Newspapers / The Charlotte Observer (Charlotte, … / May 16, 1907, edition 1 / Page 8
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1 From Page One.) ssed at your welcome, v that our knowledge 1, and that If we em :ple your city has Ip to disseminate all i your people live," pening. formalities . had rough with, Arthur H. nt of the association nnnual address. He de rable time to the labor i said It was to be re honest efforts made in faith by some of the eot urers to divert the flow from the cities whero wanted, to the Soutn, i need for labor, should "opportunity to the gov- 'als, at the benest of the ations" to prosecute the 3. Mr, Lowe said: T LOWE'S ADDRESS. fthe American Cotton Association, I wel- 1 your friends to this d best cotton convention 1 thank you for your in esence. I extend a mos,t ne to the members and Lsh you all a most pleas 'able occasion.' No efforts ared t omake this con reat success. President i other men of national re Invited, and would ;r fuesta If previous en ad not prevented. I do ' thank the members of nlttees who have made e arrangements for this Ve are especially lndebt ful to the Philadelphia their unlimited generos .ftney and service. In con the convention we have iost unique and interest f the most recent devices ents that have been de the machinery builders, tlrely new departure and e a great success. We are all who have taaken an his feature. Let every , and profit by the exhibit, i best possible opportunl ,efore the manufacturers, comprehensive way, the is that are new, interest able. ago a few gentlemen In ;. C, believing that good 1 be accomplished by as :d co-operation organized n Cotton Spinners Asso rt that small beginning, i association with a mem ver 1,000, has been devel xt great step is a consol i the National Association "anufacturers, making the ngest and most influential of cotton manufacturers 1. President MacColl made Hal suggestion looking to ils address to that assoola- annual convention in Bos- : of the association has 1 an dthe achievements henominal. It has held an ions at different places at l ie papers have been pre tnatters of great Import industry have been orlgl ?vel oped. The proceedings ventlons, which have been nake a valuable addition ry and literature of the try. .':- . iation has been of great orce In forming public 1 In promoting questions rted effort is required. I t the record of the past is cation of what will be ac 1n the future. This conven f to my mind, that this as is just started upon the t gives promise to acco ni dation is Indebted and all of the members, and to 3, who have contributed vho will take any part In ime. We are also Indebted , especially the textile and for the splendid support 'ven to the work of the a i the past, and In giving to and encouraging the ar of this convention, -y recognise that the textile i of the most important In- j the development of our In- j 1 the country is fortunate ich a strong, alert, aggres r.?.ervative and able textile :at organization. Satlon is recognised as one t representative organlza- cotton industry of the . ; uions are extended to It representatives nearly all Ing Industrial conventions rt In! gatherings that are i this country. It has also 1 to Bend representatives to and conferences a broad ion, jointly with the Na s .tSon of Cotton Manufac Southern Cotton Asaocia- e Farmers' Educational it'.Yf. Union have arranged o of the cotton manu cotton growers td be i. Ga on the 7 th, 8 th ' r of this year, to be xt. ndd trip through Stst.es. Fplendld t "irs and manufac - from this confer- , v vsa ." - ll 1 11 1 EN IN SESSION countrles- A Jnoveraent that was start' There are many , problems before ! the manufacturers that can only,, be accomplished by concerted action, there are some that the manufacturer must work out alone. We represent one of the most Important industries field la human activity that affords more opportunity and Imposes more responsibility than is put upon the cot ton manufacturer. It is his business to clothe the people. He assumes the re sponsibility of a very Intricate and trying business. The highest type of business ability Is required. He must be an expert upon questions of tariff, finance transportation, rates of ex change, immigration, Insurance, prices of cotton, value of, an doperatlon of machinery, labor conditions, market conditions for goods, coal, supplies, etc. He assumes the responsibility and welfare of his employees, he must be their main-stay; he must give them employment and wages, he must have a care for their health, happiness, ed ucation, even religion; he must take an Interest in their trials, ambitions, successes and failures. Many manufac turers have charge of every detail of a small city. They must provide houses, streets, sewers, sidewalks, wa ter supply, lights, schools, churches, stores, hospitals, parks, play-grounds, entertainments etc. Everything to be pallty except the poor house and Jail; I have never seen either of these In any mill village. In these mill vllgsa teihe people are better housed, better fed. better cloth ed, more contented, with a less per centage of crime, sickness, poverty and want, than Is found among the same class of people In the towns and villages of similar size anywhere In the world, and no amount of fanatical or political misrepresentations will change the fact. It is only natural that men In .such positions, and their enterprises should become the object of all kinds of crit Itcs, especially of the paid priter, who for hire is ready to break the ninth commandment which , says,, "Thou shalt not bear false witness against thy neighbor." Such people . do hot grasp the conditions. They remind me of the man who set fire to his woods and destroyed his whole property be cause he had found a few thistles. But gentlemen, we must got forward in our work In the future as In the past, In creasing wages, shortening hours, rais ing the age limit of children as condi tions will Justify, regardless of these critics who are destructive, not con servative. UNUSUAL ACTIVITY. 'At the present time we are In the midst of .unusual activlt yln cotton manufacturing. It is easier to make sales than to make deliveries In fact, the whole country is in a prosperous condition,, and it will continue to -be so so long as the great crops and the enormous output of cold continues. Practically the only complaint In the country to-day is the shortage of the labor supply, the whole country needs labor In every enterprise, both field and factory; this la especially true in thoi South. It is. to be regretted that the honest efforts mad in perfect good faith by some of the cotton man ufacturers, members of this associa tion, divert the flow of immigrants from the cities where they are not wanted, to the South, where there Is a crylnjj need, should have offered op portunity to the government officials at the bluest of the labor organiza tions, to prosecute the manufacturers. During the year ending June 30, 1908, 1,100,000 immigrants came to this country; 374,708 were booked for New York, 198,891 for Pennsylvania, 8,589 for Illinois, 73,863 for Massach usetts, 447.397 for New Jersey. 58,415 for Ohio. 27,942 for Connecticut. A majority of which are said to have re mained in the cities of New York, Philadelphia, Chicago and Boston, while the number booked for Alabama was 1,471, Georgia, 713, North Caro lina 263, and South Carolina 235. Think of it and tell me what you think of men who oppose a better dis tribution. The splendid showing made by the manufacturers and the Borry plight of the government before the court at - Greensboror-N. C.r showed the true condition of this remarkable case. The impressions given ' and charges made, in some of the papers, that these prosecutions had the ap approval and encouraged support of the cotton manufacturers of the North Is absolutely false. I am a member of the Arkwright Club, of Boston, and of the National Association of Cotton Manufacturers. I know and often meet many Northern manufacturers. I have never heard a word or seen anvthins: that would suggest that any manufac turer of the North was In sympathy with the effort to discourage immigra tions to the South. I firmly believe that all the opposition that the movement has had, came from the labor agitators and politicians. President MacColl re futed in strongest language the charge that the Northern manufacturers ap proved of these prosecutions - .lJa?,m Unlled 8We Senate at the time that the Immigration bill was under discussion; , all my sympa thies were with Senator Bacon and Senator Tillman as against Lodge and Senator Beveridge. I believe that the rjosittorj taken by the Senators from the Southern States was right: and I believe that I represented the senti- ner.i oi..orujern evil' n i.:;..r,ufactur- try would be benefited by their com ing.,;.., .. v ." : LABOR SITUATION, The labor situation Is the most Im portant problem before the cotton manufacturers to-day. The shortage of labor In the North is about equal to the shortage In the South, from all the data that I am able to obtain, and the shortage of labor, in our Industry, In this country, is so great that cot ton mill building is almost at a stand found in a thriving up-to-date mn!cl-ft2i!2 MllWf Jk.Sft V lUUUUldV IUI vt u IVvVv U IV porta that one machinery builder says he could sell 50,0,000 spindles; at once, to go Into the South, If he could fur nish the labor to operate them. Out side ' of New Bedford, the only large mill that I have heard of as being pro jected, is one to be built at East Bos ton, Mass., and I am told that the rea son that that location is selected, is because it is ' expected that the mill will get some of the city labor from East Boston and Chelsea. - We are very fortunate In having upon our programme Mr. Watson, commissioner of immigration of South Carolina, (we expected that Mr. E. P. Sargent would be with us 'and regret that he Is not), who we expect will give us some valuable hints as to what may be done In the way of Immigra tion, to relieve this famine of labor. The cotton mills In tha South must pass through a trying time In solving this labor problem, the change from the present condition to i the time when the latfor in the Southern cotton mills will be made up largely of Im migrant labor, will require a great deal of patience, perseverence and sa gacity. The mills should be helped In this matter, not hindered. ' : The future growth and "magnitude of cotton manufacturing in the South will depend largely upon 'the number of Immigrants that can ; be obtained for cotton mill work. The native American will drift to f trier Industries that he will is the experience of the New England . mills. The most needed and next great railroad devel opment in this country should be In the South. The products for transpor tation In the South are bulky and. heavy.' Within five years a cotton crop of 16,000,000 bales will be required and grown in the South. The railroad facilities required to transport .such a crop together with the Iron and steel, the coal and coke, the lime and""ce ment, the lumber, the produce and fruit crops, will be enormous. All this means a demand for labor by Indus tries, that will grow from the cotton mills. The discussion of this question at our last convention has been os In estimable value, There is a better un derstanding of the real conditions, there Is less stealing of help from one mill by another. Wise movements have been started that will result in furth er Improvements. Efforts are being made to get Immigrants. The prejudice against immigrants is slowly but sure ly disappearing. The necessity of Im migrants Is recognized. NEW HELP NEEDED. In future, everything possible must be dono to get new help, make the work In cotton mills attractive in com parison with other mployments. Good comparative wages must be paid, and manufacturers must do . everything possible for the health, comfort and welfare of the employees. Remove the erroneous prejudice,' against , cotton mill work. Make the mill attractive. Make the work attractive, make the village attractive, make all the condi tions and surroundings healthful both morally and physically. The demand for the cotton mill pro ducts will tax the full productive ca pacity of the mills in this country for many months. The Increase in popula tion in this country has been far more rapid than has been the Installation of new cotton machinery, and the Inabil ity of the mills to procure sufficient labor, leads me to believe, that there wilt be a steady demand for, the pro duction of the cotton mills at ; good prices for some time to come.. The demand upon the mills In Eng land, largely from their colonies, has Justified the construction and. equip ment in that country, during the last three years of mills containing 10,000,- 000 spindles, against the few hundred thousand that have been put in In thlaj country. There is very little probabil ity that England or the foreign coun tries Jwlll furnish Increasingly large quantities of cotton manufactures for this country. If no chage Is made In the tariff; but before this country can become a big factor In furnishing manufactured cotton goods In compe tion with England and European iiuub, in wreign countries, there wilt neer t be fome solution of our labor ever that we are approaching any such conditio at the present time. The re cent depression In the stock market alarmed some people. It will probably have some slight effect upon general business, over trading always brings reaction, but the strength of the "real business of this country lies outside of Wall Street and the stock market. I do not believe that it can have a per-1 ceptable effect upon the cotton indus try until such time as we shall be able to procure labor enough to run our cotton mills at full capacity. ) Each season brings Its questions of special timely interest and the asso ciation must never relax its efforts for the purposes which mean the future good of the cotton Industry. Every ef fort to increase the quantity and Im prove the quality of the cotton pro duced In tlscountry should be sup ported. Every effort to develop cotton manufacturing. In this country" should be encburaged. Every effort to dpen the foreign markets to our cotton manufacturers shouW be encouraged; every effor to bring desirable Immi grants who 'will work in our I cotton mills should be encouraged. Every ef fort to develop an American merchant marine to carry the products and manufactures of our country "to for eign markets should be encduraged. Every effort to preserve the u forests that protect tho water sheds that fur-I nish the. power to drive the splnaie3 and looms of our mills should be sup ported.' SAFEGUARDING EMPLOYES, Let everything possible be done to eliminate accidents In our mills. Do all we can to secure good, safe and eco nomical insurance for the employes. Teach frugality and encourage the es tablishment of savings banks and co operative banks. Do everything possi ble to Improve the health! and health ful condition of the laboring people. Join the movement to fight and stamp out the dreaded white plague, "tu berculosis," and all other kinds of con tagious disease. Encourage and sup port the textile Industrial schools. Ad vocate the introduction of courses of business and commercial study in the universities and colleges. Stand for and encourage those things that are for the permanent good of the cotton In dustry: Create public , opinion ; that shall support helpful legislation and oppose adverse legislation. Let the association set high stand ards In the methods of doing business; Let the cotton products of the Ameri can' mills be the standard In every market in the world, let every mem ber of the association be enthusiastic and loyal in the support, and. encour age ment of the work of the associa tion. So will the association be a ben efit and a help to the Industry we rep resent, and to the individual mem-fc-sr. ' E. J. Watson, commissioner of Im migration of South Carolina, corrobo rated President Lowe on the scarcity of fabor, and told of the need of a desirable class of immigrants, lie said the time has come for the "Am erican manufacturer and the Ameri can laborer," without regard to sec tion, to Join, hands and eliminate the political demagogue whose mission in life seems to be to array labor against capital, and section against ; section, without regard to any other . Interest than his own petty political advance ment - ' i He suggested that desirable Immi grants be brought directly into the fcoum; mrougn a souyiern pun oi entry ': ' -v"":"v OUR EXPORT OF COTTON. James W. Burke, of this National ExDort Association of American Man ufacturers, New York, In an address on the export or cotton, said the unit ed States to-day furnished only five per cent - of the world's exports of cotton goods, or about 8 per cent, of the total quantity snipped oy iung land... The Drincipal cause of this con dition, he said, is the tact that Amer ican manufacturers have not been m direct, contact ; with the Europeuta markets, in consequence of which tl National Export Association of Am erican Manufacturers has been form ed, whereby agencies to further Am erican trade In Europe are maintain- An nAArpf which was heard with nirb ttAntion ; hv the delegate was. that of Mr. Theodore H. Price, of New York; who discussed his recent oraint thu Kw York cotton exchange. His subject was 'Thev Fu ture "Contract; Its Use and Abuse. Mr, Price 'said: o. MR. PRICE'S ADDRESS. I thank you for this opportunity of appearing before you: ' . I appreciate It all the more because at. the present time on the New York cotton exchange, I am anathema and marunatha, and many "of rny former friends are rny severest critics became approach the issue in a Judicial frame of mind. . . - I may briefly refer to the action' I have taken with regard to the New York cotton exchange I asked for and secured an injunction, whlc,h demand ed In specific terms that they shouU obey their own rules, by-laws, the laws of the State of New York and of the United States. The counsel of the exchange. In commenting upon the subject, i.k reported by. The New Tork "Sun" to have said: .. -"Although Mr. Price'8 - Injunction will do little except enjoin the classi fication committee from doing things that are already technical violations of the : by-laws of the exchange, the terms are so general that the commit tee could not continue Its work, and without the classifying of the cotton, trading cannot go on." I am unable to differentiate between a technical violation and a real viola tion of any rule.' The law itself does hot recognize such a thing as techni cal murder or technical theft, and-1 submit that If It be necessary that the by-laws of the New York cotton ex change be violated to enable It to con tinue Its present . methods, then is It not time that those who are Invited to trade upon the New York cotton ex change, be put upon notice of . sucn condition, and am I to blame If, hav ing bought cotton unJer the rules of the New York cotton exchange, I In sist upon the enforcement of those rules, to protect my rights thereunder in the consummation, of my contracts?, So much for the controversy at is sue between the New York cotton ex change and myself. By agreement between-counsel, thessue has been sub mlttedsto a referee who is an officer of the' court and before whom the case is now being tried. I assume that the more reasonable members of the New York Cotton exchange are convinced that the rules have been violated, and that they will ' be glad to have such violations corrected, and measures takenj which will prevent further transgressions of this character. It is rather to the; theory upon which the by-laws of the New York cotton ex change are erected, and the methods provided for under those by-laws, that I shall address this discussion. , The exchange has, "during the past year or two, -been subjectto much criticism. This criticism has resulted In the enactment of statutes in many Southern States, which, .practically, put transactions on the New York cot ton exchange under the' ban of illegal ity. Under such conditions, there have appeared for the excahnge two apolo gist. Mr. S. T, Hubbard, a former pres ident of the excahnge, and a brother of the present president, delivered, r cently in Boston an address In defense of the exchange,-which, for the ake of Illuminating tuts discussion, nave had printed with 'my own address. A letter from Mr. Arthur R. Marsh, one of the board of managers' of the New York cotton exchange, In defense of tho New York cotton -exchange, ap pared In The Atlanta Constitution, of April 26th, and this I have also re printed.. , ... ;.';..: . ' Mr. Marsh Is an able thinker, - a logician, and a man of academic mind. The burden of his defense Is that since the cotton market of New York is geographically handicapped, by dis advantage in, freight rates, It can at tract no cotton except the undesirable residuum of the crop, and that the contract, must, therefore, be . made such as will permit of the delivery of this undesirable residuum.. The gist of Mr. Hubbard's argument is "if you buy at a discount, you can sell at a discount," and that the great advantage of the fixed differences be tween grades, which prevail In New York, Is that "If you receive cotton at one valuation, you wish that valuation to Remain permanent until you rede liver it or sell it." Another statement made by Mr. Hubbard Js as follows: "The cotton merchants of New' York have maintained . and Increased their dominant position In the world's markets, by offering ' to ; the cotton trade the same standard of classlflca tlonsince 1886, from which the oth er markets have departed." This latter statement of Mr. Hub bard's In -passing, I most emphati cally challenge, and am in a position to prove that the standard of classifi cation, 'which now exists In the New York market,' is not the same as that of 1886, but one considerably debased as compared with that of X886. It la one of my chief contentions that this standard should have been maintain ed, and that it has not been so main tained. This, however, Is a detail. Let us consider, first the question of the so-called "fixed differences." These differences are fixed in No vember for a period of 10 months, and In the succeeding September for a pe riod of two months. Just why, the year was thus sUbdlvidedJLbae never been able to understand. Tha chax acter of the crop cannot be known 4n September, and It is but little better known. In November. The past year's experience has shown- that the grade differences established by the law of supply and demand, In November, were very much wider than those es tablished by the law of supply and de mand In February, and this is one rea son why the New York contract has depreciated relatively,- as compared with the value of real cotton. But, let us consider the basic principle, under lying the right of the exchange, to fix differences fr a period of 10 menths. The advantage 'of such, an arrange ment are not apparent to me. Is It legal? Has the exchange any more rtehtto say that'good ordinary cotton th'll be vortV within 125 points of .- f r fl ' ' . 10 !- . 1, y i r; j.- ri T- i w'.-.y :' '"' v '- t ...la i.i Nt.nv York con tracts, should be r rotated against the legitimate fluctuation in the value of the dlfTorent grades, than that they should be protected ln the value of the basic grade itself, i. e., middling. Not only is the practice without rea sonableness but it has worked, is work ing, and will continue . to work, the greatest possible harm to. the New York cotton exchange, if it . be not speedily abandoned. The spinner sells his goods for delivery during Janu ary, 1908. He desires ts protect him self against any radical fluctuations in the market for the raw material. The past year's experience has shown that the New York contract affords no pro tection. It has declined largely as a result of these fixed differences while the price of cotton,' which the spin ner required, has advanced If the dif ferences between the grades, month by month, or week by week; had been co-ordinated to the actual value of the respective grades, the New York con tract would have continued to main tain, as have the Liverpool and New Orleans contracts, some Just relation to the price of all grades of cotton. A planter desires in July to sell against his prospective crop of Janu ary contracts in New York, ahd if in November, through a mistake, either in judgment or Intention, on the part of the revision committee, the differ ences on the high-grade cotton were made unduly narrow, and the farmer produced these high-grade cottons; the result would be that the New York contract, which the farmer had sold would relatively advance, as compar ed with the value of spot cotton in the South, and the farmer would be foroed to sell his cotton In the Southern market at a price perchance consider ably less than the. just equivalent of the basis, which he assumed he had obtained when making the , original transaction. The truth is, gentlemen, that the at tempt ; to fix the differences . between the grades, whether It be for a period of 10 months or six months, is an ef fort to set aside the operation kf the law of supply and demand, and as suchi must work Injustice and result to the ultimate Injury of all concern ed. If a mistake be made , In fixing these differences, It is irrevocable. If conditions change' so that it Is appar ent that the differences are wrong. It is Impracticable to correct them and the result is that the New York con tract has largely ceased to be availed of by the trade itself for any legiti mate purposes of protection, and has been relegated by statutory enactment In many of the Southern States to the category of those things which may be described as gambling, " rather than business, even though, business In volves, as it must always, more or less speculation. - t We come now to consider Mr. Marsh's contention that the New York cotton exchange 1 the clearing-house of the world. That It Is at a geograph ical disadvantage of II. BQ a bale in freight, and that therefore, in order to maintain some reserve stock of cotton In New York, with which to clear he balances, which arise ln this .great clearing-house, ; we must so let down the bars as to attract the undesirable cotton, because we cannot ' get good cotton. I have great respect for Mr. Marsh's opinion, but it seems to me that he takes an untenable position. London Is the , clearing-house of ithe world. It Is there that the world's debts are settled by1 the payment of net balances. What would be said If in the world's financial clearing-house, a debased standard of currency were suddenly to be adopted and silver, in stead of gold, made the medium by which the exchanges were settled. Does London when it finds its stock of gold insufficient, for the needs of its clearing-house, proceed to say that, since we cannot get gold, we will do the next best thing and make the peo pie, who have relied upon us for clearances, settle their balances pro and con in a deteriorated currency? No; it raises its bank rate and its dis count rate, and despite whatever pres sure may be exerted, it attracts enough British sovereigns or gold bars to set tle the various differences between tha nations of the world,, who are mem bers of that great clearing-house; v '' Has the New York cotton exchange pursued a similar course? No. Shortly after the organization of the New York cotton exchange, It .became ap Darent that the public, being optimis tic and hopeful, as a rule, generally were buyers of cotton rather than sell ers. The astute gentlemen, who are largely responsible for the existing rules and by-laws of the New York cotton exchange, recognizing this fact, as a rule, are sellers rather than buy ers. :, They sell what they do not have ; have in-: the . ,; hope that delivery of It may not be demand be demanded, the process of rendering the stuff that was to be delivered less and less desirable, year ,by year, has continued until to-day there are In New York some 20,000 or 80,000 bales of cotton, which I think have; been there from three Ho four years, and some of It longer, and which no one can be Induced to buy except for the purpose' of redelivering it as a means of depressing the market, sucn conai tlons, gentlemen, should not ; be per mitted to exist. Xf New York aspires to be th clearing-house of the' world. It must maintain the standard by which such clearances are to be made, so that It will be beyond reproach. Cotton has three essential characteris tics which govern Its value. They are the grade, color and the staple. There Is no limitation In New York upon the delIyeryof cotton,- wlta a staple ao short that It is almost un splnnable. In fact ln nfy my oplnl n, there Is in the New York, stock at present, a considerable quan tity of cotton, that approaches dan gerously near, so far as Its staple Is concerned, to' what are ordinarily de scribed as "llnters." This cotton which has remained In New York for an In definite period. The standards of, the New York cotton exchange should take account of these three essential characteristics. They should, be slm-, pllfied, so that It is not 'possible for anyone receiving 1 00 bales of cotton, to have to take, as he may to-day, 30 different grades In lots of one bale each. In my opinion, the certificate system;' so-called, h c'or.a more " to make possible tb r - t dcadent C rmt i'"n C f V " " 1 ( , - ' l t: '. ,..):.; i :t .. . ! f : t. i'.y ' cr-r;,:t U. ? rn ,' : : v : -s or ( 'i r any p tIous error of JjJ-roer.t. ( Do not understand me as ca c, ent to. the commercial theory, i . ' found expression in the estatl !?'.!.:: ' I of the New York cotton exel t and which will still justify its e.', I ence if that theory be worked o: l proper reasonable and eomrr.c rules. I believe that the New YorkA j ton exchange can be made a val.1 auxiliary to the entire cotton tj of the world, and that it can be r to provide the 'necessary 'insula which dealers In the article rq asrainst the h through attribution of ' this WJ amongst the many who are wUlInrj speculate in cotton. But In m o "! Ion. this legitimate function canntD vcuurraea unless rnern 19 a. change In present rules and prdctMl mo iew iorn cotion excnanite.i standard of , classification mfistp.l made permanent That standard. I be rigorously and fairly enforced li If4 classification of cotton. The rules ft p be SO Chansred that a man ; rpeidT cotton has some reasonable oppofrtifri y xo legitimately merchandise It 4 not, hold it simply as s "bigistil oyer the head of the misguided sjl Ulative buyer of confront Tt mutl made practicable ence between the grades as the Jam suppiy ana demand dictates, , must be made practicable to errors of classification by an appe h aumoruy other than that made the original- mistake. So far as the fMmnhlri In freight of which "Mr. MamK l plaips, Is concerned. I "do not jfhlVi that amounts to much. London lis greatest seaport in the world, ( there is no place that; as a seap suffers from greater geographical advantages. It would seem that, 1 ago, the tortuous Thames an heavy port charges would ha prlved it of Its D re-em Infcnn mm a fw port, but the commerce of the wxC, continues to centre there because! 1 merchant going to London can be if! 01 Duying almost anything that h If quires out of the stock there on hair Logically, the cotton mills of S01 Carolina shoujd spin the cotton their doors. As a matter of fact, tl are to-day buying much of the cott that they require, In Alabama,' Te ana Arkansas, because there they " mwuy wmcn iney nna is esM tial to their business. 11 1 1 uiau b ji Sometimes, gentlemen, I Indulge day-dreams, and to day I have a vt of the United States' 20 years heiTJ when we shall be producing a "icotKl crop 01 zu.utfu.uuu 10 z&,goo,uoo pa and American spinners alone will consuming from 10,000,000 to 12.0 000 bales. It will be necessary that (X order to secure 1 the selection they require, there shall be carrieJ some great market all qualities of J ton ready for prompt shipment. Nq or South. East or West There win great cotton warehouses in Nek .11 where the segregation of the var grades of cotton in sizeable lota. be made, and sample rooms where Mi samples of that cotton can be prow ly shown. It Is entirely within range of posslbllitles.under such k ditions, that a stock of cotton ol least a 1.000.000 bales, should be rled In New York,. and that splnW with such a wide selection to ch from, should daily go there to bu If the New York cotton exchange tract be put upon a basis that enij1 It to maintain a just relatiori to! real value of all grades of con there is no reason why this buK should .not centre In New York! the exchange become a communit cotton merchants engaged in handling of the article Itself, and n Ing their profits as legitimate lnteil i diaries Instead of at present a comfc nlty of men, whose activities are I . fined to-the consideration of -absti tions, and to transactions In myta obligations, which "In their ess contemplate no commercial conr mation To this end, rentlemen, X am w Ing, and shall continue to work, not generally appreciated, but, matter o ffact, I have during the six years received, and paid for, s 400,000 bales of cotton on the York cotton exchange. I doubt Ifl. other tnember or firm In the excha has received and paid for as rrLJ I have in most cases received this; ton In the hope of being able to if It to spinners. And it Is because I have four' difficulty in such resales a nst Increasing one, .until to-day" the' staclea ln the way of such t by have become almost insuperaDi. I have been compelled to tak stand I have in favor of a refor of existing methods. The lot of the reformer Is rule a pleasant one. and wher my case, a factor of self-lntetea ists, his motives are often open to construction, but after all, eniig e4 self-interest ia the most potenl (ConUnued on Page Eleven. NOTICE TO X)NTRACTOr. Sealed proposals will be rtt ' by the undersigned 'for comM the Students' Building, and jbhF extending the South, , Wing of. Spencer Building (Dormitory North Carolina tate Norimal A dustrial college, preannDraro, x until 2 o'clock p. m. of Monday, 27th, 1907. . . : i Plans and specifications ma. seen at-the office of the Dean college, at the office of the8 tendent of Public Instri:tion, eigh, N. C and at the office o & Kogers, t Arcnuecis, cnariojt C, after May 18th, 1907, Proposals are to be mad three forms-aa follows: First posal for completing Studanis Ing. Second. Proposal for wing to Spencer Bulldln .etep. A certified check, made paira )j tne unaersignea m tne sumi o-.j hundred dollars, is to accompari group of bids as a guarantee t.M awarded contract the contract besin work within ten davs fy ceipi oi contract, or lor; check. A bond In the sun half the amount of contrar reputable surety coropan furnished by the eucc trartnr.
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 16, 1907, edition 1
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