Middletown transcript., 1921-05-28
PROMOTE trade
IN Near EAST
Aims of the American Chamber
of Commerce for the Levant
Are Set Forth.
TO OPEN UP IMMENSE FIELD
constantinopIe Destined to Become
the "chicaco Of Europe" Says New
President of OBSERVATION-DISCLOSURES
tunity for American Capital.

New York.-Constantinople is des-
tined to become the "Chicago OF
Europe" according to an interview
authorized by Mr.. Lucien Irving
Thomas, director of the Standard
Oil company of New York, which COM
pany has extensive interests through
out Asia and the Balkan states.
Mr.. Thomas lately returned from
visit to Europe. Il learned, while
in London, that l had been elected
president Of the American chamber of
commerce for the Levant," said MIR.
Thomas. II refer to the newly-organ-
lied American section of the chamber,
now maintaining headquarters in New
York. 1t will cooperate with the long
established chamber of the same name
which has its seat in Constantinople.
"The organization of this chamber
is timely movement to promote re-
ciprocal trade relations between Amer
lea and that great area-extending
from Egypt to Russia, and from Per-
sia to Italy-of which Constantinople
is the center.
Gateway to Vast Empires.
Every few people appreciate that
Europe and Asia meet at the feet OF
Constantinople," continued Mr.. Thom-
as. "The chain of waters, the Oar
danelles, the Sea of Marmora and the
Bosphorus, made available for free
commerce, open the gateway to vast
empires Of populous and fertile terri
tories beyond. When we realize that
Russia, a country considerably more
than twice as large as the United
States, has few seaports that are not
ice-bound for the greater part Of the
year, except those situated on the
Black sea, we may imagine what
enormous traffic will flow through Con-
stantinople when Russia, with hun
dred million Of her people nearby,
gets into her commercial stride"
"Then consider Roumania, now with
twice her former area-a country Of
great natural resources, with pres
ent population of 15,OOO,OOO. Bulgaria
too, noted for a sturdy and industri-
Gus population, has her commercial
outlet on the Black sea. And even
on the farther side of the Black sea
Is a group of states which eventually
must occupy an important place in
overseas trade.
"JugO-Slavia, now vast in area by
comparison with Old Serbia, with
population Of over 100000 has, of
course one trade outlet via the Adri-
attic, and another via the Danube to
the Black sea. Without any doubt the
Danube is soon to play a much more
important part in the trade Of the
Balkan states than it has ever done
In the past.
Has Natural Wealth.
Both Jugo-Slavia and Greater
Greece will hold a more important
position than now in the Levantine
trade of the future. Egypt is growing
into land of commercial significance.
While certain territories have been
detached from Turkey since the war,
there remains much fertile and valu-
able land. Turkey is rich in minerals
of all kinds.
'The war and its aftermath upset
exchange throughout the Near East.
and this has made commercial trans
actions difficult for the present. But
the natural wealth is there; and a
population for the most part industri-
Gus. Trade must surely grow.
"A high official of an international
bank, one who is recognized as having
unusually broad and accurate knowl-
edge Of Ottoman financial matters,
stated to me at Constantinople that
in Turkey fully 65,OOO0OO in gold is
boarded by the people in 'stocking-leg
banks and not deposited at all with
the public bankers. In this cOnnec-
ton 1t should be remembered that the
oriental mind is accustomed to think,
financially, in terms of hard money!
and that prior to the European war
only gold and silver were in circula-
ton, to any extent, in Turkey. There
is evidence that great private wealth
exists there today, in gold, silver and
jewels, not to mention other valuables,
and this wealth will come into the
current market as trade returns to
normal
"The Levant offers a splendid op-
portunity for the investment of Amer
lean capital, in a wide range of en-
terprises. One of the great openings
Of the present is for the construction
Of dwellings, warehouses, harbor i'm
provements, and so forth. Constant-
nople alone has lost 25,OOO to 10000
houses by fire since the war began.
and affords magnificent opportunity
for housebullding activity l know
for fact that the Turkish authorities
would welcome anyone coming there
for the purpose and that they would
even be glad to offer concessions. The
prevailing spirit is progressive. Mod
ern industrial equipment, too, is now
sought where formerly it was
Stunned. 1 recall that long time
ago, prior to the coming into power
Of the Young Turk party, a business
cablegram was intercepted by the
Turkish authorities because it con-
tanned an offer to import some elec-
trio dynamos capable of 1900 revolu