stock of the company is as it was a year ago, namely, $15,000,000 of preferred and $15,000,000 of common authorized, with $7,- 900,000 of preferred stock issued and $7,600,000 of common stock issued. Regular quarterly dividends of 134 per cent. have been paid on the pre- ferred stock since the organization of the company. All of the property and interests of the company are free from mortgage or incumbrance of every kind, excepting $150,000 purchase mortgage on the Buffalo plant. During the year the company has acquired by purchase, without increas- ing its capital stock, the two dry docks, construction plant, machine shops, etc., of the Union Dry Dock of Buffalo, and leased the real estate with option to purchase on terms favorable to the company. During the year the company built forty steel vessels, 191,000 net tons carrying capacity, and they now have under construction twenty-one vessels of 93,500 tons capacity. The capacity is based on 18-ft. draught. WORK DONE DURING YEAR ENDED JULY 1 AND NOW UNDER CONSTRUCTION AT SHIP YARDS OF THE AMERICAN SHIP BUILDING CO. : Carrying Vessels Carrying Vessels Vessels capacity, under capacity, docked for Plants. : built. net tons. construction. net tons. repairs. Detroit. 77. vie 6 30,000 6 16,000 116 Loraiti. eo ee 8 36,000 5 25,000 34 Cleveland 2 3 3 ese ev 5 24,000 5 25,000: 219 Bay Cny 2.3. uae 4 15,000 Chicagen sia bios 8 42.000 2 15,000 29 West Superior .>...... 5 24,000 1 6,500 69 Milwaukee" .c 0. ots 1 2,000 187 Buffalo: i665. 3 13,000 2 6,000 193 The number of vessels docked for repairs during the year was 847. Re- ferring to the prospects of the company President W. L. Brown says in the annual report: "In the previous annual report reference was made to possibilities of construction for salt water service, and it is gratifying to report that during the past twelve months contacts have been secured for the con- struction of eleven vessels suitable for this service. Four of these are now engaged in transatlantic trade, and the others, so tar as completed, are equipped and prepared for salt water--coast and transatlantic work-- one being now on the way to San Francisco, and while this business 1s yet largely in an experimental condition, your president has reason to believe that other work of like character will be secured. The time has come when combined and united effort should be made in the entire great lakes region, looking to the construction, maintenance and opera- tion of ample waterways from the lakes to salt water, and it is to be hoped that agitation and legislation on the subject will be promptly taken and followed up energetically until the desired result is attained. It seems unnecessary to dwell on this subject in a report of this character, except to call the attention of the stockholders of this company to the importance of the question and to suggest their co-operation in bringing the subject before the public." President Brown also pays this tribute to the late W. E. Fitzgerald: "Since this report was written the company has lost by accidental death its assistant general manager and director William E. Fitzgerald, who was also president of the Milwaukee Dry Dock Co. No words of mine can adequately express what the officers of this company and his asso- ciates feel in this loss. Always bright, active and energetic, he gave the affairs of the company his best efforts and no greater tribute can be paid to his memory than to say that he was, in the highest sense of the word, a man." The battleship Maine will be launched very quietly at Cramp's, Phila- delphia, on Saturday. There have been several announcements of the launch of this battleship but unforeseen delays have occurred. Miss Mary -- Anderson of Portland, Me., has been selected to christen the vessel. DECLINE IN HARD COAL SHIPMENTS BY LAKE. One branch of lake business that does not grow is the movement of anthracite coal westward from Buffalo. Attention was directed to this subject by one of the regular dispatches in the daily papers, a few days ago, showing vessel clearances from Buffalo. Three out of four cargoes of coal cleared in a day were in railroad line boats, so that in so far as it affects lake carriers in general that much coal might as well have been . added 'to the rail shipments. The Review has taken pains to look into the shipments of hard coal from Buffalo for a long period of years past, and a table presented herewith shows very clearly that the lake business has been declining since 1888, although the amount of hard coal used in the west and northwest has, of course, increased immensely of late years.. The railroads are carrying it, especially to Chicago and the districts tribu- tary to that city. It will be noted in glancing over the table that: the lake shipments were ee large in 1899. This was due to the fact that in that year the railroads all over the country found business largely in excess of their capacity and cars could not be spared to haul coal from Buffalo west. HARD COAL SHIPMENTS FROM BUFFALO. Year. Tons. Year. Tons. ISTO ee ere ee 570,440 PORE le Se 1,904,060 L674 Se a ee 384,500 TSG 66 ede ee 2,556,270 T1815 66 es 439,730 ISRO: ied 2,156,670 IS{6 0g te 361,480 1890 3c occ s epee 2,044,134 TSU eee ees 455,070 BOP os. cere 2,365,895 I8T8.. cee 331,170 18007 ous See ae 2,852,330 1819 ean 580,640 LBBB Cee he 2,703,673 TRB Ss ia 589,670 L804 oe Sas 2,485,255 TSSd ei al a 825,240 TBOB oa i sea 2,688,076 TBRO ae eee 1,027,500 IS06 occas Al ee 2,242,326 1883.0 Ga 1,467,778 107 . .2,688,076 TBS ok Ce ee 1,305,410 ROR ee 2,331,199 1885 «6 1,506,000 1890 Si ae .. -2,808,898 $386 oe 1,562,060 1900. 225.5 alesse a BURL STEAMER MIDLAND QUEEN. James Playfair of Midland, Ont., will in a few days have on the great lakes a steel steamer of Canadian canal dimensions that will compare favorably with the best ships of that type now in service. The vessel was built by the Caledon Ship Building & Engineering Co., Ltd., Dundee, Scotland, through the agency of Wm. Peterson, Ltd., of Montreal and Newcastle-on-Tyne. She is named Midland Queen and is 225 ft. long, 42 ft. 6 in. beam and 23 ft. 8 in. depth. She has been given the highest class in the British Corporation Registry. Ample accommodation, .fitted up in the most comfortable style, has been provided for owners, officers and crew, as well as provision for a few passengers. There are two steel deck 'houses amidship, as well as a large house aft, containing dining room, steward's quarters and staterooms. Engines are of triple expan- sion type, with Cylinders of 18, 30 and 50 in. diameter and 36 in. stroke. Steam is supplied by two Scotch boilers at 170 lbs. pressure. During construction the vessel and machinery were superintended, on behalf of the owner, by Capt. Fetherstonehaugh of Toronto, and Mr. F. Piercy, superintendent engineer to Wm. Peterson, Ltd. The Midland Queen is expected to arrive in Montreal about August 10. : HYACINTH-MINERVA BOILER TRIALS. The race of the British cruisers Hyacinth and Minerva, fitted with Belleville water tube and Scotch boilers, respectively; from Gibraltar to Spithead has been completed, though it is unsatisfactory because it is not conclusive. The Minerva arrived at Spithead fully an hour and a half ahead of the Hyacinth but both vessels encountered three fog banks and had to. grope their way for twenty hours. The Minerva occupied 7514 - hours in covering 1,160 miles. Her average speed when not delayed by fog was 18.67 knots and the Hyacinth's about 18 knots.' On leaving Gib- raltar the Hyacinth's boilers justified the claim made for them of supe- rior quickness in attaining full power, thus enabling her to get a good lead, but the Minerva speedily overhauled her, but whether this was attributable to good fortune in running through the fog is yet to be ascertained. The Minerva had no trouble throughout the voyage except a slight overheating of the bearings which was soon remedied; the Hya- cinth, however, while running up the channel split one of her boiler tubes and severely scalded a stoker. Three dredges are at work on the canal to be built at the plant of the Lackawanna Iron & Steel Co., at Stony Point, Buffalo. The canal will run almost the entire length of the property and docks will be built along its banks for the unloading of ore for the blast furnaces. Vessels will come in through the harbor and will pass out through the canal into the lake without being compelled to turn around. Three blast furnaces are now under construction and will be completed within the next six months. The structural work for the forge shop is nearly completed, while the machine shop and boiler house are entirely completed and already equipped with machinery. _ The navy department has purchased the great floating steel drydock which lies in Havana harbor from the government of Spain for $185,000. The negotiations for the purchase of the dry dock were closed last week by Lucien Young of the port of Havana. The original price asked by the Spanish was $250,000. Rear Admiral Bowles, chief constructor of the navy, wants the dry dock towed to the Philippines. He thinks that this ae readily be done. The British recently towed a big dry dock -to ermuda.