Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-03-10

Tue community,
Any Observant person dropping in
casually during yesterdays excite
ment and casting a few chances over
the assembled throng could at once
see by the class of persons there that
not much financial stability was cen
tered in the party there gathered. 1t
is evident that no colossal capital is
required to start a man in the line Of
business known as a bucket shop pa
tron. People were noticed, perhaps
two dozen strong, who were recently
merchants in towns a dozen or so
miles away from here, but
have failed during the past winter;
several ex-bankers out of business for
years past we're also there. Various
broken city merchants could be seen
scattered among the throng. A few
farmers and an occasional cotton
planter, the latter generally working
on a mortgaged farm and considerably
in arrears with his merchant, were
also noticed. The drummer or com
mercial evangelist was also quite nu-
merOus, while the cotton guerrilla had
a strong representation. A bank d.
rector and one or two solid cotton men
dropped in a moment to look at the
dispatches on the blackboard, then
hurried out again apparently
not caring anything about the
failure, and these were the
only solid persons to be seen during
the visit.
1t is said that the expense of run
ming the brokerage concern was SIS
daily, or nearly S250O each month,
This outlay was largely for kilograms
concerning market fluctuations at
other central points. The value Of
all classes of provisions, feed, cotton,
and stocks, with their varia-
tons, was posted on the black boards
of the association half dozen or more
times each day. Five or six clerks
were also employed, while rents,
licenses and incidentals footed up a
round sum. To cover all Of these the
profits must necessarily have been
large, as the institution was reported
to be highly prosperous until the re-
cent incline downward set in upon
cotton.
1t is also stated that the brokerage
association kept a fat bank account.
The average daily balances ranged
during the season in the neighborhood
Of $4,000. All the transactions upon
the exchange was by means of checks
on the bank here. No employe could
have expended more than his legiti
mate earnings.
This remark is made by way of ex-
PLANTATION, because it was stated yester
day that extravaganza had been OBJ
served among some of the employees.
An outlay Of $40, or such a matter,
for wine and accessories in a single
evening may be all regular, but it
naturally excites gossip. At the close
of business evening before last the
brokerage association carried 1000
bales Of cotton for its customers. The
drop or rise of a single point in the
New York market counts $3.50 on
each 100 bales, and when the early dis
patches came in yesterday forenoon,
announcing a decline of sixteen to
twenty points from the previous even
ing's prices it made a difference Of
nearly $4,000 against the bucket
shop. The leading dealers Of the
concern have recently operated in fa-
vor Of the decline, or what ia known
as the short eide. The brokerage
being On the long side and having
failed to cover their operations, as
previously remarked, was unable to
withstand the pressure, and so sue
cumbed. Had its customers demand
ed a settlement on a basis Of yester-
day forenoon's prices, nearly $4,000
more money would have been neces.
sary to have squared of.
The Sinner workings. Of puts and
calls, or dealing in futures, are intri-
cate and as the late Mr. Weller would
say, VERY various" A Now York
street, or exchange operator learns
the details after a few years Of cxpe-
%riencc, and some knowledge may be
acquired in a brieler period. by a
little attention or a few investments.
The rumor yesterday that the
brokerage house would continue
business WAS uufounded. II is now
in a stale Of suspension One Of the
employees remarked this morning that
Il IL intended 70 be reopened next
week, and that ample capital will be
10 back the concern.
The remarks regarding Mr.. Nc
Cfea's transactions are less ose col
Ored to-day than those heard yester-
az several parties interested say
ths settlements we're forced upon
fhs,. - VI, Mslreaia dictafion and