Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-05-12
COTTON SPECULATION
Address Of Theodore H. Price
Today.
SESSIONS RESUMED
RECEIVED By PRESIDENT RoosE-
WELT THIS AFTERNOON.
Convention Closed After Transaction Of
Much Business Of Interest
to the Members.


annual convention of the American Cotton
Manufacturers Association began this
morning at 10 o'clock, and was devoted to
an address by Theodore H. Price Of New
York, who spoke on 1.-THE Effect of Specu-
lation Through the Exchanges of the World
Upon Cotton Manufacture" followed by a
business meeting, after which adjournment
was taken and the convention came to an
end.
At 2:3O O'Clock the delegates went to the
White House, where they were received by
President Roosevelt in the east ROOM Fol-
lowing this photograph of the convention
members was taken as they were grouped
upon the steps of the State, War and Navy
building.
At the business meeting reports were rem
dered by the secretary and treasurer, the
committees on finance and ways ano
some special committees: An eiectlon ~ ~
officers resulted in the selection Of the FOL
lowing: oo.+. NJ
C.: vice president, Arthur H. Lowe, FItcn-
burg Mass; secretary and treasurer -
BRYANT, Charlotte, N. c.; chairman poaru
of governors, X. r. Ray; on board OF gov,
ernOrs, Thos. M. Swift. J. z. smith, Val
Taylor. j. z. Leak, w. G. Heath ana AT
thur J. Draper. vno~
vile Tenn. on the second Wednesday ana
Thursday in May, 1900.
Mr. Theodore H. Price, on being intro
duced to the convention by President Heatn.
said that an inyidious distinction had Deen
made between himself and the president OF
the association, since on yesterday morning
the president had had the convention open
ed with prayer, his own address immeuate-
ly following, but that he evidently felt tnat
the remarks about to be maue heeoeo ho
divine invocation.
NJ D,ino3o Address,
He then entered upon the discussion OF
his subject and spoke earnestly and con-
cisely. He said, in part:
ANY broad view of. the machinery OF
modern commerce must, therefore, In my
opinion, concede two propositions:
First, that there Is no department OF
commercial or industrial activity that does
not contain some elements of speculation'
and second, that whatever politlcal progress
the world has made in the last twenty CEN
turtles is undoubtedly due TO the greater
freedom of contract and larger liberty OF
individual action from time to time insisted
upon and secured through the medium
either of violent or peaceful revolution
Granting these two propositions, 1t must
be admitted that the right to speculate Will
continue to be as inyolable as the tendency
toward speculation is persistent, ana IL
is well here to remark that the nations anu
the individuals whose progress, Doth imam
",
GUS are those in whom the speculative trait
has been most markedly developed. 1t was
speculation that led Columbus to discover
America; 1t was the speculative mlnd ol
Edison, whose confidence in his speculative
theories and conclusions made possible the
various applications of electricity, which
puts all of us today SO much In his debt
Gambling is a hazard without tntelllgence'
speculation presuppoSeS an intelligent fthe-
orizing with regard to the operation con-
templated, whatever it may be, and 1t seems
to me that for all time 1t will be an in
separabie concomitant of human progress.
Defects in Cotton Speculation.
in considering the effects of speculation
il. cotton through the exchanges of the
world on cotton manufacture, we must
therefore, reckon upon the existence of such
speculation as a permanent influence and
element of the trade and IL anything is to be
gained from our consideration of the ques-
ton it Is as we'll to Concede at once That
whether for evil or foT good the Spectator
will always be with u.s. and that in so Tar as
the Spectator IS intelligent, thoughtful and
well informed the preponderance of his in
fuence is probably in the direction of good
Enthusiastically the machinery OF specu-
lation in cotton as operative at present In
the great exchanges OF the world could De
improved upon.
Seventy per cent of the cotton crop of
the United States is ready for market, and
for the most part sold by the producers, In
the three months ending the list of Decem-
Der. This, it is to be borne In mino, Is
years supply.
Corners in Cotton.
Almost as pernicious as the attempt to
advance the price of cotton through a cor
ner of contracts for delivery of the article
in any one month is the practice of at
ten pting it's undue depression through the
delivery in a single day to impecunlous
buyers of large quantity of cotton which
It is plain cannot be paid for, and which
is of a quality carefully selected as the
least desirable which can be delivered With
in the terms of the contract.
The specuiato- gentlemen, like the poor
and the resemblance internationally IS
very close-will always be with you his
influence is not to be depiored. out ms
help is rather to be sought provided ne can
be protected from himself and from abuse
of the trade facilities which are put at his
disposal
IF the American Cotton Manufacturers
Association with the influence at Its COM
mand can hasten the adoption of trade
enactment which Will make corners as i'm
practicable as they are inequitaple and at
the same time secure the adoption or
contract which is as valuable for the pur-
poses of legitimate trade as 1t is for mar
ket manipulation, great progress toward
the realization OF the ideal of commercial
alton will have been made, and much
of the clamor against the speculator which
results from the abuse rather than the use
of existing speculative machinery will be
at an end.
Administration Eulogized.
Following this address D. A. Tompkins of
North Carolina. on behalf of the conven-
ton, spoke in eulogy of the administration
of the president of the association by Mr..
Heath. During the course of his remarks
he said that he did not believe that the
fluctuations in the price of cotton were en-
tirely chargeable to the speculations on the
exchange, but that 1t was due to the law
of supply and demand He also made a
plea for more white labor in the cotton
fields of the south. saying that with the
abandonment of that field by the negroes
the industry would never reach absolute
success until a great tide of white immi-
grafton set in and filled the south with
stable labor. He then presented. on behalf
of the association. to the retiring president
a beautiful silver tea service.
President Heath was greatly surprised
and deeply moved by the evidence of the
good will of his fellow associates He ad-
greatly he appreciated the honor which had
been done him in choosing him president
of the association, and said that 1t had
been the proudest moment of his life when
he had been elected to that office.
Industrial Schools.
At the executive session a resolution was
adopted to the effect that the interests Of
he rjat fnrh aj lfo1 Z