Show Florida Boom Collapsed S Says ys Babson But Wealth of State Fundamentally Sound Agricultural and Industrial Possibilities Present Great Future Tourist Traffic Still to Be Developed Special Dispatch BABSON PARK PARK Feb 11 11 Roger W Babson arrived at his winter Inter office In ate a few weeks ago Since his arrival he has been to make a careful survey of the Florida situation sit sit- situation sit situation His conclusions are as follows FACTS F ABOUT FLORIDA A study of conditions In Flor Flor- Florida Florida Florida ida today reveals these three facts 1 Conditions are very quIet The boom has entirely collapsed col- col collapsed col collapsed lapsed Most of the reg- reg registered reg registered real estate men have reo re- returned re returned turned to the north most of ot the th hotels are from 40 to 90 per cent full retail merchants are com conr- complaining paining because each Is doing so little business there se seems ms to be beDO beno beno no DO money In III borrowers borrow borrow- borrowers ers rs are not meeting their Indebtedness indebtedness Indebtedness edness and many are behind on their Interest payments and so It goes Almost anything bad could be said about business conditions In b Florida at the present time and such statements could be supported by evidence e Even the and optimist clubs have ha either disbanded or temporarily temporarily arlly suspended operations 2 Statistics show very fa- fa favorably fa ta favorably as to the total business going on In Florida today New building for tor the past six months compares very well ell with the pre pre- preceding preceding pre preceding ceding six Elx months postal receipts for most cities are arc In excess of ot a year ago automobile registrations are running higher than ever over the total volume of retail trade Is better belter on a per capita basis than thanIn thanin thanIn In almost any other state The official hotel Inspectors say that more winter tourists are In Flor Flor- Florida Florida ida this year than has been the ease aso ever er before 1 admit It Is hard to make any merchant or hotel man believe belle these figures but the figures show It It More More- Moreover Moreover Moreover over Peter 0 O I Knight the prominent prominent prominent nent attorney of Tampa has re- re recently re recently prepared a pap paper r whIch gIves far tar more startling figures as to the present status of manu manu- manufactures manufactures agricultures banking etc 3 8 Industries feel prosper prosper- prosperous prosperous prosperous ous or depressed not In accordance accord Accord- accordance ance once with the total volume but butIn butin butIn In accordance with tho the ratio of othe the total volume to the normal volume To Illustrate far more shoes are being made In New England today than were made ten years ago yet Et shoe men in III New England will today tell you that the shoe business now V Is dead while It was booming ten Years a ago o The reason Is that ten years year's s ea ago the demand for shoes exceeded the supply when wh factories were Wre enlarged and now new factories were built so that the manufacturIng capacity was as greatly Increased Hence today the supply of shoes exceeds the tho demand for lor shoes and the shoe Industry Is la depressed although About halt half a billion pairs of sho shoes s are being made In the In-the the United States each year t W WHAT CAUSES TROUBLES IES The above explains the situa- situa situation situa situation tion In Florida Florida- DurIn During the past three years ears the business capac capac- capacIty capacity capacity ity of ot Florida was quadrupled while the business Itself has ha only doubled For Instance five years ago there were less than II legitimate real estate men In Florida In 1926 this a had Iad jumped to 10 over Now It Is back to or three times what It was five fhe years ears ago and still e eon on on a per pcr capita basIs of basis ot what any other state can show Dur Dur- DurIng During During ing the past two VO years Florida's hotel capacity has been quadrupled quadrupled pled Hence It if these hotels were ee only halt half full lull today the hotels of Florida would still be bo having twice t the tho guests oY at yf three years yelus go The same Is true regarding retail trade With n four times AS many retailers naturally there Is Isnow isnow Isnow now less business for tor each even ven If the aggregate of ot retail retaa trade TadI Is doubled Today there is more mor money In circulation but there are ten times as many cash reg reg- reil- reil registers registers to stock Per cash regis regis- register register ter there Is much less money today In circulation but the to tl total tal tai money In all cash registers In Florida today Is doubtless to m excess or of o any previous pre time Of course It Is true that a great many people are not meet meet- meetIng meeting meeting ing their notes or paying their In- In Interest interest In Interest terest But Dut they never expect expect- expected expected ed to pay these notes nor the In- In Interest interest In Interest terest Moreover It If the sellers selleN of the property had taken any trou trou- trouble trou- trou trouble trouble ble to Investigate they would have known this to be true The borrowers expected to sell the property before the notes came due duel Moreover the sellers were glad lad to to to take the risk for tor the sake ke of the po possible profit Notes given for real money borrowed are however vever as a n rule being met metas metas metas as usual and Interest Is being paId SHOULD TF LESSON In connection with the tho Florida situation two facts are ore very evident evi- evi evident evi evident dent which should be bo a great les- les lesson lesson les lesson son to various arlous sections of the tho south and west which are enjoy enjoy- enjoying ing lag active real estate business at atthe atthe atthe the present time These are arc as follows To To permanently attract and hold people Industries are need need- needed needed needed ed The real reason why the Florida boom collapsed Is that there were not opportunities enough In Florida to enable peo- peo people peo people pie to earn a living There are aro aroa area arca a million lon people In the United States who would like to live to 11 Florida It they could earn a liv- liv livIng living liv living ing here as well as they now are 2 To keep money monty In ones one's own state Industries arc are needed The people of Florida were successful In jetting getting mone money from the north Into Florida but they were un- un unable un unable abi able to keep It In Florida The people of ot Florida were obliged to send this money back north again for food clothing and building supplies For the above two reasons the thinking people of Florida are now determined to develop elop a 2 great agricultural technical and engineering school at the University University sity l of o Florida at st Gainesville which will train Florida young men to create productive enter enter- enterprises enterprises In the state which enter enter- enterprises enterprises will 1 furnish employment to all who fo will come To those who are are thinking about coming let me say that actual values are much greater today tolay than ever be- be before before be before fore owing to the Improvements which h have e been constructed dur dur- durIng during during ing the past few v years Moreover It should be remembered thAt without the boom Florida would have havo been 20 years Instead of three years In making these won won- wonderful wonderful won wonderful Improvements Hence there are arc some real bargains in FlorIda today for tor the man with real money and a willingness l to render service One thing more namely the Interest In In- Florida Is merely a form of o Industry which for want of a better name Is Is known knon as the going away win win- winters winters win winters Industry WHY WIlY I BELIEVE E IN IX FLORIDA FLORiD There are ten reasons why I Iam Iam Iam am very optimistic regarding Florida for tor the long pull These Thes are as follows 1 I Florida la Is destined to be bea bea bea a very ery great citrus producing sec sec- section section sec section tion ot or the United States it if not noto of the entire world When a aplan aplan aplan plan for tor the successful preserving and shipping of orange juice I Is which discovered which will some day dav come this about about this citrus Industry industry will wl grow many fold The pre pre- pre serving of orange Juice will not only add tremendously to the de- de demand de demand mand for citrus fruit truit but It will Iron out the lad factor and make a perman permanent E year the Indus indus- industry Industry try of what Is now a seasonable and speculative business and thus gIve employment to large largo num hers bers ot of people 2 Florida's nearness to 70 0 per cent of ot the population of or the United States and its warm winters wIn wIn- wInters win winters combine to give It a great advantage Florida enjoys the highest altitude In the tha most southerly latitude le of any state of the United States Stats This gives Florl Florida an year the round cli- cli climate climate cli climate mate swept by the breezes both bothof bothof bothof of the tho Atlantic and of the Gulf and generally gener believed belle to be I a most healthy and Invigorating cli- cli climate cli climate mate 3 3 9 Florida Is among the states of or the country having the largest number of o good sized clear water lakes Most of ot these lakes are fed by springs and serve ser as great groat protectors against freezes and as playgrounds for tourists These lakes should s some me day make Florida an eVEn more Important tourist state slate 4 The new V Tampa Vero Tampa beach road which Is being built t eastward across the center of ot the state will prove of ot great value alue to Florida At the present time 90 per cent dt Of people who ho go to Florida go only to the east coast or west coast and only one out of 40 of these people visit the center cen- cen center cen center ter of the state This Is le duo due prImarily to the Inaccessibility by automo automobile lle of the famous Ridge section This new Tampa Vero Tampa road will enable people to go from the cast east coast and see the center ot or the state and return again the same day NATURAL S 5 The climate and other natural resources of ot North Flor Flor- FlorIda FlorIda Florida ida make the state te especially adapted to Industrial develop develop- developments developments developments ments Competing railroad facilities facilities facilities ties an unlimited supply of or elec elec- electric electric electric power the possession of phosphate kaolin and sharp sand land deposits make possible glass glas glassworks glassworks works cement plants brick and tile the works logical industrial do- do de developments The turpentine and rosin from the tho pine DIno trees and oil from the tung trees will 11 result In the establishment of 13 paint 11 t soap and and varnish factories The Tho climate of North Florida Is es- es especiallY especially es especially adapted to textile mills which combined with the other r aforesaid Industries should som some someday someday day give Florida a much need needed d payroll 6 With the use of overhead and underground Irrigation Flor Flor- FlorI Florida Florida I ida has great agricultural pos posse posse- up to the present u u V UH The Kissimmee country has pota- pota potato to to land which compares most fa- fa ta that around Hast Hastings ings and should produce a crop which should reach the northern markets at least two weeks bil- bil before be before fore the Hastings crop The Peace valley district offers won won- wonderful wonderful wonderful opportunities for lor truc truck gardening when developed scientifically scientifically scientifically and honestly with Ith the th idea of producing crops Instead of selling land while the untold wealth of the Everglades E s Is b be vond bu-vond vond the dream dream of man Flor Flor- Flor da da has the three basic requIsites for fol agriculture viz Iz sunshine water wAIr and phosphate L 7 Central Florida will som some someday someday lay day have havo direct water oter connection with the St 51 Johns river on the north the Atlantic ocean on the east and the Gulf of or Mexico on the west At present Florida Is busy bus rightfully constructing a splendid system ot of highways However when this highway work Is s completed Florida will direct Its attention to its ILi water water- waterways waterways ater ways was thus at the same time soly- soly solving ing Its drainage and water trans trans- transportation transportation problems Few people In Florida realize what hat tho the open open- openIng opening ing big up of ot these theM Inland waterways will mean to the growth devel devel- development development and prosperity or of o the stAte stale HAIRY DAIRY OPPORTUNITIES 8 Florida has great dairy possibilities and the demand for fOI these thelle dairy products already ex- ex ex exists Florida Is today raising on- on only on only ly worth of daIry 1 products and nd Is purchasing more than worth Al- Al Although Al AI Although I though Florida Florid possesses marvel marvel- marvelous marvel ous I ous country for tor dairy purposes purpose ct ct et milk and cream ream and cheese cheese's s II coming Into Inlo FloridA every day d torn rom Wisconsin Illinois Ohio an and I N New w York The first step In bringing this about namely the of the non-fence non law has taken place Dairymen arc now waiting only for tor the eradication eradication tion lion of or the tick and this condo condi condition lion tion Is fast coming about It If inland l states with other states stats on nil all four our sides of them can eliminate eliminate nate the he tick surely Florida with witt water on three sides older has an easy ea task If It her people wilt will only wake I up to the opportunity 9 Some do day oil may bd be b d dis- dis discovered dis discovered I- I ere co covered In Florida So far r as i 1 ican Ican can learn geologists pretty well agree that oil underlies the tho entire shoreline of the Gulf of Mexico At the south of the Gulf oil Is found lound In great quantities In Venezuela Ven Ven- Venezuela Venezuela at the west of the Gulf Guif Is found foun found along the shore ot of Mexico and on the north of ot th the Gulf oil Is found In great quan- quan quan quantities titles In Texas It seems on reasonable that oil would like like- likewIse likewise likewise wise be found lound on the east cast of the Gulf In the tho State of Florida When oil i Is discovered In Flor Flor- FlorIda Florida ida I believe belle It will be bo on the west slope of ot the ridge and I lot t me add that I do not own one loot foot or of o land on the west slop slope This oil will not only be a direct source of wealth In giving Flor Fior Florida ida the Income from the tho oil oft but It will be an additional reason why Industries will some day seek Polk county ARE ARFi An 1 10 My tenth reason for tor being be- be beIng be being ing optimistic on Florida is the thO most Important reason of ot all I have In mind the people of ot Flor Flor- FlorIda Florida ida ide whom wham I have learned to hon hon- honor hon hon- honor or respect and love In the last analysis men and women create values alues All of these other things which I have mentioned are help help- helpless helpless help helpless less and useless until developed by a 0 God fearing people The Tin people people of Florida are not a pleas ure loving group devoted maInly to speculation consuming and ani having a good time The Tle people of Florida have havo always alwa's been known for their Integrity Indus indus- industry Industry try thrift and desire to produce More important than even these qualities are the staunch religious principles upon which the leading families are grounded I only trust that these fundamentals of prosperity |