Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1885-09-01

Mr. John X. Speed, public spirited an
rising merchant in the commission bus
ness, aud others with him concerned
the hay, corn, fruit, eggs and butter an
general country trade, the existing OF
ganizat'ou was effected under the title {
the Memphis Merchants Exchaage.
The incorporators aud first board of di
rectors were John K. Speed, NJ.
Pearce, John III. Pepper, James Les
jr., John S. Toof, NJ. Cooper, l.. Ear
W. j. Chase and E. A. Keeling. J. X
| Speed was elected president, and E. A
Keeling secretary. TINS organization
has proved highly useful and is incrsas
ing in solidity and Influence, and will re
move from its room on Front street
north of the Cotton Exchange, which i
has occupied since January l, 1888, a.
together with that Institution will occup,
the splendid building just erected for thu
two exchanges on Second street, between
Madison and Court streets. The incr as,
of railroads and the s'eady extension O
the Merchants Exchange year by year
more imperative necessity, and add Il
its importance and useiuloess It's daily
SN'A OOdiu plONC5 W NC dgCUuS tt
business mep, and attracts good attend
ance. The secretary, Mr.. Keeling, BIZ
his unwearied attention to his very varied
duties, and his unwearied obliginsn IS
proves TO be " the r ght man in the right
place"
ORIGIN OF THE COTTON EXCHANGE
The principal business Of Memphis
being the cotton trade, it had become
more and moro evident as time went op
that that interest was of an importance
that required, and could well support, a
business organization of its own. A sep
aration from the existing Exchange was
not decided upon without much discus
sion and some delay, but time making
the advisability of such step more and
more apparent, it was at length agreed
upon that separate Exchange, devoted
entirely to tie cotton business, should be
constituted. The cotton trade Of Mem
phis was the largest of any interior mar
ket of tn KIND in America or Europe
Many ''old fogy" customs had been con-
tipued from mere custom, derived from
the time when the planter brought bis
cotton to the city 10 wagons and sold il
from them on the bluff by the river side
Cotton was largely handled without
method; there were No ad- quate fixed
rules governing the buyer and seller
the consequent Irregularities led to occs.
sional disputes which an intelligent sys-
TEN would leave little or no room for
To leave business that annu lilly agg e
gated twenty five to thirty millions in {
condition so wanting in order had be
come unendurable, and sctive steps i
organize the aggregate business anC
unite those engaged in it were set OF
foot. Mr.. John S. Toof, whose powe
OF organizing aud conducting such al
| enterprise was so universally recognized
undertook the arduous labor of obtain
1ug the necessary participation of tb,
cotton merchants, and formulating ant
initiating the required details In thi
work he had the able aud intellieeu
support and aid especially Of two Of ou
public-sp'rlted ana energetic cotton mer
chants-Mr. w. B. Galb-eath an,
Mr.. W. W. Scboolfeld. With thei
valuable cooperation, in spite of man
discouragements and doubts from thos
who hesitated to rely upon Memphi
having arrived at the period when S
weighty an organization could be success
fully and efficiently sustained, the thre
gentlemen went On steadily and persist
emily with the task they had undertake
aud were determined to bring to
triumphant issue, The end justified thei
sagacity and their confidence. In on
week, by diligen5 canvas, Mr.. Too
had secured the lanes of iftyfve co,
ton merchants Pledged to become mem
bers of the contemplated Cotton Ex
change, at an annual subscription c
500. This gave a total of $500, bu
when the rent, the payment of telegram
and assistance, AID the various neces ssar
expenses were estimated, it was foun
that $500 was the lowest amount year
outlay would require.
NO SUCH WORD AS "FAIL."
A deficiency of $4,000 was serious OF
stacle to future proceedin S, but the tri
who were Bow at work were OF the STAN
that Knows no such word as fsil." NJ
Galbreath, with the intrepidify an
magnanimity that are characteristics
his nature, took up9n himself to met
any deficiency that might show itself q
the end of the year, and urged the de
clslve measure of an immediate organ
zation. His generous and public-spiritc
devotion to the cause he had taken /
heart overcame hesitation and doub
The subscribers to the new enterpris
were called together; consultation mad
evident that the project was one that ms
an absolutely existing need; that i. W
IaulspensaU,U 10 ,mo 1i.YCu uIdue OF Ii
city. The prelimiuaries toward organ
cation were agreed upon, an election +,
board of seven directors eusued, an
the following gentlemen had oonferre
upon them the honor of being the fir,
officers of an institution that for lor
years to come will hold those names
reverence, and repeat them on many g
occurring anniversary; Messrs. Napolec
, Hill, j. l.. Petit, A. j. r. LandaueT.
I. Smith, John I. Stratt1n, T. III. Har
mus and w. W. Guy. w. B. Galbreai
very properly had accorded to him Il
, dignity of beiag the first pres deut of Il
/ Memphis Cotton Exchange, with Joi
} 5. Touf as secretary and superintendent
) Ga the same day the institution procee
ed to occupy the rooms that are its qua
: ters at the time We write, at the corn
: of Front and Madison streets. The des
and books were in order, and a lar
space of blackbeards elowed with fgur
from Liverpool, and from every prime I
/ cotton market in the United States I
!, completeness of the whole arrangemer
' was found greatly to facilitate busine
!. while the figures coming iu frum
. quarters, that were at rapid iuterv:
checked upon the blackb ,ards, were s.
: found to be things that no fellow COZ
do without" How could those who q
:. not belong to the Exchange do busio,
: successfully against men who knew wi
: every important cotton market in t
V United States and Europe had do
e within an hour or two; how many bal
a they had sold, how much cotton th
n had received, and what prices they h
s obtainedf
: OLD FoGY BANIsHED.
+ To join the Cotton Exchange was
longer a matter of choice, man M
c belong TO it or fall behind in his bu
: ness. The sagacious provision of Mess
e Toof, Galbreath and Schoolfeld v
) amply justified, doubt was d
u y PEELED, aud no one could be faqnd
= acknowledge that he had e.
! opposed what actual experiment was
= cry day demonstrating to be, net only
!, ceptabie and useful, but necessity
= thing that could not be dispensed W
l, by these who would be successful
- ness. Those who have wi.aess
VITA fight Of a flock Of predatory BIZ
> rrcn newly sown wheat field caR 70
. an idea Of the startling effect upon .,
3 fogy notions, produced by the success
T. the Cotton Exchange, Old prejudi
: were shocked; the inroad upon long
tablished customs was a horrible iul
vation. What was the world coming
''ss 1t was too late to moralize, or sentime
ID alize, or quote 'ho9 xe used to
I things" These staring white Ggu
;e that Mr.. Toof was hourly chalking up
Is the spacious blackboards at the Cot
OIL Exchange nc'A ..c>'A rep,ating the eelebra
French saying: Nous arons chaage
A. csta-we haye changed all that. Char
indeed That Cotton Exet ange
I'll made Memphis cotton market krosr
p every cotton dealing and cotton ma
an featuring center updor the SUI. To-
r. its cotton figures ard its cotton rep!
rts are quoted as au herity in the COUNT
n. houses of merchaats aud the Office
8, brokers, and baaksrswhereyer the CO,
Of business is carried on, and legislatu