Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-01-04


Which will leave a balance of .. ...... S5s 70
During last spring the members of your
Exchange discussed the ACCESSIBILITY of form
ing the Exchange into a stock company and
the organization of Call Board, by which
means the Exchange could be put on more
substantial footing and could eventually own
a building Of its own. and also give the
members the privilege of placing future
contracts here at home. Finally, at q gen.
ersl meeting of the Exchange, held on
March 11tb, it was resolved to adopt these
measures, and the Exchange was formed
into a stock company, shares being placed
at $3.50 and the number of seats limited 10
200, of which 134 have been subscribed for,
leaving sixty-six still open. All necessary
arrangements were completed for the trans
action of the "futuren business and the Call
Board was formally opened October ID, but
owing to the sluggish stale of the future
business in all other markets, which has
likewise affected this market, the sales up to
date amount to only 5000 bales.
Your board are happy TO state that not a
single case has come up before your Com
mittee on Arbitration for adjudication dur
ing the past year, thereby showing the entire
harmony existing between the members re-
garding the Exchange rules.
During the year Mr.. james Speed, an
honored member of your Exchange, was re-
moved by death. Suitable resolutions were
adopted at general meeting thereto.
The Exchange has 10 successful operation
a direct Telegraph line working East, over
which our telegraph news is received by an
operator on the floor OF the Exchange,
thereby avoiding all delay, and also giving
the members the benefit OF having their mes
ssges sent direct from the Exchange rooms.
Last March your Board of Directors APP
pointed committee whose duty it is to
secure suitable site, upon which, at some
future date, the Exchange will erect a hand
some building for its use. However, no
definite action can be taken in this matter
before the stock notes given by members of
the Exchange are paid.
Our Cotton Exchange is largely composed
of members exclusively engaged in the cotton
trade, and as it is the only commercial or
ganization in Memphis, holds power for use
fulness that makes its influence felt, but your
Board of Directors greatly desire that all
prominent business houses, as we'll as all the
banks and insurance companies; also manu-
featuring establishments, should interest
themselves in the Exchange by becoming
members, thereby making it more efficient,
giving it wider influence, and tending to
increase lis power for the general good of the
that committees be appointed to urge upon
them the importance OF joining the Exchange.
The Cotton Exchange has well and truly
performed its functions in aiding, strength
ening and developing the cotton trade of
this city, and its usefU lness, organization
and system is not surpassed by any similar
body 10 the country; but unless other lines
OF trade, outside oil cotton, interest them
selves in the Exchange it will necessarily re-
main local body, and will fail to represent
the entire business community, which it is
so highly essential it should do. We trust,
during the comiHg year, to include many OF
them IN our hst of membership.
The various standing committees Of the
Exchange, especially the Committee on
Classi6eaiions and Quotations, have dis
charged all the delicate duties devolying
upon them, and deserve the thanks of The
Exchange. In closing this report your re-
firing Board of Directors desire to acknowl-
edge their appreciation of the zeal and
energy displayed by your president, Mr.. Ma
poleon Hill, in the discharge of his duties as
chief executive OF the Exchange. We also
desire to testify to the able manner in which
your secretary and superintendent, Mr.. Henry
Hotter, has discharged the duties of his DO
sitiop, and in which be has been ably assisted
by Mr.. E. c. IaHache, assistant secretary
aud superintendent.
In retiring we desirs to express our earnest
wishes for the continued prosperity and well
fare of the Exchange. All of which is re-
specially submitted,
BENJAMIN BABB,
- & F. PATTERSON,
W.. CRAWFORD,
JOHN W. DILLAkD,
L. B. SUGGS,
ALI. 6. TUTHER,
WM. BOWLES, IR,
Board of Directors.
The treasurer's report was also submitted
and unanimously adopted. The following
is the report:
TFeasurer's Report.
MEMPHIS, TENN, December IL, 1882
To the President and Board of Directors of the
Memphis Cotton Exchange:
GEETLENEN-I hereby submit annexed
statement of receipts and disbursements of
the Memphis Cotton Exchange during the
fiscal year ending December l, 1882:
RFCFTPTz-GFNERAT Flint