Omaha daily bee., 1910-07-17
Long Island Port of Entry Dream is
Materializing.
MAKES SAVING OF DAYS TINE
Big Issue Of Securities OF Rail.
road and Traction Companies
stock Exchange Trans
actions.
IN PREsToN 9. Adams.

80 beyond the depth OF water RNahaple IN
New York harbor and make new port
with unlimited depth OF channel neces-
sity and no place along the coast has the
advantage of Montauk.
have II from high sources that the great
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 made, when speed has been the
main object will be built In ships to be
laid down in the future II Will be sought
to get the maximum OF cargo carrying
capacity with a moderate and economical
Already the Cunard line has taken the
lead In this new departure IL Will soon
lay down two steamers 1000 feet long with
capacity OF 10000 tons IL Will be neces-
sary TO build bigger docks even In New
York for these monster ships and this Is
but the beginning. Just as the different
lines We'd with each other for speed, so
they 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
Montauk Point will be necessary as no
other Atlantic port can take ship which
draws too much water for New York.
1t was in anticipation of this condition
which lead Mr. Cassat to purchase the
Long Island railroad for the Pennsylvania.
Austin Corbin, who for many years was
the head OF the Long Island road first con-
ceived the idea Of making the eastern most
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 when opportunity offered, ne
took in the Long Island as part of the
Pennsylvania system. When the change Is
made the Pennsylvania will be in a posi-
ton to exact toll on all OF this traffic as II
win have monopoly of railroad commune comm mn
cation 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
New Railroad Securities.
The railroad and traction companies OF
igett aH ~
new securities during the last six months
OF this total S435 100000 has been in bends Z
only $75 O00,000. in stocks and almost Sl6OoOO,-
900 in notes including equipment trust GER
tiflcates. The aggregate authorized ex-
ceeded $1,000, 0O0.O CO., but the Investment de-
mand was so Indifferent that very large
present. Thus s287 100000 new stock was
authorized by the various companies, yet
only one-thlrd OF this total was actually
thorized reached $3.50 600 and the notes
Slg7, 600 During June almost SlOoVOO,UOO
new issues were actually placed including
about $55 600 900 bonds, $27, 100000 stocks ana
500 900 COO notes The authorizations during
the second half Of the year may not be SO
large, but II the money market proves at
all favorable a good many postponed tiota-
tions will no doubt be brought forward.
New English Capital.
The new capital applications (goyerl>
ment funds and new company tlotauonsl
in the London market and elsewhere IN the
United Kingdom for the quarter year end
ing today have been extremely heavy %; me ne
Economist on Saturday will give fSS,72l,V0O
as the quarters applications, which with
the f99 $4,000 reported for the preceding
quarter year makes an extraornlnary hhn
unprecedented half year, whose total IS
f1SS, 076OOO.
chiefly to the large American oorr3wings.
amounting to f36 10000, and to the Rubber
company flotations amounting to f6,OO0OOO.
For the half year of 1903 the total appIi ca
tions were f12l, 100000 and for 1908 fOe.OOO,0OG
Heretofore 1908 has been the highest fuH
year for new capital applications and me
half years totals are already within tb'OOO,-
900 of thai full years total. while they are
e, 900 600 above the entire years figures Tor
1909
stock Exchange transactions.
For the first six months Of the current
year the transactions on the STOCK Elk
| change were in excess OF s5,V00,VVO shaIes'
while those in bonds approXimated $SoO'-
| OOO OO0 as compared with Sl,sOOSS6 shares
and $727, 4O1, 065, respectively, in the CORE
| spending period a year ago me raining
OFF in the sale of stocks for the halt year
reflects the general feeling OF uncertainty
among investors, engendered py Ihe snh SP
and almost continuous decline. Fear that
new railroad legislation would curtain ulVl-
bends has done much to check buying,
especially since operating expenses nave
been largely increased by the advance IN
wages Of the employees. The postponeHeht
OF the decision in the suits to dissolve tne
| Standard OIL and Tobacco trusts tenued 70
| put industrials under the ban; renewed aga
! tation FOR tariff reform was also a factor.
The outside public has apparently hao
| less money with which to speculate pc
cause of the high cost OF llVlng. SunaAy
| manipulative moves by pools likewise
tended to drive away participation In wall
| street.
OUTPUT of New Companies.
The output of new companies in the east,
ern states last month with an authorized
| capital OF 100000 and over reached q tolai
of 1921, 319, 400, n good part of when was
| furnished by comparatively few concerns.
These figures compare with SlSs'S5O' wv "
May and $2i2,575,OOO in June 1903 Shartens
| taken out by other companies with an IN
| dividual capital of SlOOOO0 ana over IN
| Guiding other states than those OF the east
against $224, al, 500 in May and $3.50 1900 In
June, 1909,
oppose the Cotton Tariff.
That dry goods merchants Of the United
| States will make a fight against senators
and representatives who voted for the pres
ent-textile tariff was announced yesterday
| by Frederick b. Shpley, chairman OF the
| Wholesale Dry Goods association, WhlGn
contains 1872 wholesalers and importers IN IN
| this city, and is affiliated with the zo'VW
merchants throughout the country s,o
"Of the entire amount used less that wv W.
| 600 600 OF cotton goods is imported, salo
| Mr. Shipley. II do not think Il VIII exceed
| S33 GOO OOO While the great bulk OF the cot
! ton used is grown, spun, woven ana mace
| nome Is paying more for his cotton GOODS
tnan he could buy the same goods apfoao'
| w ny tnS WdSth p1tA ApA
ture OF cotton does not exceed per cent
| OF the entire cost, and by reason OF ma
chinery we can manufacture cot.op sOo S,
cheaper than IS possible abroad, yet by
4 reason of the tariff the shop girl Is made
10 pay more for her cotton shirtwaist than
she could buy the same shlrtwaist Tor IN
! London. II
both President Taft and Seantor Aldrich
| have been quoted as saying that the new
tariff was IN general a decrease In rates
and that II was beneficial in this way. Our
committee has examined every Item ana
In more than 200 cases OF cotton goods
alone l can shcw that the tariff has been
raised all the way from II $40 per cent
: 10 SO 3-1O per cent. IL Is upon cotton sheet
Ing that the increase last mentioned Is OBJ
servabe."
Customs Duties for the Year.
The duties collected at the customs house
in the fiscal year ended yesterday were
ahead of the remarkable record OF 1871
Tine total this year from all sources was
SzIE2JUU Oo.1l; that of 1881 was w ~ eJOlV
Much OF the difference, II Is declared,
has been due to the rigid enforcement OF
, the law in relation to all classes OF I'M
aHfa