Notebook containing a manuscript account of a visit to North America by a cotton broker acting for the Liverpool branch of the Manchester firm Reiss Brothers, with details of mills and merchants, recorded while trying to establish a hedging business.

70pp., 12mo, in ruled notebook, with the main text on 51 rectos, 17 facing pages carrying notes, mostly in pencil, and 2pp. of memoranda at the other end of the notebook. In very good condition, in attractive gilt-tooled red morocco red leather binding, with all edges gilt and marbled endpapers. The first page headed 'Visit to U.S. Canada Dec. 1983.' Neatly written out, with the journal followed by seven sections: firstly, five appendixes covering 23pp., the first on New York brokers and merchants, the second on the firm of Hamilton & Galt of Toronto, the third on Montreal, the fourth on Boston merchants and mills, and the fifth on Utica; the five appendixes are followed by a five-page 'Summary' on 'Mills', beginning: 'We have caused a great deal of interest amongst mill owners especially in Canada. Their knowledge of scientific hedging is very limited, & on this falling market they have paid dearly for their ignorance'; a final three-page section is headed 'Reference N. G.'s of 24th. Feb with enclosure.' The author is well-educated and astute, as the start of the journal indicates: 'After preliminary letters to Baton & Toronto, I arranged verbally with Vera Richardson subject to confirmation: - | 1. To proceed to New York, Toronto, Montreal, & Boston with a view to opening up hedging business - | 2. To attack the long-staple cooperatives. | 3. To make any other connections for the firm of Reis Bros. On a half-commission basis Reiss Bros to pay £100 towards my expenses. Norman Godfrey to assist me by interviewing any likely contacts I had made, when he returned to N.Y. about mid-december. This arrangement was later confirmed by Vera Richardson. Dec 24th. Sailed in Franconia. Mr & Mrs John H. McFadden were fellow passengers, & became my friends. Jack McFadden did everything possible both by advice, introductions, & help from his firm to further my interests, & I have a great deal to thank him for. RR Drake & Bulkeley Wills two of his Executives gave up a great deal of time to me. | Jany 1st 1939. Arrived in N York. 3rd to 10th. I visited about twelve trading Brokerage Houses. I concentrated on good houses who had lately joined the Cotton Exchange & possibly had no Liverpool connections. I tried to avoid business. Dependant on reciprocal dealings - 4 of these houses were interested, & a detailed report is attached. The rest of the time was spent in contacting friends in NY. who gave me introductions to be used later. I obtained - amongst others good introductions to the South to | 1. Everett R. Cook | 2. Garner Tullis | 3. Mr Garrard of Long Staple Coops. In this connection I had an invitation to stay at Granville & meet Garrard on Jany 6th. Norman Godfrey telephoned me from Dallas with reference to my southern trip, he said that he himself was visiting Everett Cook - that Garner Tullis was actually a client and that Garrard was no use, as Long staple was the same organization as C.C.O. I told him that my information was that Long-Staple were quite a separate organization & well worth while. I decided to work the north circuit first, & leaving reports of the likely contacts in NY to await Norman's arrival, I left for Toronto on Jany 10th. Referring to the NY brokers, who were interested: It was difficult to convince them that our advice in straddles was of sufficient benefit to them to dtraddle for themselves or check without reciprocal business - | The majority of U.S. Speculators look for quick, moving stocks or commodities. Other brokers' clients such as shippers in the south, are passed by many New York & Liv[erpool] houses to do similar business & might already be clients of Reiss Bros. There is plenty of straddle advice of doubtful quality being given. | There is however a possibility of extending this business, especially if our early advice proved successful. Details of firm contacted are given in appendix I'.