Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-03-12
COTTON EXCHANGE.
OrRnniEation Nesferday--C ousiitu-
ton AdOpted--rhe Exchange ma
tablfshed. a.l.l. 40

0rganiEation resferday--Cou stitu'
ton Adopfed-~rhe Exehnnge- ks'
tablfshed. l'.n + I 80
The Chamber Of Commerce was denser
ly packed BY the cotton men Of our city
yesterday afternoon, Oh the occasion Of
the adjourned meeting Of the Cotton
Exchange. President Galbreath took
the chair. Mr.. Curtis acted as secre-
tary. The report of the board of man
ayers was preseentedHY0 wTTp
REPORT or THE COMMITTEE.
Your board Of managers, to whom, at
your last meeting, the duty of framing
Ri constitution and fixing the annual
dues aud iuitiatiou fee was cOnfded,
have much pleasure in submitting an
unanimous report. But before submit
ting il. il was resolved thatit would be
wise 70 preface itby giving q general
outline Of the benefits it is'believed will
arise from the establishmentofa Cotton
EXCHANGE DIG p1llHlA 9uy 4al "
Il Memphis Is, as all are aware, the third
receiving point Of cotton In the United
States;, but as yet her position has not
been recognized, for il is the intention
and interest Of sister cities TO ignore.
this fact, and thereby draw to themselves
buyers from all the principal markets,
and by detracting from our facilities for
receiving, shipping and transporting
cotton make il appear as if it was nee
essary for us to use their ports; and, as
it now seems time for as to assert our
position, and claim IL, it is thought that
this can best be done through the medium
Of our Cotton Exchange. ~
Three objects can be secured at once.
WHAT THE EXCHANGE WILL SECURE FOR
.-.-, MEMPHIS.
/. That Memphis cotton be recognized
as such, and quotations be given. daily
for il, as is now given for apland, Mo-
bile, Orleans or Texas. With reference
to this there can be no doubt as to its
necessity, for every factor would prefer
to know the value OF our own peculiar
cotton to knowing the value of Orleans
or Texas. Now, all are left in the dark,
Memphis at present being necessarily
classed as uplands. ,, !
2. That our classification should be
adopted, and accurate quotations for
every grade be given daily, and furnished |
to the press of the city and to the Assoc
ciated Press. As to this, it requires no |
argument to convince all of its import
ance. l.al II beff7. ia4 iyna a.st
3. That information respecting other
markets and receipts at all the ports
should be received direct, without wait
ing for it secondhand from New York:
And this is necessary for factors and
buyers, in order that they may buy and
sell intelligently. Is ssssl aq5t vsnom |
lAnother great and important advan-
tage is that meeting place will be pro-
vided where buyer and seller may meet
On common ground and make known
heir wants; when the seller can tell
what grades he has to sell, and the price
he wants; and the buyer what grades he
wants, and the price he can pay, so that
he actual market will be concentrated
md business facilitated; transactions
will be known, and irregularities, to a
arge extent, done away with I'D
THOSE "FUTUREsN slA
Your Board have not taken the ques-
ion of futures into consideration, as
bis feature was never thought Of in con
lection with the Exchange, but only ex-
sted in the imagination Of some editor.
They have been careful in their consti-
ution, which they now submit, to avoid
be use of the word futures" in any
and would deptecate the
ringing up of this "specious gambling |
INTO the proposed Cotton Exchange.
We, therefore, submit the following as
he consultation, having had before us
he constitutions of the Exchanges Of. I
Jew York, Mobile and New Orleans
Respectfully, etc, ~
NAPOLEON HILL,
Chairman COMMITTEE,
The constitution was presented and
oted on section by section, 1t was
dopled without opposition. After con-
iderablo discussion on minor questions,
he meeting adjourned over TO next