Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-12-17
"STEALING." "
A Serious Charge Against the Cotton
Merchants Of Memphis-St. Louis
Called on for Help.

The Austin ca Plant, pub
lished by Y. B. Waddl.I and 5. D. Hammond,
aud edited by the former gentleman, long, we
believe, a resident OF this city, in Its issue OF
the thirteenth instant, has the following seri-
Gus charges against our cotton merchants, TO
which we direct their particular attentions
hoping the cotton exchange will make 1t Its
particular business 10 investigate them, and
relieve the trade from the stigma thus cast
upon 10:
"sinee our article in last week IS issue has
been read by the community, we have been
approached by numbers Of merchants, busi-
ness men and planters, pledging themselves
10 a cooperation with as In the direct effort
10 transfer our trade from Memphis 10 st.
Louis. The truth seems 70 be that the Mem
phis cOttOn-merchants are resorung TO the
most bare-faced swindles to III their own cof-
fers without regard 10 the Interests OF the
farmers, and they do this, doubtless, upon the
idea that we, OF the bottom, are too poor 10
help ourselves, and that we will submit with
out murmur. In this they are very much
mistaken. The bottom people will call upon
ST Louis 20 strike nom their hands the mana
oses that bind them 10 Memphis. This Is easy
done, and st. Louis will do IL. We give here a
few OF the complaints which have been laid
before Us, and We vouch for their truth; and
il Memphis men or bottom men want to
know names, we are prepared TO give them.
Case No. IA gentleman shipped a lot Of
cotton TO Memphis early in the season, when
cotton was worth seventeen cents, with in
structfons 70 sell at once. He drew some
money on the shipment, and supposed that
the cotton was sold, and when cotton went
down 10 eleven cents, the merchant advised
him OF 2 sale aON TIE DIP" and that the
cotton did not pay his account by consider
able amount.
case No. PA party shipped lot OF cotton,
when Il was down at eleven cents, writing
letter of instructions, directing the merchant
70 hold for a rise, and the merchant acknoWl-
edged receipt OF the cotton, and TIE tnstTuc-
tons to hold for rise; cotton went up lmme-
diately from about eleven 20 sixteen cents, ana
the merchant sends account sales at eleven
cents, or thereabouts, stating that "he had
sold the cotton before ne received the lnstroc-
tiOns TO hold for rise"
sfThe old name for this sort Of transaction
was Fte1fiaO and we insist that no better name
can be given Il. There is 90 DOUBT Of the fact
that many Of our commission merchants OF
Memphis are spe euiators. They receive lot
OF cotton. hold il for one or two weeks, II cot
ton advances, the returns show sale on arrival
when cotton was low. II cotton declines,
sales show the lowest figure In The decline
kOLD ON THE DIPS The proper expression,
and the merchants OF Memphis should have
printed on account OF sales, :. q. j.. We IN
Tend 10 show up these Infamous pracuces,
and 70 expose those who are constantly TAX
ing advantage OF our people TO rob and wrong
them out OF their hard earnings. There Is no
money in cotton for the producer, but untold
wealth for the Memphis Specializing com mis-
sion merchants. There Is money 10 cotton, II
justice is done by the merchants. and the cry
that there is no money in cotton" il peculiar
20 thatscope Of country that ships 70 Mem
phis. Quit IT."