OLD TIME SCHOONERS GET INTO THE GAME
CORN CLIQUE CHARTERS THEM TO TAKE LOADS TO BUFFALO
Chicago, July 12. - Four old-time schooners will return to the grain trade from which they have been driven for many years by the competition of the big steamers. Their chief attraction now to the shippers is that it takes them a good while to make the run down the lakes, and there is no chance that the corn cargoes they have on board will get back to Chicago before the end of the month.
The four boats already taken on are the Bertha Barnes, Oliver Mitchell, Minnie Slausen and Winnie Wing. More are wanted and will be taken if the schooners get here in time to load their cargoes the first half of July, which was the time for shipment named in the sale of the grain.
The clique running the corn corner had 2,500,000 bushels of corn delivered to its brokers July 1. It has since held the corn for fear that if it was sold it would come back and would be delivered over again on July contracts. The clique had no earthly use for the corn and was willing to sell it if it were sure that the grain would be used for feeding purposes. When the Leiter wheat deal was on, the Krause Grain Co., of Milwaukee, bought a cargo of wheat from Joe Leiter for "milling" purposes, loaded it on the Mary H. Boyce up the river and then unloaded the cargo at the Illinois Central elevator, selling it back to Leiter at a profit of 30 or 40 cents per bushel. At least that is what the milling company tried to do, but Leiter's broker refused to accept it, and there was a law suit over the deal.
With ordinary July weather, it will be nearly the last day of the month before the schooner fleet can arrive at their destination on the lower lakes. It is figured that it will not be possible to get the corn even by fast freight on the railroads in time to be sold over again to the clique. The schooners will not load until the afternoon of July 15, in order that they may be held back until the last minute under the contract of the sale. The boats are being paid $50 per day, and to prevent them being all the season in getting to Buffalo there is a limit set for the end of the voyage.