The Lake-Atlantic Fleet.
Another of the lake barges bound for the Atlantic coast, the JOHN O'NEIL, chartered by C.R. Jones & Co. of Cleveland to the Atlantic Transportation Co., is wrecked. Owners of the O'NEIL are advised that she is ashore on Prince Edward island, and it is more than probable that she will prove a total loss Alike to the steamer PORTER, sunk in the St. Lawrence river some time ago, she was fully insured through Johnson & Higgins, insurance brokers. The PORTER was not, however, one of the vessels chartered by the Atlantic company. She was engaged by the Manhattan Steamship Co. of New York, to be operated with three or four other small steamers on a short line that offers opportunities in general freight traffic. Her insurance, about $42,000, was considerably above the price at which She might have been purchased by the charterers.
Of some forty vessels chartered by the Atlantic Transportation Co., there are ten still above the St. Lawrence rapids which have been laid up for the winter. These are the JOSEPH WALL, SHAWNEE, H.W. SAGE, WM. MCGREGOR, R. HALLORAN, M.W. PAIGE, S.H. FOSTER, HELVETIA, J.H. RUTTER and METACOMET. The reason given for not taking these vessels down the rapids is that the underwriters refused to insure them after Nov. 1. On this score the Atlantic company is negotiating with owners of the vessels with a view to having the charters extended for five or six months after the expiration of the three-year period, the owners to receive no payment for the next few months in lieu of this extension. This is a matter that will probably require concessions on both sides before it is settled. Several of the Atlantic company's fleet have already arrived at Newport News, among them the F.L. WATSON, M.S. BACON,, T.P. SHELDON and F.A GEORGER.
The Marine Review
November 17, 1898