New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-24
SELECTIONS FROM THE MAIL.
THE ANTT.OPTION BILL.
CLEARING UP SOME NEUTRALITY-SUSPICIOUS. On
THE SUBJECT

| CLEARING Up SOME MISUNDERSTANDING 0'
| THE SUBJECT.
TO the Editor OF The l,.,o ~ .ho
! Sir: so much OF the dlsinterested oppo' -. 30
! Anti-Option bill now before the oeh".o -. AZ
based upon a instrumentation OF the character Oh .'e
hin that no, y, van space for some facts In the
matter. There is a very widespread in'pIes.
| the bill n made law would actually destroy u"uins
| In wheat cotton and certain other farm piVuu "
! future delivery. But nothing couid DC i"' ~
| the truth. The bill distinctly recognizes '"o
Of future sales: the one where no owherSilp % a"
vOlved (Which with "optlOn' trading Is the paH III
the greater part OF all speculative trading IN Id !"
pIoducts) and which 1t Is sought by this Dill I" P''
hbit: the other where there is ownership near VI
remote, In which the party selling mas o"'S "
take out his license at ~ per year, ana MAKE 'o''
reports to the collector Of the district "hcie "e -
| located Section of the bill describes the futures
that aimed mt for suppression as being any con-
| tract agreement whereby party contracts Ut
agrees to sell and deliver to another or others Il.
future time within designated period any OF INC
articles mentioned in section OF this act wheh a1
the time Of making such contract or agreement inc
party contracting agreeing TO sell ana MAKE
such delivery, or the party for whom he acts as
agent, broker or empoyc in making such contract or
agreement, Is not the owner OF the article or afuccS
contracted agreed to be sold and delivered or
has Heretofore acquired by purchase, aud IS not
then entitled to the right to the future possession OK
such article or articles under and by virtue Of con-
tract or agreement for the sale and future delivery
thereof, previously made by the thereof The
exceptions certainly very clear, and no tax Is
laid upon any OF the futures excepted.
Section 3 names the products affcctes by the bill.
Sections TO II provide the tax and for It's collection
"optiOns' and the d" futures not excepted In So;
lion >. Then section II provides that owners, etc,
may freely sell by paying It'd; ~ per year AID
making monthly reports. surely this is not gong TO
cripple legitimate business but it must be admitted
that it will cmbarrass fictitious trading. That is
the object Of the bill. and. judging from the com
motion 1t is making among dealers In paper wheat
and paper cotton, it seems TO be pretty well
framed. Many traders in the real products also
showing alarm, but their fears must be due to either
a wrong Impression to the provisions OF the bill
to a natural feeling Of sympathy for their brothers
who happen to be In business that much Of the
world believes to be. and that this law proposes 70
treat rs. gambling.
should like to give some OF the reasons why |
favor this measure. but will barely mention one
TWO. believe that fictitious trading I'm farm
products. grown to such gigantic proportions. Is
Interference with the natural laws Of supply and
demand. l no reason why such trading should
be mora Of benefit to farm products than TO iron
orc, wooden cloths huckcbcrr1cs. Moreover, do
not believe that the elimination OF such trading Will
restrict the market FOR n huShel OF wheat a pound
u cotton. All who buy actual wheat and cotton
to day. would buy 1t just the same II the bill We're
IN force. without the aid Of the SPECTATOR the
wheat would find It's way 10 the railroad station,
70 the great cities and across the sea. and indeed
oG G? has a c to do M R2H aS f wheat crp %
has tn man in the mool-save TO bend the prices
often h.
Further | believe that this trading THIS getting
something ont o. nothing. Irosperng only on thu
",n'imrnt that opposed the Louisiana iottery should
,"or mindful Of this rop0ach TX les at r. own
Nev-YOrl1 Tuly 90 1902