The Foundation Company, which was
operating a number of shipyards in various parts of the country, sent
an engineer here to see if it would be feasible for the concern to
build a shipyard here.

Even before the piledrivers and dredges were on the job, the millions
were being counted for investment in the city whose remarkable
enterprise had won the admiration of the country.

THE DIRT BEGINS TO FLY.

Until the money for the bond issue should be available, the Hibernia
Bank authorized the Dock Board to draw against it on open account. It
only remained, then, to secure the authorization of the Capital Issues
Committee of the Federal Reserve Board, which controlled all bond
issues during the World War, to start the work. The grounds on which
the authorization was requested summarize conditions that make possible
a great industrial development in New Orleans, and will stand quoting.
They are:

"(a) Semi-tropical conditions, which make it feasible to work every day
and night in the year;

"(b) Admirable housing conditions which render it feasible for labor to
live under most sanitary conditions in houses closely proximate to both
the plants and the city, with sewerage and water connections, and with
street car transportation facilities to and from the plants and to and
from the amusement centers of the city;

"(c) Ample labor supply and satisfactory labor conditions;

"(d) Proximity to timber, steel and coal sources of supply with all
water as well as rail transportation facilities thereon;

"(e) State control of the canal facilities and operation of the same,
not for profit, but for the economical and expeditious development of
shipbuilding."

Two shipyards were established on the canal. They poured millions of
dollars into New Orleans. The tremendous tonnage built in the United
States during the war, and the slump in foreign trade that followed the
armistice, due to financial conditions abroad, have caused many
shipyards throughout the United States to close down, among them one of
these at New Orleans. The other one is now finishing its war contracts,
and will be more or less inactive until the demands of the American
Merchant Marine and business in general open up again. If they are not
used for shipbuilding, they can be used for ship repairing or building
barges. And it is obvious that the same conditions that made ship
building an economic possibility, will encourage other industrial
production, es