problem. We could propose to finance these projects by the issuance of state bonds and free their users from toll, but this, I believe, is unadvisable and unnecessary. These projects could be financed as the vehicular tunnel was financed, by issuing of state bonds and collecting tolls for their support and final retirement which would be entirely feasible, but I believe there is an easier and better way than either, i. e., by having the Port Authority issue their bonds for the undertakings.

Alternative Financing Plan

The Port Authority could possibly finance all these undertakings by the issuance of their bonds for the full amount of the costs, but such a proposal would invite an unreasonable interest charge, probably seven or eight per cent. With assistance for a portion of the costs, I have been assued by responsible bankers that the public would buy bonds representing say three-quarters of the cost on about a five per cent basis.

Estimates made thus far have placed the cost of each of the south bridges at five million dollars and the north or Fort Lee bridge at thirty million, giving us a total item of forty million dollars. If the two states would appropriate a million dollars a year each for a period of five years, twenty-five per cent of the cost could thus be accounted for. By issuing bonds to the public for the seventy-five per cent or thirty millions of the costs giving these bonds first lien upon the receipts and providing that the contributions by the states should be represented by bonds having a second lien upon the receipts, the projects as estimated and here pictured could be contemplated.

I appreciate that in these days of high taxes, it is a little bold of me to venture such a proposal and I presume that I shall be called a dreamer or a wrecker the same as when I proposed the road bond bill, but I am so convinced of the economic value to our state of all these improvements and even their necessity that I do not hesitate to at least start the discussion by these proposals. I believe the State treasury could, without serious strain, stand for the annaul appropriation necessary for these projects. I am convinced that the principal amount of our investments would be returned to us with interest, but even if it were not, the value of these projects in the development of our state would far more than compensate their cost, but aside from all this, my ten years' experience in state affairs at Trenton has given me a background that leads to the postive conviction that these projects are a necessity and will prove a safe and profitable

investment.

Industrial and Waterfront Realty Review and Forward Look

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By Harrison S. Colburn

HE demand for industrial and waterfront realty is usually a fair index of economic conditions. This has been particularly true in the year 1924, which was marked by suspense, transition, expectation and realization; the political landslide bringing the final psychological reaction needed by the industrial real estate market, slower and more conservative than the stock and bond market, but none the less tangible.

The opening of the year was not hearded with great enthusiasm in this particular line of real estate endeavor. However, the month of January registered at least one important deal in the Port of New York, when the Franklin Baker Company acquired on a 20 year lease, a large building containing 200,000 square feet of floor space in the Hoboken Terminal on the west side of the Hudson, opposite 23rd Street, Manhattan, at an aggregate rental of approximately two millions dollars. Short

ly after this the Mariner's Harbor plant of the HeckerJones-Jewell (Standard Milling Company) on Kill Van Kull was sold for all cash to the Grymes Engineering Company. This property contained between two and three hundred thousand square feet of floor space, as wel! as a pier approximately nine hundred feet long.

The unsuccessful offering at auction of the Newtown Creek Realty Corporation (The French High Commission) of its large tract of land in Greenpoint, L. I., surrounding the State Barge Canal Terminal, and fronting on the east side of the East River and the south side of Newtown Creek, acted as a distinct damper on the market-the highest bid of namely $703,000, being less than one-third of what the French Government paid for the property a few years before. This bid was accordingly refused.

The auction sale of 131⁄2 city lots on the west side of Dutch Kill on the south side of Hunter's Point Ave., Long Island City, which has been held for private sale for $60,000, brought the low figure of $30,400 in August.

The sale of the old Cordage plant, fronting on the East River in Long Island City, and extending through to Vernon Ave., approximately 200 x 600 feet, was sold to the Tompkins-Kiel Marble Company. These premises had been held at $200,000.

The sale of the Verdon Shipyards (John W. Sullivan interests) on Kill Van Kull at New Brighton, Staten Island, during the summer was made to the Lackawanna and the Lehigh Valley Railroad interests. This property will be used for the construction and repair of floating equipment.

The Staten Island Edison property on Kill Van Kul at New Brighton, just east of Jersey Street, was sold to the Tanner Gross Co.

The Stevens property at the foot of Broadway, Long Island City, fronting 641 feet on the East River was sold to one buyer, but was taken over by three separate purcheses for an aggregate consideration of approximately $400,000.

The Bliss Projectile plant on the south side of the East River, Brooklyn, was acquired during the Fall by an investor.

A sale was made of the American Splint plant on the east side of the Passiac River in Kearny, to the Boston Excelsior Company.

On the west side of the Hackensack River and on the north side of the Lincoln Highway, the 54-acre tract of the Niles-Bement-Pond Company was sold to an in

vestor.

Numerous inland factories were sold during the year. the most noticeable among which being the GillespieEden plant in Paterson, N. J., consisting of many modern buildings with aggregate floor area of over 250,000 square feet, with 12 acres of land, served by four railroad sidings. This property was sold to the Okonite Company. and the Eagle Iron & Brass Foundry. This property was appraised at $1,250,000.

While some say the year was uneventful, it really ap pears that a considerable amount of industrial and waterfront properties changed hands, and indications are that 1925 will witness far greater turnover in this class of property than any year since the epochal "1919."

The prospects of the completion of the vehicular tunnel from Canal St., Manhattan, to 12th and 14th Sts.. Jersey City, together with the net-work of State highways radiating from the westerly portals to all parts of the State of New Jersey, and the extension of Sixth Ave.. Manhattan, to the New York end of the tunnels, are bound to bring about an industrial commercial develop ment which will be unprecedented in these two areas of the Greater Metropolitan district.

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HE fifty-third annual meeting of the National Board of Steam Navigation, Inc., was held at the New Willard Hotel, Washington, D. C., on December 9, 1924, being called to order by President George H. Woolley.

The National Board of Steam Navigation is largely composed of inland steamboat people, and during its fifty-three years of activity has done a vast amount of good to the steamboat fraternity, especially through keping in constant touch with the Board of Supervising Inspectors of Steam Vessels the Department of Commerce and the action of Congress respecting bills affecting the interests their membership represent, including harbors, bays and inland rivers.

Members of the Executive Commitee of the board present at the 53rd annual meeting were Joseph J. Glatzmayer, of New York, chairman; Oscar F. Barrett, of Cincinnati; W. E. Barnard, and A. F. Brown, of Philadelphia; J. M. Cherry, J. H. Clark, D. J. Conroy, Fred B. Dalzell, Jr., C. E. Davis, Jr., F. D. Davis, J. M. Emery, Reginald Fay, A. A. Hesser, H. L. Joyce, C. M. Moore, Reginald Narelle, J. C. Reichart, Fred. A. Russell, John Tracy, and Chauncey G. Whiton, of New York; Herbert S. Evans, and M. Nickerson, of Boston; and J. D. Wood,

of Norfolk.

JOSEPH J. GLATZMAYER
President National Board of Steam Navigation

In addition to the above, the following-named companies, members of the board, were represented at the meeting: Commercial Towing Co., Doane Towboat Co., Nantasket Beach Steamboat Co., and Mystic Steamship Co., of Boston; Barrett Line and Louisville & Cincinnati Packet Company, of Cincinnati; Atlantic Lighterage Company, Baltimore & Ohio Railroad Company, Bronx Towing Line, Central Railroad of New Jersey, Dalzell Towing Line, Delaware, Lackawanna & Western R. R. Co., Dyckman St. & Englewood Ferry Co., Erie Railroad Co., Hudson River Day Line, Lehigh Valley

R. R. Co., Long Island Railroad Co., Augustus Mackenzie, Jr., L. F. Kaine, Richard Mutteen, John Macklin, Merritt-Chapman & Scott Corp., New York Central Railroad Co., Pennsylvania Railroad Co., Reichert Towing Company, Staten Island Shipbuilding Company, M. & J. Tracy, of New York; The Howard Co., of New Haven; Wood Towing Corp., of Norfolk; A. C. Churchman, Thos. J. Donnelly, Gailey Davis & Co., L. H. Garrison, Munn Towing & Transp'n. Co., of Philadelphia; Pittsburgh Coal Exchange, W. B. Rodgers, and Rodgers Sand Co., of Pittsburgh; Eagle Packet Co., and Streckfus Steamboat Line, of St. Louis; Bay & River Boat Owners' Ass'n., of San Francisco; Northwestern Tow Boat Owners' Ass'n. of Seattle; Representing Vessel Owners & Captain's Ass'n. of Philadelphia: Wm. E. Bernard, A. F. Brown, Chas. E. Davis, Jr., Thos. J. Donnelly, L. H. Garrison and E. L. Frankenfield; Representing New York Towboat Exchange: Chas. A. Mason, Mgr.; Representing Western River Operators: Jos. Streckfus Steamboat Line, St. Louis; Oscar F. Barrett, of Barrett Line, of Cincinnati; and Henry M. Leyhe, of the Eagle Packet Co., of St. Louis.

The following new members were elected: R. M. French, Supt. Berwind-White Mining Co., and Richard Mutteen, Mgr. Marine Dept. Home Insurance Co.; McAllister Lighterage Co., Inc., J. P. McAllister, of New York; Bee Line Transportation Co., D. R. Chase, Mgr., Boston; Phil Kussart, Pres. Monongahelia & Ohio Dredging Co., of Pittsburgh; Hatfield Reliance Coal Co., Capt. J. T. Hatfield, of Cincinnati; and Streckfus Steamboat Line, Capt. Jos. Streckfus, Asst. Gen. Mgr. of St. Louis. New members elected since the previous annual meeting: Siemund Marine Electric Welding Co. and Hudson Navigation Co., of New York; Wilmington-Cape Fear Pilots Ass'n. of Southport, N. C., and Heide & Co., of Wilmington, N. C.; Southern Transp'n. Co., P. J. McAvoy, and L. H. Garrison, of Philadelphia; Jacksonville Forwarding Co., of Jacksonville, Fla.; Raymond Crum, Mgr. Poughkeepsie & Highland Ferry Co., and MacNichol Packing Co., of Eastport, Me. The following members were reinstated: Wood Towing Co., of Norfolk, Northern Transp'n. Co., and Eastern Transp'n. Co., of Baltimore.

Secretary N. L. Cullin's annual report shows that the Board has been active and helpful during the year; it was instrumental in having bills introduced in Congress governing towing lights, fog signals, and the act relating to collisions at sea, but, no action having been taken thereon, they will be reintroduced at the present session; a committee of the Board was appointed to cooperate with other maritime associations in respect to the Federal Workmen's Compensation law, looking to a bill being introduced creating fair and equitable compensation. Messrs. Bernard, Moran and Cullin were appointed on a committee by the Secretary of Commerce, to consider revision of our navigation laws. The matter of requiring more than one oiler on sea-going oil-burning tugs was taken up with the Supervising Inspector General of Steam Vessels, but the decision of the local board, sustained by the supervising inspector of the second district and confirmed by the Secretary of Commerce, re

quired three oilers in lieu of two wipers previously carried. The recommendation of the Board to amend the rule which limited the tows of seagoing barges to four vessels including the towing vessels or vessels was adopted. The licensing of junk boats in New York harbor has called forth much discussion, and steps are being taken to discontinue such licensing. The Board has been active in securing the establishment of a harbor of refuge at Assateague, Va., action in favor of which is expected at the present session of Congress. As a result of conference between members of the Board, the New York Towboat Exchange and the Central R. R. of New Jersey, a tug has been established by the railroad company to assist tows passing through the draw of the railroad bridge over Newark Bay.

Negotiations are under way looking to an affiliation by the Western River Steamboat Operators with the Board. The report of the Legislative Committee, presented by W. E. Bernard, discussed measures before Congress, referred to in the Secretary's report.

Chairman Glatzmayer, of the Executive Committee, stated that the work of his committee had been pretty thoroughly covered by the report of the Secretary-Treasurer, Capt. Cullin.

Fred B. Dalzell, Jr., spoke of the work done to secure the enactment of a Federal compensation act equitable to employer and employee. Mr. Bernard discussed the matter. Mr. Courtland Palmer was by vote thanked for his assistance in drawing up the Federal Compensation bill. The thanks of the Board by vote were extended to President Willard of the Baltimore & Ohio railroad for courtesies shown members on the trip to Washington, on Dec. 7. The subject of Shipping Board tugs active in the Port of New York was fully presented by President Frederick C. Russell, president of the New York Tow Boat Exchange, resulting in the adoption of a resolution by the Board requesting that Shipping Board tugs be withdrawn from active service.

The nominating committee was appointed consisting of Henry L. Joyce, Charles E. Davis, Jr., and F. L. Lane. Chairman T. V. O'Connor, of the United States Shipping Board addressed the convention, as did Supervising Inspector-General George Uhler, former Congressman John H. Small and Representative Edmonds. Mr. Uhler's talk was in favor of a greater American merchant marine, most patriotic and warmly received. He also said a few things about the hardships imposed by the

seamen's act.

Mr. Small's talk, having reference more largely to the inland and coastwise navigation of the United States, and the need of better channels, harbors, etc., was also well received and highly indorsed by the convention.

Synoposis of Chairman O'Connor's Speech Chairman O'Connor's speech was interesting and informative to a high degree. A majority of the people has declared that this nation shall develop a merchant marine adequate to carry half its foreign trade. When the operation of ships becomes profitable, he said, the board would have no trouble selling its ships. If our people use our own ships they can be made profitable. Many exporters and importers declare they will use American ships, and it looks as if they are doing so. He spoke of the large profits Shipping Board ships turned into the National Treasuryin 1919-20. He deplored hostile home. sentiment, expressed by Americans receiving salaries from foreign shipowners. On account of world trade conditions the last four years our ships have been, financially speaking, upon a stormy sea. But the storm is subsiding. The more it looks as if we should succeed the

more opposing guns are trained on us. He then referred to different critics of the Shipping Board, who advise selling its ships to private owners. But he asks where are the private citizens who will buy them? He begs an answer to that question. Most of such talk is by those who favor foreign instead of American ships. Among these he included the U. S. Chamber of Commerce, also Ira Campbell, attorney for "some of the most powerful foreign steamship companies in the world." Opposition to our shipping development, he repeated, increases as success draws nearer. During the year ending June 30, 1923, it cost $1.22 for every dollar received to run ships from Pacific coast to Far East ports, but the next year it cost but $1.02 to earn a dollar. On the route from Pacific coast ports to Brazil and Argentina it cost in 1913 $1.29 to earn a dollar, but the next year it cost but 98 cents. From Atlantic coast ports to China, Japan, etc., it cost $1.57 to produce a dollar of revenue in 1923 and $1.37 the next year. In our Liverpool, Manchester and London trade it cost in 1923 $1.97 and in 1924 $1.92 to earn a dollar, in competition, he said, with the most expert seafaring people in the world. Then he spoke about the unvarying loyalty of every Briton to British shipping, wishing that it were but half as strong here in favor of our shipping. "No nation in the world's history has relinquished to another nation the right to carry its ocean trade," said Chairman O'Connor in conclusion, "without paying most dearly for its lack of foresight."

FREDERICK A. RUSSELL, Chairman Executive Committee, National Board of Steam Navigation

The nominating committee presented the following nominations: For President, Jos. J. Glatzmayer, of New York; 1st Vice Pres't., N. B. Bolen, of Newark, 2nd Vice President, W. T. Isted, of Seattle; 3rd V. P. T. J. Donnelly, of Philadelphia; Secretary-Treasurer, N. L. Cullin, of New York; and Chairman of the Executive Committee, Fred A. Russell, of New York. One ballot was cast for all of the nominees, who were then declared duly elected.

A rising vote of thanks was extended to retiring officers Mr. Glatzmayer gracefully accepted the position of president in a brief speech, declaring that it had been the ambition of his life to be elected to this office. He spoke for the support of the officers by the members, regretted that a larger attendance was not present, explained the scope of the Board's activities, and men

tioned bills pending in Congress looking to relief in certain directions. He wanted the members to preach National Board doctrines and greater national cooperation by marine interests with the work of the Board.

Captain Streckfus was asked to say a few words, which he did suggesting greater cooperation between the different maritime interests in the work of the Board. He desired greater cooperation between the river steamboat men and those of the coast.

Mr. Fred A. Russell was called upon for a few words and expressed his appreciation at being elected chairman of the Executive Committee, and, as might be expected, he offered to do anything in his power at all times to give the best that is in him for the organization.

President Glatzmayer then graciously called upon Alexander R. Smith, "one of our agents of publicity," to say a few words. Mr. Smith responded in a few brief remarks regarding the older history of the Board, as he remembered it, thirty and forty years ago, when such men as Commodore M. Moran, Frank Vosburg, Isaac L. Fisher, Max Staples, Fred Jansen, and others of a longpast generation were wheel-horses in the National Board of Steam Navigation, expressing his pleasure in still being able to be with them.

The subject of small motor craft was discussed, as was the desirability or undesirability of requiring that all should be commanded by licensed pilots, and that licensed engineers should also be required; on this subject there was a great deal of mixed sentiment, but, upon motion of Mr. Davis it was voted that "all boats navigated in the United States of over five tons, operated by steam, motor, gas or electric power be brought under the Steamboat Inspection Service of the United States," Messrs. Wood, Riechert and Pasco asking that their votes be recorded in the negative.

The subject of junkboats in the harbor of New York was also considered, which included a letter from C. H. Callighan, Chairman of the Committee on Junk Boats of the Maritime Exchange, of New York. No action was taken by the Board on this matter.

The covering of life-preservers was also discussed, and the attitude of the Board of Supervising Inspectors toward same was explained. The issuance of a temporary certificate to vessels between the time of inspection and the issuance of the regular certificate was also discussed, and the matter referred to the legislative committee for discussion with the Board of Supervising Inspectors. After a number of other matters of lesser importance had been discussed the Board adjourned sine die.

Motor Boat Show Here This Month
Interesting Aquatic Events For the Season

of 1925 Starting off Brilliantly Leading lights of the power boat racing sport plan a bigger racing year for 1925 than ever before in both major and minor regattas. At a meeting of the Show Committee of the National Association of Engine & Boat Manufacturers on December 12 it was unanimously agreed to make a concerted effort to induce as may boat racing enthusiasts as possible to visit the annual Motor Boat Show this month, with a view to promoting more meets in various parts of the country. The show will be held in Grand Central Palace January 2 to 10, and at that time numerous organizations connected with boating, will convene and put on various entertainment features to interest out-of-town visitors. It is felt that the major annual racing events will largely take care of themselves, but there are many smaller cities whose local regattas can be enhanced and made more attractive than heretofore.

Hundreds of entries will be signed up at the Show. Some cities will stage speed carnivals on their waters for the first time this spring, notably Tampa, Fla., with a winter meet. There also will be a big meet in August at Manhasset Bay, L. I.

Representatives of the American Power Boat Association, the Mississippi Valley Power Boat Association, the Southern Yacht Club of New Orleans, the Water Ways League of America, the Society of Automotive Engineers (Marine Division), U. S. Power Squadron-and other organizations, will hold meetings during the week and the Regatta Circuit Riders Club, or the R. C. R. C., as more familiarly known, will stage a big entertainment for the visitors.

Nineteen twenty-five's racing season will begin at Palm Beach, Fla., on February 23,24, when what is probably the most valuable trophy in power boat racedom-the Bradley Gold Challenge Cup-will be fought for. This trophy is of solid gold, eighteen inches in height, and is offered to the pilot who wins it three times. One leg is now held by Col. E. H. R. Green of Terrill, Texas, who won the free-for-all event at Palm Beach last February with his "Mary." This season, the winner will have to conquer the fastest fleet of runabouts ever sent to Southern waters.

A feature of the Palm Beach program will be for hydroplanes of the 151 cubic inch class for the Hotel Poinciana Trophy. There also will be a class for sea skiffs and Florida play boats. Gerald T. White, Northern Manager of the Florida winter racing classic, will accept final entries for the event up to and including the last day of the Motor Boat Show.

The Palm Beach event will be followed by the Hillsboro Yacht Club regatta at Tampa, prior to the Miami meet the following month. L. P. Davis of Davis Islands, Tampa, is ordering five Belle Isle Bear Cats capable of 45 miles an hour as the nucleus for runabout fleets-which are expected to be unequaled anywhere in the South.

Inquiries regarding these meets and the Exposition may be addressed to Ira Hand, Secretary, National Association of Engine & Boat Manufacturers, 29 West 39th Street, New York City.

The Next Marine Show

The American Marine Show will be held November 9th to November 14th, 1925. The American Marine Association has finally completed plans to hold its 1925 show from November 9th to 14th, 1925, in order to coincide with the annual meeting of the Society of Naval Architects and Marine Engineers. It was previously announced that the show would be held in December, 1925.

It was necessary to change the location to the Armory at 61st St. and Columbus Ave. in order to get the more acceptable date. In choosing the new location. the Exhibit Committee had in mind a place where the heavy propelling machinery could be placed in the booths. In this respect the Armory at 61st Street and Columbus Avenue is the very best in New York City. There are elevated and subway stations within a few squares. Modern methods of loading and unloading. the exhibitor's machinery and apparatus will be used. in order to safely handle this material. The largest trucks can be driven through the entrance on 61st Street directly to the booth located on the main floor. There is practically no limit for machinery weights.

If there are any new ships in the North River open for visitation, it will be comparatively easy for those attending the Marine Show to also visit the ships.