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 SECOND 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. DIFFENDERFER. 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 September 20, 1922 Harold B. Ayres, Esq., Director of Old Spanish Trail Association San Antonio, Texas. Dear Mr Ayres Your esteemed letter of recent date relative to Pensacola* s quoto^.o the Old Spanish Trail Association was received^and tfce writer has given the matter very careful attention. It appears that our good roads fund is now nearly exhausted, and we are unable to secure an appropriation in this direction. We have expended quite a sum in the interest of promotirg good roads in this section and have some other projects now before us which will require the solicitation of funds from the citizens here. The writer has not secured very much en- couragfeieii'fc in making an effort to raise Pensacola’s quoto,_ and it appears advisable to hold the matter in abeyance for the present. With the writers best personal regards, I beg to remain