Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-05
The PROPOSED COTTON EXCHANGE
The Meeting at the Chamber of Com.
merce Yesterday Aftern0on-A
Lively Time.
An AdjOurnmens Had Until next Non,
day Afternoon.


day Afternoon.
A meeting Of merchants and cotton
buyers ooh place, pursuant to previous
notices published in the papers, in the
hall of the chamber OF commerce at half
past three O'Clock yesterday afternoon for
the purpose Of establishing q Cotton Ex-
change in Memphis. Business was COM
menced by electing Mr.. George Winches-
Ter chairman, and mr. O. I. Curtis score
tary. The question was ct noe sprung IS
10 what was to be the nature, object and
operations Of the proposed institution.
Several remarks were made, pro and con,
by Mr.. Pston, Mr.. BsyliBs, Mr.. Crismen
and others. Which was rounded of by
appointing the following
ooMNITTEK on PERMANENT OFFICERS
whose duty it win be 20 select and report
back proper anne for officers Of the pre-
posed exchange. Also to report 9 consti-
tuition snd bylaws for the same. The
following gentlemen were named as chi
Gers: Mr.. A A. Patton, Mr.. @. +. Smith,
Mr.. r A, Plnson, Mr.. J. T. Strstton and
Mr.. B. B. Bsyliss. Mr.. Pipson having de-
ciined to serve on the committee, Mr.. g.
G.. Busby was appointed in his stead. Mr.
Strstton also having declined, Mr.. Nspo-
leon Hill was appointed in his place.
There was silence Their for the space of
five minutes, at the end of which time the
committee reported
THE OFFICERS.
Mr.. Patton, as chairman OF the commit
tee, read the selections that had been
made. These are the names of the officers:
Prssidsnt-Mr. W. B Gslbreath.
iee-President-Mr. Bronson Bayliss.
Secretsry-Mr. r. A Thompson.
Trsssurer-Mr. J. C. Johnson.
Board OF Managers. T. Petit, Thomas
n. Allen, J G. Busby, d, N. Medley, ".
J Taylor A. A. Patton, O. T. Curtis and
J. W. Jefferson.
This part OF the report wal adopted
without dissent. A motion to reconsider
the adoption Of this part of the report
with tie view Of having the names acted
on one by one was voted down.
The constitution and bylaws were then
submitted section by section, which were
read by Nj. Patton. They were adopted,
section by section, up to the fourth,
shall be $50 per year, This section being
put In the same manner as the previous
sections was voted down and 8 motion
made to make 1t S25.
Mr.. Patton then explained that $50
would be necessary to carry on the ins5i-
tuition properly. In the first place they
would have to provide 9 proper in
WHICH, 70 ud6bb III - GDuEI&l DHLb VI k4C
city. Then again a secretary would be
necessary. They proposed TO make q live
institution Of IL, a regular useful, thor
Ougb going, modern, progressive snair.
A secretary would be wanted. They
should have the best man they could get.
They would also have to make expendi-
lures for telegrsphic reports from New
York, Savannah, Charleston, Pensacola,
Mobile, New Orleans and other cotton
n1aaan Thn IN fOrnnafTnn will ha uuantQ6
promptly, we can't afford to wait for it
till five or six O'Clock in the evening, as
we have to do at present, because those
reports srs held in New York until 1t
suits the people there to send them to US.
He thought $50 would be absolutely nee
esssry for each member.
BREEZY
Mr.. Crisusn said that the gentleman
appeared to be mistaken. He took 1t for
granted that all who voted sgsinst the
adoption Of the ffty-dollsr fee were for
making it lower. That Is not so. A
number Of gentlemen present wished to
make it higher. They objected to it bs-
cause it was so low, he moved to make
the fee g hundred dollars.
It was suggested that g motion wss BE-
fore the house to make 1t twenty-five dol
lars.
Mr.. 7, G. Petit rose ard said that much
and discussion might be obviatsd
by the appointment Of a committee to de-
eide on the nature Of che fee of members.
He woul1 therefore move to sppoint a
o. three for that purpose.
The motion was declared carried. and
the following gentlemen appointed on the
committee: r. A. Pinson, G. W. Crismsn
and @ @. Forster.
A T. Lacey said that 1t would satisfy |
much better to lesve that SEC
lion blank until the next meeting. In
he meantime the board of managers
could discuss the question and decide, /
sscertaining the probable cost of the new
Exchange by looking into the necessary
TENS OF expense, including all probable
contingencies.
J. O. Johnson thought the expenses
Eould be little. They could not be much.
The hall could be rented cheap in some
place. The treasurer would
nothing, and he was sure the secre-
airy would not cost anything, All the
necessary outside of hall rent
would be the salary Of q young man to
Ook after the hall and sweep It out and
let as messenger. He thought that q very
Moderate fee TOR each member would do.
A. I. Lacey moved to reconsider the
7ote appointing the CONN tttee ofthree on
ess, remsrkinR thst the matter might
wisely be left over until next week
Mr.. PstOn then read sections from the
bearing on the general question
# fees; after which the vote was taken
nd the motion appointing the committee
rs reconsideTed.
Mr.. Foster was not for putting of any
hing. BE thought it best to do every
hing then, and he called for q division as
70 wss not sure that tho reconsideration
Vss carried,
Mr.. Stratton-Mr. President, 1 am not
with the name Of the institution.
. lEughl
Mr.. Petit moved that the new president
ske tbs chair.
Obair-Thsnk you. CLsughtsT.l
Colonel Pins0n-I think there IS & mo-
lon before the house, and that the gen.
.eman Is not in order l think the Ques-
on before the house now Is the division
allied for By Mr.. Foster. B.,
AT Lsosy-Ths call for q division came
% late.
The chair explained that he wss nc.
well up In parliamentary usage. He
'ould be happy to cheerfully give way TO
10 new president IL he would step for
ard to assume his o duties. BE said q
i'll further that be was very liable 10 I
II into mistakes ct that business. !
Iaughter /
Mr.. PISTON said he had no objection to =
10 call for q division being put right T
Ien. !
A voice-Whst is is9 Laughter =
Mr.. Foster said there was g good crowd 3
'esent in the ball, and that IL would be n
TO get them together agsin II al 1,
wed to dispense without coming to 4
Let the committee 20 out and +,
me to an understanding about this fee r,
and have the matter settled now. h
that be left to the board OF managers r
Q thing Will hang along and produce q
lanNngHan2 1NaUra.aan~ 80 :
Q was In favor of either twenty-five or ~
" dollars; did not care which, but he "a
= for having something fixed at once. Il
The fee was then suggested to be made al
dollsrs. That would satisfy both q
les of the house. h
Mr.. CTisman declined serving on the
mmittee, because, he said, he was, like
majority OF the cotton sellers Of the city, b
the fence, ss yet, In reference to the a
lole thing. He had announced himself 81
the fence, at the beginning, until In. OF
should be furnished him a. to &c
utilities and objects OF the Exchange. OF
did no know anything at all of the fo
'dts operG1d5 that was designed for the ST
air. De had waited long for the prom gr
d information, which had not reached ID
n yet. he was therefore still on the st
and he knew most of the cotton ez
n In the city were in the same position dc
reference 20 this thing. az
Or. Stratton said he wss opposed to the as
Il was not a proper designation, th
to be called the in
orroN BUYERS EXCHANGE q
! not the Cotton Rixchsngeof Memphis,
thought the concern was for the Gotten d,
gers and not for the sellers. 7.
the name is already adopted. ey
fr. Strstton-Weu, 1 move that as q pc
loud laughter "a
he division was then had, and q recon. no
of the vote by which the conn .
tee was appointed failed to be carried, m
Ir. Crisman-I move to adjourn. on
strong disposition was manifested to Is'
this last proposition, which, being ter
trsry TO- al parliamentary usage, was
permitted, but the motion to adjourn ]
"a. bis