p.2 Another Syndicate Rumour - A story having been started to the effect that a number of gentlemen were to purchase the Richelieu and Ontario Navigation Company en bloc, a Director of the Company informed our reporter this morning that there was no truth in the rumour so far as he knew, and he had been recently at a meeting of the Board of Directors where a statement of the Affairs of the Company had been submitted. They had done a moderate business during the year, and would be able to pay a semi-annual dividend of 2 1/2 %. The boats were all in excellent condition, except the Spartan's machinery, which would be repaired soon.
"There is an idea abroad that you will, besides paying your dividend, put aside considerable surplus."
"Well, we have not just all the accounts for the year and cannot say a round amount. There will likely be a small surplus put past, but we cannot say how much."
"Is the business better that that of last year?"
"The business of the market boats has been most satisfactory and the business of the excursion passengers very good. But the competition of railways on both sides of the river has been felt severely."
As to the price of the stock he would say nothing. Brokers, doubtless, started the syndicate story for their own ends, and could, of course, start other stories to raise the price of the stock. [Witness]
p.3 Action for Damages - Mr. T.L. Snook has issued a writ in the case of the cook against the captain of the sch. Eureka the latter of whom is sued for $200 damages. The action is based upon an assault, which the captain is alleged to have committed upon the complainant some time ago. The writ has not yet been served, as the captain cannot be found.
The George Thurston arrived here yesterday from Toronto.
It is now thought that the Zealand's boiler exploded, which accounts for the wreckage which has drifted ashore.
The prop Alma Munro, from Montreal for Hamilton, thought to be lost on Lake Ontario has arrived safely at Port Hope.
Any vessels out in the snow-storm today must have suffered severely. Captains in the harbour are congratulating themselves on their safety.
The schrs. Cataract and Huron, ore laden, for Charlotte, are laying here awaiting a change in the weather. The captain of the Huron has had to discharge all his men.
The T. Kingsford, which left Oswego on Wednesday night, blew out some of her flues outside, and was so disabled that it was necessary to put into Fairhaven for repairs.
A private despatch from the Straits of Mackinaw states that it is very cold and snowing. A large fleet of vessels is lying there, including the Henry Folger. At Detroit it is blowing hard.
The str. Bienvue, belonging to the St. Lawrence Steam Navigation Company, Quebec, arrived this morning, on its way to Toronto and will be purchased by parties living there.
The sch. Flora Carveth, on her way down the lake yesterday, ran upon the Brothers Shoal. The tug Franklin hauled her off three times. Twice when she was taken off she ran on again.
Capt. Booth, of Garden Island, is removing to the city. We welcome him. His son had, up to the last trip, been employed on the sch. Norway. Obedient to the request of his parents he ceased sailing sooner than he desired, and now has great cause for rejoicing.
Life-Saving Stations - Our remarks regarding the establishment of life saving stations along the Canadian coast have generally found favour. The Toronto World, in discussing the subject of expense, says there are two systems of meeting it, by using public funds or by private subscriptions, but perhaps the better way would be to supplement private subscriptions raised for the purpose by a public grant. If the stations were established at points where seafaring men congregate there would never be any difficulty in getting brave hearts and willing hands to take an oar. It would then only be necessary to pay for the slight attention which would be recquired in keeping the boat and other appliances in working order. This is a matter worthy of attention, as every year the loss of life on our great fresh water seas is growing with the expansion of commerce.
A Coal Case - A case of much interest to marine men has just been closed in Chicago. In the Fall of 1872 the sch. American loaded coal at Oswego for Chicago at $2.75 per ton. On account of treacherous weather the vessel laid up and did not deliver the coal until Spring. The owners of the coal refused to pay the Fall rate of freight, alleging that they would pay Spring rates. The owners of the American sued for the difference, but lost the case, the court claiming that they could not collect Fall rates for a cargo delivered in the Spring.
Returned Home - The crew of the sch. Richardson have arrived home. They came on the str. Frances Smith as far as Collingwood. Capt. Milligan had to remain at Fort William. He will take a dog train for Duluth and thence secure passage by other means for Kingston.