, 1877-01-17
$lW, 600. 10
q, O1d.o0
S107, HI. III

S1u7, NIL. III
fixed ut go for each member. 1t u believed TINT
th!s with other charges for admtss3op u the E1-
pIe.cnt rncn,6efshp smGfases 1,si2 names. So
sss 81 se ays Zen ee St loo Y ,sn u.
iefa Of memberships have been msdo from mesu-
ten g. of 1xtfng e new r.
@ Be:n eaea from am"ne @ ~ 10 tSsIr i d.. aecouas
bee -. s xo sa 'ay
tn esttem ~ sterling merchants mn! noble men.
J'he daily attendance Ut tho bustnerr fesatoos Of
Wiling nufe rootn tor the meetings VI tho Asaoea.
itirses"rs, but, hav,ns T ia mind sbs fast that wa
now have in daily attcndancs az unusually lnfVe
%ho. With resiysi II grneSai business. viii Ind
other channels Of employment, WI have deemed it
bot 10 awatt tho dsyslu! Of thu ncnr future
thereto. IT. thls connection yonr Directors Wan!4
suggest tle inquiry whs.her = ts not psaet,eab!s
the, Ezchangc clerks. Many abuses.
eierk. iii asS 'n hesn d.easere hit t,s wth
rnics and practices 1t ts lmrFacleablo to apply an
i.arrs expenditure. have hsen incurred dur.
liz eaa.n,ste,.l SuliIn: viii ! view to il:
fsse;'$ .s tss 70 ao'ei"s aSt's ssst
believed ,lat thu Increased rentals viii fully Ju~t
" the ouliny, uad EVENTUALLY tcIinhusso tho
aes!y q. 600 ha. tcon srent fur thu parpo.a Of
securing proper scntllut'un for the EAclanEe lail.
4 snnlt portion uf lhla sum was Gxpendrll 10 e1.
suits. Tho system tinaliy adoptci. mud now in
We believe vii giyo permanent sa..sfarton. Il Il
prorst to rtae IT.. thst TIT .s chan'ae5 q csnne,ec s:
Islnh'1.s thc board t9 tbs extent Of "ne'''u'f Of
al ths beginning Of III. year four suit. against
ths o. @ sesa Mne r. hsd ,s sea sn1srtsa =
wh,sa y I'm ae.,on @ h.d btrn takstl Two 1t .ho.c hase
members antIrr IL uwlt Fules. In thu principal
shat thu courts hnsr no lurirdetIon to review tho
net. Of the cospora:l"n In .lsh n'atts1.. In thu
other two east. NJ decision l4r bern tilva
the tirct!t Court nf thts county touching tho right
T. dcmand rellr. from 'u'ptusluu ty ns,nusr q
iaidl soan,sscai contracts. but WHO hui subae.
S"cnt'y sppl'sa for r and outa!nst ; di.ehasFo ~
va. mol sac, .a.isfsetosy susts.ent slui sett!r.
msnt VI thu obligations Of thr bankrupt ~ l. CUT,
tsmplatsd BY Y: rules Of tho board. and denied
Considerable antoyaneu haa been experienced BY
petty suits against n:enfcr', ~ whlcl! y was
u III neSsssSp 10 ass % esr es I'll. quss,oa
llas been dccltrd within f." days ,by Ny circuit
Soars Of ts sn' '1 c'1g1 tH. ons fha' :HS 6
TnittI Stairs District Court had prcY,uu.ly !pl.i
that thesb Iuenborshlpx were not property llt4e 10
la scheduled by = bankrupt, ltis hoped that
hereafter tho Board will he relieved ftom Tho nc-
ecssIty Ut attention to sutts OF this character.
Although lt,c past year has been uno or uhosnsi
eo1umQscin! depression In our Own eUuEtEy, and,
In fact, throughout the glcatcr pntt u the civilized
world, ret congratulate JHt uroh tic lact mat,
~ rule. The n,snbess II this Association ha4 q
enjoyed reasonable degree u PROSPERITY. 3nu
ti,si: :: = saly, " " 4, ha'S been remarkably free
IT, % Saslne.x Of iho eount,y has been Interrupted
and Tia nnanegs disturbed by thy occurrences u
general el1ctnn. atl tt,uee evils hats " ssH'
ous!y aggravated by ths uncertainty hanging ove'
tho result Vi that tlectIoA. Ne et!et* thst ut
~sdom Of ctr rulers aud tha patriotism of ouI
people sru sausl to tbs emergency, ant that !a'
44issced IN. THIS done, ws may reasonably e1pec
the commencement VI that leSlysl IN tus'ue*s u
aong looked Tor and 10 aEtrntty desltea.
Notwithstanding partial fail4Ee ~ somt OF "a
cyopa in certain lUcalites The Sorth~ VI As NC II
M9ss prosperous during tue pus! year tHan W.!
and q manifest disposition To- hus6sna htf -
sources. put lself in position to bs sI!g 70 scl1
upon the DIST opportunity to iAsusutsto tao era 2
returning prosperity that IL esidsAI'5 lmmedlate
In lho matter Of cheap transportation betwsa
sn4 demand seems " hase supsrssdedths neeess1t
OF uatonAl os 6tAts legislation: and It u N ops
question II the rates for freight eastward aiot
this point during thu past IsAr have not been lowe
Than IL for the best interests VI tho country,
Ths nsee..ity fos sons ehsnRe in ths tnspsstlo
sxndon of our membafs. The protection o. og
own !ntesests, ~ we'll ~ tho4s Of tho valt gr&!
distztete tributary 70 Chicago. de1aena that S1go
0s4 measures bs edoptaa looking 70 ths sestotsAo ~