Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-05
Exchange would be

Mr.. Wormley suggested an adjourn
ment TO next Monday, as 1t was evident
nothing could be done there. Several
gentlemen seconded hts view ofthe case,
Mr.. Strstton asked that the motion be
withdrawn, as he wanted to make q few
observations on the situation.
The motion being withdrawn he went
on to say that they had gone to the ex.
pense and labor OF establishing and keep
ing up s Merchsnts' Exchange here in this
city, which was found to have worked
we'll for all parties. Everything was pro
vided for by ii. They had q committee on
appeals to settle all disputes. The report
Of the secretary furnished all the inform
alton they wanted upon the trade and
commerce of the city. There YVES no good
reason sdvanced why they should under
take to do anything further. II they were
to set up the business Of changing round
every month, organizing and again dis
organizing, they might as well quit al
once. There was In the Chamber OF Com
merce all that could be desired for 6 Cot.
ton Exchange, unless 1t was designed tC
make 1t something which would be of nc
practical utility to the merchants Of Mem
phis. The effect of starting this Cotton
Exchange now would be to kill both. Di'
vision at present means death to bott
sides.
Mr.. Wormlsy did not see that the move.
ment would ruin the Chamber Of Com,
merce, but he saw, however, that there
was no use in doing anything further thsi
evening. The thing should be properly
ard calmly discus ed during a week. He
renewed the motion to adjourn.
The motion was put, and failed.
Mr.. Crismaa called for q division. On
a show of hands the chairman decided
that the noes had It.
The new president, MI. W. B. Gal
breath, was then moved to he chair, es-
cOrted by Messrs, Busby and Patton. AS
soon as he was seated the cry Of speech
''speech, {" speech" rose from sl psrts OF
the hall. The chairman modestlY bowed,
thanked the meeting for the honor con-
ferred, and said: LET us go to work and
bring order out OF chaos"
Mr.. Patton made another speech, with
b view Of showing there was no con-
f1ict of interests between the Memphis
chamber of commerce and the proposed
cotton exchange, and then gave his res-
sons for thinking that the chamber of
commerce was an old "fogy institution, -
which was dragging along without any
signs Of vitality. He did not attend its
meetings when it was at the Peabody
hotel, he remained away on high temper
Rnce grounds. He had never attended q
meeting In the chamber of commerce that
was so well attended IS the present one,
which showed the lively interest the mer-
chants were taking In this movement.
The movement would make Memphis the
cotton mart of the United States. With her
railroads branching out to the South and
West into the cotton regions, it was only
necessary to give tone and body inc dig
nifty TO the market by establishing an Ex-
charge to shove the city forward on a ca
reer of unprecedented glory. A concert
Of action on the part Of buyers and sellers
would OF urs be expected, in order to
effect this. We now receive four or five
hundred Thousand bales of cotton. In a
short time we would advance receipts
to q million. The location OF the city and
the increasing railroad facilities to the
East would insure this increase. The To-
cation of the Exchange in this city would
have to be determined by the members.
A room in the basement of the house at
the corner OF Front and Msdii on could be
got for fifteen hundred dollars per year.
The secretary's salary would not amount
TO much. The telegrsphic reports which
they expected to contract for would cost
ten dollars a dsy. Some other incidental
expenses would also have to be provided
for. This outlay could not be me: with
out q corresponding amount of fees from
the members.
Mr.. HiIlsmsn said the factors all feel in
doubt about the thing still. He knew
numbers of theUt signed the call for the
meeting, but he met numbers Of them
on the street who after doing so expressed
their fears that they had put their "fOot
in it, snd that they were afrsid of it, They
did 1t because others did 1t. 81 came up
here" continuedtMr. Hillsman, "snd find
them in a worse state of doubt than be-
fore. Those ofthem who are here are eth
or against the movement or on the fence,
They don't fully understand it yet. The
all appear to be prepared. They
have csnvassed and discussed the matter,
and they know all about it. They have
it cut and dried, I have no doubt they
think it a good thing and it may be q
good thing; perhaps it is. We hope 1t
may prove sill right. I do not want to ad-
sine die nor anything of that sort;
but let us have q chance to discuss the
matter another week and see clearly what
are doing"
A crossfre then ensusd as to the COM
number Of sellers and buyers on
he list of officers.
Nj. Crismsn ssid that there were six
and seven sellers on the list; and
do not know, he said, whether the sell
rs viii accept the places assigned them
II not. Msny Of them are not here, and
heir sentiments cannot be ascertRined on |
point, Let US have Q postponemeut
or g week, and we will know more. He |
Ieprecsted any attempt on the part of
nv cabsl to force things through at once |
nd p~remsturely. If only one man OBJ
ected to the proceeding. he would feel
'ound himself 20 let the thing SO over one
Vesk.
Mr.. Petit then suggested that the board
4 managers take the whole question IN
Ter consideration and Tx up all pointe, 4
nd report back in q week.
Mr.. OriEman remarked that he had
zen clsssed rs among those who opposed
he movement He did not wish 10 be
IS belonging TO that category
-et. The factors had not been consulted
bout the business. The whole thing was
so far as il went, over tbeir heads.
'ney sought light and failed TO get It. He
7ouid not 60 into il until he could gst
bat light.
A motion that the board Of mansgers
AXE into consideration tbs MISTER Of fees,
nd rsport back next Monday, was car
led and che messing ~sCjourned to thst
Az