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Plants and property ........ 3, ee $15,418,560 63 Additions and improvements for year.......... 35,011 14 Material on hand (market value)... as 523,734 68 Accounts and bills receivable: (22.57. 2,633,035 63 Due us on construction. contractss:. 20.0145 a 1,188,606 65 Cash Pelle oc ee 779,051 99 $20,578,900 72 LIABILITIES. _ Capital: stock; preferted.....5., 26 $7,900,000 00 Capital stock, common; es sia age ee aie +, 7,600,000 00» Accounts and. bills payable,:. 000.2 ie, 966,833 07" Reserve for: maintenance: 0. 6s 200,000. 00. Reserve for Buffalo mortgages. 22.030) 150,000.00 ~ Reserve for fire ifisurance:i0. 23) Ret AO ole 83,624 90 . Banish ve $1,028,174 74 Less. dividends on preferred sas...) $ 553,000 00 Less depreciation and maintenance: 209,717 86 Less rebuilding dry docks and other PeDAITS 2545. 0 1s 78,3290 56 841,047 42 Undivided profits for year. ending June. 30, 19004.... 167,427. 32 Surplus fund, June MO 1008 i hae $3,567,315-43 Less - dividend. on Common oe. 46,090 00° 3,401,315 43 = Undivided profits, June 30, 1004.20.) i025 a. 3,078,442 75 $20,578,900 72 FREIGHT SITUATION If it is not one thing it is another that serves to keep the freight rate at its present level.. Under ordinary circum- stances with the rate of 2 cents on grain ruling from Duluth the ore rate should be 75 cents or better. But the rate holds at 70 cents notwithstanding the fact that the movement of ore is about as heavy as it ever was on the great lakes. The prin- cinal thing which has operated to keep the rate at its present level is undoubtedly the unusual despatch which ore vessels _ are receiving at Lake Erie docks. Even the largest carrier is compelled to lay not more than two days unloading its. cargo of ore. This is, on its face, surprising with the move- © ment of ore proportionately as great as during the past two - years' when the docks were fearfully congested. The ex- planation lies in the fact that the general volume of busi- ness is not as great, and. therefore, the railways have more time to devote to the ore trade. Moreover they have added greatly to their rolling. stock during the past two years and can easily take care of a greater volume of business. It has been known that ore sales have been somewhat brisker during the past few~ weeks, and this too has had a tendency to stimulate the movement of ore. Altogether it is now expected that the total aggregate of shipments during the year will be nearer 18,000,000 than 17,000,000 tons. Offerings of cargoes in the iron ore trade have been quite liberal dur- ing the past two weeks but as a rule vessel owners have first tried to place their vessels for grain before accepting ore. This is evidenced by the fact that owners would frequently not place their vessels until after they had reached the head of the lakes and the chances of obtaining grain had been pretty thoroughly exploited. The coal trade continues demoralized. This commodity is moving only in small quantities and the monthly receipts at | = 63 in. diameters. Re Bi Vo Fo Be we ------------ Se the head of the lakes show a considerable falling off over the shipments for the corresponding period last year. Indeed the flatness of the market with little probability of advancing rates, save perhaps 5 cents on ore, doesn't lend a very pleasing aspect from the vessel owners' standpoint to the effect that wages were generally advanced on Oct. 1. The advance is in accordance with an agreement made with labor at the opening of navigation last spring. The wages of wheelsmen, watchmen and lookouts are increased from $45 to $65 per month; ordinary seamen from $25 to $37.50 per month; able bodied seamen from $45 to $65 per month; sec- ond cooks from $30 to $37.50 per month; porters from $25 - to $30 per month, except on package freighters where they receive the same pay as second cooks; and firemen, oilers and watertenders from $45 to $65 per month, When the vessels of the Steel Corporation come out next spring it will be found that they 'will be all of uniform color. The corporation has decided to paint all its vessels after the style of the old Minnesota, which was an iron ore color. The aluminum 'smoke stack with black top, and white deck houses will be retained. ORDERS FOR MORE SHIPS During the past week the American Ship Building Co. closed contracts for two more giant freighters. One of the vessels is for H. S. Wilkinson and L. C. Smith of Syracuse, N. Y., who are the leading men in the United States Transportation Co. which has a fleet of modern steamers at present on the lakes. The new steamer will be a duplicate of the vessel recently ordered by Mr. Samuel Mather of Cleveland. She will be 545 ft. over all; 525 ft.:keel,; 55 ft. beam and 31 ft deep. Her carrying ca- pacity will be 10,c00 tons. She will have thirty-three hatches and her construction will be of the arch type. The sides of her hopper bottom, however, will be straight instead of sloping as in the case of the Wolvin. Her en- gines will be of triple-expansion, with cylinders 23%, 37%, Steam will be supplied by two Scotch boilers 14% ft. in diameter and 11% ft. long, to be fitted with Ellis & Eaves draft. She will be built at the Wyan- dotte yards. The contract for the second steamer was closed by the Buffalo & Susquehanna Steamship Co., of which F. H. Goodyear and S. H. Clement of Buffalo, and Capt. John Mitchell of Cleveland are the principal stockholders. This vessel will be a duplicate of the steamer now building at Lorain for G. A. Tomlinson of Duluth. Her dimensions are: 500,,ft. over all; 400 ft, keel, 62° 4%. beam and 30 1% deep. She will also be constructed on the arch system and have twenty-eight hatches. Her engines will be triple-expansion, supplied with steam from two Scotch boilers, and fitted with Ellis & Eaves draft. Her cal yae ee capacity will be 9,000 tons, Telegraphic advices from the annual meeting of the American Ship Building Co. at New York are to the effect that two more orders have just been received by the com- pany for freighters but for whom has not vee, been an- nounced. % Changes have been made in the ous of the new Tom- © linson steamer which is to be built in the yards of the Great Lakes Engineering Works, Detroit. She is to be 24 ft. longer and 2 ft. wider than was originally intended which will make her 524 ft. over all, 504 ft. keel and 54 ft. beam. The purpose of these changes is to increase the carrying capacity which it is now expected will enable her to carry 10,000 tons of ore. = Capt. Frederic L. Chalcraft, a well-known navigator of Buffalo died last week after an illness of several months,