The lives of ten of the 19 persons on board were lost in the wreck. Nine including the Captain and his wife were rescued after 12 hours in a small yawl. The larger lifeboat carrying ten crewmen became separated from the yawl and washed up empty on shore days later. At the time, the Lockwood was carrying a cargo of wheat, and according to the Cleveland Plain Dealer of 10/15/1902 additional mixed freight. In a newspaper imterview, the Captain mentioned the vessel sank so rapidly that he was unable to reach his cabin in time to save his large and valuable collection of antique navigational instruments.