The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-07-17
RACE FOR SPEED
To BE HALTED
Great Transatlantic Lines
Have at Last Come to an
Agreement.
NEWER SHIPS TO GET
MAXIMUM CARGO CAPACITY
Great Port of Entry for Steam
ers From Europe at Mon
tauk Point.
BY PRESTON G. ADAMS
ased Wire TO The Tribune.

Austin Corbln and Andrew J. CaSsatt OF
a great port of entry for steamships from
Europe at Montauk Point. Long Island
cutting off practically day in the run
across the Atlantic. bids fair to become
a reality in the near future The enor-
nous increase in the tonnage and draft
OF the transAtla ntic liners will soon 20
beyond the depth of water available in
New York harbor and make a new port.
with unlimited depth of channel a neces-
sity. and no place along the coast has
the advantage of Montauk l have il
from sources that the great trans-At-
lantic lines have practically come to an
agreement that the race for great speed
shall be halted. Only those ships now on
the ways: or for which contracts have
been MACE maze when ,i n speed has been the
be laid down in the future it will be
sought 10 get the maximum of cargo
carrying capacity with moderate and
line has taken the lead in this new de-
parture. il will soon lay down two
steamers 1000 feet long, with capacity
build bigger docks even in New York
for these monster ships and this Is but
the beginning. Just as the different lines
will keep up the race for supremacy In
size and capacity until the limit of New
York harbor has been exceeded and this
means that some new port Of entry like
y.
other Atlantic port can take a ship which
draws too much water for New York
1t was In anticipation OF this condition
which led Mr.. Cassatt to purchase the
Long Island railroad for the Pcnnsyl-
vania Austin Corbin. who for many years
was the head of the Long Island road
easternmost point of Long Island the
entry port for New York but he was
ahead of the times Mr. Cassatt was
greatly Impressed With the idea. and
Long Island as part of the Pennsylvania
system, When the change Is made. the
Pennsylvania will be In a position To
exact toll on all OF this traffic, as il will
have monopoly of railroad communica- :
tion between New York and Montauk
and, through its system of tunnels can
load cars at Montauk. and without
breaking bulk, send them to any point on
the system.
Railroad Securities.
The railroad and traction companies of
the United States have issued 500. 600
600 new securities during the last six
been in bonds only SIS 900 900 in stocks
and almost S160. 900, 600 In notes, includ-
ing shipment trust certificates. The ag-
greSate authorized exceeded 81 900. 900.
Indifferent that a very large percentage
had to be withheld for the present. Thus
S23I.OOO.O 900 new stock was authorized by
the various companies, vet only third
the market The bonds authorized
reached s5S2 900. 900 and the notes s197.-
100000 During June almost sl05 .00C
new issues were actually placed includ
ing about s55 90 600 bonds. s27. 900 .00r
stocks and $3.50 900 notes. The author
!zations during the second half of tho
year may not be so large. but IL the
money market proves at all favorable Z
good many postponed hotationS Will nc
doubt be brought forward.
In London Market
The new capital applications govern
Inent funds and new company fotatonsl
In tho London market and elsewhere ir
the United Kingdom for the quarter end
ing today have been extremely heavy
The Economist on Saturday will give
SIS 72t, 900 as the quarters applications
which with the $50. .355.000 reported FOL
The preceding quarter year; makes al al
extraordinary and unprecedented hal
year. whose total Is G1SS.076.000. Thes
record marking figures are due chiefly t.
the large American borrowings. amount
ing to e3G,000 and TO the Rubber com
pany notations amounting to s16.OO0, 600
For the half year OF 1909 the total applt
cations were e121,000.0oo, and FOR 1908
e1oa, 900. Heretofore 1905 has beer
the highest full year for new capital ap
rlcations and the total. while they arr
R5.00nn00 above the entire years figures
for 1909
Slack Sales This Year,
For the first six months Of the cur
rent year the transactions on the Stocl
Exchange were In excess of 100000
shares. while those in bonds APPROX
mated $3.50. 900, 900 as compared with 81,
S00,S36 shares and s727 401 .065. respective
~. in the corresponding period q yea
ago The falling off in the sale OF STOCK
for the half year reflects the genera
feeling OF uncertainty among investors
engendered by the sharp and almost con
tinuous decline. Fear that new raiir3a
legislation would curtail dividends ma
done much to check buying. especiali
eince operating expenses have pee
Grgely increased by the advance
wages OF the employees. The postpogIis gi.
ment OF. the decision in the suits 70 d,s ns
solve the Standard Oil and TooaGc
trusts tended TO put industrials nnae 1e
the ban; renewed agitation for tarlI re
form was also q factor. The outsio
public has apparently had less none
with which to speculate because OF w
high cost Of living. Manipulatiye move
oy pools likewise tended TO give d""
participation In Wall street
New Companies in East.
The output OF new companies IN n n
eastern states last month win an "a, a,
! thorized capital Of 81 600 0Oo ana ,ooo oo,
reached total Of s23l ,319. 400, goo
part Of which was furnished py coH1pal no ~
pare with sl39 $50. AOo in May and I.e S2La
$4,000 In June 1908. Charters sah var;
out by other companies with an 'i,u.h,l I,eai,,l
ual capital Of 10000 0and over lhclue 9
Ing other states than those OF Ine cs1 60
brought the grand total up 10 s2l1.67 =
40 against 1924 :447.S00 In May and sS'o
ll1,300 in June 1909.
Dry Goods Men Aroused
That dry goods merchants OF ~, ~
United States will make fight asalh
for tho presenf textile tariff was al
bounced yesterday by Frederick -,
shipley. chairman of the wholesale -
Goods association. which con.ain9 ,,
&H0lS1aIcrc Inn
md is affiliated with the 2e'oVv mi :,
Chants throughout the country. a. 0ao n
entire amount used, less than saoovV;v siS M
( Shipley, Il do not think It will exec,
y sSs'ooo,OoO. While the great bulk OF L, I,
cotton used Is grown. spun, wpoeh p -, .