New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-27
THE OUTLOOK or THE LAKE FLEET
sIuPBUILpING OVERCOME TRADE LIKELY 40
FALL OFF IL QUANTITY OR IL RATES.

sHIPBUILpING OVERCOME TRADE LIKELY 40
FALL OFF ~ QUANTITY OR IL RATES.
Cleveland March 2I.-The inevitable reaction after
4 long period Of great development and prosperity Is
clearly disccrnlblc In lake Even the most
sangune Of lake vcssclmcn admit that everything
uoints 10 an extremely dull season this year. The
Unprecedented rate which lake shipbudnG has gone
on IN the last three years has brought Into existence
a magnificent feet but It has also resulted III over
bnilding The increased demand for Lake superior
iron ore In Ohio and Pcnnsy vana and for coal In the
Northwest ~ Well as tho larger grain ard package
freight traffic has been more than provided for BY the
growth II he lake fleet. This !, the first cause OF IN"
present condition. and 1t would have resulted in dc
preston had none other operated.
IL !, aggravated however, by the condition II IN"
iron industry. upon which lake commerce depends
largely. Moro than one fourth II all the freight car
wed on the lake. last year was iron ore u reached
the total Il 100000 tons for the season. This amount
was somcv hat In excess Of the demands Of the fur
uaces even had business continued 1t was last sum
mcr during the whole Of the winter. But the shut
Gown Of the Mahoning and shcnangO Valley furnaces
further reduced the consumption Of ore so that al the
present tlmc the docks At A-htabua, Iairport and
Cleveland, the three ports from which these valley
draw their ore, are OvcrsOchcd How large inc
amount is has not been definitely announced, but II Is
certainly 100000 tons greater at the three ports
total output this year viii not greatly exceed
5000 900 tons, "A falling of Of over thirty per cent
from tho production OF last year This Will be loss
u at least per cent Of the Who'll" amount OF freight
usually tributary 10 the lakes, and must result In great
reduction, in freight rates unless artificial means
Of maintaining them is employed. TINS The vessel
men Of the lower lakes trying to bring about The
Vesselowners' Association OF this city, which repre-
sent, probably thirty per cent Of the lake feet has
resolved not start its boats until May 10, and Is
busy securing pledges from the vesscowncrs elsewhere
10 the same II close league can be formed
in this manner, IL will shorten the season fuly a
month and reduce the seasons capacity Of the cot
by more than ten per cent, thus ohsetting the over
building and the reduction In shipments for the
most part and keeping rates high enough 10 secure
GOOD margin Of profit for all the stancher and faster
vessels.
The movement Is hardly likely TO succeed. how
eyer The number Of men interested (, large, and tho
chances OF some staying ont entirely, refusing 10
be bound BY such contract, very great Idlencss
through four weeks OF fine weather Is irhsomc. and II
will be surprising, indeed If this plan is carried to
consunmat0n II any considerable number Of good
vessels are not brought under this agreement. the
whole scheme will fall through and a scramble Tor
freight will that can only end In rates gong so
low as 70 drive the older and slower vessels out OF
business The new steel steamers the lakes are so
superior TO the types Of vessel that they can net
A. or per cent profit on rates that would
mean nothing but running expenses and insurance to
a third of the lake feet. Unless great and unforc
seen change comes IL is not unlikely that twenty per
cent OF the lake Meet VIII DC luie al ue dochs Deloe
the LIST september. -, u
Perhaps as striking illustration OF the difference
bctvc4n this year and last rs can be given Is the
Chicago grain fleet Last spring all the vessels Win
te1ng there were chartered for grain weeks ana most
If them months before the season opened. When the
fleet left port April 10, IL carried fJOOoOO bush
els of grain. This year only twelve vessels have re-
Dortcd charters thus far and the total Tonnage IS but
ITj 600 bushels This arises from the certainty that
uniess the season l. arically shortened by agreo
mcntS grain rates will fall with the Others ana snip
pcrs ar, holding of for the break The worst feature
about the proposed pO>tponement until MAY II Is that
II throws away line weather and crowds the movement
of freight more largely into the stormy and dangerous
months. Ecsldes this. veSsclowncrs are hNng lower
scy.dues of wages for their employees, and serious
labor trouble, arc not unlikely before the season closes
All I'm all. the outlook for lake commerce Is more
snuaily than AT any time since 1856 and not few
ycsselowncrs wish the season were safely over