The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-17
FARMERS AND FUTURES.
MACUNE ADVOCATES TIE ANTI
OPTIONS BILL.

He Gives His Idea of the Way the
Spectators Control the Cotton
Market-The Present System De-
clared Bad for the Producer-Over-
production Denied.
WASHINGTON, Feb. 16.-A large number
Of gentlemen, principally representing the
New York Produce and Cotton Exchanges
and New Orleans Cotton Exchange, ap-
peared this morning before Senators Platt
and Pugh, constituting the subcommittee
of the Senate judiciary committee, TO give
their views in opposition to the Washburn
antl-options bill. The New Orleans Cotton
Exchange was represented by ]. w.
Labouisse; the New York Cotton
Exchange by its president, Charles w. Ide,
and vice president, James o. Bloss, and the
New York Produce Exchange by Alexander
E. Orr. Each of these gentlemen has here
tofore given his views before the House
committee on agriculture upon the same
day similar to what has been heard before
the House committee.
MACUNE ADVOCATES THE BILL.
The House committee on agriculture also
continued its hearings to-day. G. W. Ma
cune of the farmers alliance addressed the
committee in eavor Of the auti-options
bill. The bill, be said, did not interfere
with the legitimate futures" dealer, but
only with the dealer in futures who UNDER
took TO manipulate the market. Whenever
a speculator could "horn" off the mill men
he could control the price of futures. Fwo
years ago it looked as if a Liverpool man
had got the market where he wanted it,n
and for nearly two months spots were as
high as futures. The mills came into the
market and then the spectators could not
control things.
BAD FOR THE PRODUCER.
In his opinion there was no question but
that the present system was bad for the
producer. Before the crop was put
into the ground the speculator
fixed the price and went off TO
Europe. When he got back he sold enough
futures" to keep the ''spot" cotton
at his price. aud held it there from
time to time. The brokers' commits
sions on all the numerous transactions, he
asserted, came out Of the producer and con.
sumer. The Chicago members of the board
of trade, he said. had asserted that
the speculator paid these commissions,
but that was absurd. The spectators
did not "eat each other" They made
money only by catching suckers"
Mr.. Lewis asked whether he thought the
producer or consumer should control the
price. Mr.. Macune thought the producer
should.
ovERPRoDUCTIoN DENIED.
He added that 5000 900 bales was not
overproduction in the United States when
the worlds annual consumption was IL, ,000.-
OOO bales and India produces only 5, 900, 900
bales and Egypt 500, ,000b bales. Mr.. Macuhe
asserted that one menace TO the New York
cotton market was the large amount
OF dog tails" or refuse cotton,
with which demands for spe-
cific delivery would be met, though
real delivery was not contemplated in New
York. In New Orleans such deliveries
could not be made, but he had been in
formed that this cotton, which was gooa
for nothing at all, could be delivered in
New York on a basis of comparison with
good cotton. He admitted, however, that
he did not know the rules of the New York
exchange.
WHAT FARMERS CONTEND WITH.
j. II. Brigham of Ohio, master of the
national grange, said that the farmer
knew from the first that he had drought,
rain and other adverse conditions to meet
He had now learned that he had also to
contend with combinations which might
make all his labors Improbable. The
farmers knew that it was easy for the
boards of trade to array on their side the
banking interests and also the
press of the country, that engine
of power which controlled public
sentiment. They knew if the CITY editor
was not competent TO write the desired edi-
torial he would accept one prepared for
him. For some time a certain class of men
had assumed a sort OF guardianship over the
farmer, but the farmer had now come to the
conclusion that he could look out for his
own interests.
Mr.. Brigham was followed by Mr. Rhone
OF the Pennsylvania state grange, who also
spoke in favor of the bill.