Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-12
MEETING OF COTTON nEE YESTERDAY.
What was Said ana Dor in Regard TO
the EstabIfahmsnt Of q Gotten
Exchange.

the EstAblishmsnt Of q Gotten
Exchange.
A number Of gentlemen OF mercsntile
procliVities met In the room of the Mem
phis chamber of M yesterday, at
half-past three O'Clock, to discuss the
general proposition of establishing g cot
ton exchange. The aforementioned gen
tlemen waited twenty minutes for the ar
rival Of Mr.. GBlbreath, whose entrance
into the hall wss s~ignslized by 9 decided
ciaquing demonstration. The chair was
assumed at q qusrter to four. Mr.. Boiling
moved that Mr.. Cochran assume the du-
ties of secretaryship. he said, the nov
did, that he would Ike to have q factor
yielding the pen OF the association. II
Wss then suggested that their regularly
elected secretary was present, and ne
ought to lump into the clerical harness st
once. Mr.. Thompson said be would pre-
fer that some other gentleman would take
the place during that meeting. The chair
said that the newly elected secretary had
not vet signined his intention or willing
ness to socept the position. Some one then
moved that g committee of thres be ap-
pointed to wait on Mr.. Thompson and no.
tify him Of his election, and ascertain
whether he was willing and anxious to
assume the duties Of the position.
Mr., Lacey-All that Is out Of order.
This is the same meeting that was held
here a week ago, and the same officers
ought to act now. We only adjourned
over to finish up ths business now. Let
as have the same secretary as well as the
same chairman. [Applsuss.l
Mr.. Curtis, the former secretary, then
assumed the quill, and proceeded to per-
the duties.
THE CONSTITUTIONAL ET 0ETERA,
Mr.. Napoleon Hill, as chairman of the
special committee appointed 9 week pre-
vious TO look into the proposed constitu-
rionsl provisions of the proposed Ex-
change and make their learned comments
thereon, reported back the following ex-
tensive preamble and accompanying seq
tions:
REMARKS By TIE COMMITTEE.
Your board OF managers, to whom at
your last meeting the duty Of framing 9
constitution, q fixing the annual dues
and initiation fee was conhded, have much
pleasure in submitting an unanimous re-
bort, But before submitting it, it WAS
resolved that IL would be wise to prefsoe
It by giving q general outline Of the bene-
fits il Is believed viii arise from the estab-
Hshment Of g cotton exchange,
Memphis Is, as all are aware, the third
receiving point Of cotton in the United
States; but as yet her position has no
been recognized, for 1t Is the intention and
interest Of sister cities to ignore this fact,
and thereby draw to themselves buyers
from all the principal markets, snd by de-
tracing from our facilities for receiving,
shipping and transporting cotton make 1t
appear as If 1t YVES necessary for US to uss
their ports; and, as it now seems time for
Us to assert our position, n claim It, 1t
Is believed that this can best be done
through the medium Of our cotton eX-
change.
Three objscss-can be secured at once.
WHAT b EXCHANGE WILL SECURE FOE
MEAPHIs.
First-Thst Memphis cotton be recog-
nizsd as Euch, and quotations be given
dsiIy for It, as is nov given for upland,
Mobile, Orleans or Texas. With reference
to this there can be no doUhz SIS TO it's ne
csssity, for every factor would prefer to
know the value of our own peculiar cot
ton 10 knowing the value of Orleans or
Texas. Eow, all are left In the dark,
Memphis at present being necessarily
classed IS uplands.
Sscond-Thst eur classification should
bs adopted, and accurate quotations for
every grade be given daily and furnished
to the press of the city and to the ssso-
cIated press. As to this, 1t required no
argument to convince all Of its import
snce.
Tbird-Thst information respecting 9TH
or markets and receipts st all the ports
should be received direct, without wait
ing for It secondhand from New York,
And this IL necessary for factors snd buy
ers, in order that they may buy n sell
intelligently.
Another great and important advantage
is that a meeting place will be provided,
-, k,-o~ aH1 GoI1ar m - m aaE IN ann.
mon ground and make known their
wants; where the seller can tell what
grades he hiss to sell, and the price he
wants, the buyer what grade he wants and
the price he can pay, 80 that the sctusl
market will be concentrated and business
facilitated; transactions will be known
and irregularities, to q large extent, done
away with.
THosE "~FUTURRs."
Your board have not taken the question
OF futures" into consideration, Is this
was never thought OF in connec-
ton with the exchange, bat only existed
in the Imagination OF some editor. They
nave been careful in their constitution,
which they now submit, to avoid the use
of the word future" In any connection,
and would deprecste the bringing up Of
this "specious gambling" into the pro-
posed cotton exchange.
We, therefore, submit the following as
the constitution, having had before as the
constitutions of the exchanges of New
York, Mobile ard New orlesns:
CONSTITUTIONAL PROVISIONS.
CONSTITUTION OF THE MEMPHIS COT
TON EXCHANGE.
ARTICLE little.
The title Of this association shall be The
Memphis Cotton Exchange"
ARTICLE u~-oFFICERS.
The Officers of this association shall consist
OF q president, vice-presideHt treasurer, secre-
tRry and niue managers, to be elected anRu-
ally on the arst Monday OF March.
ARTICLE uI-aEMBERS
BKcTIor /. All firms which are permanent
IL engaged aud Of good standing In the cotton
OF Memphis, and also sny person who
mas the Exclusive control OF The cotton bust
ness of any house in good standing In the cot
ton trade Of Memphis, may be elected mem
SEC. 2. Associate members may be elected
Ia the same manner as full members, who
shall pay the same fees as full members, and
have the privilege OF visiting the rooms at All
times, except during executive m etings, but
shall not be allowed to buy or sell, except
through q full member.
ARTICLE IV~-PURPosEs-
The purposes of thfs association shall be, to
Cotton Exchange" in the city Of Memphis
10 adjust controversies between members; 70
Just and equitable principles uni
form usages, rules and regulations, and stand
ard for -clsasihcaLionG, and ali transactions
connected with the cotton trade 70 acquire,
preserve and CON
1ected Herewith; 70 decrease the risks incl
lent thereto, and, generally, 70 promote the
interests OF the trade and increase the faSnl-
and the amount Of the cotton business In
he city Of Memphis.
ARTICLE ~v-ADNIsSIoN or
Applicants for membership shall be balloted
or after being recommended by = majority Of
he board OF managers.
ARrICLH vI-3oARD OF
The board Of appeals shall be appointed by
he board Of managers, and shall consist OF
hail constitute q quorum for the purpose of
fearing and deciding such controversies as
nay be submitted % them on appeal rom de-
,isiOn OF arbitrators. All expenses 4
uch appeal snail be borne by the party whose
lain diners most from the f~nalaEard.
ARTICLE vII-INITIATIoS
The initiation fee shall be twenty-five dol
srs, and II any additional amount Is neces-
assessment shall be laid on the member by
he finance committee-sid assessment not
0 exceed twenty-five dollars additional.
AErIcLH vII-DgTIEs or NENfBERs.
constitution, pledge themselves to abide BY
same, and also by all bylaws, rules and
equations which may hereafter be adopted.
ARTIcLE X
Any member OF the Exchange who shall be
lccuSed II Wnlfuuy violating the constitution
n bylaws or rules, or Of fraudulent breaon OF
or OF proceeding inconsistent with
ust and equitable principles of trade, or of
,ther misconduct, may on complaint be sum.
noned before the COMMITTEES on membership, /
when, II desired, he shall be heard in his de-
ense; and If the charge OF charges against
De, IN the opiLion Of the COMMITTEES, sub
the complaint shall be referred TO
full board Of managers, who may, by q vote
4 not less than two-thirds Of all the board,
0r QTDaI him from the EEChanua 1
ARrTOLE I.
Nc expelled member shall be readmitted TO
without the consent OF three
ourths of all the member OF the Exchange
al the regular meeting when applica-
ION Cor G1ch raadmiSsion be made or acted
ARTICLE H.
No motion for altering the constitu-