Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-11-26
The Annual MeetiBg-RepOrt Of the
Board Of DirectOrs-COmpli.
ments TO All the officers.
The Treasurer's RepOrt-A Safe Elk,
hlbit-Letter on Damaged and
Vet COttOns, BY Mr..
A. j. Patton.
Resolution OF Herited Thanks TO Ofaeeri
and irectOrs-Speech By DIR.
Sam, w. Small, Of Texas,
on the Texas Trade.

The first annual meeting of the Mem
phis cotton exchange was held at its
hall, corner of Madison and Front
streets, last night. There was a large
attendance of members, and the meet
ing was called to order by President
Galbreath, who stated that the first bus
ines would be the reading Of the reports
| of the treasurer and board OF directors.
REPORT OF BOARD OF DIRECTORS.
! The following report was read and
adopted:
MEMPHIS, November IS, 1874.
The board of directors Of the Memphis
cotton exchange, in presenting their first
annual report upon its condition, desire
to congratulate the members upon its
having proved an unqualified success,
due in great measure to the interest
and zeal manifested by them IN its sup
port. Commencing operations one year
ago with fifty-five members, many of
whom looked upon il as doubtful eX-
pertinent, its roll now contains one
hundred and thirty names, embracing
every prominent firm in the cotton
trade, besides majority Of the brokers,
insurance men, and transportation lines
| Thanks to the committee on informa-
ton and statistics, the crop reports en-
anating from the exchange have been
as complete and reliable as it was posi-
bic TO make them, containing 3 vast
amount Of information interesting TO all
classes, but of essential Importance 10
the planting community, and being
equal N detail and accuracy to any ever
issued in the United States, they have
earned and received widespread pub
licity throughout this country and por-
lions OF Europe. The harmonious work
ing OF the institution is s subject of es-
pecial cOngratulation, the more remark
able in view Of the fact that heretofore
members have not been accus-
toned to rules and customs in
incident TO exchange government. AS
an Instance Of such harmony 1t is wor-
thy of note that there has not been a
single case before the committee on ar
bitration during the year. Members
seem, by their constant and regular at
tendance, to appreciate the value of the
information furnished upon the black
board weekly, daily and hourly, which
is as full, systematic and as c)nveni-
emily arranged as in any exchange in
the country, being invaluable to buyers
and sellers alike. As will be seen from
the report Of the treasurer, the working
expenses of the exchange for the past
year have been SS453 q, exclusive of
furniture and fixtures. Receipts during
the same time have been So, S41 09, and
that there is a cash balance now on
hand of S2553 80, more than sufficient to
meet all expenses until collections are
made in December for the ensuing year.
The estimated expenses for next year
are $685.; estimated receipts, based up
on present membership, SlS, 900. Before
concluding their report, the directors are
DESTROYS of conveying to the members
their high appreciation of the services
Of the secretary and superintendent, Mr..
John S. ToOf, who by his ability, zeal
and untiring energy has done not little
toward securing for thesexchange the
high reputation it enjoys at home and
abroad, in which he has been ably as
sisted by Mr.. P. w. Semmes, assistant
secretary.
A. J. r. LANDAUER,
NAPOLEON HILL,
GEO. h. LATHAM,
]. I. PETIT.
T. n. HAKTMUS,
W. w. GUY,
Board of Directors.
TREAsURER'S REPORT.
The following report was read and |
atlODted.