Show FAST SHIPS DONT PAY Like Fast Railway Trains They are Run at a Loss I WHAT AN EXPERT SAYS President of International Navigation Naviga-tion Company which Owns the American Lino Steamers Tells tho Senate Committee that the New York lSt Paul 4St Louis and Paris Never Made the Company n Dollar Net LOBs on the Vessels Annually was S41GGOO Washington Jan 16 Hearings were continued today before the Senate committee and tho House Committee on Merchant Marine on the proposed whipping or subsidy bill J C Hanley national organizer of the Farmers Al liancf and Industrial union spoke against tho bill before the House committee com-mittee on the ground that It gave bounties boun-ties for speed and capacity the farming farm-Ing organizations favored bounties based on the products actually exported export-ed He said the organizations he represented rep-resented would favor bounties of 18 000000 annually on freight outward carried The plan of subsidies based on speed and capacity was opposed he said because II would go largely to passenger ships whereas the producers produc-ers were interested only in having their products go abroad Henry W Peabody of Boston having business connections in London Manila connectons nun Sydney and In the Orient opposed the bill on the ground that any measure meas-ure to extend our commerce should have more general application and not bo confined to ships Mr Clement A Grlscom president of the International Navigation company which owns the American line of rteamers told the Senate committee that the New York St Paw St Louis and Paris never made the company a dollar He figured the net loss to the company at 115600 annual annu-al The devon ships under foreign flags supported the other ships The fast ships like the fast trains did not pay Mr Depew here stated that time late Frank Thomson of the Pennsylvania railroad had made a careful investigation investiga-tion of the subject and had informed the Senator that he had found that tho fast trains were run at a loss Mr Griscom continued by sa lnS that tho tiamp ships and slower freighters would be benefited under this bill and would maintain the faster whips He said his company did not propose to go out of fast navigation They were In and Intended to stay In the course of his remarks Mr Griscom said I do not wish to make any statement that may appear lee threats but this service of fast ships cannot be continued under the American Ameri-can flag after the expiration of our present mal contracts upon the terms under which It is now running and all hope of continuing the construction of such ships which proved so useful to the Government in the Spanish war will Inevitably cease He thought the amount of subsidy named In the bill would accomplish the object for which it was jlntendcd |