The weekly tribune and the Cape County herald. (Cape Girardeau, Mo.) 1914-1918, 1916-10-28
LOSSES REACH
$4,000 AS CAPE
GIRARDEAU SINKS

when the Str. Cape Girardeau. driven
upon sunken piling in a sudden gale,
sank off Fort Gage, six miles above
| Chester, H., will be between 1000
and SO 900, it was conservatively es-
timated in the Cape last night.
The wrecked boat which yesterday
listed into the river till the water flow
ed through its cabin. is considered be-
You'd salvage, but virtually the entire
cargo of the boat is covered by in
surance.
Reinsurance concerning the ability
Of Cape GirarGeau merchants who
owned freight upon the steamer, to col
lect for their losses, was expressed last
night by Walter S. Albert, of tie
! Meyer-Albert Grocery Co., and for
many years associated with the Ley
hes as their local boat agent
No lives were lost when the boat
sank and all of the fifty passengers
had time enough to don their clothing
and carry off their personal luggage
before the boat was abandoned.
The loss on the boat is estimated as
follows: Value Of the steamer, S25, 1000;
leather supplies for the International
Shoe Co., S35 600; A. r. ZoelSmann,
groceries, $4,000; Inter-City Grocery
Co.. $500; Meyer-Al5ert Grocery Co.,
| $500; Lorberg Furniture store, beds,
500; and many other merchants lost
cargoes aboard the boat, an estimate
of whose value could not be made.
The boat was loaded with one of
the most valuable cargoes of the sea-
son. Mr.. Albert last night placed
$4,000 as the probable value of the
boat. According to Mr.. Albert and
( Capt. J. l.. Stout, who formerly was
Mississippi River pilot, it will cost at
least $4,000 to replace the Cape Cir
ardpau with another new boat now.
The insurance on the boat itself is
carried by the Eagle Packet Com
pany, the owners, in a manner in which
most river steamboats, are insured. In
stead of paying premiums upon an in
surance policy issued by a liability
company, a certain portion of the
boats earnings during the year are
annually set aside for replacement
fund.
This fund is, in a measure, consider
ed insurance against the destruction of
boat and the normal life of steam
er will permit fund to accumulate,
sufficiently large enough to construct
4 new steamer.
In this manner the Eagle Packet
Company has been protected against
the loss of the Cape Girardeau. For
several years since the Cape has been
in the trade plying between St. Louis
and the Cape, it has been the only
vessel that also carries a blanket in
sur IuCc pOllCN.
Mr.. Albert last night explained its
provisions. When the blanket policy
first was procured, it was for $4,000.
That sum was to protect shippers
against loss in the event of the de-
structiOn of the boat and cargo.
As the cargoes of the vessel grew
larger, Mr.. Albert declared that the
blanket insurance policy was increas-
cd and he said that at present it either
was $4,000 or S25 900.
In addition to the blanket insurance
policy, Mr.. Albert said, the packet !
company also has a special insurance
arrangement with the International |
Shoe Company for obtaining protec-
ton against loss of heavy shipments of |
leather to the Cape from st. Louis.
d. 3. Smith, superintendent of the
shoe factory, last night said that the |
value Of the leather cargo was S35 900.
Special insurance arrangements had |
been made for its protection, he said.
According to Mr.. Albert, the blanket
policy carried by the packet company,
will be applied to all remaining ship
ments of freight on the boat and he
declared he is confident that the packet
will be able to cover every
dollars worth on the vessel.
Several merchants in Cape Girar-
deau who had expected to receive
stocks from the vessel, yesterday were
at a loss to know whether or not they
we're losers. Some of them purchased
their stocks from st. Louis dealers I'M
der terms whereby it became their
the moment that it reached
the wharf boat in st. Louis.
Other purchased under terms where
by it became their property only on
delivery in the Cape. A. R. Zoels-
mann, president of the Dempsey Gro
Gerry Co., said that he had 40 cases
Of dried fruit valued at $11OO on