Seamen's Bank For Savings

The Seamen's Bank for Savings moved into temporary quarters at 56 Wall Street on August 31st, only a few doors from the building it vacated, and where it has been since 1871, at 76 Wall Street, northwest corner of Pearl and Wall. The reason for the temporary change is that a new 14-story building is to be erected on the old site. "While the enlarged facilities of our new building will not be available for some months", announces the bank, "we will be well prepared, in our temporary offices, to give adequate service to our increasing number of customers."

One of the earliest of the writer's bank deposits, nearly a half a century ago, was in the Seamen's Bank for Savings, and with an anchor printed on the bank book he had the right to precedence on the line in making deposits.

This bank was established in 1829, and now has assets exceeding $95,000,000, and it is well worth recording that for 96 consecutive years it has paid interest dividends to its depositors at the rate of 4% or more. Being a mutual bank, it has no stockholders, so that all profits from operation are used to pay compound interest. An instance of the growth of a $400 deposit, in the early 'eighties, to $1,949.81 when the account was closed in 1923, indicates what compound

Dick Chiarello, Pres.

Phone 7950 Bowling Green

ing interest does for a depositor.

The new building will be in keeping with the times and the wonderful growth of this beneficial institution.

Railroad-Owned Ships

A San Francisco dispatch recently stated that restrictions against railroad ownership of vessels operating through the Panama Canal were strongly upheld at the Round Table Conference of the United States Chamber of Commerce on merchant marine problems. Majority opinion also opposed government regulation of intercoastal rates, and views were divided as to whether the Interstate Commerce Commission or some other body should have the regulatory power in the event that regulation were decreed. Paul Shoup, vicepresident of the Southern Pacific, said that the railroads had no desire to enter the intercoastal steamship business, but that he favored I. C. C. control of water rates.

A number of other shipping problems were touched upon, but without reaching any decision. The ship owners as a group attacked the 50 per cent tariff on repairs to Americas ships in foreign ports as an extension of the preferential tariff to foreign trade in favor of the shipyards and at the expenses of the ship owners, who have no protection in foreign trade.

Established 1900.

H. A. Blair, Secretary

Office Telephone: 4710, 4711, 4712, 4713 Bowling Green.

Night Calls: Bensonhurst 9934; Richmond Hill 0218

low visibility. Radio fog signal stations are in operation on the coasts of France, Canada, Norway, Denmark, Holland, Spain and Great Britain, as well as those specified on the coast of the United States.

District Manager L. L. Lee, of the Federal Telegraph Co. at New York, presents the following points:

Radio Compass Installations Ashore

(1) Can give bearings only to one ship at a time.

(2) Cannot determine a ship's position without the assistance of another compass station.

(3) Can give neither bearing nor position to vessel not equipped with radio.

(4) Before a bearing can be furnished to the Master, both the ship radio set and shore compass station radio transmitter must be used.

(5) Before any bearing can be obtained by the Master, he requires the special service of a radio operator on his ship and one or more men ashore.

(6) The shore radio compass station does not guarantee the bearings as being correct nor does the Navy Department assume any responsibility for damage to ship's hull or loss of life due to inaccurate bearings furnished by its stations.

(7) The Master of a vessel has always been held responsible for the safe navigation of his vessel but if he accepts a hearing from a shore compass station, the Master transfers his control of the ship to the compass station personnel ashore in proportion to the confidence which he places in the compass bearings that are furnished to him. (8) Since only one bearing at a time can be given to ships, if

(Continued on Page 30)

(Continued from Page 15) Ohio Railroad, who is a practical grain man, and, after weighing the matter carefully, he came to the decision that "To serve a 3,000,000-bushel elevator in an efficient manner (continuously operating daily) would necessitate easy access of 500 cars, of 1100 to 1200 bushels capacity." These cars, according to Mr. White's statement, would have to move from the Arlington terminal at night, so as not to interfere with the 4-minute schedule under which they operate their passenger trains during the day, and hence would occupy far more space than is available at the Stapleton terminals. "Therefore we are of necessity compelled to cut the elevator capacity in that location to 1,000,000 bushels, necessitating the use of only 170 cars, which we could readily accommodate."

Our next step was to visit the Port of New York Authority to ascertain its views upon the subject, and if favorable to ask its cooperation. In the absence of its Chairman and his associates, we took the matter up with Mr. W. W. Drinker, its chief engineer, whose knowledge of the topography of the port and the co-ordination of the various transporting facilities, acquired through the study of these matters which his position demands, logically makes him a valuable authority on the question of the selection of the sites best adapted to the port's needs, for receiving, storing and delivering grain in large quantities.

The subject was discussed at length from every angle, and a suggestion was made to him to construct a modern grain elevator of 5,000,000 bushels capacity, built upon a pier large enough to permit an increase of storage tanks to double that capacity, on the Jersey shore of the upper bay, at or near the southern terminus of the belt line which the Port Authority has effectuated, thus making direct connection with every grain-carrying railroad, of which there are nine, on the Jersey shore of the harbor.

While personally Mr. Drinker showed a keen interest in the matter, he did not commit himself, since, as he stated, "it was a matter that must be left entirely to the discretion of the Board, to whom he would submit it at the earliest opportunity.'

The Messrs. McKenzie, Keeler and Lansing, all officians of the city's Dock Department, look favorably upon the 1,000,000-bushel Staten Island project.

Mr. Charles W. Austin, Superintendent of the State's grain elevator in Brooklyn, and Mr. Charles J. Austin in charge of the Department of Trade and Transportation of the Produce Exchange, Mr. Edward R. Carhart and Mr. Edward T. Cushing, both of whom have lectured and written on innumerable occasions in advocacy of the building up of New York's grain trade, were enthusiastic endorsers of the proposition. In brief, every official of In brief, every official of the Produce Exchange rendered us all possible assistance they could in the matter.

The Uncompleted Barge Canal

That is its correct name, for the standard depth has never been acquired which the law authorizing its construction specified, since it was first opened to navigation. Yet all these astute politicians that have charge of the canal's maintenance unfortunately control the commercial destiny of the State.

Thousands upon thousands of dollars have been expended upon propagar la, in the shape of advertising, movie pictures, carrying prospective barge builders and shippers over the route which, had it been applied to providing the necessary plant, such as dredges, etc., for the creation and maintenance of the authorized 12 feet minimum depth, would not have been necessary.

There is plenty of capital ready and willing to invest in all the types of boats necessary to utilize the canal to its maximum capacity, when the canal is finished and we are

absolutely assured that the requisite depth of 12 feet will be maintained in perpetuity, and not before, as there is no profit to the investor under existing conditions.

Here is the Situation in a Nutshell Taking a single unit (one 2200-ton self-propelled barge) as an example, and we will prove right here how under existing conditions upon the canals she cannot be operated at a reasonable profit:

As the through eastbound cargoes consist of 75 per cent grain, or more, we will figure in terms of wheat at 60 lbs. to the bushel, 33 1-3 bushels to the ton. This means that a 2200-ton carrier can carry 80,000 bushels of wheat when loaded to capacity. This or more we could carry on a draft of 111⁄2 feet, if the canal were completed, but under prevailing conditions she dare not take a chance on any draft exceeding 9 feet 4 inches.

As these figures mean about 200 tons to each foot of draft, we are deprived of over 400 tons of profitable freight, or 13,333 bushels of wheat. Our total freight at 6c per bushel on a full cargo would amount to $4,800. This we will divide into three equal parts of $1,600 each. The first $1,600 will take care of the operating expenses. The second $1,600 will take care of the overhead. The third $1,600 would represent an attractive profit that would secure the necessary capital to build all the vessels we needed. But we have not got it. The State, by neglecting to give us the necessary 12-foot channel, has cut that $1,600 in two, leaving us only $800 profit.

A steel vessel of 2200 D.W.T. carrying capacity, equipped with Diesel-electric mechanism of sufficient H.P. to drive her 12 knots in open water, would cost about $125 per ton of capacity-total $275,000. Her gross earnings for the trip would be $4800. Including laydays she would make the run from Buffalo to New York in 10 days. It would cost approximately $160 per day to operate, o $1,600 total.

On a 9 foot 4 inch draft (present limit) she would carry 1,870 tons, or 62,330 bushels of wheat at 6c per bushel, $3,740 for the trip. Adding to the operating ex penses the other $1,600 for overhead, $3,200. After de ducting these expenses from her earnings, we have $540 left, for profit.

We will be liberal and assume that the vessel makes 11 round. trips loaded to 9 foot 4 inches, westbound cargo at $2 per ton, same as eastbound cargo. That would give us 22 single trips per season of 7 months at a profit of $540 each trip, which equals $11,880. At 6 per cent interest on your investment of $275,000, how do you propose to pay $16,500, which it amounts to, out of $11,820, which is all that you have earned, net? What inducement is capital offered under such conditions?

In Conclusion

We are not fooling ourselves into the belief that we will be awarded first prize for having written a classic: we are not sentimentalists, but fundamentalists, and the fundamental basis of all sound business, as we see it, is to get the best possible returns on the capital invested without disturbing business equilibrium.

Play that card and you will win, as against the old slogan of "all the traffic will bear", the fallacy of which is proven by the port's present disabilities. Nor are we conceited enough to entertain the idea that we can remedy these defects without assistance.

To obtain quick results we must get together, form a "community of interests" of all those who are vitally interested in the upbuilding of our commerce, and especially our export and import trade. There is not the shadow of a doubt in our mind that-It can be done! Basing our assertion upon former experiences with like propositions.

involving far greater expenditures and endeavor, we say emphatically-Yes, it can be done! And we say further -It must be done!

It is in that spirit that we must tackle the work that lies ahead of us, and it will surprise you how quickly these projects can be materialized, when determination and energy pull together. It takes real, he-men to do these things, not the wishy-washy, manyana kind that start nowhere and reach their goal when they get back to the starting point. Nor are we worrying about where we are going to get such men as are needed, for their name is legion, as instanced by the response they made when called upon to defend the nation.

Now, it is our commerce (which is the life-blood of any community) that is being attacked, and we are going to defend it NOW, before our foes have drained so much of it from us that we are too weak to make the effort.

THE FAIRBANKS COMPANY

BROOME & LAFAYETTE STS., NEW YORK CITY