New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-30
THE NATIONAL BOARD or TRADE.
FAvoRYG THE TORREY BANKRUPTCY BILL
DEALING N FUTURES.

| DEALING; IN FUTURES
| Washington, Jan. 30.-The National Board Of T adc
at its session to-day adopted an address to Congress
urging the passage of the Torrcy Bankruptcy bn
! Tie Committee on Amendments to the Interstate
/ Commerce Act submitted resolutions. which were
adopted asltng that corporations well tIcr
agents and employees he made ind cable; that reports
and finding, Of the Commission shall have the fore
and effect OF the reports OF masters in chancery In
Federal courts in of subsequent judicial proceed
| ings that the Commission be empowered 10 employ
| competent and permanent counsel to represent Hem
in any litigation they find necessary In the enforcement
Of the Interstate Commerce act ana their ue''s'"hs
and orders under It,
A resolution was also adopted urging on the Presi-
dent tho wisdom Of filling vacancies on the Interstate
Commerce Commission by the appointment Oh men DC
longing 10 the class Of trained tranSp0ie OF cdP"oc
merchant, or manufacturers. The Board then re-
sued the consideration Of the re solution opposing 's
Washburn bill in regard TO dealing in futures
Sir. Davis OF Wichita, Kan, who appeared as n
representative of the farming interests, opposed the
| resolution At infinite cost of labor and the eA-
pendturc OF money he raised. say, 10000 bushels Oh
wheat. When he offered that wheat IN chicago some
vonns man with $3.50 to cover bis margin VIII buy
| that wheat The product Of this Young mans lungs
Is oppo,ed 10 the product Of his he speak'rs) toll
lie went on b. contrast the amounts OF gram IaNueu
as reported in the stock markets Of Chicago and New
York and other markets a compared with the actual
| product In one dav Ncw-Nork had sold, he SAID
| two and a half times much wheat as IL hid re-
| ceived in two years.
| Mr. Lane Of bradford who said that he was pro-
Queer Of OIL gave It his testimony that the sehG
Of shorts had more 10 do with the depression OF prices
| than any other cause.
In the opinion Of Mr.. Bacon. Of Milwaukee, the 1iee
Selling of the futures Of agricultural productS OF
the country served the average to improve prices
| Mr. RAYMOND repudiated the statement that on the
| exchange wind was sold. In fact, he s'lu' uS
Spectator was the friend Of the producer, ana was
| the only one who stood between the EIh-r anu 'ho
foreign buyer with his low prices
After Il long debate. resolutions were p'sSed It.
cording that while the Board recognizes the evils &c
sunc nom excessive trading IN agricultural and other
products OF the country II deprecates any Fei'"'"i
| laying tax upon interfering in any way win
the freedom OF commercial transactions In such PROD
nets whether for immediate future delivery anu
| that the Board reerateS lis expression ot seh'I'n'"'
enuncatcd ut the annual meeting In relation 70 te
Butterwolth BILL the effect that its adoption would
cause ireparble injury to tie business and aslcut
ural interests Of the country. vi. ro,oI,,.
ON motion of Mr.. Straahan. OF New iOtA Icaotu''
| ton was ndoptcd requesting the railroad companies
la cooperate with the P>oihce Department Ill a'li'-
| tntlng the prompt delivery Of the mails.
Tie silver question was then taken np ana Tro,
linton was adopted rrclting that the Na0iP'l bD'.N
| departments II the National Government u
| promote and secure at ue en .. Co., y "t WA
| cable date m lntcrUauonHI 'p"''I't', 40
adjustment II a fixed ratio between gold and silver
and further that until such a ratio has been secured
| l,y International agreement. any and all eg~lan(h
aiming a the free coinage OF silver ~ repeal IF thc
| pre.cut law should b, srcnuouSlv oppD cf. y
resolution WIS ais, adopted. after much debate asking
CongT, to take stop, looking IN. equalization OF
he monetary standn f and The unlhcaOn OF the money
,ysem, Il the geat commercial nations OF the world
a resolution Was also adopted mvolnk liberal nn n
cal support by the United state Government to the
Columbian Exposition.
The Convention then adjourned. Tho next meet
Ing ,, the Board will lie held In Washington on tie
Last Tuesday IA January, 1893.
The President gave special reception uls a1t'r
noon D. tho members Of the National Beard or Trade
and made neat response TO the address male 10 Nun
bv MI Frsley the venerable president OF the board