Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 95, no. 2444: Articles]: January 16, 1915

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REAL ESTATE AND NEW YORK, JANUARY 16, 1915 i.ialUiiUiiiiliilHill^^^^^^^^^^ ■■liiilM^^^^^^^ ■Iliiii^^^^^^^^ 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 lllMGllIliillilllllillllllfl^ 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