Februakv 1. 1913 



THE INDIA RUBBER WORLD 



239 



most comprehensive in scope, most useful in purpose, most com- 

 mandinK in plan, will stand a museum in memory of Charles 

 Goodyear; a museum in which may be placed, not only the history 

 of the discovery and of the manifold inventions of Charles Good- 

 year, but in which may be exhibited all of the inventions, ex- 

 amples of manufactured products, illustrations of the many and 

 great uses to which vulcanite has been put in these latter days. 

 Anil in the grand vestibule of this Museum shall stand a statue 

 of Charles Goodyear, the greatest American discoverer and in- 

 ventor, a man whose character places him with Socrates, with 

 Savonarola and with Abraham Lincoln. 



Professor Hooper's eloquent tribute to Goodyear called forth 

 a hearty demonstration of approval. President Hood then in- 

 troduced the ne.xt speaker : 



"The Inui.\ RrnnER World had a most excellent arlicle on 

 commercial arbitration in its January number, and the article 

 suggested two thoughts to me: First, the wisdom of having our 

 assistant secretary attend our executive committee meetings ; and 



the mills of the gods grind slowly, though they grind exceed- 

 ing line. 



Commercial arbitration as proposed by the Chamber of Com- 

 merce does not undertake to abolish courts, and it is no attack 

 upon the legal profession. Its practicability is demonstrated by 

 the fact that it seeks the co-operation of lawyers, and it has the 

 commendation of the judges. The best practice of the law today 

 is directed to the avoidance of litigation rather than to the trial 

 of actual cases of litigation; and a lawyer may well advise his 

 client to submit his dispute to arbitration in any case that is es- 

 pecially adapted to trial by arbitration. One of the proofs of 

 the practicability of this system is that lawyers themselves have 

 submitted disputes to it ; and we have on file a letter from a 

 leading firm of lawyers thanking our Arbitration Committee for 

 its oflices of conciliation in bringing about the settlement of an 

 important dispute without trial. 



This arbitration system does not undertake to settle cases 

 which ought to go to a court of law ; for instance, cases which 

 involve intricate points of law. The cases which it is willing to 



H. 1-'. J. Porter. 



Professor Fr.vxkli.n- W. Hooper. 



Serexo S. Pr.att. 



"Second, the realization of the sincere effort and purpose of 

 so many representative men to use peaceful and progressive 

 methods of settling differences by turning on tlic bright light of 

 open publicity and broad good fellowship. 



"We are very fortunate in having with us tonight the secretary 

 of the New York Chamber of Commerce, to talk to us on Com- 

 mercial .Arbitration. I have the pleasure of introducing Mr. 

 Sereno S. Pratt." 



MR. PRATT ON COMMERCIAL ARBITRATION. 



Arbitration has seven distinctive, important advatitages for 

 business men in the settlement of their commercial disputes. 

 These advantages arc : 



Speed, Economy, Efficiency, Privacy. Simplicity, .Xdaptability 

 and Good Will. 



1. Speed. Nothing is more destructive to justice and. there- 

 fore, dangerous to civilization, than the law's delays. 



In saying this, do not interpret my language as an attack on 

 the courts and the legal profession. In spite of all criticism, 

 reasonable and unreasonable, to which they have been subjected 

 during the past hundred years, it is impossible to measure the 

 length and breadth, the height and the depth of the services 

 they have so splendidly performed for the maintenance of law 

 and order in this country. But justice is inherently slow. Even 



take are questions of fact having some real relation to the con- 

 duct of business. 



Court proceedings are necessarily subject to many inevitable 

 delays, and in addition, the normal course of justice is often 

 defeated by various legal expedients by which litigation can be 

 protracted. 



In conuucrcial arbitration there is no opportunity for such 

 causes of delay. Quick action is the rule from which there is 

 ro exception. There is no succession of postponements, adjourn- 

 ments or appeals. The procedure is so simple that a decision is 

 speedily reached. In one case tried in the Chamber of Commerce 

 the issue was joined, the submission made, the arbitrator ap- 

 pointed, the trial held, the decision rendered and the judgment 

 jiaid. all in one week, and both the successful and the defeated 

 party to the case thanked the arbitrator for his courtesy and 

 good judgment, 



2, Economy. The time saved by arbitration means, of course, 

 exi)(.nse avoided. Controversies are to business what friction is 

 in a machine, or waste is in the application of power. By re- 

 ducing the amount of friction and waste involved in commercial 

 disputes, arbitration increases the efficiency and, therefore, the 

 economy of business. In addition to this indirect gain, the direct 

 costs of arbitration are rcrv small. 



