The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-03
LAKE SHIPPING sTAeNANT.
The Business Said to he In De
InornIincd Condition.

QUEBEC, Sept. I'm the entire history
of the navigation of the Great Lakes there
never was so much stagnation in the ship
ping business as at present. 1t will be
remembered that last year, about the mid
die of the summer. after not very brisk
season up to that time. rates began to
rise and kept on climbing until late in tho
year they reached unprecedented figures
So great was the confidence in the buoy
ancy of trade thai during the winter car
rying contracts were made at prices never
before equaled. To-day stagnation is over
it ALL Freight rates are at the lowest ebb
yet. and still the tide is running out.
Many of the big lake carriers are tied up
and others are taking eargoes at rates that
will not pay expenses, but that Is less
costly than tieing up. Under contracts
made last winter ore is now being carried
from Lake Superior ports at sL2j a ton
that coiild now be shipped at from 10 TO
SO cents and this proportion about repre-
sents the slump in freight all round.
- causes have operated to bring
about the present condition of affairs. Last
year the price of iron went up as II in
balloon and got pretty nearly out Of sight
for ordinary commercial purposes. Lumber
took a similar flight. and nearly every
lumber
The comparative failure of the grain crop
of the West and Northwest has curtailed
that source of freight. and the ccal barons
are limiting the OUTPUT OF coal. which is
the fourth and least important OF the prin-
ciDal factors in lake shipping. Then the
boom in freights last autumn acted as
strong stimulus to shipbuildirg, and at
least score of great freigEters have been
turned out this spring from the yards OF
the Shipbuilding Trust to very consider
ably increase the tonnage on the lakes.
Iron ore is the controlling factor in lake
shipping The amount of ore shipped from
Lake Superior ports last year was 19.5O0,-
0OO tens. The fall of so per cent in freight
rates would mean on this quantity of ore
n loss to vessel owners of nearly Sl0,e00.-
500. The scarcity of grain and lumber car
goes greatly augmented the tonnage look
ing for ore. tending strongly. Of course, TO
break prices The Rockefeller boats have
been tied UP for some time in the hope of
buoy.ng up the rates. The result remains
TO be seen Since Rockefeller and Carnegie
engaged in the carrying trade they have
been practically in control of the ore
freight, but whether these leviathans of
commerce are in competition or co-opera-
ton the public is left to guess. The SUI
perabundance of tonnage is not. however.
the only depressing influence upon ore
freight rates. The high price of iron has
been bar TO business. and since the iron
trade is basic when it languishes all other
Industries languish with it.
The shortage in the Western grain crop
decreases the amount for removal by
strengthening the tendency TO hold what
still remains of last years crop, as well as
by lessening the actual amount raised this
year. The persistent statements that the
crop is not as poor as the reports have
IT are harbored by the vessel
owners as a hope that the grain carrying
trade in the months to come will realize
much better than present prospects indi-
CT tie