The Maritime History of the Great Lakes
Daily News (Kingston, ON), Nov. 29, 1861

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p.2 The Value of Vessel Property on the Lakes

The enormous carrying trade of the lakes, during the present season, and the almost unprecedented high prices of freights through a large portion of the season, have had the effect to create a large demand for vessels, and an unprecedented advance has taken place in every description of vessel property. Vessels which cost $6,000 to $8,000 at the opening of the season, after more than paying for themselves, have resold at an advance of from 50 to 100 per cent. In the early part of the present week we reported the sale of the schooner Gold Hunter for $10,000 cash. On the same day the vessel was chartered with a cargo of grain for Oswego, the freight on which would amount to nearly or quite $4,000, which, after making liberal allowances for accidents, repairing and paying sailing expenses for the trip, would leave a net profit of over $3,000 to the owner. Thus it will be seen that the vessel will clear near or quite one-third of her cost in a single trip. Yesterday the vessel was resold for $12,000. This is one of the many speculations which have lately taken place in vessel property. The carrying capacity of the marine fleet trading between Chicago and eastern seaports is not far if any below 45,000,000 bushels of grain, yet the receipts of produce at this port for the present season have been so immense that this fleet has been unable to carry it off as fast as it accumulated, and at the close of navigation will leave over three million bushels of grain in store here. The amount of grain in the country is also enormous, and there is reason to believe that those who have purchased vessels at the advance spoken of will still find them paying property. [Chicago Post]

p.3 Imports - 27,28.

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Nov. 29, 1861
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Rick Neilson
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Public domain: Copyright has expired according to the applicable Canadian or American laws. No restrictions on use.
Maritime History of the Great Lakes
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Daily News (Kingston, ON), Nov. 29, 1861