p.3 Marine Notes
Sailors in the grain trade at Chicago ask $1.75 to $2.00 per day.
At Chicago wheat is quoted at 3 cents, and corn 2 1/2 to 2 5/8 cents to Buffalo.
There is no truth in the statement that the Geneva is to be put on the Bay route this season. The owners were surprised to see the statement in print.
They are already talking of cutting rates on insurance at Milwaukee. The following are given as present rates for cargo insurance: To Goderich and Sarnia, 30 cents; Buffalo, 50 cents; Oswego, 80 cents; Montreal, $1.
The prospect now seems to be that the Chicago lumber and vessel owners will not succeed in getting men to serve by the month and unload the cargoes. The attempt will be made, however, and there will probably be repetition of the trouble of last season in the lumber districts. The sailors hold another meeting tomorrow.
The Chicago Tribune says that vessel owners are all anxious or active in the matter of getting out their crafts for business this season, and it is quite likely that many vessels will continue to lay up until there is some demand for them. There has been no movement among owners similar to that of last year, when the pooling scheme was discussed, but not attempted. The probabilities are strong that it will pay better to keep crafts laid up until wanted, and not force them on a market where the cut-throat policy is sure to be carried out. Grain rates are opening low, and will, no doubt, reach those of 1876, when the averaged rate on wheat was 2.9 cents, the lowest since 1861. The average rate on corn in May, 1876, was 2.7 cents, and wheat 3 cents. The figures this season - at the opening - are about the same. The vessels taken for corn Thursday received 2 1/2 cents per bushel. Carriers are asking 3 cents for wheat to Buffalo.