PENSACOLA THE NATURAL DEEP WATER HARBOR OF THE GULF PAUL P. STEWART PRESIDENT J. B. MORROW ASSISTANT TO THE PRESIDENT AND INDUSTRIAL COMMISSIONER M. G. HOFFMAN FIRST VICE-PRESIDENT MAX L. BEAR 8ECOND VICE-PRESIDENT F. W. MARSH THIRD VICE-PRESIDENT GEO. J. EMMANUEL FOURTH VICE-PRESIDENT J. H. McCORMACK FIFTH VICE-PRESIDENT E. R. MALONE TREASURER J. V. PRICE SECRETARY P. W. REED TRAFFIC MANAGER DIRECTORS AVANT, J. A. BEAR. MAX L. BINGHAM. F. F. CARY. R. M. D1FFENDERFER, W. C. EMMANUEL, GEO. J. GANT. T. L. HOFFMAN. M. G. HUTCHINSON. CLARENCE H. MCCORMACK. J. H. MacDONNELL, lee MALONE. E. R. MARSH. F. W. WHITE, EDW. T. —— Industrial Commission PAUL P. STEWART CHAIRMAN Naval Stores Division R. F. MITCHELL CHAIRMAN Foreign Trade Bureau J. B. MORROW SECRETARY Traffic and Foreign Trade Club ROSCOE WALLACE PRESIDENT PENSACOLA FLORIDA’S GREATEST “THE YEAR ROUND** TOURIST RESORT CHAMBER OF COMMERCE PENSACOLA. FLORIDA General Offices—Brent Building May 10, 1922 Harold B. Ayres, Esq., Director, Old Spanish Trail Ass'n. Mobile, Ala. Dear Mr Ayres I am enclosing you a check for i>100.00, as instructed by the Board of Directors of this Association, Trusting this will prove satisfactory and regretting that the writer did not have the pleasure of seeing you during your recent visit to this city, .1 beg to remain jvp/Vb, Yours C*_