Daily press. [volume] (Newport News, Va.) 1896-current, 1899-07-22

New York. more than forty years ago,
Il ships master fixed spar aloft. one
end of which was 10 or y feet above
the vessels pumps. and the other
projecting over the stern. To each end
MRS fixed Il p"l!ey. He then fastened
the rope to the pump rods. and after
passing ic Through The sp":'. dropped
il into the sea astcra 10 the rope lie
fastened a one hundred and ten gallon
cask containing about sixty gallons of
water. This caSk answered az Il bal
ancc weight. ana every motion of tho
ship from the ,nl! OF the sea made he
machinery work.
Rrigs are SO few nowadays that the
old lIatahdin. recently loading lumber
at the whurves of the Ashland Manu-
featuring Company in Bangor, attract
ed more attention that would 4 schoon
q, six times her size. The katahdn is
an old timer. but she is still in business
and likely to continue for some years TO
come. In her day she Was a great YES
sci. and she went on long voyages-to
the Mediterranean. South America and
the West Indies. She has carried
enough sugar and mOlasses to sWeeteli
all the tea ever raised in China: lumber
enough TO build Il city and coal enough
to heat it for q hundred years: also
heaps AND heaps of salt and general
cargo. and perhaps d little Jamaica
rum to lend Il naughty favor to it all.
Now the l\atahdin is in her old age,
and reduced to dragging lumber from
Bangor to New York. With coal back
but she manages to get around all right
ana pays dividends With most Of them.
The katahdin was built in 1864 by John
Tewksbury. whose yard was in Brewer
She is Of 20; tons register. and carries
about go 600 feet OF lumber or 80 tons
Of coal. She is now chiefly owned by
\. r. Neazle. has lately been extensive
Is repaired. and Captain Marshall say.
lnr f,f l,,,. |
knocks. She has outlived 4 big fleet
of vessels. and there are few of her age
that are fit to go around Cape COD
with j load of coal.
Some idea of the usual run of finan-
rial statements may be obtained from
the latest reports of the financial bud
gets of European nations OF course
the smaller nations are running deeper
in debt every Year Italy reports Il de
felt of nearly s20,0OO.O00: Greece has a
deficit OF about 900 annually
Spain was made bankrupt by the late
war Portugal has been involved in a
deficit ranging from $4,000 600 10 $l5. OaO.-
ooo annually. The debts of all these
nations have been increased in the past
Ten years as high as their credit would
permit. Turkey has been inSOlvent for
many years. But even the larger ma
lions are in Il bad way. In late years
the deficit of the German Empire. as
aged over 100000. 900 annually Russia
has been borrowing almost $50 900 0l)
4 year Austria has been borroWit,o
about sS0.ooo.o00 annually, France has
become accustomed to 4 deficit OF about
Slht 100000 in the fiscal accounts every
year or course China had to borrow
heavily to pay the japanese indemnity.
but Japan has used up that indemnify
and its accounts this Year show a def
cit OF more than s25.o0O00O Great
1srltain has been careful TO provide for
annual expenditure and for the interest,"
upon its already large debt: but Of late
british, fin:lnciers have had to discon-
Time payments to the sinking fund by
about SlO.000.000 a year. Its expenses
have increased by about 500 900 900
ABOVE me former yearly average. anu
the country is involved in a deficit for
tiae first time in many years Yet the
taxes are already SO heavy that the
oevr-burdened industries are losing their
foreign markets
The New York, New Haven &, r5art-
ford Railroad on Saturday. announced
that beginning Tuesday the rate 10
Boston on the FAN River line of ;ha
consolidated Railroad would be reduc
cd from $3.50 to 81. This reduction has
been made to meet the cut of the Nar-
ragansett line of the New Haven
Steamboat Company which rate vas
announced as 81 at the beginning of the
season. The war between these two
mes began on June 18th. when the New
Haven Steamboat Company enter,
the competition for this traffic This is
the lirst rate cutting that has bean
done on the Sound lines since 1877. TT
IS said the New York New Haven \
Hartford has determined to drive f..
rival out or business on the Sound blI;
this statement is st.3atly denied by 1hn
officials Of the New Haven road. Their
reduction was not decided upon until
President Clark. of the New Haven
road. returned from Eurone LAST w,eli
President Clark held a conference in
New ork last Friday with the late
captain stephen a. Gardner. Nv an
arrangement of the New Haven Rail
road officials the boats to FAN River
and Newport will leave New York an
hour earlier and viii! wait longer at
both ports. The cut. according to on
GERS Of the company, is nor direntn,,
against the New Haven Steamboat
Company. but is in self-protection
This statement, however. is taken with
a great deal of salt. as the New Haven
road has plainly shown that it's policy
is to get hold of Sound traffic.
The process of converting oil tank
steamer furnaces for burning oil in
stead Of coal is becoming quite fea-
ture on the Tyne. "A few weeks a go va
recorded that three steamers Of the
Shell Line had been SO converted IN
that river. and had been dispatched on
long voyages. Now still another vessel
belonging to that line the steamship
CroWie, is undergoing the same opera
tion at the works of the Waiisend sin
way and Engineering Company and
VIII, 1T is expected, be completed by
saturday next. when she will take 4
trfai trip Off the Tyne and afterwards