ACKNOWLEDG- In the preparation of this Annual Report much assistance has been given by Federal, State, and Municipal Officials, as well as by experts in various trades and industries. For their prompt and painstaking assistance, special acknowledgment should be made to the following: Among the Federal Officials: Honorable ANDREW W. MELLON, Secretary of the Treasury; Honorable JOSEPH W. McINTOSH, Comptroller of the Currency; Honorable SAMUEL L. ROGERS, Director, Bureau of the Census; JULIUS KLEIN, Chief of Bureau of Foreign and Domestic Commerce; JOHN HORN, of the Division of Statistics; Honorable HARRY E. HULL, Commissioner General of Immigration; Honorable HERBERT C. HOOVER, Secretary of Commerce; Honorable DAVID H. BLAIR, Commissioner of Internal Revenue; Honorable ISAAC H. SMITH, Superintendent, United States Assay Office, New York; Honorable JOHN J. KIELY, Post Master, New York City; H. C. STUART, Special Deputy Collector, United States Customs Service at New York. Among State Officials: Honorable Mrs. FLORENCE E. S. KNAPP, Secretary of State; Honorable FRANK H. WARDEN, Superintendent, State Banking Department; Honorable Col. FREDERICK STUART GREENE, State Superintendent of Public Works; Honorable VINCENT B. MURPHY, Comptroller of the State; MURRAY D. FIRSTMAN, Secretary, State Board of Port Wardens; JAMES B. WALKER, Secretary, Transit Commission. Among Municipal Officials: Honorable CHARLES W. BERRY, Comptroller; Honorable NICHOLAS J. HAYES, Commissioner Department of Water Supply, Gas and Electricity; WILLIAM H. GUILFOY, M.D., Registrar of Records, Department of Health; Honorable THOMAS J. DRENNAN, Commissioner, Fire Department; Honorable GEORGE V. MCLAUGHLIN, Commissioner, and F. P. NICKLAS, Secretary, Police Department; WILLIS HOLLY, Secretary, City of New York Park Board; Honorable ALBERT GOLDMAN, Commissioner, Department of Plant and Structures; EUGENE A. NIFENECKER, Director of Reference, Research and Statistics, Board of Education; BENJAMIN F. EINBIGLER, Secretary, Board of Water Supply; Honorable M. COSGROVE, Commissioner, Department of Docks. Mr. H. O. APPLEBY, Secretary, Board of Commissioners of Pilots. Contributions of data needed were also made by the following: CORNELIUS ELDERT, President of the Atlantic Mutual Insurance Company; the WILLIAM B. DANA COMPANY (for review of the cotton crop); Messrs. J. & W. SELIGMAN & Co., H. F. FOLGER, JR.; F. W. SAWARD; A. C. STOCKING; CARL A. Werner; the URNER-BARRY COMPANY; W. W. MACON, of the Iron Age; CLARENCE E. BACON, Manager, New York Clearing House; J. S. WILEY, General Auditor, New York Telephone Co.; Messrs. R. G. DUN & COMPANY, and BRADSTREET'S; The Commercial and Financial Chronicle; The Journal of Commerce and Commercial Bulletin; The Statistical Trade Service; The New York Evening Post; The Oil, Paint and Drug Reporter; The New York Times; Federal Reserve Board; Daily Bond Buyer; American Contractor; Labor Review; New York State Industrial Commission; New York Herald-Tribune; American Metal Market; National Industrial Conference Board; Drug and Chemical Markets; Building Trades Employees Association; American Iron and Steel Institute; National Automobile Chamber of Commerce Federal Trade Commission; Anthracite Bureau of Information; American Railway Association; The New York Trust Company, and The National Bank of Commerce. The Secretary desires to record his appreciation of the efficient assistance afforded by the staff. OF THE CHAMBER OF COMMERCE FROM MAY, 1925, TO MAY, 1926 157th Annual Meeting, Thursday, May 7, 1925 The 157th Annual Meeting of the Chamber of Commerce was held in the Hall of the Chamber on Thursday, May 7, 1925, at 12 o'clock noon. CHARLES T. GWYNNE, Executive Vice-President JERE D. TAMBLYN, Secretary and two hundred and sixty-four other members of the Chamber. Mr. OUTERBRIDGE, Senior Vice-President, presided. VICE-PRESIDENT OUTERBRIDGE.-The Chamber will please come to order. In accordance with our time honored custom, at the Annual Meeting at which the President and others are to be elected or re-elected, it has been the practice for one of the Vice-Presidents to open the proceedings. I was honored by the invitation to do that today, and that explains my presence here. Will the Secretary please read abstracts of the minutes of the regular and special meetings held in April? Minutes The minutes of the regular meeting of April 2nd and of the special meeting of April 28th were read and approved. NOMINATIONS FOR MEMBERSHIP WILLIAM L. DE BOST, Chairman of the Executive Committee, reported the following named candidates for membership and recommended their election: Mr. DE BOST.-I move, Mr. Chairman, that the regular order of business be suspended in order to receive the report of the Nominating Committee. The motion was unanimously adopted. REPORT OF THE NOMINATING COMMITTEE ALFRED E. MARLING.-Mr. Chairman, I understand the Chairman of the Nominating Committee is absent, but that does not mean that the Committee has failed in its duty. I understand that the Committee met and united in presenting this report. All of the members were present at the meeting which was held, except Mr. FOWLER, who was abroad. I do not think I need say very much on behalf of Mr. BURCHARD, the Chairman of the Nominating Committee, except this: I think he has done what probably any of us would have done if we had been in his place. He, with the consent of his associates, renominated our good friend Mr. ECKER, as President, for a second term. course, we know there is nothing binding on the Nominating Committee to do that, but it has been the custom for several years where we have a competent President, to continue him in office for two years, and I believe that the action of the Nominating Committee in that respect will find a response in your hearts. (Applause) The new Vice-Presidents are Messrs. BLISS, MILLIKEN and MCCARROLL. The Treasurer is Mr. PORTER, who has occupied |