Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-03-11
Developing the Merchan, Marine.
lrrom the Philadelphia Ledger

from the Philadelphia Ledger.l
AZ private dinner given recently to
celebrate the completion Of the i'm
provement of Philadelphia harbor by
the United states government. the con
versation turned on the desirability of
developing the American merchant
marine, and the necessity OF educating
the financiers and bankers OF the coun-
try to the reasonably safe and profit
able Investment which the operation
of steamers and steamship lines pre-
sents. American capital has not turned
It's attention toward extensive invest
ments in vessels engaged in the ocean
carrying trade for 50 long that much
ignorance is displayed by hnanciers
when opportunities for Investments are
presented to them, and they generally
decline to become Interested.
Forty years ago. when American clip
per ships carried n large proportion OF
the commerce of tho world, IL was
different But since the setback given
to American shipping by the civil War
capital has looked in other directions
for investments, largely TO railroads
ard other Internal improvements. In
England money can be secured for the
construction of vessels as easily as II
can be obtained in the United States for
the building of railroads. 1t has only
to be shown in the United States that
! there is a good prospect of fair return
! furnished for the construction Of new
| railroads or the Improvement of old
ones, and likewise, In England, pros
| pectus of new steamship line or "A
project to build new vessels invariably
receives attention. But railroad con-
struction has been overdone in some
| parts of the country, and in the past
| few years of commercial depression
| many companies have become in
solvent. Investors have become in
| by the depreciation of the value of se-
curities, or have been waiting a long
! time for some return on the money they
| invested
II Is very rare to hear Of the failure
of a steamship company, even in
times of business depression. Vessels
are not compelled to keep to route
| defined by right of way or lines of
steel rails. If profitable cargo can
| not be secured at one port. another can
be sought where the conditions are bet
| ter. Their is no limit to the operations
Of steamships. The seas are broad and
| free, and vessels can seek freight
wherever It is most abundant. or where
rates are most profitable. The tramp
steamers of England scour every ocean
for cargoes and are often away from
a home port as long as two years,
] bound from place to place, carrying the
I products Of other countries than Great
Britain, Should vessel be lost. or
/ even meet with 10 ilStll anu
cargo the maritime underwriters stand
the entire loss, while the greater part
Of the loss of or damage to locomotives
and cars and the destruction of freight
in railroad accidents. falls on the rail-
road companies alone.
Mortgages are put on vessels the
same as on houses or railroads. and
bonds are issued to represent them.
Abroad such bonds are considered full
ly as good as the best railroad bonds.
Few individuals are possessed of sufll
cient wealth to build a modern freight
steamer, the cost Is so great, and that
is why steamship corporations are or
ganized and why, II is necessary to
seek aid from financiers and moneyed
institutions. Many are the PROPOSE
lions advanced and discussed having
for their object the development of the
American merchant marine. But in the
view of men at present financially in.
terested in American vessels one of the
things most needed is the education OF
fnanciers to see the advantage of in
vesting in the construction of ships fol
carrying ocean commerce.