The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-05-07

President.
ton chamber of was held
yesterday afternoon at $3.50 O'Clock at
their rooms on Princess street, and the
following members were in attendance:
Nessrs. S. 2. McNair, o. H. Wrignt
}. II. Crow. H. G.. Sm%allbones. b. +,
Keith, r. II. Herring. Graham Kcnan,
f. E. Hashagen, George r. French, L.
b; Rogers, Sam Bear, George w. Chest
nut. J. w. Funchess, VI. S. Willard,
j. ii. C~hadbOurn. Z. C. Holt, w. E.
Worth, NJ. W. jacob, VIM. GiIchrist.
John r. T~urrentine. J. |. Nets. + s
McEacnern, w. II. Sprunt, John Brown
John Wilder, Walker Taylor and Mr.
Diamond, oft be Geo. F. Diamond Co
OF Maysville, Michigan.
In meeting vase allied to order bv
President ]. Allen Taylor who asKer
MI. sam Bear to take the chair. Mr..
Bear called for the presentation of the
reports OF the president and secretary
ah0 both OF these were read by Secre-
LarE Kyle. Both papers, which are
gwen below, were of an unusually in
tereStlng and valuable character, re-
ffecting as they did the marvellous
growth of Wilmington and its present
prosperity.
by a unanimous vote of the melc-
DerS 1t was decided to have both re-
ports published in pamphlet form.
Alter the reports of the officers had
been heard Mr.. Bear announced the re-
suit OF the vote for the new officers
OF the chamber, b%alloting having been
III progress between the hours of II
n } o'clock and the inspectors being
MesSrs. J. r. Turrentine, John S. Nc
Dachern and o. H. Wright, as fol-
lows:
PreSident-J. Allen Taylor.
Vice Presidents. P. McNair.
executive Committee-M. S Willard.
K A. Parsley, J. S. McEachera. w. z.
Worth and I. NJ. Bear.
Inspectors of Election-H. w. Tur-
r~ehtine, J. c.. Springer and E. A.
Metts.
President Taylor was then escorted
to the chair and he took his seat amid |
applause. He thanked the chamber for |
its continued confidence and plead for
Lne interest and cooperation of the
members in the business that is under |
taken.
The report of President Taylor vas |
IN part as follows:
REPORT OF THE PRESIDENT
10 the Chamber:
II doubt existed in the mind OF any |
one as to the economic s%oundness of
Wilmington and surrounding country |
1t has been dispeiled by the fact that
Notwithstanding the shortage in the
cotton crop in this section. and the
stringency in the money market. from
this and other causes there has been no
commercial failure of importance to
our debit Indeed, with the exception
ct The collapse Of a small retail es:ab-
iIshment, Wilmington has been without
a commercial mishap for the past year,
and this condition of %soundness is in
face Of the rapid and radical decline in
the stock markets, which, while denot-
lnS a most serious shrinkage on paper.
IN no wise affected the stability
OF an industry in Wilmington; and,
despite h cutting off of our great
money crop. business for the period
mas made normal growth, reaching IN
volume some fifty millions. The situa-
Coh atteSts at once the unmeasured
OF the country and the bus
mess ability that controls and shapes
our economic development.
TRANSPORTATION CONDITIONS
The congested condition of fra fife
which l called special attention 70 in
my last annual report, n which I nre-
dicted would continue for an extended
period, is as Yet only partially relieved:
nor is h prospect good for t~ransporta-
ton facilities 10 make II appreciable
&uTanCc III closing the hiatus Between
facility and demand. The productive
power Of the country continues to de-
vedO0 without abatement and we are
confronted with a condition in which
the demand for capital has far out run
the supply. 1t has been estimated that
if all the principal railroad systems of
the country We're dOubletracked over
night, such magical increase in facili-
ties would still be inadequate to move
transportation with normal dispatch.
Such an era of development and plos-
perity is without a parallel in recorded
history, because in more or less degree
every civilized country is in the throes
of prosperity-presenting the phenome-
DCE of strlngency ore to production
and demand, notwithstanding the enor-
NOUS increase in the worlds gold sup
ply.