Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-02-07
ANTI-OPTION ORATORY.
Further Statements as to FEATURES" -sta-
tistician Dodge shown Up.
fBy Telegraph 70 the Dispatch.l

fBy telegraph TO the Dispatch.l
WASHINGTON, February 6.-Mr. A. j..
SAWYER. of Minneapolis, who was before
the House Committee on Agriculture two
DAYS ago in opposition to the anti-option
bill, to-day continued his statement to the
committee respecting the system OF busi-
ness practiced by the large wheat buyers
of the Northwest and defended the Gus
tom of buying options on the exchanges
to cover the possibility OF loss on the wheat
in elevators.
Mr.. Moses said that cotton brokers some
times lost money through spot cotton going
down, while futures were going up. and
asked Mr.. Sawyer If he was not liable to
lose IN this way.
Mr.. Sawyer admitted that he was and
said he had to take that risk ~ the busl-
ness. .,
MIR. II. II. Aldrich. of the Chicago Board
of Trade, was then given an opportunity
to finish statement he had previously be-
gun. He said that yesterday the. state
mont had been made that any other ex-
PLANTATION OF the decline in the prices OF
cereals than "short selling" was childish.
Il was perhaps worth coming to Wash
ington TO hear that Edward Atkinson,
DAVID A. Wells, and the expert OF the
Department of Agriculture were children.
and be read articles by these men to
the effect that prices in years past had
been regulated strictly by the law OF sup
ply and demand throughout the world.
"Short selling" to his personal knowledge,
was very common twenty-five years ago.
Mr.. Hatch asked if there would not be a
healthy demand all the year round IL the
system of buying futures were abolished.
Nr. Aldrlch replied that possibly that
might be so, but the miller who made his
European -four contracts six months ahead
could not without the future system agree
TO deliver -four abroad, because he did not
know the price of wheat six months ahead.
The time given Mr.. Aldrioh having ex-
pred, he filed the articles he had quoted
from.
srATIsrIcIAs DODGE.
Mr.. Hatch said that members of the
committee who knew that the expert OF
the Agricultural Department who had been
quoted was StatistIcian Dodge would know
what weight was to be given to his state
ment. Every tobacco-dealer remembered
that his report several years ago upon the
tobacco crop (Which report he published
in advance of the crop had cost the to-
bacco-growers of Kentucky, Virginia,
North Carolina, and other States 20 per
cent. of the value of their crop, and MIR.
Dodge was compelled two or three
months afterwards" to take back the re.
port, after the farmers had been robbed OF
a large part of thor crop.
Mr.. Funston, of Kansas: IL you want
TO impeach Mr.. Dodge you had better give
him hearing.
Mr.. Hatch: will be very glad TO do so.
The gentleman from Kansas is familiar
with tho facts. and they arc as l have
stated them.
Mr.. Funston: Iwould prefer to try Mr..
Dodge before We hang him.
II. Mattulath. of indianapolis. next at
tackled dealing in futures as "wind-sel-
ing" that injured the producers. lhia
gentleman concluded his argument wlsh .
criticism of the old Butterworth sntl-
option bill. and laid before the COMMITTEES
measure he had framed. 1t was. In its
main features similar to the option enu S.,
that sellers of farm products must prove
that they own the things, they sell; that
the safes shall be recorded by the Govern;
ment. and Federal supeSs ision exercised
over the business, Heky penalties are
provided for violation helaw.