Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-02-17
CHAIRMAN MACUNE.
THE WeLl-KNOWN ALLlANcE-MAN
ON FUTURES" )" "sPoTs," &C.
Master Brigham, Of the National Orange
- The ssas suhjeets-" Dog-Tsiis" "svs-
cifle Delivery, ovsr-Prsduction. &c.


lBy telegraph 70 ne DispascnsI
WAmuroroS, February 16.-A large num-
Dor Of gentlemen, principally representing
the New York Produce and Cotton Ex-
changes ana the New Orleans Cotton Ex-
change. appeared this morning before
Senators Plstt and Pugh, constituting .
subcommittee of the Senate Judiciary
Committee, to give their views in opposi-
rion to the washburn auti-option bill.
The New Orleans Cotton Exchange was
represented by ]. w. LAbouisse, the New
York Cotton Exchange by its president,
Charles w. Ide. and Vice-Pesident james
0. Bloss, and the New FORK Produce Ex:
change by Alexander Z. Orr. Each OF
these gentlemen has heretofore given MS
views before the House Committee on
Agriculture upon the same question. and
their line of argument to-day was similar
to what has been heard before the House
Committee.
= THE HOUSE COMMITTEE
oa Agriculture also continued its hearings
to-day. G. w. Macune, of the Farmers
Alliance. addressed the committee IN favor
OF the anti-option bill. The bill, he said,
did not interfere with the legitimate "fu-
tnre" dealer, but only with the dealer IN
iuluItS WuO uuucItOOA " moHiPuioeo
the market. Whenever the speculator
could horn" OF the mill-men he could
control the price of futures. Two years
ago it looked as il Liverpool man had
got the market where he wanted 1t" and
for nearly two months spots" were
aa high as futures" The mills
came INTO the market, and then
the spectators could not control
things. In his opinion there was no ques;;
| ton but that the present system was bad
| for the producer. Before the crop was put
INTO the ground the speculstor fixed the
price and went of to Europe. When he
got back he sold enough futures to
keep the "spot" cotton at his price, and
| held it there from time to time. The
brokers' commissions on all the numerous
| transactions. he asserted, came out OF the
| producer and the consumer. The Chicago
members of the Board of Trade, he said:
had asserted that the speculstor paid
these commissions, but that was absurd.
The spectators did not :" eat each other"
They made money only by catching
suckers"
MIR. Lewis asked whether he thought the
producer or the consumer should control
the price.
NO ovER-PRoDUCTIoN.
Mr.. Macune thought the producer
| should. He added that 5000. 900 bales was
not over-production In the United States,
| when the worlds annual consumption was
| Ii, ,G00, 600 bales and India produced only
$500, 900 bales aud Egypt 100000 bales.
Mr.. Macune asserted that one menace to
| the New York cotton market was the large
| amount OF "dog g-tails" 7" or refuse cotton
with which demands for specific delivery
would be met, though real delivery was
not contemplated in New York. In New
| Orleans such deliveries could not be made,
but be had been informed that this cot
| could be delivered in New York on a basis
| OF comparison with good cotton. lie AL.
| mitted, however, that he did not know
the rules of the New York exchange.
| THE FARMERS "ENEMIEs."
j.. II. Brigham, Of Ohio, Master OF the
| National Grange, said that the farmer
| knew from the first that he had the
| drought, the rain, and other adverse condi
| tions to meet. He had now learned thai
| he had also to contend with combinations
| which might make all his labors unprofita
| BILE. The farmers knew that it was easy
| for boards of trade to array on their sidt
| the banking interests and also the press o.
| the country, that engine OF power
| which controlled public sentiment
| They knew that If the city edltol
was not competent to write desired edi
torial he would accept one prepared TO
| him. For some time a certain class OF mel
rad assumed s sort Of guardianship owe
tho farmer. bnt the farmer nad now com
| 10 the conclusion that he could look ou
| for his own interests.
Mr.. Brigham was followed by Mr. Rhone
! of the Pennsylvania state Grange, wh
also spoke in favor of the bill.