Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-12-22
SOME FOOLISH FARMERS.

COnnect1cut farmers nave reputaGlOn
for intelligence and shrewdness not ex-
celled by the farmers of any other state or
country, but there was performance at
the meeting of the farmers at Warner Hall
yesterday which will not add to that rep
utation. We mean the passage of the res
olution favoring the Anti Option bill and
calling upon the two senator's from this
State to work and vote for 1t in the SEN
ate, where it is now pending. And the
way the resolution was put through was no
more creditsble to those who put 1T through
than the resolution itself. No opportunity
for fair discussion was given. The reso
luton was showed along in the same way
such things are done in political conven-
tions when 1t is thought necessary.
This whole Anti Option business would
bs ridiculous if it were not so harmful.
There is great and extremely virtuous
outcry against the gambling" that traders
in options, or futures, are eaid to do in
such trading. And 1t is persistently and
vociferously asserted that the poor farmer
gets all the evils of this great and we'll
arranged system of trading and none of Its
benefits. Nothing could be further from
the truth than this assertion. The farmers
and their dernagogical friends are So ying
that trading in futures puts the prices of
products down. But they cay nothing
concerning the great rises in prices that
have accompanied such trading and by
which the producers have benefited. The
truth is that trading in futures has done
more to make good and stable markets for
producers than is generally understood.
And if at times such trading has de-
pressed markets a little more than
they would naturally have been de-
pressed it has at other times elevated
them to height they could hot
have attained without it. Traders in
futures are quick to see the conditions of
supply and demand, and they don't often
run against them successfully. And they
do often make good market for the pro-
ducers long before the producers could
make one for themselves. Take as an Illus
tration the trading in cotton futures that
has lately been going on at lively rate.
Last spring cotton was away down in price,
spot cotton selling at about $50. The
supplies were excessive, and everything
looked blue for the cotton owners. But
the traders in futures discovered that there
was chance for rise in the price, owing
to the fact that the new crop didn't look
ont wall
and they went to work "bulliDg" cotton.
and they have bulled it until they
have added between and cents pound
to the prices of the futures. The planters
are getting the benefit of this now and
they are glad enough to get it. If they
hadn't had the help of the traders in
futures 1t is not likely that cotton would
now be selling for what it is. Without
speculation, without the practice of buy
ing and selling futures, the present level
of prices would not have been reached
until some time next spring; and then it
would have been too late for the plant
era to profit by it. A large part of the
cotton crop passes out of the hands of
the growers before Christmas. It may
still be held by the factors and specu-
lators, but it would be poor consolation
for the producers, after being compelled
to sell for seven cents, to learn come months
after that their product was worth ten
cents. 1t is calculated that the spectators
have, by their system of anticipation and
| intervention. saved the cotton producers
this year about 500, 100000.
What has happened in the cotton mar
kets this year has often happened in the
grain and other markets. Without deal
ings in futures the markets would be slow
and more uneven than they are now. Th'
business would have to be done b.
commission men who would hav'
tremendous power in fixing price
and who could treat the producers wors
than the speculstors ever do. It is charged
that the Anti Option bill is really in tn
interest OF number of big flour millera
who hope by its passage to get control o
wheat to suit themselves. If it shoul
pass producers of wheat, corn, cotton, etc.
would discover that what they call legitl
mate trading would furnish them yer
poor facilities for getting rid of thei
products when they might want to, CON
pared with the splendid system of tradin
In futures which makes big market an
one that can always be traded in.