The Detroit times., 1912-01-18

vantage OF these excellent rates
as, owing TO the loss Of time
caused by a succession of storms
during November, owners were
behind on contract cargoes.
The iron ore movement was TO-
4S9,790 tons less than tho move
ment OF the preceding year. mos
drastic subtraction when We con-
slider that even the movement OF
1910 was not sufficient to keep all
the ships busy and it was only
during the closing months of the
year that the 1911 movement be-
gan to approximate that Of 1910.
In the summer months, notably In
June, the movement was nearly
100000 tons less. BY far the
greater portion OF this ore was car
ried in vessels belonging to the
shippers themselves, and as the
actual number OF ships In opera
ton was less than usual, dispatch
both at the upper and lower lake
ports was better than ever. Both
loading and unloading records
were broken, enabling vessels to
make a greater number OF trips
and vastly improving the efficiency
OF the operating fleets. There was
little comfort in this to the man
without a cargo. but obviously this
situation for him cannot change
until the surplus OF ships is d.
gested. Through the rapid extern
sion OF our national industries we
may fortunately not have to wait
long.
Both coal and grain showed an
increase over the figures of 1910.
and these trades. especially coal,
will In all probability steadily in
crease as the years go by.
Year Of UnsettIement.
II was year OF generally high
commodity prices, broken, however
by some remarkable extremes OF
movement In staples, causing es-
pecial strain alike upon manufac-
turing industry and consumption,
and eventuating in a lessened
volume Of business and much idle
machinery. II was, furthermore,
year Of decided unsettlement, of
intense agitation In some financial
as well as industrial lines, which
for the first time experienced the
application OF hitherto untried
methods OF legal regulation.
These at first viewed with de-
cided alarm, later lost most of their
terrors. and with the passing of
the year toward It's close some
what saner views. of politico-
economic questions led to a per-
ceptible improvement In general
sentiment. The last four months
was a period OF some relaxation
OF growth Of more cheerful feel
ing and Of disposition to look
on the brighter side OF things.
And were II not for the fact that
this Is year of presidential cleo
tlon and a congress seemingly dis
posed to tinker more or less with
the tariff, which always unsettles
business conditions to a greater or
less extent, we would feel very
confident that the year 1912 would
be a much more favorable year fol
business of all kinds than the past
year And even with these condi-
tions existing, we look for quite
an Improvement.
The wage scale was the same as
1910, which was the highest ever
paid on the lakes. AS related In
last years report, the wage scale
was amended during 1910 to rem
edy what was considered to be an
inequality in the wage scale Of en-
gineers, az well as TO differentiate
between Observation-Disclosures
and wheelsman who simply stood
their trick at the wheel. and
watchmen, who only watched. No
disposition whatever has been
manifested to cut the wage scale.
though the earnings In the ore
trade during 1911 were $3,200,000
less than in 1910. on correspond
movement OF ore.
Open Shop Maintained.
The policy OF the open shop was
maintained throughout the year,
with no disturbance In any sense
OF the word anywhere.
A savings bank system was in
stalled at the opening OF naviga-
ton upon the vessels enrolled in
the association TO enable the men
TO bank a portion of their wages
without leaving the boat. The sys-
TEN has worked very we'll and now
that a beginning has been made
in this direction. II will doubtless
grow, as II Ia certainly one OF the
most commendable things that the
association has ever projected for
the benefit OF the men aboard It's
vessels.
As our enrolled tonnage has now
absorbed, or nearly so, our author
ICED shares of stock. II will be nee
essary, at this meeting. TO Increase
our capital stock from 10000
shares OF the par value Of 81 each.
TO $4,000 shares.
The annual report also showed tn
The vessel losses in 1911. aggregate
rs. exclusive OF the Tampa. Erwin
Fisher and Turret Cape, which we
total constructive losses. The mo
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