New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-10
AGAINST THE ANTIOPIION BILL.
PROTESTS BEFORE THE HOUSE COMMITTEE By
REPRESENTATIVES OF NEwYoE
EXCHANGES.

REPRESENTATIVES, or NEw-YORK
EXCHANGES.
Washinrton Feb 9.--The views OF the New iorH
Produce Exchange In regard to the pTcposed eel'a'o
against the sale Of options were presented 10 te o
Committee on Agriculture today by Henry b. khee'niu
who read the protest OF the Exchahge against t"o
passage Of the bill. The protest states mat inc IN
change heartily approves Of Section Of the measure
defining options. The evils arising nom uadlhg III
opttons rs there defined, we're well known ana any
legislation which would repreSs such praeucc "ou"
be welcome But the bill In section proPoseu "
restrict trading In futures which was diheiVn' Io'
NJ trading and which Included contracts WHICH "eic
.i,u,Iv ue.d bv all classes OF merchants and dealers
| and bankers who were dealing in the products men
toned In section in perfectly legitimate way IA
all the future contracts Of the Exchange me actua
delivery Of the article sold was pT0viied ior' ana '"
WAS the basis on which the contract rested. ANY i'c
ference by legislation with the laws governing trade
should be made only when gross abuses sought c0''u
cation. The business done in futures was P'eo0 u
machinery for moving the products of the country ~
far superior 10 the old methods oil doing te s'ne ~
railroads are ahead Of wagons or elevators oi M,
hushol measures The remedy proposed by the bill
for an illesimate method Of trading in futures "ouu
Involve In ruin the entire system uhuer WIN" "'
LEGITIMATE business OF the various exchanges was pOse
nntod The bin WAS class legislation and lie hoped
tha. the committee would take that fact into consldert
ton.
The chairman said that far as any member OF the
committee had expressed himself in favor OF or against
the measure these expressions had been based entirely
| on the proposition that they were considering ohi
that would prohibit just suc transactions as were pro
hibtad by the courts OF law throughout the cm'eu
states.
Mr. Kneeland, at the request or the chairuiai' OK
planod the method Of dealing in futures p'tctsed by
the Newly Produce Exchange. lie stated thst 'o
method of puts and calls in practice was purely
gambling and that it would be beneficial TO INC pro-
Queer If the bucket shop business should be In some way
abolished.
c. W. Ide of the New York Cotton EXCHANGE inauo
an argument against the bill The interest OF Ills IN
stuon lie said in great peiil. Private Interests
were imperiled the planter was in PERI. The spinner
was in peril. every one interested In the growth Or
manufacture of cotton In pe,il, from the passage
of this measure. This proposition was second IN III
portance only 10 the Tariff BILL because 1t AFFECTED inc
price of every product mentioned In the thru sec'.o
of the bill Tie decline in the price of cotton was due
10 The large supply. and yet gentlemen sara 'ht tle
whole trouble was TO De found IN the dealing IN fntus
The future had the effect OF bOserng plccs ue
cause IL attracted capital , . So, c,... L.
Vice President GO,s Of the Mw-forK cotton fk
change read a protest signed by number u New ORR
bankers AGAINST the proposed legislation lie tmh
went on 10 Argue that TO abolish the future system
would he OF no advantage 10 the producer ana Would
result I'm the most violent fluctuations In the Vainc VI
products. The committee then adjourned.