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REAL ESTATE
AND
NEW YORK, JANUARY 16, 1915
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OPTIMISM THE KEYNOTE IN QUEENS BORO i
I
Fourth Annual Dinner of the Chamber of Com¬
merce Brings Out Views of Many Well Known Men
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ii'~r**) promote the general welfare of
^ the Borough of Queens, and to fos¬
ter its commerce," was the slogan of
the Fourth Annual Dinner of the Cham¬
ber of Commerce of Queens held at the
Waldorf-Astoria last Wednesday eve¬
ning. About three hundred and fifty
members and their guests were present
when Robert W. Higbie, the president
of the Chamber and the toastmaster of
the occasion, made his opening address.
Queens was splendidly represented.
nearly every class of industry being
present.
The speakers of the occasion, in addi¬
tion to Mr. Higbie, were Hon. William
C. Redfield, Secretary of the Department
of Commerce; Hon. W. Morgan Shus-
ter, one-time Treasurer General of Per¬
sia: Hon. Frederick E. Crane, Justice of
the Supreme Court; Hon. George Mc¬
Aneny, President of the Board of Al¬
dermen, and Hon. Edward E. McCall,
Chairman of the Public Service Com¬
mission, First District.
Others at the guest table included
Hon. Robert C. Wood, Hon. J. Ser¬
geant Cram, Hon. George V. S. Will¬
iams and Hon. Milo R. Maltbie, all
members of the Public Service Commis¬
sion; Laurence M. D. McGuire, Presi¬
dent Real Estate Board; Hon. F. J. H.
Kracke, Bridge Commissioner, and Rev.
George Drew Egbert, who said the open¬
ing prayer.
Secretary Redfield Speaks.
Mr. Redfield, after speaking of the
vast scope of the department with which
he is connected, said in part: "I seem
to have a recollection that there was a
Roman citizen who paid the usual price
for the land on which, at the time of his
purchase, the enemy's army was en¬
camped, threatening the existence of the
Nation, In these later days when the
Roman type of courage has not always
been universal, the word 'optimist' seems
sometimes used to convey an element of
criticism. It appears to be said by some
as implying: a more hopeful attitude than
facts justify; as expressing that which
one desires to happen rather than that
which a calm review of facts warrants
one in J^elieving will happen.
"What are you and I justified in be¬
lieving now about our own affairs? On
January 1, the National City Bank of
Chicago issued a circular letter from
which I take these words, 'Speaking
broadly, therefore, underlyin^: conditions
show marked improvement and the out¬
look is encouraging for better business
and better times.' On the same day the
National City Bank of New York used
these words in a similar publication:
'Many of the fundamental conditions are
working into a state favorable to an in¬
dustrial revival.*
/'It is my sincere belief that when the
history of the last six months shall
be fully written, one of its brightest
pages will be that which tells of the sa¬
gacity and courage with which our bank¬
ers and business men met the trying
problems brought by the shock of war.
"How great the contrast between the
financial facts of August and those of
ROBERT W. HIGBIE.
January. Then the currents of exchange
ceased to flow, and for a time ceased
also the movement of our export trade.
Now one finds exchange plenty and
cheap, and few have witnessed such an
outward rush of merchandise as today
taxes_ our ports and overwhelms our
shipping facilities. The temporary ad¬
verse trade balance of the summer was
changed to a favorable balance on mer¬
chandise transactions, in September, of
$16,000,000. This was multiplied by
three in October, and to the total fifty
per cent, was added in November and
almost another fifty per cent, in De¬
cember when the favorable balance was
more than $110,000,000. The facts thus
far during January are such as to show
a probability that this will be exceeded
during the present month.
The Foreign Trade.
"In 1914 our total imports were close
to those of 1913. In the latter year they
were seventeen hundred and ninety-two
and a half millions; in 1914 they were a
trifle less than seventeen hundred and
ninety-five millions—a diflference of two
and a half millions of this great total, or
an increase of about one-seventh of one
per cent. In Great Britain in 1914 the
imports fell off three hundred and fifty-
five millions.
"On the export side, with December
estimated, our exports fell off three hun¬
dred and eighty-six millions, as com¬
pared with 1913. Those of Great Brit¬
ain fell off four hundred and seventy-
five millions. But this ^ave a false im¬
pression, for since August our exports
have grown by leaps and the last month
of this year was the largest showing, a
gain of twenty-five million over Novem¬
ber in Great Britain; on the other hand,
the exports, for December, decreased
seventeen million pounds—about eighty-
five million dollars.
"We have begun a little in the way of
helping others financially. It is not
much as such matters go, but it is a
good beginning. Thus we have loaned,
to Argentina, fifteen millions of late;
also monies to Sweden, to Norway, to
France, to Panama and to Canada.
Here opens the door of opportunity.
If we can maintain the change which
seems partly to be going on from the
debtor to the creditor side in interna¬
tional finance by the continued sale of
our products in great and growing
quantities, then may be extend the hand
of financial fellowship to the nations
and, in this way, build, as hitherto, our
great competitors have done, soundly
and strongly the fiscal basis for a greater
foreign trade than we have known. Out
of this, as of necessity then, will arise
greater steadiness in our own produc¬
tion, greater assurance against spasm in
mdustry, greater security against unem¬
ployment and against the loss of interest
on industrial investments. Hitherto
America has invested somewhat in Can¬
ada and from it has reaped fairly good
returns.
More Encouragement.
"In recent weeks there have been a
number of further events, all on the
helpful side. First and foremost of
these I would put the advance in freight
rates. Too long, in my judgment, have
the railways, our largest employers and
our largest buyers, been cramped within
too narrow limits of income. I earnest¬
ly hope that for them the dawn of a bet¬
ter day has come.
"We have not yet felt to the full the
favorable results of the Panama Canal,
partly because the war has interfered
with the normal benefits to us, and part¬
ly because our thoughts and feelings
have been so immersed in the great trag¬
edy yonder that we have not given it
thought. One need not be blind to the
fact that there are adverse influences.
The scarcity of ships contracts our trade
at an hour when its expansion is of vital
value. The high rates which are conse¬
quently charged act as a partial embargo
on our agriculture and commerce and
benefits chiefly the stockholders in other
lands who own such ocean shipping
facilities as are available.
Business Expanding.
^ "On the other hand it seems to me the
sincere desire even of the belligerent
nations to relieve all unnecessary re¬
strictions from our neutral commerce
and it is for their obvious interest that
this should be done. It is gratifying to
notice in the recent trade and business
press the opening of a factory here and
a shop yonder to larger operations, the
placing of orders by railways and a more
confident feeling in business circles gen¬
erally. To this the recent announcement
of a gain of more than half a million tons
in unfilled orders by the Steel Corpora¬
tion will contribute.
"It has come to me, through the usual
official channels, that the favorable for¬
eign trade balance of the United States
in the single week ending January 9, in
the thirteen districts which make weekly
telegraph reports, was in excess of
thirty-five million dollars. Allowing for
the balance of districts unreported, this