Chicago Times: C. U. Cook, u prominent mill man of Whitehall. aud Capt. McBride of the proppoller Snooks, have chartered tug Win. Richards to visit the long sunken schooner about two miles north of Little Point Bauble, supposed to be the ill-fated Favorite that went down 42 years ago—in 183D about Christinas time, with a cargo of iron and whisky, highwines, agricultural implements, etc. The wreck is in six fathoms of wuter. Many believo it is the Neptune, others tho Osceola. The well-known Chicago diver, Jas Kalshou, has made a visit to the sunken craft in the interests of the above named and found that her stern was most all gone, and also part of her deck. She lays deeply buried in the sand. Some very ancient dishes, three old fashioned cart wheels, an iron kettle, a Hat iron aud numerous other triukets have been found, all denoting the olden times. Ho found five tons of iron and steel. Tho tug has gone for another visit. It is supposed that there are many barrels of whisky on the vessel over fit) yoars old.