New-York tribune., 1920-09-08
Celebrate 5Otla
Year. of Cotton
Exchange Here
no Persons Gather ON the
floor. While Music and
Speeches Give Holiday
Air to Business District
" Building Planned
fealy Two of 100 Charter
Members Are Present;
Optimism Is the Keynote

4 sas 40 Beaver Street, in that section
saase ordinarily every other activity
i sacrificed for speed and business
.Axisaey, . brass band blared forth ell
vssserday afternoon and, peering in, one
eaal& see great streamers of bunting
IA Gags and vari-colored draperies
safeuxhout the great building. II was
ths celebration of the fiftieth anniver-
ssaY Of the establishment of the New
Yosk Cotton Exchange, and it was OBJ
served . great deal after the fashion
osshs old time Fourth Of July celebra-
tsm
There was band music, then sand
yieAss and coffee, then speeches and
.sfs2 leo cream. After this each per-
III was required to adorn his lapel
vitA Q flowing badge, hearing picture
al ne first and proposed homes Of the
1 sxeAsnge There were between four
/ ana I've hundred persons on the feor
Of sAe exchange.
Addresses filled with optimism were
Sslsvaysd by Leopold S. Bache, pres-
asas Of the exchange, who also acted
as sseastmaster; Samuel T. Hubbard,
David Hunter Miller, Arthur Lehman
all Byrd W. Wenman. Others at. the
sp%akers' table included George w.
Wsaksrsham, Newcomb Carlton, Henry
DE- Gsldfoele, Norman J. Gould, James
N. Murphy, William H. Remmick /and
! La Kohns.
Increased Business Predicted
Interest in the speeches centered in
The erection of the proposed new build
ing for the exchange.
Mr. Baehe said in part:
sNsw thas the Congress of the
uaitsd States has placed its seal of ap-
gssyal on the economic advantages of
trading under the regulations of ex-
changes in cotton futures, by enacting
The United States cotton futures act,
] expect that the volume of business
handled through thier medium will
kssp on growing indefinitely.
S5fom the very first the facilities Of
tered by this exchange backed by the
I
the cotton producers, merchants and
manufacturers throughout the world an
opportunity to broaden their CONNER
eiel relations and to insure them, to
great extent, against the dangers of
forward commitments. The RESPONSE
biaisy behind the exchange contracts
also furnished the banks of this coun-
Try . stable basis on which TO protect
themselves in making loans against cot
ton in warehouses;
i OF the l06 charter members of the
sxehange the only two surviving men,
bers were present at the celebration.
They are James w. Murphy and Henry
Hentz.
j Archibald B. Gwathmey, who joined
the exchange in 1871, six months after
it was, organized in 1870 at t42 Pearl
Street, spoke briefly. Mr.. Gwathmey
wss leading figure in cotton affairs
Of the country until his retirement
from business eight years ago.
In 1914 the New York Cotton Ex-
change had completed plans and
sp4eifeations which called for a mag
niAeent structure nineteen stories
high to be located on the present site.
0n the nineteenth Aoor the cotton
treding pit was to be built, with elabo-
t@Se, tciSSlapu LIABILITIES anu al IuOQeTu
Improvements
One floor beneath the exchange was
to- be restaurant for members, with
ssanecting rooms TO house technical
library, museum and board and COM
mitaee rooms. The war with the de-
niesalization Of financial conditions
maae it imperative that the building
plans be temporarily set aside.
Within the last month. however,
there has been considerable agitation
% push the project to completion.
Ihe board Of managers has appointed
the following building committee to
consider the question: j. Temple
Gwathmey. chairman; George NJ.
Shutt, Leigh M. Pearsall, Edward X.
Gene, Henry II. Royce, L. Wood, r.
AsEnany, and Leopold S. Bache.
The Cotton Exchange was con-
cstved In the sixties by small group
oY young New York cotton dealers.
They decided that cooperation was
the only means OF relief for their
Industry. which was handling annually
mere than 100000 bales Of cotton
and was becoming congested. Protests
saa bitter verbal battles resulted.
Conservatives asked how men who 9or
yease have fought against each other
y tie last ditch could turn about
sss work hand in hand together. But
= was accomplished, and as years went
oy ahe organization became stronger,
eaNl to-day it is one Of the great
trade ORGANIZATIONS of the 1zorid