New York Chamber of Commerce.

Annual report of the corporation of the Chamber of Commerce, of the State of New York, for the year .. online

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all the committees, and by the Secretary and the staff of this
Chamber. This association and this experience have been to me
a happiness and a joy that will last to cheer me all through the
rest of my life. I think it is only right that I should say to you
that two of the most distinguished visitors that we had during
that time said to me in the most sincere and earnest way, after
we had gone upstairs at the close of the meeting here — I refer
to Mr. Balfour and the Lord Archbishop of York, who almost
in the same words expressed the same idea — that they had at-
tended many meetings of Chambers of Commerce, and that they
had never before sat in front of such a company of men, repre-
senting the great business, commercial and financial interests
of a nation, in the heart of a business city, and seen those men
so responsive to sentiments and ideals entirely above and largely
unrelated to the mundane things in the center in which they
were gathered. It was a great compliment which was not said
as a compliment. It was an expression which proved to me



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Proceedings of the Chamber of Commerce — May 2^ 1918 23

that I had been correct when I said m a few words to you from
this rostrum oft my first election, that the only hope I had that
I could be of real service in maintaining the traditions and in
carrying on and trying to expand the influence and the work
of this Chamber, lay in the confidence I felt that you were going
to render that support, that sympathy and that help in the work.
And now before I receive the tellers' report, I wish to close
merely by bespeaking for that splendid gentleman who is to be
my successor, the same warm-hearted confidence and assurance
and support that you have granted to me and for which I shall
ever be most grateful. [Prolonged applause.]

ELECTION OF PRESIDENT MARLING

The tellers reported that all the ballots cast were for the
officers and members of standing committees named by the
Nominating Conmiittee.

The President thereupon declared that the gentlemen named
by the Nominating Committee had been elected unanimously
and appointed Mr. Frank K. Sturgis to escort Mr. Alfred E.
Marling, the President-elect to the dais.

REMARKS OF PRESIDENT OUTERBRIDQE

Mr. OuTERBRiDGE. — Mr. Marling, dear friend, it is my great
privilege and pleasure to be able to announce to you that the
greatest honor in the power of your fellow business men to
bestow has just been conferred upon you by your election as
President of this Chamber. I do not know anyone who could
wear that honor more gracefully or who would guard it more
conscientiously. You are going to have the opportunity to in-
itiate and inspire the policies which this Chamber should pur-
sue in these perilous times, and in provision and preparation for
the peace to follow, when it is already clear that there will
arise new industrial and social problems which are going to re-
quire the greatest wisdom to deal with. I know that you are
going to win and secure for yourself that same wonderful sym-
pathy and support which the members of this Chamber have
during my time accorded to me, and I feel confident that you
will so guide and lead the work of the Chamber that it will in-



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24 Sixty-First Annual Report — Part I

crease in the influence and respect in which it has heretofore
been held both at home and abroad.

In assuming^ this honor and responsibility, our by-laws
wisely provide that you should also take an oath of office, which
it is now my purpose to administer.

Mr. Marling then subscribed to the following oath, admin-
istered by Mr. Outerbridge:

"I, Alfred E. Marling, having been duly elected to the
office of President of the Chamber of Commerce of the State
of New York on the 2nd day of May, 1918, do solemnly swear
that I will truly and faithfully perform the duties thereof to the
best of my ability during my continuance in said office, so help
me Gk)d."

Mr. Outerbridge. — Gentlemen, it is my privilege and pleas-
ure to present to you your new President, Alfred E. Marling.
[Great applause.]

REMARKS OF PRESIDENT MARLING

Gentlemen of the Chamber. — Before I utter my own
thanks, may I not be allowed as my first act on assuming this
high office to which in your kindness you have elected me, to
speak in your behalf a few words to our retiring president?

Mr. Outerbridge, my fellow members join me in saying how
sincerely we regret your retirement from office this day. And
I say this notwithstanding the delightfully kind words that you
have already spoken to me. We are aware of the unwritten
understanding that two years are the limit for holding the
office of President — ^and it is a good rule. Yet many of us
felt that, in view of the world situation to-day, we would be
justified in making this case an exception. But you made it
very clear to the Nominating Committee, as well as to many of
your urgent friends, that under no circumstances could you be
induced to accept the Presidency for another term. Hence the
situation which has been created and which we find ourselves
facing this morning.

Your two years of service as President of this Chamber have
indeed been momentous years. We are in the midst of a world
war. These two years have also seen the entrance of our own



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Proceedings of the Chamber of Commerce — May 2, 1918 25

beloved country into that war. Our nation has under way
great governmental undertakings, financial and commercial, and
military, all of a very unusual character. During your two years
we have had some very notable visitors from our allies — from
England, from France, from Italy, from Japan, and also from
China and Russia. And during these two years also we have
celebrated the 150th Anniversary of the founding of our
Chamber. All these have laid upon your shoulders, my dear
Mr. OuTERBRiDGE, great burdens which you have carried very
cheerfully, very efficiently; and every member of this Chamber
desires, through me, to say to you how proud they have been
of the way in which you conducted all the public ceremonies
devolving upon you and how proud they are of every act that
you have done as President of this Chamber. [Applause.]

And in their name I thank you. [Applause.]

You have presided over our proceedings with dignity and
fairness, with grace and tact, and your words "like apples of
gold in pictures of silver" have been so fitly spoken that you
immediately won the heart of every member and every guest
of this Chamber. We shall not forget that.

Your splendid, patriotic addresses from this rostrum during
these two years have sounded true and faithful and loyal to
the things which we as Americans hold dear, and we thank
you for that. [Applause.]

For these public services we are grateful, but not less so for
your equal devotion and unselfishness to the hum-drum duties
devolving upon the President. In all these things you have
shown yourself a man of influence and ability, able to despatch
business and get things done and to reach conclusions.

I do not know that I can say very much more to you than
to hope that all your successors, no matter how far down the
line we may look, will give the same support and loyal devo-
tion to the Chamber's interest, and that same ability to get
business done, and that same charm and grace and tact and
dignity in presiding over our public occasions, that have char-
acterized your administration. If we have such to follow in
your steps the Chamber will never be in need of a worthy
President. [Applause.]

Of course, Mr. Outerbridge has not only maintained the
prestige of our Chamber during his two years of office, but
he has to a considerable extent increased its usefulness. And



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26 Sixty 'First Annual Report — Part I

it is for these reasons, gentlemen, that I know you will agree
with me that it is only fair and right that these words of ap-
preciation should be uttered on your behalf. I am only too con-
scious that they do not by any means cover all the ground, but
I am going to ask you right here and now, before I have fully
accepted your kindness, to ask that all of you who are in
favor of this vote of thanks to our retiring President, as ex-
pressed by the incoming President, will please say "aye."

(Every member present voted aye.)

The President : I need not put it the other way. [Applause.]

Mr. OuTERBRiDGE, whatever there may have been lacking in
the expression of thanks, it has been made good by this action
of the Chamber itself, and you will be good enough to con-
sider yourself thanked, both now and for all time.

Gentlemen of the Chamber, I now desire to express my own
sincere thanks for the confidence you have shown in electing
me as your President. The mantle which has been worn with
such grace and dignity by our friend, Mr. Outerbridge, you
have now placed upon my shoulders. I am not unmindful of
the fact that the folds are very ample. Obviously so, and the
wearer of the garment is hereby admonished that there is
room for his growth, and that you expect him to increase in
stature, in wisdom and in power. Under your friendly hands
I shall certainly make the attempt.

I confess to mingled feelings of humility and pride on this
occasion. It is no light honor of which you have this day
made me the recipient. This is an ancient and honorable body.
The eyes of a long line of forefathers look down from these
walls. Many among them rendered notable services in the
early struggles of our nation, in the wars, in the Congress, in
the business and financial world. I presume I am safe in say-
ing that there has been no great beneficient movement for the
help of mankind, for the advancement of business and civili-
zation since the founding of this Chamber, or even the found-
ing of our nation in which this body, this Chamber of Com-
merce of the State of New York, has not been in some way
represented. I think then it is right that any one who suc-
ceeds in rotation to the office of President of this Chamber
should be proud. Humility also has its place here. One



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Proceedings of the Chamber of Commerce — May 2, 1918 27

feels at first unequal to the task, and the fear of mistake might
easily render one weak and hesitating. Yet I do not so assume
this office. The noble past is a reservoir from which courage
may be drawn, and I hereby accept the honors and the bur-
dens, the privileges and the duties, the opportunities and the
anxieties, with joyful assurance that we have a united purpose,
a mutual confidence, and an undying determination to do what
we can to further the highest and best interests of our Chamber,
[Great applause.]

I feel it incumbent upon me to also say that there are certain
natural weaknesses inherent in the incoming President of the
Chamber. He is impatient and irascible and dislikes delays
and long talks, and he will consider it one of his duties to lead
gently and quietly not only the gentlemen on this platform,
including himself, but those on the floor, to the terminal facil-
ities provided for public speakers. I shall attempt to do this,
however, in such a delightful and graceful manner that the
operation upon the patient will be perhaps unknown to him.

We meet to-day in the midst of a cruel and devastating world
war. In the words of an English statesman uttered sixty-three
years ago in the House .of Parliament, "The Angel of Death
has been abroad throughout the land; you may almost hear the
beating of his wings." Yea, verily; it is so. Some of our
sons, thousands of our allies, have found a noble death in that
battle line in Flanders and in France, and the end is not yet.
We may have to make more sacrifices in money and in men.
And they shall be made in both. [Applause.] We purpose to
stand by the flag, that it shall not be stained by cowardice or
injustice. [Applause.] That it shall be our standard against
the devilish doctrine that "might makes right." [Applause.]

We, the present members of the Chamber, stand as did our
forefathers, members of this same body, for the support of our
country in its hour of trial and danger, and we pledge our-
selves and all we hold dear to the prosecution of this war for
righteousness and liberty until victory is achieved. God grant
that such victory may be speedy. But if not — ^but if not, here
we stand. "They shall not pass." [Great Applause.]

"He has sounded forth the trumpet
That shall never call retreat —
Our God is marching on." [Applause.]



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28 Sixty-First Annual Report — Part I



ENEMY INSURANCE REPORT RECONSIDERED

The action of the Chamber in reconsidering the report on
Enemy Insurance was then taken upon motion of William G.
WiLLCOX, with the result as indicated earlier in these proceedingfs.

The Chamber then adjourned.



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Proceedings of the Chamber of Commerce — June 6, 1918 29



Monthly Meeting, Thursday, June 6, 1918

A regular monthly meeting: of the Chamber of Commerce was
held in the Hall of the Chamber, on Thursday, June 6, 1918, at
twelve o'clock, noon.

PRESENT

Alfred E. Marling, President
Charles T. Gwynne, Secretary

and two hundred and fifty-one other members of the Chamber.

Baron C. Mori, of the Japanese Imperial Railways, occupied a
seat on the dais.

The minutes of the special meeting held May 2, at 11 :45 A. M.,
and of the 150th Annual Meeting, held at twelve o'clock noon the
same day, were read and approved.

Welding Ring, Chairman of the Executive Committee, re-
ported the following named candidates for membership and
recommended their election:

FOR NON-RESIDENT MEMBER

Candidate Nominated by Seconded by

Richard H. Webber Elkan Naumburg Edwin S. Schenck



Candidates
John E. Aldred
George A. Anderson
S. J. Bloomingdale

G. Louis BOISSEVAIN

Richard R. Bowker
Edward Brush
Hugh H. Campbell
J. Herbert Case
William E. Cleary
Samuel P. Colt
William L. Detmold
Alex. L. Dommerich
Louis W. Dommerich



FOR RESIDENT MEMBERS

Nominated by Seconded by

William H. Porter Theodore E. Burton
William S. Gray William H- Gelshenen

Charles L.Bernheimer Ed WARD H. Peaslee
Jacob H. Schiff Felix M. Warburg

Jacob H. Schiff George F. Peabody

Jacob H. Schiff Jerome J. Hanauer

Charles LBernheimer Francis H. Cabot
Stephen H. Voorhees . William A. Simonson



Welding Ring
Jacob H. Schiff
Elkan Naumburg
Otto L. Dommerich
Otto L. Dommerich



Edward R. Carhart
Mortimer L. Schiff
Augustus D. Juilliard
Thomas F. Vietor
Thomas F. Vietor



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30



Sixty-First Annual Report — Part I



Candida Us
Lucius R. Eastman
Cornelius Eldert
William Fox
Felix Fuld
Michael Gavin
Benjamin S. Guinness
Elias M. Johnson
Gilbert H. Johnson
James W. Johnson
Augustus F. Kountze
Walter W. Parsons
John P. H. Perry
Kenneth B. Schley
Charles B. Seger
Martin F. Tiernan
R. Emory Warfield



Nominated by
William E. Halm
Robert R. Sizer
Jacob H. Schiff
Jacob H. Schiff
Charles E.* Mitchell
Jacob H. Schiff
Darwin P. Kingsley
Darwin P. Kingsley
Darwin P. Kingsley
Edwin G. Merrill
Robert R. Sizer
Irving T. Bush
John I. Waterbury
Jacob H. Schiff
John P. Munn
Wallace Reid



Frederick S. Wheeler Darwin P. Kingsley
Burton F. White W. Gerald Hawes

Eben E. Whitman
W. Deforest Wright



Seconded by
Joseph P. Grace
Maurice Bouvier
Felix M. Warburg
Felix M. Warburg
Albert H. Wiggin
Mortimer L. Schiff
George B. Cortelyou
George B. Cortelyou
George B. Cortelyou
Lewis L. Clarke
Joseph P. Grace
E. H: Outerbridge
George F. Baker
Mortimer L. Schiff
William H. Porter
Alfred E. Marling
Frank Presbrey
Welding Ring



Charles L. Bernheimer Robert A. Suffern
Robert R. Sizer Joseph P. Grace



Wallace F. Peck and J. Henry Deeves were appointed tellers
and a vote was taken, which resulted in the election of the candi-
dates named.

SPECIAL COMMITTEE ON SHIPPING AND FOREIGN
TRADE AFTER THE WAR

Mr. Ring, on behalf of the Executive Committee, then offered
the following and moved its adoption :

To the Chamber of Commerce:

At the last meeting of the Executive Committee, the following
resolution from the Committee on Foreign Commerce and the
Revenue Laws was submitted:

Resolved, That the Committee on Foreign Commerce and the
Revenue Laws, while recognizing that the primary purpose of
the Government and of all associations and individuals should
be to win the war and in view of the fact that other countries, in-
cluding those with which we are at war, are already making
plans for foreign trade when peace is declared, recommends to
the Executive Committee for its serious consideration the ad-
visability of requesting the Chamber to appoint a special com-
mittee on shipping and foreign trade after the war, the function
of the special* committee being especially to ascertain the best



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Proceedings of the Chamber of Commerce — June 6, 1918 31

methods of making use in our foreign trade of the large fleet of
American vessels now being built by the Government, and for
the said conmiittee, if deemed desirable, to take evidence in con-
fidence from members of this Chamber and from other leading
business men throughout the country, and to cooperate with the
Federal Trade Commission and any other bodies or associations
which may have undertaken a study of this subject, with a view
of preparing from such evidence a report for submission to the
Chamber, it being understood that if such report be approved
by the Chamber that it then be presented to the Government of
the United States.

The Executive Committee heartily endorses the suggestion of
the Committee on Foreign Commerce and the Revenue Laws,
and begs to offer the following resolution :

Resolved, That the President of the Chamber be, and he is
hereby authorized to appoint [with the advice and cooperation
of the Executive Committee] a Special Committee on Shipping
and Foreign Trade after the War, to carry out the purposes out-
lined in the above resolution.

The resolution was unanimously adopted.

BANQUET COMMITTEE

Mr. Ring, for the same Committee, then offered the follow-
ing resolution, which was adopted unanimously :

Resolved, That the President of the Chamber be, and he is
hereby authorized to appoint a Committee of Five , who shall
consider whether or not the Annual Banquet of the Chamber
should be held this year as usual, and to report its conclusions
to the Executive Committee at the first meeting of that Com-
mittee after the simimer recess.



GOVERNMENT GUARANTEE OF BANK DEPOSITS

James S. Alexander, on behalf of the Committee on Finance
and Currency, presented the following report and moved its adop-
tion:

To the Chamber of Commerce:

Your Committee on Finance and Currency has given consid-
eration to Senate Bill number 4426, which proposes that the



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32 Sixty-First Annual Report— Part I

United States guarantee deposits in National Banks by provid-
ing that "there shall be levied and collected yearly from each
national bank a tax," etc., the fund so raised to be used to pay
the losses of depositors in banks which have failed.

The New York Qearing House Association has already, under
date of May 9th, issued a protest against enactment into law of
this bill. This protest, which is signed by every member of the
Association, presents the following expression of their views on
the principle and polity of the guarantee of deposits :

"Senate Bill 4426, now pending in the United States Senate,
puts a premiimi upon incompetence. It proposes that the gov-
ernment of the United States guarantee all deposits in national
banks of $5,000 and less, and that the government guarantee up
to $5,000 in all deposits in excess of that amount ; of course, this
guarantee is to be made good at the expense of the conserva-
tively managed and successful banks.

"Should such a proposition be enacted into law, any national
bank, however inexperienced its official managers ; however lim-
ited its capital resources compared to the field of its activities;
however given to risky adventure ; however venturesome in buy-
ing deposits by paying excessive rates of interest ; however want-
ing in tlie proven qualities which time and experience have
shown to be indispensable to successful bank management,
such a bank would, nevertheless, be able to solicit business, truth-
fully claiming that their deposits were protected, as above stated,
by the combined financial strength of the whole national system.
Good banks would thus be compelled to give of their strength
to induce the creation of and then to support incompetent rivals.

"Such a proposition is in violation of common justice and
common fairness. The stockholders in a bank in one locality
would be mulcted in loss to compensate for the mismanagement
of banks hundreds or even thousands of miles distant and over
which no mutual control or relationship exists.

"Our people should be allowed to exercise wholesome discrim-
ination in the banks they select, as well as in their business ac-
tivities in general. Individuality and individual initiative are
cardinal qualities of success, and these qualities would be im-
paired if people are to be taught by legislation to rely upon the
government to help them in their ordinary individual transac-
tions and in the exercise of ordinary judgment.

"The said bill is wrong in principle ; it imposes an unjust bur-
den upon conservative bank management, and would exercise a
deleterious influence upon every community, should it become
law."

Your Committee is of the opinion the above protest should
be endorsed and offers the following resolution :



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Committee on

Finance and

Currency



Proceedings of the Chamber of Commerce — June 6, 1918 33

Resolved, That the Chamber of G)mmerce of the State of
New York is opposed to a government guarantee of bank de-
posits, and endorses the protest against such guarantee made
by the New York Gearing House Association ; and be it further

Resolved, That copies of this resolution be sent to members
of the Senate and House of Representatives.

Frank A. Vanderltp, Chairman
Albert H. Wiggin
James S. Alexander
William Woodward
George B. Cortelyou
Theodore E. Burton
Thomas W. Lamont

New York, June 4, 1918

The report and resolutions were adopted unanimously.

WAR SAVINGS CAMPAIGN

Mr. Alexander, for the same committee, then offered the fol-
lowing, which was also adopted unanimously :

To the Chamber of Commerce:

Whereas, This Chamber recognizes in the ideas underlying the
War Savings Campaign there are principles of fundamental im-
portance in bringing to every citizen a comprehension of his
individual economic responsibility to the Government, and that a
widespread understanding and adoption of those principles will
release to vitally-needed war purposes, labor, material and trans-
portation heretofore devoted to unnecessary production, and that
dissemination of the War Savings doctrine will help to build a
nation of stronger character and sounder financial habit. We
believe that in the amount of the sales of War Savings Stamps
will be found a measure of the success with which these prin-
ciples are brought to the understanding and are made guides
for daily habits of economy and saving, and

Whereas, The Secretary of the Treasury has dedicated the
period ending June 28th for an intensive canvass for pledges to
economize and save and invest in war savings; now, therefore,
be it

Resolved, That the Chamber of Commerce of the State of
3



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34 Sixty-First Annual Report — Part I

New York brings this movement to the attention of all of its
members and asks them to pledge themselves, not only to give
in their own conduct an example of recognizing the need of
economy and savings, and the devotion of such savings to the
purchase of War Savings Stamps to the limit permitted by law,
but that they further do all in their power to influence others
to a like comprehension of these principles and duties.

FR.VNK A. Vanderlip, Chairman
Albert H. Wiggin
JaIvIES S. Alexander



CommttUe on



William Woodward } Finance and



Currency



George B. Cortelyou
Theodore E. Burton
Thomas W. Lamont

New York, June 4, ^918.



VEHICULAR TUNNEL UNDER HUDSON RIVER

Samuel W. Fairchild^ Chairman of the Committee on In-
ternal Trade and Improvements, presented the following report
and moved its adoption :

To the Chamber of Commerce:

Your Committee on Internal Trade and Improvements has
given consideration to the question of vehicular transportation



Online LibraryNew York Chamber of CommerceAnnual report of the corporation of the Chamber of Commerce, of the State of New York, for the year .. → online text (page 6 of 75)