, 1874-01-16
BE and Others Regard the Proposition
as Absurd and Hurtfll.
Options Benefit the Producer, and Help
Chicago.

Gned not exceeding 81 0o ald conHnea IN tao county
sna DO sng on'rsss re- and ox yo anu
covered back, ns In other cases ol gaming.
Quito number Of doalors in grain mud pro-
visions wore interviewed, and all woro found to
DO opposed to Tho passage Of the law. Thor
roaaons for such opposition nro given in tho
following conversations:
Tho reporter first saw
PRESIDENT HOW
md John r. BenBley, who Wore in tho secro-
tary's room, and told thom that The TRIBUNE
would lil1e to havo thoir yiows on tho Inv which
proposae to prohibit option baBinoss in grain
and provisions.
Mr., How-Doas 1t not app1y to evorything2
Tho Reportor-1t applies to grain and pro-
visions, and suppose to everything olse.
III. How-Ycs, to everything We use.
9 IT WOULD DE 1SopEnATIyE.
!. Mr.. Donsley-Tlle law would be entirely In-
opratiyo then. Nobody would adhere to 1t, ns
! 1t aitns blow at tho transactions which have
| boaontcd, and which will continue to benoft
tho producers Of the West, md OF evory othor
section tlat is 10 far as tho trado Of this Board
extends.
INFLUENCE OF OPTION BUSINESS.
Roportar-Wllat do you suppose is tho diffor-
enco between tho nverago rtico Of grain With tfio
| present option business md what it would bo II
tthoro t was no speculative market in Chicago for
| grain aud PROVISIONS?
Mr.. uow-That is pretty dlillonlt question to
answer. tt Inns nlwayg bocn in tho interest OF
Mr. DopBloy-I hayo watched tho business for
eeventeon years, md nm fully satisfied It iH dtf-
ilonlt to naino figure; But 1t results B. vgry @
! own tho property.
| grim
Mr. DenBloy-Gct moro than they would II
there wore no options
Repoltcr-ln what wny?
Mr.. BonBloy-Juat this way: II the grain. Tas
shipped IN here, and loft for sa'o to only thoso
! when It had accumulated hero to such
IN oxtont as to be sold chcap-nt ,thcir
own prlco. As It ia now, here y =
take 1t, speculators are, md thoY keep it up to
| a prico higher than tho country shippers would
be able 10 got for it, except In rare instances,
whcro there was q scarcity Or competition among
| buyers for actual consumption.
NIr. How-A great dcal OF corn ia held BY
| farmer, in this State at 80 ccnta bushol. It is
worth 59 and GO for hlay delivery, and doal-
ers in the country arc able to contract Tor it,
and sell It horo at profit OF q cont or two
danlara t,e MT tia rrviagn of selling 1t ahoad.
| FUTURE DELIVERY.
naro sn1d n1f ~ fmrc 'ierery
'1Ht H. nnns,ovWr - ahom1i sny tvo.eiehtha uf It,
ltr. How-1t is very lnFgo, and very difficult to
estimate it accurately. Should say from one
half to two-thirds.
| THE afoDus opERANpI.
neportor-Whnt is tic process by which that
ia accomplished How docs the man who buys
grain in the country operato9
md a.; 60 ~ to tho gsain-doaier and say II want to
anil IN ,u1,ch corn to bo delivered next week or
next month Or IL month s, nf @ 1%o e9oens sas wae nt
will you giyo mo 1or IT. e. Inc oeaGr sa19 ,snz goss
his circnar Or newspaper, ano l1oks ,a ,;',, o;oi
tho price in Chicago ena ma9os up y ~ h m.no h.na
it Of tho farmer ho tolegEaps to h1s G 1 o0
man hero to soil 40 much-Hay 5.ooo or io,ooo
bnsheis--to nrriso at such @ time. Ae x, knGwa 2's
O hooE rs a ~ grau Sa avoids takne
Reporter-Aa Q general thing then the faEnel
would not bo able to got as mncn money 4y ' asot
the country buyer 1or hls gram, tlre st 1,s4
ho can pay for It.; ,.u Ill.,, u,,4,oua .,,;
Mr. BonRley-No, becsnae ~ tno optlona, , so.
ahend are almost always soln NJ premium ao9p' ~,
tue prevailing price Oh gram aS 'he ''i''o 'n'
trade ia mado.
11Lusl'AfaoS,, ~ ,,ov MI. axtr
Mr.. hov-Iake eoEn Tor alay. jne eaIr 1T
storage from tho 18TH of Aprt 70 tae ~ ~ .. aai @
Ia 31a centa bnsheL aoes uos ooe. 'rti,,,1 =
1 - Il tell
carry it, except lila interest, ana 10 g ge,S n,ao t
benefit Of the extra esoraga' 1na' ID A's o0'oo
IN selling it for May. ,
conn BOLD FoA MAI 1sntr - ..a,, ti,;,t ID M,
neporter-n9w a masn eorn oo soa sn'A 40 Ao'
sold for May oonVeEYs e.. o mn mn huaba,a mn
Mr.. BensleyAt least z,uou,oou pa1Ise, ~ nS,,ta -
tho farmers VIII receive y, & n " - NV 10
nMshe more 11e m e5yaro eHS ny It Tho time uf sci
, aont IL IN TO Do oo'seioo ~ 'A' ''@41o ~ 'e'
4 Ing H. w., as .,,aro ia t,,;a e7,itona, NJ
M. ho"1as aH .nnto ~ H. T. ',e cnrn viii ho ~
VANTAGE tno ~ - sno ,,,,, i." ~" ert,a
Hen oeteer ~ ete3t LILY T. no,,t ~ ~
WI pass as NO. enn - 6t Iii ~ ;nanaGt "
M'et 1ia' uo wy oi o" iouvnroa Ioro Iii how i,
No. Ii n.ay' mon n ,eh;nh aoa' ~ tho aam
speot ony as nem ~ M1S rI eas ~ 1v ar I.
TaSo a ontinn %1 IN tony II thH mnloa di1foront
May ols4 h,aho, =; favnr ~ thn ronnt,
o. II conts nusnoa u tn m'ot ~ su ~ ~ y
oe, at anu - anid snr doynrv n May !;
stana sn,m SA@ ~ 40 IN p''o Jonyasy or FoFrua5
4 1soru ~ t,e a. anna 1ot ~ prain l,o RI
~ II na,to ,oro 10 c6ntr"ct;n" In ~
l. r.: Nav % thnn Ia ca,, tn so nav II natIors NJ
.ratnr tt t1nt ~ -,rcn c he MI; rcoy from Ghcno
ID "usa1t s Nv -. ~ ,kb ba. 49,, ~; t;,a oo,rt ri