Latest / Bloomberg Intelligence / Joe Turcotte on The Classic Speed and Style of Gar Wood Boats

Transcript

Joe Turcotte on The Classic Speed and Style of Gar Wood Boats · Bloomberg Intelligence

• 0:03
  Speaker 1: Broadcasting live to New York, Bloomberg eleventh Rio to Washington,
• 0:08
  Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,
• 0:13
  Speaker 1: Bloomberg to the Country Channel one nine and around the
• 0:18
  Speaker 1: globe the Bloomberg Radio plus aappen Bloomberg dot gone. This
• 0:22
  Speaker 1: is taking Stock, coming up on taking stock, will take
• 0:26
  Speaker 1: stock of Luxury. It's all brought to you by your
• 0:28
  Speaker 1: Tri State BMW Center's visit them online at tri State
• 0:31
  Speaker 1: BMW dot com. At BMW they only make one thing,
• 0:34
  Speaker 1: the ultimate driving machine. Now, let's go to Charlie Pellett
• 0:38
  Speaker 1: in the Bloomberg newsroom for Bloomberg Business Flat and I
• 0:41
  Speaker 1: think you pim Fox. We have got twenty nine minutes
• 0:43
  Speaker 1: to go ahead of the closed final trading day for
• 0:46
  Speaker 1: the month of July, a sm P five hundred index
• 0:49
  Speaker 1: heading for a fifth monthly game. This update is brought
• 0:53
  Speaker 1: to you by National Realty Providers of one hundred percent
• 0:57
  Speaker 1: satisfaction guaranteed New York City Realty Investments. See them at
• 1:01
  Speaker 1: n r i A dot net. Data this morning showed
• 1:05
  Speaker 1: the US economy grew slower than forecast last quarter, giving
• 1:08
  Speaker 1: the Federal Reserve no reason to accelerate its timetable for
• 1:12
  Speaker 1: higher interest rates, earnings from Alphabet boosted technology shares. Alphabet,
• 1:17
  Speaker 1: of course, the parent of Google. IT shares up now
• 1:19
  Speaker 1: by three point one percent. We also heard from United
• 1:23
  Speaker 1: Parcel Service today UPS down seven tenths of one percent.
• 1:26
  Speaker 1: It says potential risks from a weak global economy are
• 1:29
  Speaker 1: presenting quote headwinds as the carrier enters the second half.
• 1:34
  Speaker 1: Richard Perett's his ups his cd FO. He was on
• 1:37
  Speaker 1: Bloomberg Television this morning talking about the company's European and
• 1:42
  Speaker 1: UK business post that Brexit vote. In fact, we have
• 1:45
  Speaker 1: committed about five billion dollars in Europe and the UK
• 1:49
  Speaker 1: in investments over the next five years and we're continue
• 1:52
  Speaker 1: those and we've actually announced the largest investment in the
• 1:55
  Speaker 1: UK in our history and we're still building that and
• 1:58
  Speaker 1: we need that for our network and it will continue
• 2:00
  Speaker 1: to grow. So we feel real good about the UK
• 2:02
  Speaker 1: and we'll make the adjustments that we need to. And
• 2:05
  Speaker 1: as we talk about earning XXA Mobile and Chevron missed
• 2:08
  Speaker 1: profit and production estimates, as wildfires right downs and weak
• 2:12
  Speaker 1: refining margins battered oil explorers already reeling under a glut
• 2:16
  Speaker 1: driven price collapse, crude oil West Texas Intermediate up today
• 2:20
  Speaker 1: by seven tenths of one percent, up thirty cents right
• 2:24
  Speaker 1: now on w t I Gold up one thirty nine
• 2:29
  Speaker 1: the Ounce and the SMP five index advancing two points
• 2:33
  Speaker 1: up point one percent. The Dow down twenty nine points,
• 2:36
  Speaker 1: a drop there of point two percent, three thirty two
• 2:39
  Speaker 1: on Wall Street. Now, let's take a look at some
• 2:41
  Speaker 1: of the other stories making news. Thank you, Charlie from
• 2:45
  Speaker 1: the Bloomberg Newsroom. I'm Jill Schneider. This news update is
• 2:48
  Speaker 1: brought to you by the Jeep Grand Cherokee, the most
• 2:51
  Speaker 1: awarded suv ever. The Grand Cherokee continues to raise the
• 2:54
  Speaker 1: bar with its luxurious interior and legendary four by four capability.
• 2:59
  Speaker 1: Drive one at your look well jeep dealer. Today, Michigan
• 3:01
  Speaker 1: officials have announced charges against six state employees in the
• 3:05
  Speaker 1: ongoing investigation into the Flint water crisis. Bill Shooty is
• 3:08
  Speaker 1: the Michigan Attorney General. Each of these individuals attempted to
• 3:12
  Speaker 1: bury or cover up, to downplay, or to hide information
• 3:18
  Speaker 1: that contradicted their own narrative their store. Each is charged
• 3:21
  Speaker 1: with felony misconduct and willful neglect of duty. Nearly sixty
• 3:26
  Speaker 1: of US hospitals lose access to their electronic health record
• 3:29
  Speaker 1: systems at least once a year. Bloomberg's Amy Morris has
• 3:32
  Speaker 1: more from the Bloomberg newsroom in Washington. The latest figures
• 3:36
  Speaker 1: from the Department of Health and Human Services Inspector General
• 3:39
  Speaker 1: finds the majority of hospitals participating in the Meaningful Use
• 3:42
  Speaker 1: Incentive program had unplanned disruptions in their record systems. Bloomberg
• 3:46
  Speaker 1: BNA reporter Alex Ruoff's as part of the problem, hospitals
• 3:50
  Speaker 1: priorities healthcare not I T. Traditionally, healthcare hasn't had to
• 3:54
  Speaker 1: think about these issues. Banking, you know, jumped on this
• 3:56
  Speaker 1: a long time ago and thinking about this kind of spending.
• 3:58
  Speaker 1: But we're in the trewery. Everything is an I T
• 4:01
  Speaker 1: component to any Morris, Bloomberg Radio, Washington. Human bones have
• 4:05
  Speaker 1: been discovered in a long forgotten cemetery where President William
• 4:08
  Speaker 1: McKinley's assassin was likely buried in New York. The Citizen
• 4:12
  Speaker 1: of Auburn reports that old newspaper accounts say Leon Chaw
• 4:15
  Speaker 1: Goosh was to be buried in the Auburn State Prison graveyard.
• 4:18
  Speaker 1: McKinley was killed in one Global News twenty four hours
• 4:22
  Speaker 1: a day, powered by more than twenty journalists and analysts
• 4:25
  Speaker 1: in more than one d twenty countries. I'm Joel Schneider.
• 4:28
  Speaker 1: This is Bloomberg, Charlie, and we thank you and again recapping,
• 4:32
  Speaker 1: We've got the SMP five hundred indecks higher by three
• 4:34
  Speaker 1: points to seventy three, a gain of one tenth of
• 4:38
  Speaker 1: one percent. I'm Charlie Pellett and that's a Bloomberg Business flash.
• 4:44
  Speaker 1: Bloom were taking stock the Luck's life, stocks, bonds, real estate.
• 4:51
  Speaker 1: I've got houses in l A, Paris and Vale. It's
• 4:54
  Speaker 1: good to be king. You've un if they got the
• 4:57
  Speaker 1: finest shifts around waiting for you to pace your offer,
• 4:59
  Speaker 1: you must be rich, honey, and you nobody have two
• 5:03
  Speaker 1: Telesia Bloomberg taking stock the Luck's Life on Bloomberg Radio.
• 5:09
  Speaker 1: He was born in December eighteen eighty in Mapleton, Iowa.
• 5:14
  Speaker 1: Garfield would better known as gar Wood. He was an
• 5:17
  Speaker 1: American inventor, entrepreneur, and motor boat builder. He was also
• 5:22
  Speaker 1: the first man to travel over one hundred miles per
• 5:24
  Speaker 1: hour on water. Here to tell us more about Garwood
• 5:29
  Speaker 1: Custom Boats is Joe Turcott. He is the manager of
• 5:33
  Speaker 1: Garwood Custom Boats based in Brant Lake, New York. Joe,
• 5:37
  Speaker 1: thanks very much for being with us. Tell people who
• 5:39
  Speaker 1: maybe are not familiar with the world of Garwood boats
• 5:43
  Speaker 1: as well as Cris Craft, tell us about what these
• 5:47
  Speaker 1: boats mean to the history of the United States. Well,
• 5:51
  Speaker 1: they were really the Garwood and Chris Graft really the
• 5:54
  Speaker 1: first pleasure boats that came about, um in the nineteen
• 6:00
  Speaker 1: twenties right on up through utes and fifties. You know,
• 6:04
  Speaker 1: they were all mahogany and uh for the first time
• 6:09
  Speaker 1: after the internal combustion engine, um. Uh in the auto industry. Uh,
• 6:15
  Speaker 1: they started putting in boats and people started power boating,
• 6:19
  Speaker 1: not just the auto industry, right. Uh. I have a
• 6:22
  Speaker 1: sound clip of the Liberty V twelve, a twenty seven
• 6:27
  Speaker 1: Leader V twelve World War One airplane engine, and that's
• 6:31
  Speaker 1: used in these boats. Let's listen to that now. This
• 6:40
  Speaker 1: is that vote running full blast, right. UM. You can't
• 6:44
  Speaker 1: you just can't tell how loud it is. What's it
• 6:46
  Speaker 1: like to drive around with the seven Leader V twelve
• 6:50
  Speaker 1: powering your mahogany boat. Oh, it's a sound and learn forget.
• 6:55
  Speaker 1: It's truly amazing. Um. Garwood was one of the first
• 6:59
  Speaker 1: guys to UH take aircraft engines and put him in
• 7:03
  Speaker 1: in wooden boats. And this was a big part of
• 7:06
  Speaker 1: his racing success in the early nineteen twenties and into
• 7:11
  Speaker 1: the nineteen thirties. But he also put them in in
• 7:15
  Speaker 1: pleasure boats. And his line of baby Guards was was
• 7:20
  Speaker 1: one of the first pleasure boats with an aircraft engine
• 7:23
  Speaker 1: in and was the fastest pleasure boat you could buy.
• 7:28
  Speaker 1: You've got a nineteen twenty six thirty three ft Garwood
• 7:32
  Speaker 1: baby guar? Who owned it? And tell us about this boat? Ah? Yeah,
• 7:38
  Speaker 1: it was originally built for Edward John Noble, who was
• 7:42
  Speaker 1: the president of Lifesaver Candy Company. H. He used the
• 7:47
  Speaker 1: boat on the St. Lawrence River in UH in the
• 7:50
  Speaker 1: nineteen twenties and thirties and that was powered by a
• 7:54
  Speaker 1: Liberty V twelve and UH and we restored that boat
• 8:00
  Speaker 1: here in and it's now in the Antique Boat Museum
• 8:04
  Speaker 1: in Clayton, New York. How much would a boat like
• 8:07
  Speaker 1: that command in price? Uh, there's only about eight or
• 8:11
  Speaker 1: ten left and UH recently one sold for a million
• 8:15
  Speaker 1: dollars million dollars. Well, I know Matt is also interested
• 8:19
  Speaker 1: in another boat. This is a nineteen thirty sixty foot
• 8:23
  Speaker 1: consolidated motor yacht the pub you loading pub. I was
• 8:27
  Speaker 1: gonna say, you like it because it's got twin John
• 8:30
  Speaker 1: Dear Diesel engines. Tell us about this particular craft. Oh yeah,
• 8:36
  Speaker 1: this was popular design in the late twenties and early
• 8:40
  Speaker 1: thirties called the commuter Um that guys out on Long
• 8:46
  Speaker 1: Island would would take down to Manhattan. Uh, you know,
• 8:49
  Speaker 1: as a commute daily commuter um. And this particular boat
• 8:54
  Speaker 1: is nineteen thirty and uh it was originally built for
• 8:59
  Speaker 1: for them in Connecticut. It stayed for a while in
• 9:03
  Speaker 1: New Jersey, and then over the past three years we've
• 9:07
  Speaker 1: restored it to its original respects. Uh, other than the
• 9:11
  Speaker 1: John DearS, which you're a power improvement. And the family
• 9:17
  Speaker 1: that owns it now uses it uh in un Island sound. Uh,
• 9:21
  Speaker 1: it's home port is Gonna Connecticut. But they're not commuting.
• 9:24
  Speaker 1: I was just gonna, I was just gonna ask if
• 9:27
  Speaker 1: anybody still commutes on boats of this class. I mean,
• 9:30
  Speaker 1: do people still use these as daily drivers? More as
• 9:34
  Speaker 1: a maybe a one day a week for fun, but
• 9:37
  Speaker 1: you know, not yeah, not every day, not as the
• 9:40
  Speaker 1: primary use of the boat. But so so, what do
• 9:43
  Speaker 1: you think a boat like this would go for Lulu Bell.
• 9:46
  Speaker 1: How much? How much would that one command? I'd say,
• 9:50
  Speaker 1: with the work they've done to it, about two million
• 9:53
  Speaker 1: dollars maybe more. You got anything for less? I mean anything.
• 9:57
  Speaker 1: I noticed that you've got triple cockpitt Garwood run about
• 10:02
  Speaker 1: that will set you back a mirror one. Yes, that one,
• 10:08
  Speaker 1: that one actually just stold yesterday, Matt, were too late,
• 10:12
  Speaker 1: I'm always too late, story of my life. What sorry?
• 10:17
  Speaker 1: Go ahead? I was gonna say, what do you have
• 10:18
  Speaker 1: a favorite boat? Um? I partial to the to the
• 10:23
  Speaker 1: baby Guards. But the model we're most excited about right
• 10:27
  Speaker 1: now as a company is is thet rear engine Streamliner. Uh.
• 10:32
  Speaker 1: It puts the engine all the way to the stern
• 10:35
  Speaker 1: and it allows for complete movement around the cockpits. Um
• 10:41
  Speaker 1: Garwood Pioneer, this in and the price tag just quickly
• 10:46
  Speaker 1: shoe about that. Joe Turcutt, manager of Garwood Custom Boats,
• 10:52
  Speaker 1: based in Brent Lake, New York. This is Bloomberg. All right.
• 11:01
  Speaker 1: We're just about twenty minutes until the closing bell of
• 11:04
  Speaker 1: the New York Stock Exchange to end this week with
• 11:06
  Speaker 1: the SMP five hundred getting close to an all time high.
• 11:11
  Speaker 1: This is Bloomberg