The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-18
PILLSBURY ON OPTIONS.
THE BIG FLOUR MAKER AGAINST
TIE SYSTEM.


A Declaration That Wheat Would
Bring 81 so Per Bushel if One Man
Owned the Crop-The Statistical Po-
sition of Wheat Growing Better and
the Price Growing Weaker.
WASHINGTON. Feb. 1.-THE silver ques-
tion was preached again this morning, this
time in the hearing before the House COM
mittee on agriculture on the anti-options
bill Charles A. Pillsbury, Minneapolis
miller, was on the stand. He had stated in
the course of his remarks that the
worlds surplus supply of wheat was
steadily dwindling and was heing drawn
on each year to meet the increasing con-
sumption Of wheat He said that IL one
man owned the wheat crop raised in the
United States this year it would have been
possible to get 81 so bushel for it from
Europe just as easy as 80 cents bushel, be-
cause Europe had to have it Russia had
none to export, and India had shipped its
surplus of the previous years.
WHEAT GROWING WEAKER.
Mr.. Lewis-Then the statistical position
Of wheat has been growing better for five
squirt this year, has been growing weaker
Mr.. Pillsbury-That is so.
Mr.. Lewis-Doesn't the value of money
have a great Deal to do with it! Isnit
money worth more than evers
Mr.. Pillsbury-I think on the whole
81 will buy more goods now than ever
before.
Mr.. Lewis-If we had 81, 500, ,OOO, 900 in-
stead of $3.50, 900, 900 in circulation would
not the farp,ara uat mora for THAR vhaatS
Mr. Pillsbury-More nominal dollars, but
perhaps they would not buy so much.
Mr.. Lewis-It would give the farmers
more debt-paying capacity.
Mr.. Pittsburgh, yes.
Mr.. Lewis quickly retorted: "That is
what is the trouble with them, is it not"
and there was general laugh in the COM
mittee.
PILLsBURY OPPOSED TO OPTIONS.
In reply to further question from Mr..
Lewis, Mr.. Pillsbury admitted that short
selling alone would not account for the de-
cline in wheat, which was too great to be
chargeable to one cause alone. In his ad-
dress to the committee MIR. Pillsbury advo-
Gated the passage of an anti-options
bill. Mr.. Pillsbury held about the
poorest opinion of dealings on the
exchanges of any person who has as yet ap-
peared before the committee. He said he
hlmser was one OF the largest buyers OF
wheat in the country, but his purchases had
less effect upon the market than had those
of some shouter on the Chicago Board of
Trade whose office was ia his hat.
RAP AT THE BUCKET SHOPS.
All persons were agreed that bucket shops
should be wiped out. The difference be-
tween the bucket shop and the Chicago
Board of Trade was that in the former 9e
per cent, of all the sales were ille9itimate
aud in the latter 80 per cent. were illegiti-
mate. He believed bill could be drawn
which would prohibit illegitimate dealings
without interfering with legitimate deal
ingS.
MIR. Cheatham said the southern people
were wheat consumers, and asked if the
present system gave them cheaper bread.
Mr.. Pillshury replied in the affirmative,
provided the question were looked at from
a purely so outhern standpoint, and with
nothing save wheat taken into considera-
tion.
These hearings will close tomorrow.
The subcommittee of the Senate Judi
ciary committee to-day heard further ar
gument upon the pending Washburn anti
options bill. Alfred Romer of the New
York Produce Exchange, Charles D. Hamill
and Thomas A. Wright of the Chicago
Board of Trade and William Cudahy a Chi
cago pork packer, made arguments in op-
position to the bill.