President Worth Williamson opened the first Charlotte Rotary meeting of the Year 2000 at 12:41 p.m. and asked Rick Jackson for an up-to-the-minute News Report. Doug Booth then introduced our guests and visiting Rotarians inclusive of two guests of Ronnie Pruett – Jurgen and Sebastian Feldmann from Peine, Germany. John Lassiter provided our Health & Happiness Report. John advised us of Charlotte Rotary member Ed Montague’s unexpected death on January 3^rd; his funeral will be on January 5^th at Trinity Presbyterian Church.
     On a more cheerful note, John delivered a creative list of "Personnel Definitions" which interpreted the true meaning behind several commonly used personnel phrases both on the side of the employer and on the side of the new employee. Most of us have experience in working with people who fit into the mold. Worth told us that Inner Wheel – the women’s auxiliary for Rotary – raised $486 for charity as a result of their visit to our meeting last month. He then segued nicely into a jibe directed toward the much-beloved Leland Park of Davidson College Library fame.
     A few weeks ago, George Robinette of Charlotte-Douglas International Airport reported that one "well-known library director" had somehow lost his car in the short-term parking lot at the airport, turning "short term parking " into "long term" as a result. Worth then asked "Mr. Dewey Decimal" to stand up and be recognized before asking Leland – amidst a room full of laughter – if he needed help getting out of the hotel building today. That brought the house down as we craned our necks to get a peek at the reddened but smiling face of Leland. Isn’t it fun to pick on someone we love?!!!
     Glenn Clinefelter introduced our newest Rotary member --- well-known, financial advisor, radio personality, and all-around good guy Danny Fontana. Starting his working career as a manufacturer’s shoe rep., Danny joined a brokerage firm and worked his way up from novice to partner and manager. He is currently Senior Vice President of IGL Wachovia. He is a noted speaker and writer, and has just produced a series of financial tapes. Welcome to Charlotte Rotary, Danny!
     President Worth led us in the Pledge of Allegiance and Dr. Julian Aldridge offered our Invocation, remembering Ed Montague with a moment of silence. Worth reminded us of the Gala on January 22^nd at Myers Park Country Club and of the Mid-Year Club Assembly at Freedman’s at 6:30 p.m. on January 18^th. The Assembly will take the place of the regular luncheon meeting on Tuesday, January 18^th. There will be no luncheon meeting at Four Points Hotel on that date.
     President Worth introduced the head table: Rob Wright (First Union), Mary Mack (First Union), Curt Farmer (First Union), Harold Hoak, Julian Aldridge, Martin Waters (Waters, Inc.) and our speaker John Allison of BB&T. Martin Waters gave our speaker a very fine and well-researched introduction.
     John Allison is Chairman and Chief Executive Officer of BB&T Corporation, a $41 billion bank holding company. John is a native Charlottean and a Phi Beta Kappa graduate of the UNC/Chapel Hill. He received his doctorate in Business Administration in 1971 and a master’s degree in Management from Duke University in 1974. He also holds an honorary doctorate from ECU. John is a member of the Financial Services Round Table and is a member of the Board of Trustees at ASU. He’s on the Bd. of Visitors at the Fuqua School of Business at Duke. John Allison joined BB&T in 1971 and rose rapidly through the ranks becoming President in 1987 and then Chairman and CEO in 1989. Since that time, BB&T has become the 20^th largest Bank Holding Company in the U.S. and the largest property and casualty insurance agency in North Carolina. Business Week recently ranked BB&T as the nation’s best performing full-service bank. John Allison spoke to us for 20 mins. brilliantly and without notes. The man knows his stuff and he presented it to the packed Rotary ballroom in terms that both novices and the more financially erudite could comprehend and enjoy. John introduced his topic – Economics … The Big Picture Long-Term – with an optimistic prediction for the economy for Year 2000. John feels it won’t be quite as good as 1999 but will certainly show continued growth with a possible ½ - 1% rise in the interest rate. Why such great economic growth during what has been the longest span in history? The answer: The consumer. When the consumer is buying, there is need for more production and production drives the economy. Everyone wants more when things are going well. John listed six structural reasons for the economic growth as we’re enjoying it: 1) The Federal Reserve - Inflation happens when money grows faster than goods and services. Price stability is important because it is during unstable times that bad decisions are made. 2) Reduced Spending on Military. Military expenditures – while necessary – are non-productive. Prime example: What do we do with tanks? 3) Technological Revolution. The Industrial Revolution brought about the mechanism of human labor; the technological revolution is bringing about the mechanism of human thinking which improves productivity. 4) Free Trade. Free trade can only be good for our economic system, i.e.: production and sale of furniture from NC impacts the production and sale of wine from CA which impacts the growing and sales of oranges from FL, and so forth. The same theory applies to trade overseas. John went on to talk about service industries and how they have come to be so valuable. There is a decline of manufacturing and agriculture and a jump in the value of service industries over the past several years. 5) Business Management has improved dramatically. Not too long ago high performers received an automatic 6% salary increment and poor performers were given a 4% raise, NOW there is an implementation of justice whereby workers are rewarded with anywhere from a 3% - 25% salary increment based on actual productivity and contribution to the company’s success. This births an increase of productivity as employees realize that they can reap what they sow. That theory plus the increase in mergers and acquisitions produce an improvement in efficiency. 6) Change in demographics. The baby boomers are alive and well and working in today’s corporate world. They are now 45-ish and old enough to know what to do, yet young enough to be able to actually do it. There is also a huge amount of immigration – both legal and illegal --- people who are willing to work and are used to hard work. I.e.: construction workers. Indeed, beyond the six structural reasons for the good economy we’re currently enjoying, there is another more philosophical reason: the significant increase of economic freedom due – in large part – to dramatic deregulation. John shared with us the one big secret behind it all --- There is only one natural resource and that is the human mind. It is the human mind that is our means of survival, success and happiness. It is our ability to think that is behind it all. Our progress is based on knowledge and freedom. Creativity and innovation are bred only in free men. John closed his remarks by telling us the ultimate irony is capitalism which is looked down upon and yet is based on justice --- whoever produces the most lives the best.

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In Memoriam

EDGAR  BURWELL  MONTAGUE, JR.

March 4, 1929                   January 3, 2000

     "We're still in shock here.  You could set your watch by Ed.  He was here every Thursday."   That was Bert Greene, executive director of the local Habitat for Humanity, responding to a question about Ed Montague's work with his agency.  "He lead our siding crew and the program at his church.  You could just count on him and his wife Sue too.  Ed was truly a dedicated volunteer.  We miss him deeply already."

     Rotarian Edward B. Montague, Jr., died unexpectedly January 3.  He was 70 and had been a member of Charlotte Rotary since August 21, 1973.

     Ed was born in Asheville but was reared in Coral Gables, FL.  He graduated from Georgia Tech with a degree in industrial engineering and became a professional engineer.  He served in the U.S. Navy for three years immediately after graduation.  It was during the Korean War and Ed spent his first two years aboard a heavy cruiser; he spent the third year on the staff of a Naval task force that was part of the U.S. tests of the first hydrogen bomb.  He served in the Naval Reserve and retired a Lieutenant Commander.

     Ed went to work with Westinghouse Electric Corporation in 1953.  His first permanent assignment was in Birmingham where he met and married his wife Sue Calhoun in on August 18, 1956.  That year, he was also transferred to Charlotte.  In 1959, he joined Brown and Morrison selling power and process equipment.  He retired a partner of the company in 1996.   He was a former president of the local Engineer's Club and the Georgia Tech Club of Charlotte.

     A long-standing member and elder of Trinity Presbyterian Church, he served as chairman of the church's Habitat team.   He also enjoyed tutoring with the Central Piedmont Community College ABLE program.   Ed was an avid tennis player.

     Wife Sue and Ed were avid travelers.  They were members of the Friendship Force and had traveled on exchanges to the Soviet Union and England.  In 1998 they traveled to Kenya as part of a Presbyterian church mission team.

     In addition to his wife, Ed is survived by a son and daughter-in-law, two grandchildren and a brother.

     Memorials may be made to Trinity Presbyterian Church, 3115 Providence Road, Charlotte, NC 28211 or to Habitat for Humanity of Charlotte, PO Box 34397, Charlotte, NC 28234.

     In Ed's memory, the Club will make a contribution to our Student Scholarship Fund.

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