New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-30
DEFENDS COTTON FUTURES.
Dealing in Them Not Gambling,
President Neville Says.
PROFESSOR EMERY SPEAKS
Tells Cotton Manufacturers How
Tariff Board Reaches It's
Conclusions.

Manchester. VI. Sept. 29-ETception 70
| the frequent charge that cotton manuact-
urers who purchase contracts for future
/ delivery are gamblers or spectators was
taken by George W. Neville, president Of
the New York Cotton Exchange. in an ad-
dress TO the National Association of Cot
ton Manufacturers to-day. Mr.. Neville
said that the manufacturer who does not
hedge his sales of goods by purchase Of
contracts for future delivery is the real
Spectator. He continued in part as fol-
| lows
| The purchase by a cotton manufacturer
| Of contracts for future delivery against
| his sale Of goods for future delivery,
! whether he buys the contracts for future
| delivery on one Of the cotton exchanges
| or whether he buys from the spot cotton
merchant that special grade Of cotton and
/ staple which ne requires for the manu-
! factuTe of the goods he has sold, lnsures
him against fluctuations in the price OF
his raw material and fixes In a measure
| his profit on his sale Of goods.
This procedure. ! know, is regarded ~
! a large number Of manufacturers IN TINS
! country as rank gambling ana by others
| Of the transaction, and submit tnat lhe
manufacturer who does not hedge ms safes
Of goods by the purchase either on cor ~
! tracts for the future delivery Of cotton on
| some cotton exchange or from some spot
| cotton merchant is specializing on the price
! of his raw material and ultimately on me
! profit Of his mill. Known results IN ifc. ~
years az many mills have proved tnls' lot
some manufacturers have lost not oI,N
| their profits but part Of their capitaI OS
following Just this course.
Mr.. Neville gave an interesting talk on
The New York Cotton Exchange and It's
Relations to Merchandising Cotton
The Tariff Boards Work.
In an address tonight on the work OF
the Tariff Board. Of which he is chairman
Professor Henry G. Emery told how ne
and his colleagues had reached their CON
| illusions. particularly in regard 70 the tarin
on yarns and staple cotton goods
so far as these are concerned we are
/ confident that our results are accurate ana
| furnish a thoroughly sound basis of com
/ parison." he said. following HIS technical
explanation
He declared that "a tariff board should
neither propose nor dispose-these are the
| functions Of Congress-it should merely dis
close. In no case should such officiaIs al
| low themselves 10 be swayed In any man
ner by any personal theories as TO free
trade or protection. any prejudice as 10
marty welfare or any loyalty 10 sectional
interests our purpose is TO secure, so Tar
as possible. all the. facts needed for the
logical application. Of whatever principle OF
tariff taxation the public may decide 10
adopt and 10 arrange and tabulate these
facts so as to make them easily available
10 those 10 whom the determination o.
tariff legislation has been intrusted by the
Constitution and the will u the people
Practical Considerations in Cotton Mil
Illumination" was discussed by J. NJ
Smith of Cleveland. Other speakers were
Edwin II. Marble, Of Worcester, Mass; NJ
Robertson. Of Lakewood. R. 1, Professor
sawden Of Cornell University. and Walter
: Newhouse. Of New York, who gave MS
views as an attorney on The Enforcement
of Contracts Of Sale"