Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-03-05
COTTON EXCHANGE.
Organization Yesterday Election
of Observation-Disclosures and BY

VI ah0 ~
The cotton men turned out in forct
yesterday afternoon at the Chamber o
Commerce, in order to establish Cotton
Exchange. Mr.. George Winchester wal
elected temporary chairman, and Mr.. G
T. Curtis secretary. The objects Of the
meeting were stated by Chairman Win
chester, Mr.. A. A. Patton and Mr.. E. b
Crisman. The following committee or
permanent Organization was announced
Messrs. A. A. Patton, C. F. Smith, r. A
Pinson, j. T. Stratton and B. Bayliss
The committee made the following re
port, which was unanimously adopted
For President, W. D. Galbreath Vice
President, B. Bayliss; Secretary, R. A
Thompson; Board of Managers, N. Hill
Chairman-A. A. Patton, C. 7. Curtis
J. W. Jefferson, J.J, Busby j. 7. Petit
T. H. Allen, H. NJ. Nicely, W. J. Taylor.
THE CONSTITUTION.
The following articles were then read
by Mr. Patton as part Of the report Of
the committee:
Article |. The title of this association
shall be the Memphis Cotton Exchange.
Art. 2. The officers of this association
shall consist of President, Vice Presi-
dent, Treasurer, Secretary, and nine Di-
rectors, to be elected annually on the
first Monday in March.
Art. 3. All persons who as principals
are permanently engaged and Of good
standing in the cotton trade of Memphis,
and also any person who has the exclu-
sive control and management of the
cotton business of any house in good
standing in the cotton trade of Memphis,
may be elected members of this asso-
citation.
Art. 4. The purposes of this Associa-
ton shall be to provide and maintain
suitable rooms for Cotton Exchange"
in the city of Memphis; to adjust con-
troyersies between members; to establish
Just and equitable principles; uniform
usage rates, and regulations and stand
ards for classification, and all transac-
tons connected with the cotton trade;
to acquire, preserve and disseminate in
formation connected herewith; to de-
crease the risks incident thereto; and
generally to promote the interests of the
trade, and increase the facilities and the
amount of the cotton business in the
city of Memphis
Article 5. Future members shall be
balloted for after being recommended by
the majority of the Board of Managers.
Article 6. The Board of Appeals shall
be appointed by the Board of Managers,
and shall consist of FIVE members of the
Exchange, three of whom shall consti-
tute quorum for the purpose of hear
ing and deciding such controversies as
may be submitted to them on appeal
from decision of arbitration.
All expenses attending such appeal
shall be borne by the party whose claim
differs most from the final award,
Article Z. The initiation fee shall be
fifty dollars,
Article Z was objected to, and a com
mittee was appointed to fix the amount
of fee. At this point an excited discus
sion sprang up between the cotton
buyers and sellers on the constitution,
the objects of the organization, and the
probable effect it would have on the
market and On the cotton men.
President Galbreath stated that owing
to the disorganized state of the Ex-
change he was not certain whether or
not it was a compliment to be its chief
officer. He thanked them for the honor
conferred upon him and hoped order
could be produced from, chaos. [Ap-
plause.l
Another lengthy discussion sprang up,
which was at last settled by referring
the matter of preparing a constitution
to the Board of Managers.
The Exchange then adjourned over to
three o'clock next Monday.