The Washington times., 1928-01-24

0UOM anu It's u1NAuA0bN GNAA0
Of Floridaf
One adverse effect has been IN
making capital III other sections
Of the country particularly timid
toward Florida ventures. Only
the more venturesofne are will
ing to tread Ga those sections
now, and yet at present DE-
flated values The discerning recog-
nize that Il d Tar safer TO
make commitments than 1t was
at the peak 81 the 1925 initiation,
when acceptance of prevailing
quotations Waa equivalent to COM
hitting financial hari kari.
Another unfavOrable ropeFCns.
sion, particularly IN the southern
part Of the state, which was more
affected by the mad scramble TO
get rich quick In real estate than
the northern half Of the State,
was that many excellent orange
and grape fruit groves were sub
divided. and neglected ~ ignorant
and befuddled outside spectators.
The removal of vast tracts Of
fruit acreage from active produce
ton was one 81 the outstanding
economic crimes Of the period.
Fortunately, the total acreage
affected was restricted, but where
realtors crowded out farmers such
agricultural developments were
set back sir I'd ten years.
Condolences IN Future
Although the little fellows who
were burned IN Florida are stiIl
perpIexed, the larger corporations,
especially the public utility and
steam railway companies, aKo
going ahead on the assumption
that the future growth o1 the
State win soon be resumed
Lyman Delanos executive vice
: president Of the Atlantic Coast
Line Railroad Company. which has
had d stake I'll the FLORIDA situa.
ton for : quarter % : century.
told me:
The collapse of the so-calIed
boom has n no way injured
FIOrida's future, though II has
resulted iii much unfavorable pub.
Lefty. Basically. Florida Is an
agricultural State. and the oppor-
tunities Tor development along
this line are a. great a. ever be-
fore, and the collapse Of the real
estate boom probably did more 10
arnphasiSs these opportunities than
any other one thing. The Coast
Line, IN the light Of Is years ex-
perience "a serving the state, -
not disturbed over the present y.
adjustment through which Florida
Is passing. as We have witnessed
other periods Of depression, whichs
though not given such wide pub
Lefty, were just as serious.
Improvement
AZ evidence az the faith that
the Coast Line has IN Florida and
3 81 other Southern States through
which IL runs, Me- have authorized
over sos, S01 663 for improve.
mente. additions ana extensions.
road and equipment during the
period Febr1ary Is, 1920, to De-
ce1nber 81. 1927. Our expendi-
lures during 1927 were consid.
erabIy iii excess Of our expendi.
lures during 1924. although DUR
Ing the latter year conditions In
Florida were considered by every.
one to be sound and the future
Of Florida was nnduestioned.
The State. % 4 whole, has made
and Ia now making satisfactory
progress III 20 Tar ~ Ito haste
industries are concerned ana it,
present position Il very much
more favorable than "a 1924,
which, as stated. was prior 20 the
recent imitation period. e
Mr.. Delan0, by way 0f prOOf.
cited the facts that bank clear.
ings for the state Were higher.
and that production of basic crops
had held up.
0uickening Interest
Mr. Delano. in further ilIustrat.
ing his theme that the smashing
OF the speculative real estate
bubble had fastened attention on
economic realities, added:
There has been during tho
past two years d quickening or
interest both in agricultural ana
manufacturing lines. Many exs
pertments ara being made and OF
particular interest is the erection
of large sugar mill at CleWiston,
Fla, in the Everglade section,
and the establishment ct various
z pVAnN1 Ok 8EApSLEuL canning
plants. which industry, Beginning
in = small way, has during the
past several years developed until
now there are II plants operating
In the State.
There win doubtless be 4
further period OF deflation for
those who have not vet adjusted
themselves to the return to nor.
NAL conditions. There has been
an overbuilding Of hotels ana
apartment houses, and, in some
sections, residential construction
has been IN excess of the demand.
There IL still a surplus in some
lines Of business, particularly
those handling building materials.
1t is q tribute to the common
sense Judgment Of the bankers Of
the State Of Florida that they
maintained an even keel during
the initiation periods, and are now
in position 70 finance, and are H.
nancing such legitimate enter.
prises as apply to them"