Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-03-05

d
-four 81 I'VE hundred thousand dollars.
Expert calculations show this to be
more nearly two millions, i've hundred
j thousand dollars) But we would have
to relinquish to the government the
$3.50, 900 we now get"
Mr.. Fitzgerald That would make
how much?"
! Mr.. Griscom-sAbout $75e, 900"
Mr.. Fitzgerald-"You say net pro-
ftp
Mr.. Griscom-'I didn't say profit. !
said compensation Compensation goes
towards equaIizing the extra cost of
running under the American fag?"
At page 80 of House Hearings, we
find:
| Mr.. Clyde-"The sum that the Amer
lean Line ships will get under this
( bill will be no more than sufficient to
compensate their American owners for
the addition in cost of furnishing
ocean transportation with that type of
ship, as compared with furnishing it
under the British or Norwegian or
other foreign flag, in the same type of
ship"
II the full subsidy permitted by the
bill Is bare compensation, as these
gentlemen assert, then it is no encour-
agement whatever to any increase of
shipping. Indeed to any extent that
the $1,000, 600 limitation reduced the
subsidy paid below the full rate al
lowed, these subsidy beggars could not
afford to run as many ships as they
do now.
But any one who might otherwise
credit the veracity of Messrs. Griscom
and Clyde will be cured of such a mis-
take when he notes that, to one after
another interest which grumbleS at
being left out, amendments are Of
fered by which their own subsidy is
further lessened-unless these amend
ments are but the basis of a larger
combine promptly to remove the 49,
000,006 limitation.
y. An Ideal Field for q Trust.
Mr.. Edmunds says blouse Hearings,
p. g.:
Then another characteristic of the
bill, and | might as well say it here,
is that it provides an open field for
anybody: There can be no syndicate
formed as there can in the case of
| railroads and plants which are on
land, which are fixed, like the Stand
ard Oil Company, for illustration,
inasmuch as there are probably thou
sand places in the United States where
ships can be built, it would be impos-
sible for syndicate of all the ship
owners that are now in the United
States to prevent anybody else who
can get 100000 to-day from his neigh
bors from building one of these smaller
classes of ships that are capable Of
sailing all over the ocean and he could
not be squeezed out
Compare this with his statement
Senate Hearings, p. 49,.
Mr.. Edmunds-".. (The United King
DOM Building ships for all the world
and able to build them cheaper, aside
from the cost of material, etc, from
the fact that they do wholesale bus
mess in this.
ut is just like the case Of the manu-
facturer, the man who has got mar
ket for 100000 yards of cotton can
turn that cotton into the cloth and sell
it for 10 per cent. profit. Whereas, l.,
who have an establishment and a cap
ital enabling me to do only quarter
of that amount of business, would go
bankrupt the first year if / only got
10 per cent"
OF concerns that are competent to
handle contracts for such shipping,
ten include all in the United States
that can claim SO to be.
Indeed, late report of the Commits
sioner of Navigation shows only five
are now actually handling contracts
for deep sea shipping Of even $500
tons or upwards; and only three-The
| Newport News Shipbuilding Co., Will
liam Cramp & Sons, and the Union
| Iron Works-building ships Of over
5000 tons.
These three concerns are the giants
of this industry, the investment of the
first two being at least $10000000 in
| each case and the Union Iron Works
probably using 100000 to 10000
900 of capital. One can easily mag
inc how much chance Mr.. Edmund's
| American citizen, with his hard earn
| ed 100000, would have in competi-
ton with them.
| XII. Great Trusts Behind Ship Sab
| sidy Scheme.
| A The lions share in this scheme is
| held by interests that can be named
on the fingers of one hand. The CO.
| terie behind it are the leading trust
! interests of the country.
AS to the prime movers, Mr.. Girls
CONS company, the International Nav
| igation Company, or American" line.
will be, by far, the greatest be1ef
ciary under this bill.
| The Chicago Tribune (Rep) thus
| summarizes:
| Among the officers of this so-celled
American" line Company, are Gle
ment A. Griscom, president. and w. H.
| Barnes Alexander J. Cassatt, and w.
E. Elkins, directors. That is not the
| only directory, however, of which
these gentlemen are members. They
are also directors of the Pennsylvania
Railroad Company, and Cassatt is
| president of the company.
| John D. Archbold, and Henry H.
| Rogers, are also directors of the In
ternational Navigation Company. The
| first named is prominent director
| and the last named director and vice
president of the Standard Oil Com
| pany.
| There is concern known as the
National Transit Company which is a
| part of the Standard Oil Trust and
| controls it's oil distributing business
Its relation with the Pennsylvania
| Company are exceedingly intimate
| Among the directors of the National
| Transit COnDany are ArehbO1d II II