The morning call., 1892-02-06
AGAINST OPTIONS.
4 Prominent Pork Packer Opposed 10 Gam
bling in Futures.

WASHINGTON, Feb. 5.-JOhn Whitaker,
large poTk-pacBer of st. Louis and Wich-
ita, Kans., to-day addressed the House
Committee on Agriculture in advocacy OF
the Anti-OptiOn Bill. Whitaker said the
tendency of short selling was 10 depress
prices and interfere with legitimate trade.
The farmers, he said, were not compelled TO
market their grain instead Of storing it.
But the experience of the past eight years
taught the m that with this unlimited short
selling the best time for them to sell grain
was as soon as 1t was harvested. Whitaker
said the wheat exported this year probably
averaged in price SO cents per bushel. and
if this proposed law had been in force he
believed it would have brought considerably
more than 81 per bushel. He did not think
this law would hurt the owners OF grain or
provisions, because If fictitious offerings
were done away with, the market could be
supplied with actual grain or provisions,
and. there being smaller quantities offered,
prices would be better In his Judgment
fictitious selling produced an abnormal
condition Of the market which defeated the
law of supply and demand. He frequently
received letters from Europe saying the
writer's could pay better prices for meats If
the American market would only be kept
steady.
In reply to q number Of questions Whit
taker said in the last eight or ten years
speculative business had grown Immensely,
and he thought there were more sellers
than buyers. Whitaker was asked why it
was that when reports like BradstTeets or
Government reports were given ont show
lng large estimated crop prices 60 down.
He replied: They work that on a large
crop and vice versa. II the crop is small
prices go up a little"
Moses asked: ''If meat transactions were
confined to real products only, could not the
Western packers form a trust, get control of
the actual products and put the price away
beyond the reach of consumers? Could not
Armour, Tor instance, with his millions Of
money, get control Of all or enough of wheat
to control the price and send it up TO 81
buShelW
Whitaker did not believe, in the first
place, that would be good policy, and in the
second place did not believe a combination
necessary TO success could be formed.
THE INDIANA CIRCUIT JUDGEsHIP.
The nomination of Judge Woods was un-
der consideration again before the Senate
Judiciary Committee to-day. Senator Tur-
pie brought before the committee eX-DiStrict
Attorney Sellers, who gave detailed state
ment OF Judge Woods conduct during the
COy-Dudley prosecution. His statement
was very conservative, and, IL is said, did
not bear hard on Judge Woods. Other wilt
nesSes were examined, but no conclusion
was reached in regard to the matter Of nom-
ination.
LOANS TO BANK OFFICERS.
The House Committee on Banking to-day
faVOrably reported upon the bill prOyid ing
that national banks shall not make loans to
officers or employees, except by direction Of
a vote Of the Board of Directors, and that
reports of loans 10 officers of the bank shall
be made to the Comptroller Of the Currency.
RECIPROCITY PROCLAMATION.
The President has issued proclamation
prOmulgating a reciprocity treaty with the
British West India colonies, Trinidad, the
Windward and Leeward islands, etc.