The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1892-02-20
The Option Bill DISGUISE,

WASHINGTON, Feb. 17.-Tbs :,
question was preached again this N'
ing and this time it was in hearira
fore the house committee on aprion,,
on the anti-option bill under disc
the past two weeks. Charles A DIV
bury of Minneapolis, was on the s'
he had stated in the course q, bs
marks that the worlds surplus sr,'
of wheat was steadily dwindling and r'
being drawn on each year TO meet y
increasing consumption of wheat y
said that il n man owned a whea, o.
raised in the United States this yo.,
would have been possible To pet a.
per bushel for it from Europe ius,
easily as 90 cents, because Eurono Il
to have it. Russia had none to o,,~
and India had shipped its %surnlns
previous years.
Lewis-Then the statistical poas.
of wheat has been growing bette, Il
five years past and the price (cy,em n
the squirt this year, has been grown
weaker?
Pillsbury-"lhat is So"
Lewis-"Docsn't the value Of mon,
have a great deal to do with it: Is,1
money worth more than ever?'
Pittsburgh think as a whole q III
lar will buy more goods now than ev,
Lewis-''lf we had Sl,5O0.OUO.OW /
stead of S65O,NO,O0O in circulation woni
not the farmers get more for tb1
wheat?"
Pillsbury-"More nominal dollars h
perhaps they would not buy 50 much
Lewis-''lt would give the rarms,
more debt paving capacity?"
Pillsbury-"Oh, yes"
Lewis quickly retorted-"That is vhy
is the trouble with them. is it nor" An
there was a general laugh in the CON,
mittee.
In reply to a further question ir,|
Lewis, Pillsbury admitted that short al|
ing alone would not account for the al
cline in wheat, which was too grea, TOLL
chargeable TO n cause alone. IN tI
address to the committee Plllsburv Al
vocated the passage OF The anti.oplim,|
bill. lie said the owners of the immppy|
wheatfelds Of the northwest had less b
say about the price of their wheat than
some young man bowling prices on b.
Chicago exchange who perhaps could nal
tell the difference between Il grand
wheat and a grain Of barley. lie lfs
bury was one of the largest buyer. d
uatn.l Uhnat h,t ltp I,,xi,n, Ill
actual effect on prices than some one al
the wheat pit whose oflic' was in his bat
All persons agreed that bucket shC,
should be wiped out. The difference b
tween a bucket shop and the Chilean
board of trade was that in the forMq@
per cent of all sales were illegitimate sd
in the latter 30 per cent were illegltiLss
He believed a bill could be drawn ghJ
would prohibit illegitimate dealingsri
out interfering with legitimate deus
Others had said this 'short" sellggs
necessary. but there was no short I'll,
in real estate nor in the dairy buslS
which overshadowed all others. ltN
been stated that millers sold -four uoas
ahead. That was true, but he WON
stake his reputation that 993.t per cr
Of all -four sales were followed by deJ
cries. He had never known specuiatr
Offering of flour. Formerly millers keE
large supplies of wheat and flour O
hand, but they now recognized it va
hardly safe for man to be 'long' I've
night of a round lot Of wheat unless b
had contracts already made, for he cout
no longer reckon on the law of supp,
and demand. 1t seemed to him as plan
as the rule of three that this short sell
ing of wind" wheat Injuries farmers b
depressing prices. Buyers Of wheat hs
to take care Of all actual wheat and
addition care for millions of bushels
wind. That wind was Just as heavy
actual wheat and was as much more,
a load to be carried.
Pillsbury said there should have bee
high prices for wheat this year. bI
partly in consequence Of this short SCI
ing millers and others were living fro
hand to mouth
White asked for Il definition of legl'
mate and il!egitimate sales. Pillsbul
thought contracts should be negotiate
and that sales of contracts were lcgl'
mate provided first the maker actual
had wheat. Where "A contract was ma,
and wheat was not behind it, the sd
was a mere gamble. The burden
proof III his opinion should be put upt
the seller to show that he had the whe
he sold. To Wilson he said he thong
all sales for future delivery tended to
press prices and should not be perm
ted unless the wheat was about rea'
for delivery.