RATES KILL INSURANCE.
Chicagoans Give Up Line From Lakes To Europe.
Chicago, Aug. 13th - High insurance rates threaten to put an end to direct steamship traffic between Chicago and Europe. Two of the vessels of the Northwestern steamship company, which will return to Chicago in about a week, will probably be transferred to the lake grain trade at once. They are the Northeastern and the Northtown (sic). The other two, which are now on their outward trip, may be taken off later, according to the officials of the company.
The local boats have had to pay insurance rates as high as $1.75 a $100, and the statement is made that their average premiums have been $1.25, as against a rate of thirty cents to forty-five cents paid by lines from Montreal and New York.
"The discrimination against us has been about $3,500 a cargo, or $7,000 for the round trip," said general manager W.F. Purdy yesterday, "and no company can live against that kind of a disadvantage. There is so little competition for this kind of insurance that we have not been able to get the rates down to a proper figure."
Craig's wharf: steamer Alexandria from Olcott; steambarge Owen cleared for Oswego.
M.T. company elevator: steamer Glengarry and consort Minnedosa cleared for Montreal with a portion of their grain cargo.
Swift's wharf: steamers Toronto from Toronto; Spartan from Montreal tonight; Rideau King from Ottawa; Caspian from Charlotte.
The tug Petrel, owned by the Collins Bay towing and wrecking company, is ready for service, and will likely leave St. John's, Nfld. this week. The company shipped four more pontoons, by K. & P. and C.P.R., to be used in raising a sunken steamer at Labrador.
p.4 He Saved Their Lives - steamer Donnoncona (sic), Capt. Delaney, narrowly misses skiff in Narrows, and goes aground, manages to get off.
p.6 Cadillac Withdrew - yacht races at Chicago.
Warning to Yachtsmen - lights must be shown at night to prevent collision.