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The same impression came to us here in New York, where to-day we witnessed in the Chamber of Commerce an election of officers. It was held in the most dignified manner. There was a solemnity in this occasion and a seriousness of purpose, and the observer realized at once that he was in the presence of men of great worth."

Coming from such a distinguished and trained observer as M. HANOTAUX, this is a tribute of which the Chamber may be proud.

M. Louis BARTHOU, who has since become Prime Minister of France was a member of the delegation and addressed the Chamber.

FOREIGN DELEGATES.

The Fifth International Congress of Chambers RECEPTION OF of Commerce held in Boston, September 24th-28th

was notable both for the size of the attendance of

delegates and the high character of the proceedings. It was a remarkable gathering alike for the subjects under discussion and the substantial contribution made to the cause of peace; and also for the cordiality of the reception extended to the delegates by the City of Boston. The delegates of the Chamber of Commerce of the State of New York were EUGENIUS H. OUTERBRIDGE, AUSTIN B. FLETCHER and GEORGE E. IDE, and their report, submitted to the New York Chamber at the October meeting, gave an excellent summary of the Congress.

After the sessions in Boston, the foreign delegates representing about fifty different countries, were taken on an extensive tour of the United States, ending in their visit to New York on October 17th and 18th.

In this city the foreign delegates were entertained by a Reception Committee representing fourteen of the leading commercial organizations and exchanges of New York. They were escorted on an automobile tour through Manhattan Island, and on a tour of the harbor on the steamer Hendrick Hudson. They were entertained at luncheon in the Chamber of Commerce; and appropriate exercises attending the conclusion of their American tour were held in the United Engineers' Societies Building. President FINLEY of the City College represented the Mayor and presided, and addresses were made by the Presidents of several of the participating organizations and by representatives of the foreign delegates. JAMES G. CANNON, Chairman of the Executive Committee made an address on behalf of the Chamber of Commerce.

With the exception of the great meeting in 1902 when the building of the Chamber was dedicated, the luncheon served in honor of the foreign delegates was the largest function ever given in the Chamber. Upwards of 850 persons partook of the lunch, including about fifty wives of delegates, but there was no crowding, as the whole building was thrown open and a seat provided for every person. President CLAFLIn welcomed the visitors in a brief address and Louis CANON-LEGRAND, President of the International Congress made a graceful response in both English and French.

n

MORGAN MEMORIAL MEETING.

In number and character of attendance the meeting of the Chamber held April 3d, to pay

tribute to the memory of the late J. PIERPONT Morgan, was one of the two or three most notable gatherings of the business men of the city and the nation in the long history of the Chamber. Every great commercial interest was represented. The addresses by Senator Root, ex-Ambassador CHOATE, ex-Mayor Low, MR. DEFOREST and President CLAFLIN, were of a high order of discriminating and illuminating eulogy, and the minute presented by MR. VANDERLIP, and adopted by a standing vote, was an admirable summing up of MR. Morgan's greatness. The proceedings were printed in a special memorial volume, which together with the engrossed minute, were sent to the family in a mahogany box.

Mr. MORGAN was elected a member of the Chamber in December 1862 on nomination of JONATHAN STURGES. In 1870 he served on the Committee on Banking and Currency. He was one of the tellers at the annual election of 1875. He was a member of the Banquet Committees of 1876, 1878, 1909 and 1910. He was also made a member of the committees appointed from time to time to give relief to sufferers by fire, flood, earthquake and famine. In 1892 he was

thanked by the Chamber for his philanthropic action in the movement to prevent the spread of cholera. He took a deep interest in the construction of the present building of the Chamber, and gave $50,000 to the building fund. He was four times elected VicePresident, in 1894, in 1900, in 1906 and again in 1909, serving in all, twelve years in that capacity. On important occasions he attended the meetings of the Chamber; and he was prompt in responding to legitimate requests made upon him in behalf of its work. The memorial meeting was a most impressive tribute to one whose eminent position in the business world, and whose magnificent services in the development of the country, made him one of the greatest men of the world.

During the past year the Chamber has lost by NECROLOGY. death an unusual number of its prominent mem

bers. In addition to the decease of John PIERPONT MORGAN, who was one of its Vice-Presidents, the Chamber lost its three oldest members : Paul N. SPOFFORD who was elected April 6, 1854; WILLIAM BUTLER DUNCAN, elected April 5, 1855 and John T. Terry elected May 3, 1855. Both Mr. Duncan and MR. TERRY served a term as Vice-President of the Chamber, and MR. SPOFFord for a number of years was active, especially as Chairman of the Standing Committee on the Harbor and Shipping. MR. SPOFford's father was also a member of the Chamber, having been elected October 1, 1833 and the membership of father and son covered a continuous period of seventy-nine years lacking only a few days.

Gustav H. SCHWAB, who died November 12th, was for many years one of the most active and influential members of the Chamber. For a long time he served as Chairman of the Committee on Foreign Commerce and the Revenue Laws and he made that committee a power in the country. MR. SCHWAB's activities were exceedingly wide and besides his zeal in the Chamber he was prominent in many important bodies and influential in public movements for the reform of the municipal government. WHITELAW Rem), who served one term as Vice-President of the Chamber, and who had been an honorary member for more than twenty years, died on December 15th, while

serving with great distinction as Ambassador to Great Britain. The Chamber was represented, by a coñmittee of prominent members at his funeral.

Another distinguished member, who had served the Chamber as Vice-President, and the country in many high positions, and who possessed a rare eloquence of speech, was General STEWART L. WOODFORD who died February 14th. The Chamber's Committee on the Harbor and Shipping lost two of its most useful and able members during the year, Emi L. Boas and ALFRED P. BOLLER.

The following is a complete list of members of the Chamber who died during the year from May, 1912 to May, 1913 :

4, 1912

Joined.

Died. 1895 HENRY C. WARD..................

May

2, 1912
1897 EMIL L. Boas..

May 3, 1912
1902 William H. Mc CORD ....... June
1906 HENRY P. CARRINGTON..... June 8, 1912
1855 WILLIAM BUTLER DUNCAN.. June 20, 1912
1902 Hugh J. CMSHOLM........ July "8, 1912
1871 WILLIAM A. Ross.,

July 9, 1912
1905 JAMES E. Chlds.......

July

16, 1912 1887 Louis F. DOMMERICH..

July 22, 1912 1906 WALTER GIBB.........

July

25, 1912 1889 Joun S. LYLE..........

July 27, 1912 1854 PAUL N. SPOFFORD.

September 6, 1912 1902 FERDINAND HERMANN...

September 23, 1912 1883 ABBOT A. Low..

September 25, 1912 1897 BARSTOW DRAKE-SMITH,.... October 8, 1912 1907 ANTHONY DEY............

October 11, 1912 1896 PERRY P. WILLIAMS..

October 19, 1912 1905 FRANCIS L. EAMES.....

November 10, 1912 1889 CLEMENT A. GRISCOM....

November 10, 1912 1888 Gustav H. SCHWAB...

November 12, 1912 1891 John T. WILLETS....

November 13, 1912 1893 FRANK H. SCOTT..

November 25, 1912 1902 PETER REID....

December 7, 1912 1902 ALFRED P. BOLLER....

December 9, 1912 1892 WHITELAW Rein........

December 15, 1912 1897 GEORGE W. KEMP.....

December 25, 1912 1890 John N. PEET...

December 31, 1912 1893 SAMUEL D, COYKENDALL..

January 14, 1913 1896 GEORGE W. CROSSMAN....

January 15, 1913 1903 S. WUTTLESEY JOHNSON... January 19, 1913 1885 HENRY J. LAMARCHE. ........... January 31, 1913 1905 ROBERT P. DOREMUS............. February 2, 1913

1912 CHARLES A. Hull ............... February
1896 STEWART L. WOODFORD........... February
1877 David H. HOUGHTALING......... February
1895 CARLL H. DESILVER......

March
1887 DANIEL F. COONEY............ March
1902 James C. RUSSELL............... March
1875 ELBERT A. BrinCKERIOFF. March
1897 CARL BRUCKER.................. March
1901 STEPHEN M. CLEMENT......... March
1862 John PIERPONT MORGAN......... March
1865 GEORGE W. QUINTARD........

April 1898 Gustav Falk.......

April 1897 Hugh D. AUCHINCLOSS...... April 1855 John T. TERRY.................. May

14, 1913 14, 1913 14, 1913 10, 1913 16, 1913 19, 1913 23, 1913 23, 1913 26, 1913 31, 1913

2, 1913 10, 1913 21, 1913 4, 1913

THE YEAR IN
BUSINESS.

The uplift in business confidence and activity, which started in the early months of 1912, contin

ued throughout that year and well into 1913. The great yield of the principal crops, which were marketed at renumerative prices, was the basis of this prosperity. It gave us an immense buying power which was used in replenishing depleted stocks and in improving industrial plants, and railroad facilities. The result was a big volume of transactions in iron and steel, the leading textiles, in the copper trade and in most of the other leading products of the country. High totals of bank clearings and railroad earnings were recorded, and all the statistics of the year gave testimony of the widespread activity. Labor was well employed at high wages. Our foreign commerce was of extraordinary proportions.

This achievement of business prosperity was all the more remarkable because it was a year of a Presidential election, with new political conditions and party alignments, and with issues which touched upon fundamental changes in the structure of government. The outcome of the election was a complete revolution in the party control of the government. Following this came important amendments to the Constitution, one providing for popular elections of Senators, and the other making it possible to enact an income tax.

With the entrance of the new party into power in March 1913, an extraordinary session of Congress was called, and this, when convened, proceeded to consider a new tariff making sharp cuts in duties, and providing for a tax on all incomes in excess of $4,000.

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