Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-01-31
COTTON EXCHANGE.
Meeting Yesterday-RepOrt OF the Com
mittee on Warehouse Receipts.

The Memphis cotton exchange, pursu-
ant TO adjournment, met in its hail at half past
three o'clock yesterday afternoon, to hear the
report OF the committee on warehouse re-
ceipts." The object OF the meeting being
stated by President Galbreath, the following
MAJORITY REPORT
was presented:
W. b. Galbreath, President Memphis Cotton
Your committee to whom was referred a
bill now before the Legislature of Tennessee
proposing to make warehouse receipts nego-
table and for other purposes, do report that
they have examined and thoroughly dis
cusged the bill and passed upon it by sections,
and recommending sections /, 2,3, 4, ), 8, 8, g.,
10, IL, u and Il, dISapproving section 7, and
recommend that it be erased from the bill,
and substitute in place of section 18th the fol-
lowing: "Be 1t further enacted, That the VEN
dor of any spC ciC of produce or merchandise
of five days amer delivery thereof, sS provided
by act pa February 10th, lEeS, entitled 'An
and Cotton Brokers' and it is hereby further
enacted, that when cotton, tobacco, or
other pr duce or merchandise shall
have been used without being paid for,
find the sOme in order Il enforce the lien.
Any railros1 or steamboat agent or officer, or
other per On having PC sc sslon or knowledge
of posse Ssion, who shall fail or refuse to give
all necC Ssary information TO said vendor, TO
enable him to trace or secure possession of
the same under this lien, shall be deemed
guilty of q criminal offense, and, upon convic-
tion, shall be dealt with as provided in seHtion
eight of this act. i. I. PETIT,
Chairman OF Committee.
Mr.. Petit, chairman of the committee, said
he had a minority report TO present.
Mr.. Patton said he opposed the adoption of
the thirteenth section proposed in the major.
ity, and would offer a mi nority report.
Some member thought the minority reports
should be read before aott IN w9S hau.
Pr, sident Galbreath said i was proper TO
consider the reports separately.
TherpfOra a motion To table The majority
port lust read was lest.
On motion of Mr.. Patton the majority report
was received and the chairman of the COM
mittee read
THE MINORITY REPORT
from Messrs. Hadden and Petit, whose OBJ
lection was - the adoption of section seven
teen in the bill presented to the legislature
concerning warehouse receipts.
Mr.. PATTON's REPORT.
Mr.. Patton presented minority report OBJ
jecting 10 section thirteen, and that it be
stricken from the bill. Received.
The bil. as heretofore published and with It
the reports referred TO in the above con-
nection YVES discussed at length;
law, morality and commercial proprieties.
relative to advances, fraudulent breach of
trust, etc, being duly presented. A good deal
of confusion ensued as to what the members
were voting for, and the matter had to be ex
planned by the president. The roll being
called, section seven was stricken out, as re-
commended by the majority repert,by vote
OF 80 10 IL.
All the sections except the thirteenth were
adopted, aud this was discussed at length.
Mr.. Hadden offered a resolution that the
exchange reque L and instruct the representa-
the present Jaws.
A motion TO adjourn was made, but lost.
Mr.. Patton moved TO strike out section thir-
teen, which gives a vendors lien for I've days,
as recommended by the committee,
After some discussion the meeting ad.
journed TO five O'Clock Tuesday afternoon,