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MARINE REVIEW. VOL. 1V. CLEVELAND, OHIO, THURSDAY, SEPTEMBER 3. 1801. No. 10. Reid’s Work on the Pontiac. The accompanying engraving shows the steamship Pontiac in the Sault river after her collision with the Athabasca and _ be- fore Capt. Reid had begun the work of raising her. There is now little doubt that the Pontiac will be in one of the Cleveland docks within a few days, and it may well be said that the job of wrecking performed on this boat is very creditable to the con- tractor. The Pontiac was on Tuesday towed down from the position near Wilson’s dock to Sailors’ Encampment, where it was intended to make additional repairs before taking the boat to Cleveland. It was found that she was drawing too much water to get over the Encampment channel, however, and a portion of her cargo of ore is being lightered. The bulkhead, by means of which the big boat was raised, was found to leak only 5 inches an hour, when pumps were put to work in earnest on the sunken hull. Lake Freight Situation. Lake freight rates are again tending upward and it is the general opinion that any advances secured now will hold to the close of the season. Vessel owners are not, however, looking for great advances in rates although there is every assurance of plenty of business until late in the fall at paying figures. As the iron market does not warrant shipments of any great quantity of unsold ore the grain shippers will get no severe competition in the movement ot ore. It is evident, however, that Duluth ship- pers expect to find the lake fleet taxed to its utmost in caring for the grain even without a surplus ore supply to bring down. For boats to load next week Duluth has paid 3% cents in a number of cases, and for tonnage that will arrive at the head of the lake on the 20th to the 25th of the present month 334 cents is freely offered. Grain is arriving in very large quantities and would be moving freely from both Chicago and Duluth but for a high range in prices. ‘Toledo-has been shipping wheat to Buf- falo right along and is still offering‘a freight of 2 cents a bushel. Buffalo undoubtedly has sufficient elevator capacity to handle the very large portion of the big crop that will go to the sea- board this fall. There is little anxiety on this account. If the iron market gave promise of any immediate change for the better, shipments of some surplus ore might be expected and the fall would be a very brisk one for the vessel owners, but pig iron is very dull and prices are only fair. Stocks of new ma- terial at first hands are not heavy but there is a difference of opinion as to the future, some dealers holding that the fall and winter trade will be large while others advance opinions to the contrary. As to business next spring, there is but one opinion, and that is that the iron makers must begin the new year with a big demand for raw material, on account of certain indications of supplies being well cleaned up. eS Ore freights have ruled at go cents from Escanaba, $1.05 from Marquette and $1.15 from Ashland and Two Harbors, but vessel owners are now holding off for an advance over these fig- ‘ures. Coal freights are still based on a 50-cent rate to the head of Lake Superior as well as Chicago and Milwaukee, but docks at upper lake ports are all crowded and boats are again going up light. Unless there is from this time on a more active outward move of coal from upper lake ports to interior points a short- age, at least in soft coal, may be expected during the winter, not- withstanding heavy shipments early in the season, as the rail- ways will need a great deal of coalin the movement of crops. The light-house board has just issued a list of lights and fog signals, both Canadian and American, corrected up to the open- ing of navigation this year. The list is well arranged in book form. Masters desiring copies can secure them by addressing the light-house board at Washington, or the offices of the light- house inspectors at Buffalo, Detroit or Chicago. It is a fact thaton the Clyde and in other leading shipbuild- ing centers capitalists have been known to make fortunes by building vessels in dull times when the yards were badly in need of work and would build at low prices. The opportunity is now presented on the lakes and it would not be surprising if advan- tage is taken of it, but there is, of course, a drawback in the close money market,