Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-18

fotal.. .$Sl, COZ, 900
If the movers of the crusade against trad
ing In futures succeed in passing a law
that will accomplish the purpose the $1O,-
600, 900 now in the speculative branch of the
commission business will be forced to seek
other fields of investment. The elevators,
grain receivers and packers would continue
to do business, but necessarily under radi-
cally changed conditions. Just what these
conditions would be no one pretends now to
be wise enough to foretelL
Planning to Beat the Proposed Lew
Various schemes have been proposed to
"beat the law" in the event of the passage
OF the Hatch Washburn bill Some one
suggested establishing board in Canada
and ostensibly executing all orders there,
presumably much as "Plunger" Shaw
in st. Paul. This was received with
contempt on change. Another plan
was to inaugurate system of
dealing in cash grain broad enough to meet
the requirements of speculation, but the
fear was expressed that the quantity of
cash wheat in Chicago would be too small
for such a plan to be satisfactory. Then it
was suggested that the law be ignored and
knocked out in the courts, business going
on meantime as if there was no such
statute on the books. Timid capital OBJ
jects to taking that risk, however
Finally Henry Clews came to the rescue
with the brilliant and merchant-like sug-
gestion that operators go right along as
usual, but that they cali grain ebay" It
seems to be recognized, however,
that subterfuges and evasions will not
go, and something broadgauge must
be proposed. A select commit
tee composed of Messrs. Chandler,
Wright, Rumsey and Logan, has been at
work for mouth trying to hit upon a plan
big enough to meet the exigencies of the
case. They frankly admit that they are still
cropping blindly for way out of the trouble
One of them cardidly stated that in his
opinion ii Congress enacted any such law as
is now on the ragged edge OF favorable
vote, the commission houses engaged in the
speculative branch of the trade might as
well smut up shop, and that those who drew
their money first and embarked in other
pursuits would be the wisest. They would
get that much the start of their fellows.
What a Change wou d Mean.
1t is barely possible that the unpleasant
experience through which the board is now
passing may result in the adoption of a
uniform system of grading in different cities
under which warehouse receipts for grain
in Kansas CITY, st. Louis, Toledo. Detroit,
Milwaukee, Minneapolis, Duluth and other
large centers could he traded in upon this
market and deliverable upon Chicago con-
tracts or made interchangeable
1t is said to take SAC, 900 to $50, 900 day.
or about S15,OO0,OO year to run the
Board of Trade"-that is, to pay office rent.
clerk Hire, telegraph bills and the thousand
incidental expenses of the members. In
return for this sum, which the anti-option
lists charge is a useless tax on trade, the
1,SO0 members give their services and the
use of sso,OOo,0oO capital invested in the
business.
The elimination of the purely specuia-
tive feature would necessarily cause the
shifting of at least 1000, 900 to other
investment channels in this city alone,
and to the readjustment of not less
than 5000 commission merchants, brok-
ers and clerks to new conditions
of employment. Such is the problem
that confronts the Board of Trade man, and
1t sufficiently explains why he gets up with
the Hatch Washburn bill in the morning.
carries it with him through the day, goes to
bed with it at night, and allows it to torture
him in his sleep.