The sun. [volume] (New York [N.Y.]) 1833-1916, 1882-05-07
PRICE THREE CENTS.
GAMBLING IN PRODUCE.
BOTH SIDES OF THE QUESTION ONC1
MORE DISCUSSED
gene % tho Alleged Bcne ats OF BeinE Attic
10 Deri In Frt"res--A Wsclc.sl. .s-cc:-'s
Surrc.iinn- Es DeIirh:ss 81 I,,xa NYi.,...

gone o. tho Altered Bcn eats OF Reipr Attic
10 DerI In Frsares-A whclc.aic ss-cc.r's
Suggestion 'IsDe iie6aes of Two winners.
Mr.. Consider Parish member OF tho
Water styect commission firm OF y. w. Cole
man Il Co. told tho Senate Committee on Cor
ncrs yesterday that tho system OF futures had
been established In the New York market only
n few years. Grain used to be sold by sample.
and thor there was but little dealing In futures.
Other ciin introduced the systom OF grading
grain. under which there was no question az TO
getting tho article wanted no matter whether
1t WIS on the spot or to DO delivered in the fu-
ture. rho graded system was established In
Baltimore earlier than 10 New York. and
1t drew business to that city away from
New York. Persons who were buying from
growers could make saes in advance by grade
nt Baltimore. and could thus scizc any favora-
bic oCp,rtpnity, which the market afforded.
and its BUSINESS hud been greatly increased by
IT, The system. fostered speculation by the
facilities it afforded. and at present tho volume
Of speculative transactions greatly exceeded
tho transactions involving an actua!
t %sa Il o dSsns so% IL futures ds cred
from gambling only in that it was not 80
diereputaelo, but it was impossible 70 olson
could bcnelllcially Interfere He thought the
ket = strength It would not otherwise;have, and
enabled 1t easily to accommodate itself 10
changes in the condition of trade. Foreign nd
vices that formerly would be paralyZing could
now have only u limited effect. owing to the
powerful speculative influences at work. A.
break in prices which in the old times would
knocl; down the market Is now arrested by the
rushing In of shorts TO cover. Speculation
below real values at times, but he thought IL
helped the producer by giving future crops
salaDle value which could DO awaited Of at any
time. and he thought that on the average the
cor 'umer did rot have to pay more than he
9th trwise would. ...-....
Mr.. Robert f. Austii a wholesale grocer,
condemned speculative dealing as detrimental
to public welfare and rs unnecessary to leglt-
ilnato business. Ho was in favor OF legisla-
produce of the soil i'll which the commodity
was not actually received or delivered.
Mr.. William II. Grafton an old gentleman,
who for twenty, eight years has edited
paper devoted TO produce exchange
interests said that the excessive
speculation in grain was cripplng tho
commerce, Of the port and something
ought to be done about It,. Tho Keeno syndI-
cate of 1879 ran tho price Of wheat up to 81 .65.
hundred sail of steamers after lying idle and
incurting heavy expenses. oven TO the eXtcnt
Where Tor careoes. At list there was q decline
of sixty contS hushoi and losses were i'm
monse. but the foreign market had been fore.
tailed Last wintcr there was II repetition OF
the same thing 10 n loSscr extent. AS n rule
farmers will not soil on rising market. and
producers do not bonn!lt by speculative move
'ncnt3 to the extent that they lose. He prom
ised no committee to submit some suggestions
as to lpCiSlutiDn