The Birmingham age-herald., 1904-04-28
DEVELOPMENT IS
 THE PRESSING NEED
President WaImSIey Addresses
 Cotton Manufacturers.
SUPPLY INCREASED
Speculation and Harmful Fluctuations Will Never Cease Until Supply of Raw Material Is
 Ample.

Boston, April 27.-In his annual address to the members of the New England Cotton Manufacturers association, which began its yearly convention here today President Herbert E. walmsey said that one of the most pressing questions en- gazing the attention of the cotton world today was that of the development of the resources of the southern cotton belt.
 He held that 1t was essential to the in- terests of the United States as a producer, manufacturer and exporter of cotton that the supply from our fields be in- creased and it's cost reduced so as to retain an enormous source of wealth to the country. He expressed the belief that the trade would never be free from un- lawful high prices, speculation and un- satisfactory and harmful fluctuations un- til there is ample supplies of the raw material.
 MT. Wamsley thought the result of tho disastrous twelve months just passed with it's shortage of cotton and it's spec ulative manipulation. would ultimately prove a blessing In disguise for the en- tire manufacturing world. It was not un- reasonable, he said, to anticipate a re- vival of trade at remunerative prices and q return to a long period of prosperity.
 Speaking of Labor Problem.
 Speaking of the labor problem, the president said it might be a long lime before a uniform working day, or week. was established In the United States, but when the necessity for it was recognized he said it would inevitably come. He pointed out that the margin of profit fin cotton manufacturing was now so small that such a difference as exists in the working hours in different states, partic- ularly between the north and south, was enough to compel removal to the south where there are longer labor days, or else a suspension of business altogether
 MT. Walmsley said that 1t would appear that relief may come through immigra- ton from southern Europe for the de- velopment of the cotton fields. He sug gested that the economic necessity might become so pressing as to justify and even demand the importation of some form of Asiatic labor; for instance, the Japanese The operatives. he said, were the chief sufferers from the lack of raw material and the situation had become intolerable
 Can Restrain Speculation.
 Theo. II. Price of New York read a paper upon "fhe Cotton Situation" in connection with which he referred to an alleged breach between the producers of cotton and the purchasers. lie said that he did not believe any such antagonism existed but thought there was a bitter feeling towards the speculator. MT. Price held that the American spinner is in a position to exert a tremendous power in restraining immoderate speculation, and in establishing a stability of value
 General William r. Draper of Hope dale contributed a discussion of the spin dle situation, outlining the advance in cotton mill machinery. Another paper of particular interest to the trade was read by Frederick S, Green of New York, who explained the advantages of rope trans mission of power in textile plants. The final paper scheduled today was by Ed ward N. Vose of New York. who present. ed a study of the work of the United States consuls In widening the export market for American cottons.
 The meeting will be continued tomor- row.