Goodspeed's History of Tennessee

The Goodspeed Publishing Co., Nashville TN, 1886-1887

Shelby Co. TN

History of Shelby County

transcription donated by Rose-Anne Cunningham Bray

(page 890)

The first bank organized in Memphis was the Farmers and Merchants Bank, in 1834. It was located on the corner of Main and Winchester Streets. About 1840 this institution erected the building on the corner of Main and Exchange Streets, afterward used as a synagogue, and about 1850 the same bank erected another building on Jefferson Street nearly opposite the present Priddy Hotel.

The Branch Union Bank 'was started in 1839, in a brick building on the northwest corner of Exchange Square. In 1852 it removed to the northeast corner of Madison Street and Front Alley, and in 1853–54 it erected a building on the opposite corner of the alley, at present occupied by the First National Bank.

The Branch Planters Bank occupied the building south of Cochran Block on Main Street, about 1842. It afterward moved into a building on the southwest corner of Main and Jefferson Streets. There were also other banks here prior to the war: the Southern Bank of Tennessee, established Sepember 1, 1853; the Mechanics Bank, started December 1, 1853; the Branch Bank of Tennessee, the Bank of West Tennessee, the Bank of Memphis, established September 1, 1853; the Commercial Bank, established March 1, 1844, and the Citizens Bank, started December 1, 1853.

The First National Bank was organized in April, 1864, with a capital of $100,000. F. A. Davis was the first president and C. P. Norris the first cashier. The capital now is $150,000, and surplus $50,000. Since it commenced business it has declared $556,000, in dividends. At different times it has carried accounts with all the business men of the city. Up to 1872 its deposits generally averaged over $1,000,000. Since then they have been about $500,000 and now they are $800,000. The bank has always been at its present location, No. 14 Madison Street. N. M. Jones succeeded F. A. Davis as president in 1882; N. W, Thatcher became cashier in 1869, and C. W. Schulte in 1882. One remarkable fact about banks in Memphis is that since this bank was started nineteen other banks have failed, three of them national banks. The strength of this bank is accounted for by the fact that such firms as the following are stockholders: Brown. & Jones, Brooks, Neely & Co., Hill, Fontaine & Co., and Oliver, Finnie & Co.

(page 891)

The German National Bank was organized under national charter in 1864, John A. Ainsley being the first president, succeeded by T. M. Apperson, Louis Hanauer, Horace E. Gorth and Thomas H. Milburn. The bank was reorganized in 1885 under the State law, and its name became the German Bank of Memphis. Its officers at present are John W. Cochran, president; W. C. McClure, vice-president; Edward Goldsmith, cashier; Louis Hanauer, J. T. Pettit, R. C. Graves, J. J. Jenny, George Arnold, D. P. Hadden, Jacob Weller, J. T. Frost, J. S. Robinson, R. H. Vance and William Katzenberger. The capital stock of the bank is $250,000 and surplus $140,000. The deposits amount to $872,144.28 and the undivided profits $28,253.56.

The Union and Planters Bank was organized and commenced business September 1, 1869, with the following directors and officers: William M. Farrington, president; William A. Williamson, vice-president; S. P. Read, cashier; J. J. Rawlings, C. B. Church, John Johnson, C. W. Goyer, W. B. Greenlaw, W. B. Galbreath, Napoleon Hill, A. Vaccaro, SToseph Bruce, Z. N. Estes, M. L. Meacham, James A. 'Rogers and Nathan Adams. The present [directors and officers are Napoleon Hill, president; William A. Williamson, vice-president; S. P. Read, cashier; A. Vaccaro, Joseph Bruce, R. Dudley, John R. Pepper, E. Ensley, Benjamin Barr, Isaac N. Snowden and James H. McDonald. The paid up capital stock is $600,000, dividend on hand $121,377, deposits, October 26, 1886, $1,074,125.15.

The State National Bank was organized August 27, 1873, with the following directors and officers: R. C. Daniel, president; I. B. Kirtland, vice-president; J. J. Freeman, cashier; T. N. Nelson, J. J. Busby, H. T. Lemmon, H. Cloth, A. J. White, Hugh Stewart, John P. Hoffman, B. Lowenstein and N. Malatesta. The present directors and officers are W. B. Bethel, president; A. B. Gwynn, vice-president; M. S. Buckingham, cashier; W. J. Chase, R. H. Vance, H. T. Lemmon, Thomas J. Latham, W. M. Sneed, Gen. Colton Greene, John K. Speed, R. L. Coffin and Z. N. Estes. The capital stock of the bank is $250,000, and surplus $80,000.

The Mercantile Bank commenced business May 21, 1883, with a cash capital of $200,000. It has eighty stockholders, all of them representative business men of Memphis. In selecting stockholders it was careful not to place itself outside of those who had business to give it, hoping in this way to make its stock self-supporting, and the success of the institution is a sufficient justification of the wisdom of this policy. During the entire period of its existence it has distributed to its stockholders each six months a five per cent cash dividend, and has besides accumulated a surplus of $30,000. The bank is a depository of the State of Tennessee. Following are the names of its directors and officers: J. R. Godwin, president; J. M. Goodbar, vice-president; C. H. Raine, cashier; D. T. Porter, A. W. Newson, F. M. Nelson, C. B. Bryan, J. M. Smith, W. S. Bruce, W. N. Wilkerson, T. B. Sim, John Armistead, H. E. Coffin, R. T. Cooper, J. W. Falls, M. Gavin, R. J. Black, W. P. Dunavant and Charles Kuey.

(page 892)

Manhattan Savings Bank and Trust Company was organized in July, 1885, with the following officers: David P. Hadden, president; Edward Goldsmith, vice-president; James Nathan, cashier. The present board of trustees are L. Hanauer, M. Gavin, L. Levy, Napoleon Hill, A. Kenkert, J. A. Omberg, J. G. Handwerker, Thomas Boyle, David P. Hadden, J. S. Robinson, John W. Cochran, Sol. Coleman, Hardwig Peres, Edward Gold-smith. This bank receives sums of $1 and upward, and allows interest at stated periods, executes orders in stocks, bonds and securities, sells drafts on all parts of Europe, and executes cable transfers. The capital stock is $20,000, and surplus $5,000.

The Mechanics Bank was first organized in 1856, with F. M. White, president. The charter having been kept alive the bank was reorganized in 1886 with $100,000 capital. The present directors and officers are M. H. Katzenberger, president; Napoleon Hill, vice-president; J. Katzenberger, cashier; W. H. Carrol, J. H. Biscoe, A. S. Myers, A. Cohn, J. M. Schorr, A. F. Tobin and John A. Denie.

The Security Bank of Memphis was organized February 1, 1886. It is a safe deposit trust company and savings bank, located at No. 42 Madison Street. The first directors and officers were C. C. Graham, president; W. M. Wilkerson, vice-president; R. J. Black, cashier; W. D. Bethell, Thomas H. Allen, S. I. McDowell, J. R. Godwin, John Overton, Jr., R. Dudley Frayser, S. P. Read, W. F. Taylor, William A. Williamson and R. B. Snowden. With the exception of the president, who is now R. Dudley Frayser, the officers are the same. This bank does a general banking business, pays interest on deposits, has a safe deposit vault, and is a depository of the State.

The Bank of Commerce was established in 1873 with a capital of $200,000, at No. 12 Madison Street. The presidents of this bank have been E. McDavitt, from 1873 to 1876; J. T. Parkerson, 1876 to 1880; S. H. Dunscomb, 1880 to present time. Vice-president, John Overton, Jr., for one or two years at first, and then from 1886 to the present time. Cashiers, R. A. Parker, 1873 to 1879; J. A. Omberg, 1879 to the present time. The capital of the bank is at present $200,000 with a surplus of $80,000.

The Hernando Insurance Company, 22 Madison Street, was incorporated in 1850. It does a fire and marine insurance business, and has a paid up capital of $150,000. Its assets, including capital, amount to $182,000. S. H. Dunscomb is president; Joseph Bruce, vice-president; J. S. Dunscomb, secretary, and its other directors are R. L. Cochran, J. H. McDavitt, F. M. Nelson, L. Hanauer, A. Vaccaro, J. It. Pep-per, W. B. Mallory, N. Fontaine and J. T. Willins. Originally only ten per cent was paid in. After the war the company reorganized and ten per cent more was paid in, and the stock was all paid up by July 1, 1874, since which time it has paid from eight to twenty-four per cent to the stockholders annually.

(page 893)

The Planters Fire & Marine Insurance Company, 41 Madison Street, was incorporated in 1867, and has a capital of $150,000. Following are the names of the directors and officers: D. T. Porter, president; John Overton, Jr., vice-president; J. H. Smith, secretary; F. B. Hunter, assistant secretary; S. H. Brooks, R. L. Coffin, J. R. Godwin, J. M. Goodbar, J. C. Mills, Harding Peres and J. M. Phillips. This company does a large and conservative local business, and is agent for the Georgia Home Insurance Company, the Springfield (Mass.) Fire & Marine Insurance Company, the Mountain City Company of Chattanooga, Tenn., and of the Anglo-Nevada Insurance Company of San Francisco, Cal.

The People's Insurance Company, 16 Madison Street, was organized in 1867, and has met with well deserved success in a safe and conservative career of twenty years. It does a general fire insurance business, making a specialty of dwellings and good business property. It has a cash capital of $200,000. Its directors and officers are as follows: William M. Farrington, president; H. T. Lemmon, vice-president; W. L. Parker, secretary; W. S. Bruce, Enoch Ensley, John Overton, Jr., and Thomas B. Turley.

The Home Insurance Company was organized in 1870 with a capital of $100,000. It has conducted a successful fire and marine insurance business from the beginning. This business is steadily increasing, indicating the possession of the fullest confidence of the public. Its officers are on the floor of the building at the corner of Front and Madison Streets. This company represents the Phoenix of London, the Fire of England, the Washington of Boston, and the Crescent of New Orleans. The officers of this company are E. L. McGowan, president; John K. Speed, vice-president, and Bun F. Price, secretary. The other direct-ors are H. Wetter, James Yonge, H. Luehrmann, P. McIntyre, R. B. Snowden, L. Hanauer, Louis Erb, John N. Harbin, W. D. Bethell and A. Vaccaro.

The Memphis City Fire & General Insurance Company, 10 Madison Street, was incorporated January 24, 1870, and commenced business May, 1871, on a subscribed capital stock of $250,000, of which there was called in and paid up $50,000. The company has done a careful and conservative business from the beginning; by June 30, 1883, had earned the eighty per cent required to make the paid up 'capital $250,000. Since that time it has paid regular cash dividends to the stockholders, and has used its funds in commercial loans. Its directors and officers are Napoleon Hill, president; W. N. Wilkerson vice-president; Henry J. Lynn, cashier; W. D. Bethell, R. E. Semmes, William I. Cole, James Reilly, John Logue, S. Mansfield, D. B. Myers, and G. Harrington, soliciting agent.

(page 894)

The Bluff City Insurance Company, 285 Main Street, was established in 1871, with a paid up cash capital of $150,000. This company occupies a prominent place in insurance circles, and is established on a solid basis. Its directors and officers are J. C. Neely, president; David P. Hadden, vice-president; W. H. Moore, secretary; J. T. Frank, H. M. James, W. A. Gage, M. Gavin and J. W. Falls.

The Factors Mutual Insurance Company, No. 18 Madison Street, was organized in 1881, with a guarantee fund of $130,000. Its assets amount to $171,424.72. Its operations are confined to marine inland risks. Its board of trustees is composed of seventeen of the most prominent business men of Memphis, and its officers are Noland Fontaine, president; Colton Greene, vice-president, and James E. Beasley, secretary.

The Vanderbilt Mutual Insurance Company, No. 3 Madison Street, was organized in August, 1881. It has a capital of $100,000, and does a large and conservative fire insurance business, in Memphis and other large cities of the United States, but has no soliciting agents. Its board of trustees is composed of thirteen of the most enterprising and substantial business men of Memphis, and its officers are John Overton, Jr., president; Thomas H. Chilton, vice-president, and Phil B. Jones, secretary.

The Factors Fire Insurance Company, No. 18 Madison Street, was incorporated in September, 1882. Its capital stock is $250,000 and its Reserved and surplus fund is $20,729. The business of the company, which is largely local, extends also to all the principal cities of the South and West. Its safe conservative methods inspire the fullest confidence of the community. Its board of trustees is composed of twenty-one of Memphis' most prominent business men, and its officers are No-land Fontaine, president; Colton Green, vice-president, and James E. Beasley, secretary.

The Arlington Insurance Company, No. 43 Madison Street, was organized September 1, 1883, with a subscribed capital of $100,000. The paid up capital was 20 per cent of this sum. Three dividends have since been made aggregating 15 per cent. The directors and officers are as follows: T. B. Sim, president; J. M. Smith, vice-president; W. H. Kenneday, secretary; W. P. Dunavant, A. Kenkert, J. W. Richardson, W. T. Stone, George Arnold, Otto Schwill, B. H. Carbery, I. M. Hill, D. Canale, Alston Boyd, L. Lawhorn and John A. Denie.

(page 895)

The Citizens Insurance Company, No. 43 Madison Street, was organized July 1, 1886, with a subscribed capital stock of $200,000, $10,000 of which was paid in. It does a general fire and marine insurance business, and guarantees the lowest rates. It makes a specialty of country stores and residences and solicits gin houses and insures steam-boats. Losses are promptly adjusted and paid at Memphis. This is the only home company making a specialty of this class of business. The directors of the company are T. B. Sim, George , T. F. Duffin, John Armistead, J. W. Richardson, W. N. Nickerson, W. P. Dunavant and W. H. Kenneday, secretary.

The Phoenix Fire & Marine Insurance Company, No. 10 Madison Street, has the following directors and officers: H. M. Neely, president; W. S. Bruce, vice-president; John Johnson, secretary; J. S. Day, L. B. Suggs, John K. Speed, W. J. Crawford, R. J. Black, W. N. Brown and C. B. Oliver. The company has a cash capital of $150,000, and on December 1, 1886, its total assets were $171,529.48.

The Memphis Board of Fire Underwriters was organized in 1871, for the purpose of adopting and establishing general rules and regulations for the management of fire insurance business in Memphis, and suburbs within ten miles of Court Square. Any person representing a fire insurance company in Memphis may become a member of the board. The officers consist of a president, vice-president and secretary, elected by' a majority of the members, of whom there are now twenty, including individuals and firms. At the present time J. J. Murphy is president, Thomas Wellford, vice-president and Jere Sullivan, secretary.

The Signal Service Observatory was established in Memphis, February 28, 1871, in accordance with a joint resolution of Congress, approved February 9, 1870. The following have been the observers in charge : Thomas J. Brown, February 28, 1871, to August 28, 1871; S. W. Rode, August 28, 1871, to September 14, 1874; H. M. Ludwig, September 14, 1874, to 'July 22, 1876; W. McElroy, July 22, 1876, to his death from yellow fever, September 1, 1878 ; F. M. Neal, September 1, 1878, to January 24, 1879; R. R. Martin, January 24, 1879, to July 31, 1879; R. L. Dabney, July 31, 1879, to January 11, 1880, and D. T. Flannery, January 11, 1880, to the present time.

(page 896)

According to certain authorities the first postmaster at Memphis was James Stewart, who served from 1820 until M. B. Winchester was regularly appointed, April 22, 1823. Mr. Winchester served continuously until 1849, on the 17th day of April of which year F. S. Latham was appointed. The postoffice was then on Madison Street where the Bank of Commerce now is. On the 5th of April, 1853, Gen. William H. Carroll, son of Gov. William Carroll, was appointed and served until June 3, 1860, on which day Col. M. C. Galloway was appointed and held the office until the United States Army came down, on July 6, 1862, when it went into the hands of the military authorities and remained with them two years; Col. Robert C. Gist was then appointed June 7, 1864, and served until April 5, 1869, when Col. Josiah De Loach became post-master and served until June 8, 1877. Robert A. Thompson succeeded and served until his death from yellow fever, September 3, 1878. The affairs of the office were then managed a few days by L. S. Knowlton, and then by the bondsmen of Mr. Thompson, with W. J. Chase in charge. During the continuance of the fever there was great trouble connected with the office on account of the quarantine against the city. The accumulation of through mail, the lack of money to pay money orders, etc., created great embarrassment. The First National Bank cashed the money orders to the extent of $30,000 and thus rendered great assistance to the citizens. On September 28, 1878, Mrs. Anna D. H. Thompson was appointed and early in 1879 the office was moved to the Masonic Temple. Mrs. Thompson remained in the office until September 10, 1882, when she was succeeded by James H. Smith. The present post-master, Jeptha M. Fowlkes, was appointed July 6, 1885, and assumed charge of fhe office August 1 of that year. In December following, it was removed to its present quarters in the United States Custom House, at the foot of Madison Street.

The charter incorporating the Memphis Merchants Exchange being dated January 11, 1885, it is the successor of the old Chamber of Commerce, which was disorganized in 1878. Following are the names of the incorporators: John K. Speed, M. C. ,Pearce, E. C. Buchanan, John R. Pepper, James Lee, Jr., John S. Toof, M. Cooper, L. Erb, W. J. Chase and E. A. Keeling, The object of the incorporation was " to afford better facilities for the transaction of general mercantile business; to increase the privileges of buying and selling merchandise, produce and various other commodities; to acquire, pReserved and disseminate useful information concerning the commerce of the country; to adopt standard classifications; to establish just and equitable principles of trade; to maintain its rules, regulations and usages, and to adjust controversies between its members." The capital stock of the Exchange was limited to $250,000.

The presidents of this organization have been John K. Speed, 1883 ; W. W. Schoolfield, 1884; A. B. Treadwell, 1885; W. J. Chase, 1886; vice-presidents, N. Cooper, 1883 and 1884; W. J. Chase, 1885, and J. H. Martin, 1886; secretary, E. A. Keeling, 1883 to 1886, inclusive; treasurers, W. J. Chase, 1883–84; W. D. Bethell, 1885–86.

(page 897)

During the first and second years of the existence of this exchange comparatively little interest was manifested in its proceedings and welfare, and it was thought by some that the institution was on the wane. When organized it had ninety-five members; at the beginning of 1885 it had but 139, among whom there was much indifference and the institution was in debt. On the 5th of February, it was decided to inaugurate a call board, and on the 21st the certificate of membership plan was inaugurated, limiting its membership to 350. During the year the entire membership was taken up. At first the certificates of membership were held at $25 each. They soon increased to $50 and by the beginning of 1886 they were $125. On September 1, 1885, the board moved into its present elegant hall, which was dedicated on the 15th of October. In the ten months succeeding March 1, 1885, the value of goods sold on call was $484,800.50. According to the annual statement of the Merchants Exchange, there were received for the season of 1880 -81 (the season commencing September 1, and ending August 31), 470,-267 bales of cotton; for the season of 1881–82, 339,240 bales; for that of 1882–83, 510,789; for 1883–84, 450,077; and for that of 1884–85, 430,127. For the season of 1885–86 they were 478,770* bales and for the first four months of 1886–87, they were 491,459 bales, making the aggregate number of bales of cotton received in Memphis, from 1826 to January 1, 1887, 11,000,000. At $60 per bale this would amount to $660,000,000.

(page 897-9)

The Memphis Cotton Exchange was incorporated April 20, 1874 by the following charter:

BE IT REMEMBERED, That on to-wit, April 20th, 1874, in the Second Chancery Court of Shelby County, Tennessee, Hon, Sam'l P. Walker, Chancellor, the following proceedings were had and appeared of record, to-wit:

No. 1041.
SCHOOLFIELD, HANAUER & CO., and others, Petitioners,
EX PARTE,To incorporate " The Memphis Cotton Exchange."

Be it remembered, That this cause came on to be heard before the Hon. Sam'l P. Walker, Chancellor of the Second Chancery Court of Shelby County, Tennessee, on this the 20th day of April, 1874; it appearing that a majority of the petitioners reside in Shelby County, that the petition sets forth the purposes and objects of the corporation prayed for, that immediately upon the filing of said petition the Clerk and Master of this Court caused publication to be made for thirty days in the Memphis Appeal, a newspaper published in this State, that said publication gave the names of the petitioners and nature of the corporate rights prayed for, and by it all persons were notified to appear and show cause why letters of incorporation should not issue; no one appearing to show cause, the statements and allegations of the petition are taken as confessed, and the Court proceeds to a hearing of the cause ex parte. It further appearing that the objects of the corporation prayed for are not in conflict with the laws of the land, nor detrimental to the public interests or morals, it is therefore ordered, adjudged and decreed, that Schoolfield, Hanauer & Co., W. B. Galbreath, A. G. Tuther (Agent Star Union Line), Hill, Fontaine & Co., Pettit & Simpson, Guy, McClellan & Co., R. M. Bradford (for B. & O. R. R.), B. Bayliss & Co., A. M. Agelasto, Shane, Harris & Co., Martin & Hillsman, Day & Proudfit, J. W. Jefferson & Co., Stratton & Wellford, Ford, Porter & Co., Louis Ranger & Co., G. Falls & Co., Fargason & Clay, Sledge, McKay & Co., C. F. Smith, O. B. Parker, E. Hobart & Co., Busby, Johnson & Co., Brooks, Neely & Co., Hartmus & Co., T. B. Dillard, Benj. Babb, S. M. Anderson, Wm. Bath, A. M. Scarbrough & Co., Katzenberger's Sons, S. M. Gates, A. A. Paton & Co., Ely, Harvey & Richardson, J. R. Miles & Co., C. T. Curtis, A. C. Treadwell & Bros., W. Tracy Eustis, Hugh Torrance & Son, Estes, Fizer & Co., S. B. Carver & Co., Gage & Fisher, J. J. Rawlings & Co., Rutland, Freeman & Co., Pearce, Suggs & Co., J. R. Godwin & Co., Cochran, Cirode & Co., Philip R. Durfee, P. S. Jones, Goodlett & Co., Furstenheim & Co., Ad. Storm (Agent M. & St. L. P. Co.), Ralph Wormeley & Co., F. M. White & Co., A. J. Roach & Co., Thos. H. Allen & Co., T. B. Haynes & Co., Robt. Gibson (for L. & N. R. R. Co.), R. C. Daniel, Jones, Brown & Co., Dillard & Coffin, Taylor, Radford & Co., J. F. Frank & Co., Herron, Connor & Co., E, E. Clarke, Harris, Mallory & Co., W. W. Thacher, Cashier (for First National Bank), M. Gavin & Co., Jno. S. Toof and E. B. Webber & Co., be, and they are hereby incorporated, with all the powers and privileges of a corporate body, under the name and style of "The Memphis Cotton Exchange," with perpetual succession, and power to use a common seal and alter the same at pleasure, to sue and be sued, to take and to hold by grant, purchase or devise, for the purposes of said corporation, real and personal property to an amount. not exceeding one hundred and fifty thousand dollars, and to sell, convey, lease and mortgage the same, or any part thereof and with full power to issue capital stock to an amount not exceeding one hundred and fifty thousand dollars, under such rules and regulations as may be prescribed by said corporation. It is further ordered, adjudged and decreed, that said corporation have full power to adopt a constitution for its government, and to make all proper and needful by-laws necessary or incident to the purposes of its organization not inconsistent with the Constitution and laws of the State of Tennessee or of the United States.

I, M. D. L. STEWART, Clerk and",Master of the Second Chancery Court of Shelby County, Tennessee, do hereby certify that the above and foregoing is a true and perfect copy of the final decree granting charter to "The Memphis Cotton Exchange," as. the same appears of record in my office, on the day and date set forth in the caption of this decree.

Given under my hand and seal of office, at office in the City of Memphis, Tennessee, this April 27th, 1874.
M. D. L. STEWART, C. & M.

The purposes of the Cotton Exchange are set forth in the second article of its constitution, as follows:

SECTION 1. The purposes of this Association shall be to provide and maintain suitable rooms for a Cotton Exchange in the city of Memphis; to adjust controversies between members; to establish just and equitable principles, uniform usages, rules and regulations, and standards for classifications, which shall govern all transactions connected with the cotton trade; to acquire, pReserved and disseminate information connected there-with; to decrease the risks incident thereto; and generally, to promote the interests of the trade, and increase the facilities and the amount of the cotton business in the city of Memphis.

Following is a list of presidents, vice-presidents, treasurers, secretaries and assistant secretaries from the organization to the present time:

Presidents—W. B. Galbreath, 1873-76 ; J. T. Pettit, 1877-78 ; David P: Hadden, 1879-80; Napoleon Hill, 1881-82; C. P. Hunt, 1883-84; W. J. Crawford, 1885-86; L. B. Suggs, 1887.

Secretaries—John S. Toof, 1873-79 ; Sam. M. Gates, 1879-80; Henry Holter, 1881-86.

Treasurers—R. C. Daniel, 1874; F. S. Davis, 1875--76; S. P. Read, 1877-80; S. H. Dunscomb, 1881-84; J. R. Godwin, 1885-87.

The officers of the Cotton Exchange Building Committee have been since 1885 the same as those of the Cotton Exchange.

These two exchanges meet in the most elegant building in Memphis. It is situated on Second Street and extends from South Court Street to Madison Street. The purchase of the site was made in 1883 at a cost of $60,000. The Cotton Exchange Building Committee was formed in 1883, and consisted of J. W. Fulmer, J. M. Fowlkes and W. W. School-field. The capital stock of this committee was fixed at $99.000, of which the Cotton Exchange was to take $50,000, the $49,000 being distributed. The following description of the building, which was taken possession of September 1, 1885, and which cost $145,000, is taken from the Memphis Avalanche of that date :

" Viewed from the outside one is deeply impressed with the grandeur of the building that today will be taken formal possession of by the sister exchanges. It is at once solid and ornamental in appearance. The skill of the architect and the conscientiousness of the builder are plainly apparent in every feature of the structure. It is four stories high and of the Gothic style of architecture. The frontage is resplendent with artistic ornamentation. An air of elegance pervades the entire building and there is not the slightest suggestion of gingerbread work anywhere. The frontage abounds with heavy French plate windows, encased in massive frames of stained wood. The lofty archway of the main entrance on Second Street, the substantial double iron stairways leading to the Cotton Exchange on Madison Street and Merchants Exchange on Court, all are worthy of more than a casual glance. The basement is protected by heavy iron rails, supported by massive posts. The transoms of all the windows are of stained glass, containing many unique and beautiful designs. Above the third story is the attic, surmounted by four slate covered domes ornamented with the design of an open cotton boll in galvanized iron. The material used in constructing the building is the finest Zanesville (Ohio) pressed brick. The moldings generally are composed of the same excellent and durable material."

(page 900)

The Memphis Water Company was organized in February, 1870, with John Cubbins, president; Charles J. Phillips, treasurer; W. L. Cameron, superintendent; T. M. Mahan, financial agent; O. P. Lyles, solicitor; A. R. Ketchum,' consulting engineer; G. W. Pearsons, constructing engineer; M. J. Riley, superintendent of street mains; W. L. Cameron, secretary; and other directors, John S. Toof, B. C. Brown, J. H. Humphreys and John E. Randall. At the annual meeting of 1872 no report could be made, except that a contract had been made for machinery with the Holly Manufacturing Company, of Lockport, N. Y., and another contract for hydrant service and rents with the city. About this time bonds to the amount of $600,000 were placed upon the market. By the annual meeting, April 30, 1873, the works were complete and in running order, with seventeen miles of pipe laid. The site of the works is on the east side of Wolf River, about two miles north of Court Square, and comprises about four acres of land. The bank here is 36 feet above high-water mark. The suction-pipe is 20 inches in interior diameter; the pump-well is a tube of boiler-iron 18 feet in diameter and 60 feet long. The machinery consists of 8 lifting and force pumps, each 20 inches in diameter and 24 inches stroke. Up to the date of the secretary's report for April 30, 1873, the entire expenditure for construction was $472,278.39. At present the board of directors consists of T. J. Latham, president; W. S. Bruce, vice-president; W. L. Cameron, secretary; C. C. Graham, C. B. Bryan, J. R. Godwin, G. W. McCrae, S. H. Dunscomb, W. D. Bethell and S. M. McCallum. The assistant secretary is Lawrence J. Simpson.

The Brush Electric Light and Power Company was organized in March, 1883, with the following officers: H. A. Hamilton, president; S. T. Carnes, vice-president; George W. Woodruff, secretary and treasurer. The works are at the foot of Jefferson Street, in a two-story brick building. At first the company had but one engine of 150-horse power, but about the 1st of March; 1887, a second engine of similar strength was set up. There are four dynamos in these works, which at first supplied electricity for 50 lights; this number has been increased to 155 arc lights. Incandescent lights were first introduced by this company in March, 1885, of which they have now in use about 100, varying in intensity from 16 to 150 candle power. The present officers are S. T. Carnes, president; H. A. Hamilton, vice-president; and John L. Kerr, secretary and treasurer.

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The Thompson-Houston Electric Light Company was organized in May, 1886, under a charter granted March 30, 1886. The incorporators were NI. Burke, T. F. Duffin, R. A. Speed, NI. Coen and E. B. McHenry. Upon organization, M. Burke was elected president and E. B. McHenry secretary. The capital stock of the company is $25,000. On the 7th of May, 1886, their lights first shone upon the city, fifteen lamps then being the number. The works are located in the rear of No. 381 Main Street, where they have two engines, of 80-horse power each, and five dynamos. On the 1st of January, 1887, they had 140 arc lights burning, and 100 incandescent lamps from the same circuit. The distinguishing feature of this arc light is that it is at the same time brilliant and steady. No lamp has yet flickered or gone out except when the entire circuit was broken.

Elmwood Cemetery lies two and a half miles southwest of Memphis. The Elmwood Cemetery Association was organized September 11, 1852, stock having been subscribed on the 28th of August, premiums to the amount of $25,000, $500 each having been subscribed by fifty share-holders, whose object it was to establish a proper cemetery near Memphis. At the first meeting of these shareholders, Dr. A. P. Merrill was made chairman, and E. P. Stewart, secretary. Dr. A. P. Merrill, J. W. Fowler, J. M. Williamson, William Ruffin and D. M. Leatherman were authorized to purchase land for cemetery uses. These gentlemen as a committee reported September 25, 1852, that they had bought forty acres, lying between the old Fort Pickering & La Grange Railroad and Walker Avenue. The permanent organization of the board was effected October 9, 1852, with the following officers: D.M. Leatherman, president; J. W. Fowler, treasurer; J. N. Williamson, secretary. The association was incorporated February 13, 1854, by the following persons: D. NI. Leatherman, J. M. Williamson, John W. Fowler, Wilie B. Miller and William Ruffin, and such other persons as might sign the indenture of December 14, 1852, setting forth the principles of the association. The property of the association was exempted from taxation by the Legislature, February 15, 1869. From 1859 to 1862 President Lenow, of this Association, labored to remove the bodies of the dead in the old Morris Cemetery to Elmwood, the Morris Cemetery being in a rapidly growing section of the city, and tho work, after completion, gave great satisfaction to all concerned. One hundred and seventeen Confederate soldiers and a few Union soldiers lie buried in Elmwood Cemetery. "If the dead deserve praise, and they who read epitaphs owe a .debt of gratitude, it will be most cheerfully paid when most modestly exacted."

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The Leath Orphan Asylum was established in 1855, by a bequest of Mrs. Leath of fifteen acres of land, and by a donation by citizens and others, a building was erected. Under the charge of Mrs. Jane Ward, it accomplished great good to the orphans in the vicinityof Memphis. Mrs. Ward died in 1876, and was succeeded by the present matron, Mrs. Ida Peabody. Previous to 1875, in which year a new building was erected, Mrs. Leath donated to the asylum twenty acres more land. The institution is on the New Raleigh road at the edge of the city, and is managed by a board of trustees, which board at present consists of W. S. Bruce, president; Judge J. R. Flippin, secretary; S. H. Dunscomb, treasurer; Dr. D. T. Porter, I. N. Snowden and W. W. Schoolfield. The building is capable of keeping 200 inmates.

The Young Men's Christian Association, after a somewhat checkered career in 1870-71-72 and 1873, was reorganized April 26, 1883. It has had rooms in the Odd Fellows' building, in Ayres Block, and finally in the Lee Block, No. 207 Main Street, into which it moved August 1, 1886. At present the officers are, president, R. G. Craig; vice-president, Judge L. H. Estes, Jr. secretary, C. Mason, Jr., and treasurer, George S. Fox. Services are held in the hospital, jail and mission home, and free concerts and lectures are given occasionally. The membership is now about twenty-five and the association is growing and doing much good.

The Old Folks' Society was organized May 9, 1857, when the following officers were elected: Nathaniel Anderson, president; William D. Ferguson, vice-president; J. B. Moseley, secretary; Eugene Magevney, historian. The purposes of the Society were " to rescue from the oblivion into which it is rapidly sinking the past history of our city and county; to collate and pReserved the memories and incidents of the earlier and the late lives of the hardy and revered pioneers, who came hither to woo from the wildness of the unbroken wilderness, our present heritage; to transmit from son to son, in authoritative and reliable records, the events to which the progress of our city and county have given birth, and the names of those who have devoted their lives and talents to the development of their resources, and to cultivate amongst the survivors and descendants and successors of these worthies of the past, the general good feeling which should characterize those who were the common sharers of the privations of an early border life."

The society, continued up to the beginning of the war, 1861, and was reorganized in 1866, with Col. Chas. D. McLean as president and John B. Moseley as secretary.

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This society, having been reorganized on its former principles, proved very imperfect. While the "Old Folks " had to "foot the bills," the young folks, and especially strangers, crowded them out, monopolized the grounds and everything else. The consequence was that the members, lagged in interest and the Society went down. In 1870, October 8, a meeting was held for a second reorganization of the Old Folks at Home, and the following members were enrolled: J. R. Abernathy, T. C. Bleckley, B. Bayliss, M. C. Cayce, S. H. Dunscomb, Newton Ford, H. L. Guion, C. W. Goyer, H. E. Goodlett, A. J. Hayes, W. F. Hardin, C. J. Hargan, Hon. John Johnson, Chas. D. McLean, Michael Magevney, Eugene Magevney, W. P. Mitchell, E. McDavitt, R. A. Parker, Frank W. Royster, Sr., E. F. Risk, Sr., John T. Stratton, John T. Trezevant, John S. Toof, W. F. Taylor, A. Vaccaro, J. J. Worsham, James S. Wilkins, J. C. Ward and J. D. Williams.

January 15, 1884. Officers elected: John Beamish, president; W. J. Smith, first vice-president; Tom Gale, second vice-president; E. O. Milton, secretary; J. S. Wilkins, treasurer; C. F. Vance, historian. At this time there are 147 members in the society.

The manufacturers of Memphis are an important element in her prosperity. Of these she has over 300 establishments of various sizes. Foremost in the list are the cotton-seed oil mills, of which there are eleven—the Panola, Gayoso, Globe, Hope, Memphis, Hanauer, City, Valley, Planters, De Soto and Star. The manufacture of cotton-seed oil, cake and meal has been inaugurated since the war, but although thus. young has grown to large proportions, and is constantly adding to the wealth of the valley of the Mississippi and to Memphis in particular. There are seven saw and planing-mills in operation, giving employment to about 500 hands; are based upon a capital of $500,000, and producing about 60,000,000 feet of lumber annually.

Of iron manufactories there are the Chickasaw Iron Works, the Livermore Foundry & Machine Company, the Milburn Gin & Machine Company, the Bluff City Stove Works, the Memphis Metal & Wood Manufacturing Company, and the Variety Agricultural Works.

Of wagon and carriage manufacturers there are W. S. Bruce & Co., the Lilly Carriage Company, the Woodruff-Oliver Carriage & Harness. Company, and the James & Graham Works.

The Chickasaw Cooperage Company is an important industry, as are the three cracker and candy manufactories, the Pioneer Cotton Mills, the two ice factories, the six flour and corn-meal mills, the broom factory, the brick manufactories, the soap factory, the trunk manufactories, and the hundreds of other miscellaneous establishments and industries which can not be even named in this work. The entire number and value of manufacturing industries in Shelby County in 1880 may be found in another place in this brief sketch.