Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-03-12
FAIRY FUTURES.
The Cotton Exchange Resolves Hereafter
to Introduce a New Feature into
Its Composition.
A Future Board to be Established a.
Soon as the Details Can be Ade-
quately Settled.

Yesterday afternoon the Cotton Exchange
held q meeting 10 determine whether the
| future" platform should be introduced as a
feature OF the exchange, and when later on
the exchange had decided TO DO 80 there was
a general hutter on the streets. When the
| exchange was started there was q resolute
opposition TO this little oddendum TO the orig
iRal structure; Of late, however, there has
been a decided change, and many OF those
who had set their faces against il before hare
come to the conclusion that II Is just as well
for Memphis to scoop in the commissions as
another city, What effect this decision will
have on the 'bucket-shop" cases, it Is impos-
sible to foresee. Ii the Indictment against
the Tennessee Brokerage Association and the
! Board OF Trade should prove to be not with
! out foundation, it would be hard to see why
similar indictments would not stick as regards
| the Cotton Exchange, unless the character
| of the transaction is different. The change
| made in the nature OF the exchange will be
of very decided character. The interest
that attaches to the place will be doubled.
The rooms may have to be enlarged in order
to hold the daily attendance. The number
of employees will necessarily be increased,
and the secretary will have TO give q bond,
as he will handle considerable sums of
/ money. 1t is likely that at the next meet
| ing of the exchange a committee will be
appointed TO arrange the details OF the
change. 1t will be month or ak weeks be-
fore the new departure can be thoroughly
| effected.
President Napoleon Hill called the meet
| ing TO order yesterday afternoon, and re-
| ceived the report OF the committee appointed
| TO confer with the Cotton Seed Oil Exchange.
1t ia as follows:
NEsPHIs, March IL. 1882.
To the President and Members OF the Memphis
Cotton Exchange:
CFHrr rnrG-Your Committee of Confer-
encs with the officers of the Cotton-Seed EI-
change, with reference to the propriety Of
discontinuirg the crushing of seed for the
present, beg TO report that they have per-
formed the duty assigned them. At an in
terview held yesterday We were cordially
received by the president and directors of
the exchange representing all the mills of
the city, seven in number. After full and
free discussion of the subject, it was agreed
that all the. mills with the exception Of two,
the presidents OF which were absent) would
at once conform to the wishes of your COM
mittee by ceasing operations until the
planters of the district tributary to
Memphis have had an opportunity of sup
plying themselves with sufficient seed for
planting purposes, or until the extent of
actual damage to the supply in the over
flowed district Is ascertained. We have every
assurance that this course will be adopted
by all our local mills, as also BY the mill at
Friars Point, owned by Nessrs. Falls & Co.,
where there is still on hand suffciency OF
seed TO meet any deficiency in that immedi-
ate neighborhood. The supply in the city |
we find to be unusually light. We are
pleased to add that the officers of the Cotton
Seed Exchange are evidently alive to the
Importance of reserving ample seed for
planting purposes, and evince every disposi-
ton to CO operate, TO the fullest extent, with
the members of the Cotton Exchange and the
nj sptipo com nunitv tn tha end
w N. BROWN.
JOHN S. TOOF,
The president stated that the matter of in |
Producing futures was then in order, and the |
secretary, Mr.. Hotter, read the following |
call:
MEMPHIS February IS, 1882.
Napoleon HIN. Esq. President Memphis Cotton !
Exchange:
SIR-We, your petitioners, beg leave to
state that at meeting held a short time I
since there was petition presented to your |
honorable body to take into consideration the |
propriety of converting the exchange into g |
stock company, and of opening call board |
for the purpose of dealing in future con- |
tracts in cotton. At said meeting the petit |
ton was rejected, there being only few, or |
at least a minority of the members OF the |
exchange present. We would most respect |
fully ask that you cause a meeting to be |
called for the purpose of remembering the |
action taken at said former meeting. Very |
respectfully,
KATZENBERGER'S SONS. |
W. ". BROWN.
D. PATERACHI,
= P4y SON |
BoWLfNG, JONES CO.,
F HESsG 3 c I THfiiMrsos. |
j. JAGOBS;
BILLIARD. HATCHETT L PARK. |
II. A MONTGOMERY.
Agreeable to the above request a general |
meeting of the Cotton Exchange is called |
for Saturday, 18th instant, at o'clock, p.na-
NAPOLEON HILL,
President Exchange 4
Mr.. W. n. Brown announced himself in |
favor of futures. He claimed that a large
amount of money was sent away every year
on commissions, which he thong int should be
kept at home. He was also in favor OF 1t
because the planters could sell futures against
the actual cotton. Mr.. Brown spoke at some
length and with considerable weight.
Mr.. J. L. Petit followed Mr.. Brown, and
spoke very forcibly, taking high ground
against it as calculated to lower the tone Of
the exchange.
Mr.. c. P. Hunt favored it. He thought
that the money expended in commissions
should be kept at home. Every year fully
$500 900 was sent away from the city, which
mig ht Just as well be reposing in the vaults
of the Memphis banks
Mr.. Hanauer said he was on the fence.
He was not exactly prepared to express an
opinion on the matter, ana desired more in
formation.
Mr.. Golsan, the manager of the Tennessee
Brokerage Association, said that if the "fu-
ture" board was started it would decidedly
ipjure his business, but he thought the eI-
change ought to have some such sppendage,
and he was heartily in favor of it.
Mr.. Hampton was vigorously opposed to
all the business in the country, and it made
no difference what way the South went New
York always pulled in the opposite direction
and won the day. The people of the South
were annually robbed of millions of money
by the North. The quantity of cotton played
no part in its value. The spectators and
capitalists of New York controlled that.
Mr. c. p. Hunt then offered the following
resolutions:
Resolved, That the Memphis Cotton Ex-
change be resolved into 3 stock company,
and that the stock and membership be lin
tied to such an amount Of capital stock and
such number of members As the president
and directors in their wisdom may elect
Resetred That call board be added to the
exchange, and the purchase of future con-
tracts be legitimatized and rendered . part
u the business of the exchange.
Opinion on the streets is divided A. to the
wisdom of the step. Many said it would be
strike at the "bucket-shops," and would
now them under, while others saw in it q
srious detriEent to the Cotton Exchange.