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I LOE ES en ae ee ee eg ee ere, diet Ae tt OE ee, ee eo eee oe ' i 4 _ THE LAKES ~ eh SS ee Messrs. Mackay Sons of Hamilton have purchased the steamer Acadia from Capt. S. Malcolmson for $20,000, to take the place of the lost Celtic. Commander Ludlow gives notice that the steam fog-signal at the South Manitou, Lake Michigan, has been repaired and will be used in thick or foggy weather : The legislative committee of the Lake Carriers' Association met at Buffalo Monday afternoon and organized by electing ao P. Miller chairman. Some routine business was trans- acted. Capt. J. J. Ibbotson, aged fifty-eight years, died May 7 io Detroit. For forty years he sailed on thelakes. His commands were the schooners Sophia Smith, Jane Bell, Columbia, A. -Boody, Glad Tidings, Bermuda and D. P. Dobbins. -- The Senate committee on commerce has cut about $2,000,- ooo from the river and harbor bill. All works coming under the contract system suffer a uniform reduction of 25. per cent. _ This cuts the first appropriation for the}20-foot channel on the lakes from $500,000 to $375,000. The steel steamer Samuel Mitchell; built by the Globe Iron Works Company for Samuel Mitchell of Negaunee and some of the stockholders of the Cleveland Rolling Mill Company, was given a trial trip Wednesday. The Mitchell will be sailed by Capt. Thomas Wilford, who is at the head of the Cleveland Rolling Mill Company's fleet. She is one of the finest steel boats on the lakes. It is understood that Capt. McDougall and other stock holders in the American Steel Barge Company have a half in- terest with R. L. Henry and others of Chicago, who have secur- ed the contract for carrying passengers by lake to and from the exposition grounds. A whaleback passenger boat will be used in the service and it is on this account mainly that the managers of the barge campany are interested. They want to have a a whaleback at the fair. lron Mining. -- _ VALUE OF LEADING STOCKS. Quoted by Chas. H. Potter & Co., No. tog Superior St. Cleveland, O. Stocks. Par Value. Bid. Asked. Cleveland-Cliffs Iron Company.............. $100 00 Bes teae es $ 75 00 Champion Iron Company............sseseeeeen DE OOP 7. trem basa ane 62 00 Chandler Iron Company.......sccsceccserecnees DELOOM pai dst ecuses 45 00 | -- Jackson Iron Compatty.........scscscseescereees DRROOL Haaser satoncict 100 00 Lake Superior Iron Company.........+2+s+06 25 00 44 00 47 00 Minnesota Iron Company..........sessseceeeees TOOT OOHe to at Gs .u tees 75 00 Pittsburgh & Lake Angeline Iron Co...... 25 00 ------ eeeeeeaes 150 00 Republic Iron Company.................-.+.++. DVO WMI ir reces sacle 21 00 POSEN ATOMS obs at ats aintcllettlet - Satie esrenen bias. 253 DEO SW iMAT ceiceat. Ulli) ieencasees SCHOEN yet CGs cast. ccstecneosecasienersy. De OOk ise maa hte au: 7 00 IPra@i dover wonul. gteneaeecnouacote nooepbooncuocEBdoboopoutee DOE OOM eaten ache 2 50 NGI Cliche asecene ci ccnscsr seit sce sis vcl-rlclans 25 00 2 15 2 25 Although money is very plentiful in all parts of the country the investment market is generally depressed and dullness in mining shares is especially noticeable. 'The number of transfers in Lake Superior iron stocks during the past month is so small as to leave the market in a very discouraging condition. With values exceedingly low, sellers and buyers are still apart on prices and only in the case of Chandler has there been any in- quiry during the past week. Even with this stock buyers are offering but about $42 while the owners of it are holding for about $45. An assurance of dividends is the cause of strength in Chandler, as shown by the decline in values of other shares where dividends were expected. Holders of Cleveland-Cliffs stock manifest a discouraged feeling and the shares of the com- pany are lower on account of failure on the part of the manage- ment to pay the dividend expected in April. The delay is at- tributed to a desire on the part of the company to be well forti- fied under an unsatisfactory iron market, but this does not help the stock among outsiders. The Lake Superior company will MARINE REVIEW. i hold its annual meeting in Boston, June 15, when it is expected the management will be authorized to sell or lease certain lands not desirable for mining purposes. 'This with the election of directors will probably be all that will be done at the meeting, as all matters pertaining to the capital, which is now 100,000 shares with 84,000 shares issued and the remainder treasury stock, have been settled. Ferdinand Schlesinger is reported to have said in a recent interview that the mining companies in which he is interested have sold about 500,000 tons and will produce 1,000,000 tons this year. The bulk of this ore will, of course, come from the mines of the Buffalo company at Negaumee. Mr. Schlesinger denies the statement that the supply of ore at the South Buffalo has given out. He says the South Buffalo shaft was abandoned because the ore was closer to the shafts of the Queen and Prince of Wales than it was to that of the South Buffalo. At the annual meeting of the Kast New York Iron Com- pany in Ishpeming, last week, officers were elected as follows: ©. K. Wambold, president; W. H. Johnston, vice president; J. Parke Channing, treasurer; S. K. Wambold, M. J. Luther, F. A Ely, J. A. Whortony Who jolmston, WC Runyon, R. Ik Williams, A. J. Rich and J. Parke Channing, directors. 'The resignation of Mr. Channing as superintendent was accepted. An assessment of 25 cents per share on the capital stock of the company will be called. Here are some quotations from Chicago on Mesaba range stocks: Biwabik, $33 per share; Buckeye, $30; Cincinnati, $5; Champion, $10; Cosmopolitan, $20; Columbus, $7.50; Clark, $10; Great Northern, $11.50; Great Northern I. & S. Co., $1.35; Keystone, $10.50; Kanawha, $15; Licking, $7.50; Lincoln, $10; Lake Superior, $4.50; Little Mesaba, $11.50; Mallman, $1.35; Mountain Iron, $55; Mesaba Mt., $18; Minneapolis, $10; Shaw, $9; Washington, $10. Valuable Information Regarding Canadian Canals Interest among lake vessel owners and shipbuilders in the Welland and St. Lawrence canals increases with every move of advancement toward the proposed 14-foot navigation through- out the Canadian canal system, and within the past year es- pecially there has been an unusual amount of inquiry regarding progress in the work and dimensions ofthe canal locks in their present state. Much of this inquiry has been from owners and builders interested in sending vessels to the coast. On this ac- count, the report of John Haggart, minister of railways and canals for the fiscal year ending June 30, 1891, which has just been issued from Ottawa, proves very interesting. The report contains a number of maps of the district covered by the canals and complete details on present dimensions of all the canals and locks, as well as a vast amount of other information pertaining | to distances tolls, etc. Of Canada's new Sault Ste. Marie canal the report says that the changes sanctioned by Parliament at its last session have made it necessary to increase the time for executing the work, and an extension to May 10, 1893, has been granted to the con- tractors having in charge the main work, which embraces the excavation for the lock pit and the prism of the canal, the ma- sonry for the lock and also for a guard gate above the lock and the construction of side walls, puddle trenches, ete. Asa result of the action of parliament in December last, the report gives the following as dimensions of the lock chamber adopted by or- der in council: Length of chamber, goo feet; width of chamber, 60 feet; gate width, 60 feet; depth of water on the sills, 19 feet at the lowest recorded water level. lated on a different basis (extreme low instead of 'mean' water level), is intended to be the equivalent of the depth, 21 feet, of the new American lock now under construction. By the scheme as so modified accommodation will be afforded to three vessels lying in the lock one behind the other, one of the lake type 320 feet long, and two of the Welland canal type 255 feet long, with ready means of entrance and exit on a course through the gates and lock straight with the line of the canal. The canal proper will have a width at low water level of 152 feet, and a bottom width of 145 feet. 'The depth will be made suitable to naviga- tion at mean water level by vessels drawing 20 feet. The gates will be worked either by hydraulic power or by electricity. This depth, though calcu- .