The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-05
PROF. P0WERS'S LECTURE
CORNELL MAN TALKS OF SOME MOD
X SOCIAL TENDENCIES.
He Advances Many New Ideas in an
Interesting and Instruc-
tive tanner.

economics ana politics, VINO continued the
series of lectures on economic and social
topics in the university extension course
with an address last night on some of our
modern tendencies" delivered in the as
sembly hall of the Shortridge High School,
is a student who thinks along original
lines and expresses his theories with UNI
usual force and decision. Several of the
ideas advanced by Professor Powers sub
jected him to an hours batting by people
who apparently misunderstood the broad
ness of his conceptions and his constant
reiteration that the laws of life and devel-
opment are as Interchangeable as the move
ments of the planets and the action of the
tides.
In his address Professor Powers made the
statement that there is in humanity a
submerged TENTH a class of people who
are incapable of growth or of keeping up
with the march of progress and OF civiliza-
ton. These people, he said, harsh and
brutal as it may sound, must, for the best
interests of all and the good of the race,
be eliminated, gradually blotted out. After
his talk a number of his hearers asked him
if he were not departing from the teachings
of Jesus Christ by making such statements.
He replied that as ar earnest teacher of
Christ he thought not. and quoted that
passage ITOIl II STlDIuTeS WHICH Il III
effect that Ito him that hath more shall
be given, and to him that hath not even
the little that he hath shall be taken
away One person said: Don't you think
that Christ meant only for that to apply
spirituality
"Oh, Lord, nor said Professor Powers.
THAT is the invariabie retort made when
people desire to twist out of a plain argu-
ment."
PURSUIT OF MONEY.
One very interesting part of his address
was a denial that the spirit of materialism
is expressed any more in American life
than elsewhere in the world. People say
that all Americans think of is a chase for
the almighty dollar" said Professor Pow
ers, land that we have no desire or time
for anything else. l have been over the
world a great deal and L have always no.
ticed that mankind generally is after the
same thing. In many places where l have
been l have seen a fiercer greed after the
cent than ! have noticed in America in pur-
suing the dollar"
Talking along the same line he said:
There are some who say. too. that there
is no prospect of our developing an art
that shall be worth anything because OF
this intense materialism with which we
are charged. l deny that. History teaches
that the most glorious art in all countries
was born after just such times of industrial
and commercial growth and prosperity as
we are now going through. l believe the
time may not be far in the future when
America Will HdNS a QeNElOIlIlCll VI L
equally as noble and refined as any pro-
duced in the past"
Professor Power is not i'm sympathy with
those who say that because a man has
reached a certain degree of richness he
should lay down his life's work, stop ac-
cumulating money and give other people
a chance II hold" he said, that no man
of affairs, no rich man of the class we are
accustomed to think about and talk about
should retire Until he is absolutely in
capable of working. 1t is his duty to work
| and work and continue working I'm a
sense he is the servant of every one, and
so long as he continues a producer instead
of a parasite upon society with nothing
but money he is doing we'll and not i'll. 1t
is absolutely immoral for people to insist
upon anything else"
PLACE FOR SPECULATION.
Speculation" was another topic discussed
by the professor with vigor. He did not
condemn it; on the other hand, he pointed
out that legitimate speculation has its
place in the world with other forms of
business activity. Not so very long ago."
he said, "a great flour milling industry
found out that in spite of the best manage
ment and the most careful attention to
business on the part of its employees it
was losing money. The reason lay in the
fluctuations in the price of wheat. When
the supply of wheat was bought, out of
which to make the flour, the manufacturer
could not be sure the price of the grain
would not fall so far by the time he had
made his flour made that he would lose in
stead of make a profit. All that has been
remedied by speculation. The -four manu-
f~acturer now eliminates the factor of risk
by a speculative process known as cover
ing He goes into the speculative market,
after he has bought 100000 bushels of wheat
for his mill, and proceeds TO sell for de-
livery at some time in the future, an equal
number of bushels. Then if the price of
wheat falls, he will lose on the manufac-
ture Of the -four, but he will gain just ex-
actly the amount of his losses by his spec
ulation. on the other hand, if grain ad-
vances, and he makes by his flour, he will
lose proportionately on his speculation.
Either way he succeeds in eliminating risk
and has a chance to make a clear business
profit. Such speculation is thoroughly le-
Ultimate and has its uses.
The Spectator is useful to us all as an
indicator of the state of our crops, and an
intelligence bureau of how much We are
consuming. Were it not for him great adj
vances in the prices OF the necessities of
life might come so suddenly il would be a
shock to every one, and vast numbers OF
people might suffer famine. As il is he
cannot conceal the Information which he
is able to secure and when he comes on the
floor of the grain exchanges TO buy or sell
futures people know at once whether
the crop is full or short and regulate their
consumption accordingly
Professor Powers condemned bucket
shops on general principles. The man of
small means, he said, who is usually ex-
citable and who makes his purchases of
fictitious stocks emotionally has no chance
to win. He usually buys at the wrong time
and sells also at unfaVorable moments,
while the cool and practical speculator who
makes his money out of the lambs is wise
enough to sell before the top of the mar
ket is reached and to buy before the bot
tom appears.
He had many complimentary things to
say of the modern business man, the cap
tains of industry" as he himself termed
them. They are far ahead of professional
men,. he said, in vast assertiveness and
Il breadth of action