St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-10
CHAMBER OF COMMERCE..
The annual Meeting Held Yesterday.---
The Presidents ADDRESS and the Secre-
tdry'S Report.
HE PRESIDENTS ADDRESS.

The annual Meeting Held Yesterday---
The Presidents ADDRESS and the Secre-
tary's Report.
THE PRESIDENTS ADDRESS.
The animal meeting of the chamber of COM
merce was held yesterday with large attend
ance. Vice-President Marshall occupied the
chair and he read the following annual address
of the President, Geo. A. Pillsbury, who was
absent:
DIRECTORS Room, CHAMBER OF COMMERCE,
MNNEAPoLIs. MINI, Oct. 8. 1884. (
To the Directors and Members ofue Chamber Of
Commerce Of the City Of Minneapolis:
GENTs:-I congratulate yon on the successful
termination of the third year of charter life of
your organization.
AT the commencement of the year our horizon
clouded many difficulties were encountered
in prosecuting the work on our building, nego-
tiations for the sale of the corporation bonds had
been unsuccessful and about this time new
obstacle appeared, in the shape of defect in
the title to the property on which our building
was being erected. There was barely $1,000 in
the treasury of all funds. The corporation owed
$4,000 borrowed money, and estimate fell
due to the contractors of S29, 900. The directors
applied to all the banks in the city for Temporal
ry loans, without success. For time it was
feared work on the building would have to be
suspended.
Active means were taken for clearing the title
of the property, and temporary looms were
cured from members of the chamber, and extern
sions obtained from contractors that the work
was prosecuted with vigor. Early in November
contract was closed for placing 500, GOO in cor
poration bonds running ten years at five per
cent. interest. In placing these they were made
equal to six per cent bonds, netting S92, $50
The work of clearing the title to the property
was completed early in February, but to do so
some of the directors were obliged to give their
personal bond in large amounts.
On the 18th of February the bonds were ex-
ecuted, and delivered to the purchaser, and the
finance of the corporation placed on firm basis.
During all the time negotiations pending
the directors enabled to keep the credit of
the corporation uniInpaired, as is clearly shown
by the fact that between October and January
they had been enabled to borrow $50, 900 simply
on the pledge of the corporation. All obligations
have beeu met promptly at maturity. These
were the daIk days Of the chamber. We will
now turn to more prosperous days and briefly
review the situation at the close of the year.
The total cash receipts for the
year were. S166, 1926
Total disbursements. .-..... 16O,0O3.79
Balance in treasury. S5,103.47
The chamber has now a complete building,
second TO none in any city of equal size in the
country.
Its cost complete is about S180,O0O, which
with ground and fixtures is valued at S24O,0OO.
The total Indebtedness not provided for S100,0 600,
leaving net value $780, 900. The income over ex-
pehses will be ample to pay interest and prin-
cipal when due, with no further assessments for
building purposes.
Every Office in the building is rented and no
better class of tenants could be desired.
1t is not necessary to remark on the character
and completeness of the building, it speaks for
| itself.
refer with pleasure and unsuitable pride to
| the growing interest in the chamber and the
rapid increase in its trade. The attendance on
| Change has more than doubled during the year
and the volume of business at a still greater
| ratio.
The chamber has cause to be proud of the ster-
ling character and business integrity of the mem
bers doing business on the floor. No cases of
lack of integrity have come before the board of
directors during the year, and no commercial
| failures have been reported
Harmony and good feeling has ruled with very
| little friction between members and officers. No
deaths of any member have been reported. l
again congratulate the chamber on its prosper
Gus present and brighter prospects for future
prosperity and usefulness.
For detailed report of the financial transac
tions the secretary's report. Respectfully
submitted. GEO. A PILLsBURY, President.
The address was ordered kept on file and copied
into the record of the chamber.
The election of the officers at the last meeting
was reported by the tellers, and the report was
adopted.
| sECRETABY's REPORT.