The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1907-05-21
Theodore Price Expects
1t to Be Doubled.
FIGHT ON EXCHANGE
The Burden Of Prices Speech Relate
la Ills suit Against the New
York Cotton Excbange-He
Is Ambitious TO Reform
the InstiTafIon.
lRv the Associated Press-N

attendance Of nearly two thousand
members. the eleventh annual conven-
ton OF the National Cotton Manurac-
turers Association opened today IN The
ball room Or the Bellevue Stafford
hotel In connection with the consen-
ton the cotton men are exhibiting all
the branches Of their business ut the
First Regiment Arnory The associa-
ton held a session III the forenoon.
the afternoon and evening being given
over TO the exhibition and to enter
tainmerts.
After opening formaiities had been
gone through With, Arthur H Lowe.
president Of the association. delivered
his minus address. He devoted con-
siderable time to the labor question,
and said It Vas to be regretted that
the honest efforts made in perfect
good faith by some Of the cotton man
ufacturers To divert the flow Of immi-
grants from the cities where they are
not wanted to the South. where there
IL reed for TABOR. should have offered
opportunity to the government Off
Gals st the behest Of the labor or
CARNATIONS to prosecute the manu-
facturerS
Il have never heard a word" he
said. or seven anything that would
suggest that any manufacture IT the
avn T. ~ - Al - - l0tL Mini a4iS l.
for, to discourage immigration to the
South. | firmly believe that al the
opposition that the move has had
came from the labor agitators anl poll
iticians. The labor situation Is the
most important problem before the
cotton manufacturers TODAY The
shortage Of in the .Eorth is
about equal TO the shortage in In.
South. Thsi shortage is 50 graf that
cotton mill building IS almest IT a
~standstill compared with what it Is
in Engl9nd.'
The Soutii's Need Of Labor.
f. j. Watson, commissioner Ct in
mig ration of South Carolina. corrobo-
rated President Lowe on the scarcity
desirable class of immigrants. II.
said the time has come for the
american manufacturer and tie
American labOrer, without regard -
section. to join hands and eliminate
the political dc-Gagogue whose mission
in life seems to be to array labor
against capital. and section against
section without regard to any other in
terest than his own petty political
advancement" He suggested that
desirable Immigrants be brought di-
rectly nto the South through 4
Southern port Of entry.
James W. Burke. OF the Nations!
Export Association Of American Man-
u~facturers, New York, in an address
or the export OF cotton, said tn
United states today furnished OnlE
five per cent of the worlds exports If
cotton goods or about 5 per cent Of
the total quantity shipped by Eng
land. The principal cause Of this
condition he said. lies in the fact tnat
American manufacturers have no.
been in direct contact with the Euro
pear markets in consequence the Ma
Z ~ 4 -nat n,@ ~ E ~ N \ 4 n ~
f%acturers has been formed whereby
agencies to further American trade IL
Europe are maintained.
Among those who spoke at toda.'s
session vas T.. ". Robertson. Of 20
lumbia. s. c.. on Expansion O.
American Currency"
Theodore Price spoke at length at
lacking the methods Of the New York
Cotton Exchange. Mr.. Price viewed
the future of cotton production in this
country trough glasses of large mag
nifying power. He aid
Sometimes. gentlemen. I indulge in
day-dreams. and today | have a vision
Of the United states twenty years
hence. when we shall be producing Il
cotton crop of 20. 600. 900 to $4,000, 900
bales, and American spinners alone
Will be consuming from 10, 900, 900 u
L, 000. 900 bales. 1t Will be neceSsar|
that in order to secure the selection
that they require. there shall be car
ried in some great market all auatI-
ties Of cotton ready for prompt ship
ment, north or south, east or west.
There Will be great cotton warehouses
in New York where the segregation
of the various grades of cotton ir
sizeabIe lots. Will be made, and sam
pie rooms where the samples of that
cotton can be promptly shown. II j.
entirely within the range of possible
.tn- ,,-,ln. ~,,nl oAtI;+innc TN, -fDcIya
of cotton Of at least a million bales.
should be carried in New York, All
that spinners. with such a W.3 > seiec-
ton TO choose from, should Gaiy q
there to buy it. If the New York cot
ton Exchange contract be put up1n 4
basis that enables it to maintain : just
relation TO the real alt OF al gra les
of cotton. there is no reason Nhy this
business should not center IN New
York. and the exchange become 4
community Of cotton mer nants en-
gagged in the handling o. the article
itself. and making in the IRONS As Ie-
ultimate Intermediates instead Of x
present a community of ncn, whose
activities are confined % thu consider
alton of distractions, and - transact
tons in mythical obligations, which in
ssence contemplate no CONNER
cial contamination.
ITO his end. gentlemen. 7 am york
ans Gin sllci1l 1'ii1iiIdt n -
IS not generally appreciated. mt. a
a matter Of fact, / have during The
past six years received. 8ni pail fer.
some 400. 900 bales of cout.u on the
New York Cotton Exchange .louot
if any other member or firm in the
exchange. has received all paid fer
as much. l have in most cases re-
ceived this cotton in the hoaa - being
able to resell it 10 Spinners.
And it is because / have found The
difficulty in such resales a constantly
Increasing one, until today. the oo-
stacIes in the way of such business
become almost ~insuperabie. that
/ have been compelled = take the
stand / nave in favor of 1 rcforna-
ton of existing methods
Referring to his suit against the
New York Cotton Exchange, Mr.
Price said:
Since I prepared the foregoing nv
case against the New York Cotton
has come up for argument
the referee, and. very much TO
my surprise. the exchange, through
its counsel. is endeavoring to ava1a
the issue upon the technical plea tina;
lave no by equity proceed
for the abuses alleged. The
in this respect is still undeter-
h,t fn~ @h1 -nf-o ~ ho Yam