The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-10-27

Nickel Plate, and the Midland IL not
known in the paper. At Jackson, Tenn,
the present terminus OF the Midland, the
shipments are taken by tho Illinois Cen
tral. which Ii utilized rs part OF the
Nickel Plate system. Nor are any oi the
local roads, | believe, known In the bills
OF ladng for compressed cotton, even with
the old compress company. They are
made out In the name Of the great trunk
system the Newport News q Mississippi
Valley system forming a part OF the
Kanawa dispatch, II mistake not"
"Can you not secure living rates with
any other local railroad company than the
Tennessee Midland. or Nickel Platter
ooh, yes. but are not placed upon the
same footing. My impression Is that the
| Kansas City system Is involved In the con-
| tract with the old company, but that docs
not figure very largely M cotton carry
ing road. We can get cotton from the
other roads nj the same rate IN the old, but
ARE required 10 deliver II ut the respective
! depots after being compressed. AS mat
| ter OF course We endeayor TO give all our
business Ia the Nickel Plate, and are not
really making any effort for cotton to 90
by other roads, but whenever any must 20
that way we do the hauling. That No han
died cuts OIL our profits about l2l per
cent"
"What arrangements have you for in
sunnce2"
different from the old company, but in
| the end II amounts 10 the same. For H.
| lustmion, YOU are n buyer for Liverpool
! spinnor, and have lot Of 1000 bales. II
| IN turned over 10 the old company 10 com
press, aud the bill Of lading IL given you
at the rate Of 80 pcnco--this, believe, IN
the existing rate, insurance aud all. You
hear no more from II. II we get II, the
bill Of hiding In made ont nj AZ pence, and
the other five arr paid 10 us by the buyer.
II all virtually amounts 10 the same thing,
and the buyer, in rendering his account,
includes the whole In % pence.
"Major you have been familiar with
thccotlon COMPRISING business In Mem
| phis from ita Infancy, | believe, and
would like To hear history Of II In brief. /"
! sit was inaugura,cd here In 1861. u,
the late Col Henry A. Montgomery and
Mr. Amos Woodruff They continued II,
I believe, until 1883 or 1854, the rate ut
that time being o. cents per bale. Tho
name of this institution was the Cotton
Press aud Storage company. Tho plant
was valued at $3.50, 900, and the stock was
worth less than 80 per cent on 81. In
1883 or 1884, nearly all the cotton factors
came together and considered the % cent
rate, concluded IL WIS by far too high, and
that they should establish their own pres
or presses. An organization Was effected
the stock subscribed, and the new com
pany purchased sixteen acres OF land 10
South Memphis on which 10 erect "
plant After the purchase Il was iount
that one lot had been neglected, and tina
one was the key 10 the whole tract Pre-
vious 10 this advantage the owner Of III,
lot would have been glad To dispose Of !
for 5000 AZ soon m he learned the siiua
ton he raised ON the figure To- 1000
While committee for the new compan.
was considering the matter Col. Mont
gomcTy got In on them aud scoopcd II Il
for S5,OOO. Then he was monarch. Tn
next step for the now company was Ia ap
point committee Ia consult with Col
Montgomery. The consultation occurre
the same night, aud the next day III
committee reported back In favor Of a cou
solidation, aud that the " cent rate h
continued. This was done. the name va
changed 10 the present one, the capita
stock was run up To- 500 aiicrward
S75O, ZOO, later 60 81 900, 900, and 10 on I
tile present stock. With It's history sine
then suppose YOU are familiar"