New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-08
.cAINST THE OPTION BILL.
MERCHANTS CONDEMN 1T SEVERELY.

.,rsss and have connection whatever with boards
:, trade or exchanges unite in saying that senator
u.shburns AntiOption bill Is one OF the most ni~iSe
80 of legislation that ever introduced in the
",,ed States Senate. senators Hiscock. Camden and
80. congressman Harter. OF Ohio: Thomas c. Platt.
wsr,er Miller, Thomas Lowry, of Minnesota; Peck,
:, chicago and dozens OF other prominent business
"a n,blic men who are not connected with ex-
zoos and who would not be directly affected II
A.. bili should become a law, have all publicly
.orcd that the contents OF Mr.. Washburn's bill are
~ useless and unnecessary. They have all main
lined that dealings in agricultural products slim
",.ted by speculation and that TO put Il stop 10
.c,lst,on would not only result In injury TO the
liner but 10 every branch OF business we'll.
s.na,or Washburn defended his bin In an interview
,ohshed in The Tribune recently. but several people
~ho we're seen yesterday say that Mr.. Washburn, In
Ms defence of the measure most cleyerly avoided talk
"a, abon som, features Of the BILL and also had stated
what was net fact
7 sloat Fassc,t in speaking Of tho Anticipation meas
ure when at the Fifth Avenue Hotel last night
old senator washburn with his bill is going the
wrong way to accomplish the right results. Dealings
IN options cannot be regulated by legislation do
MT mink that the An-Opon bill IS as bad rs some
NJ IFS enemies say 1t IS, nor do l believe 1t Is as
end as some o. It's supporters claim II Is. But
tusket shop bills and anuOption bills which are In
t,uced with the intention OF regulating the dealings
In
80. regulate or punish that kind of speculation.
"Ihe claim is made by Senator Wnshburn that tho
AeaIpcs In futures, or in material WHICH AZ the u"c
~ the transaction does not exist. has tendency 10
reduce the price lie may claim so, but does Hi
: heieye there we're more barrels Of pork sold on
the exchanges in 1923 than there were in 1891 and
90, the price Of pork has gone up considerably. The
c,a,n, cannot be ruthfuly made that the dealings In
ntrres affect the producer All speculation, 1t cannot
10 denied benefits business, and instead OF attempting
N decrease dealings should try to increase them
The only sound objection that be made against
such trading is one Of morals Dealings 30 go on
,here there is no actual delivery of goods. but
,hat does not njuro the farmer. The only person II
can anect is the person directly engaged in the
,,ansaction Simply because there is large amount
a, dealing I'm certain agricultural product the price
NJ that product is not necessarily decreased In vaiuc
large dealings in a certain kind OF material do not
mean that the market is actually flooded with that
nroduct Failure Of crops and the actual condlion Of
ihIncs are what affect the price NJ an article OF
product. 1t is folly to talk about anu-opuon iesis-
htion.'
ue saws that the less legislation similar to the kind
proposed by senator Washburn, the better IL Will De
Nv the country alt is certainly TO be hoped that
the contents Of the Ant-Option bill Will never 10
thrust upon the people as law to be recoenlzea'
said Mr. Sage last evening when seen at the fiith
Non Is unconstitutional and that the President, as a
cood lawyer and q man Of good common sense, would
promptly place his stamp of disapproval on the bill
1t succeeded in forcing its way through the House
Of Congress. 1t is certainly TO be hoped taat inc
l.yelheaded men in the House Will see what damage
The passage OF such legislation would really DO IN
n ad o. benetng the farmer 1t would result In his
in,urv and the fact would soon demonstrate ltseH II
the bill became law and the law we're enforced
There Is not much danger, however, OF such law
doing good for 1t would only be dead letter. The
people who are working hard in the interest OF
the bill are only wasting their time. 1t is certainly
bad legislation"
aIegsation of the Kind rs proposed IN the Anti
Option bill will do any good" said ex-Coh'
gresham Henry S. Burlcigh, Of New-lork, when
At the Fifth Avenue Hotel yesterday. "The cotton
planters during the last month have learned that
specuatng does not in the least affect the
price of their sales. The law OF supply ana delshu
will always regulate the price Of cotton unless
cotton trust formed TO regulate the figures Simply
because there dealings In futures the price Oh
the cotton Of the planter Is not going to 60 down.
I'm fact. increased speculation benefits business"
The members Of the New-YOIk exchanges are doins
ell that Is possible to prevent the passage Of the Anti
Option bill by the House Of Representatives. Inc
Produce Exchange has an agent there walcalhe li'
situation and careful canvass has been made OF the
chances keeping the measure from being brought u
in the country recently met in Washington ana or
eanizei to fight the bill. They are hopeful OF oeini
suoces s Considerable fuctuatton In cotton was aut
Yesterday to Anticipation agitation Quotations opened
low and went down about fifteen points. but on re
CENT OF telegram from Washington TO the erect tna
the measure was In the hands Of Its opponents hope
Of traders revived and cotton went up ten points
Charles W. Ide president Of the Cotton Exchange
said. ~Nnr hopes are improving. do not see nov
tho hill can 20 through. Our friends In washington
teIl lis that they hope TO stave OH acuoh lor W.
weeks yet and then they believe that IL WI pe ~
late 10 get II through. do not believe inc A.enu
Of the measure will be able 70 muster t"o'lnle
majority to bring 1t TO vote under sspehao, VI D
rules We have friends watching the bill, and every
thing possible Will he done 10 throw 1t over III
session I think we shall be successful
f. G. I.odman said =" don't think people gehef
ally. and legislators in particular understand eVo'
aftor what ll2s been said, the nature 81 w VS
Done on exchanges parGcuiasdryn moi advocate this bill
IN the interests Of the farmer. Twenty nve fo'3
bCush, grain FIX The ,e s se Port S noe
The grain had reached its destinaton' husSel fs
TO buy on ooup :nsn g to carry q , fs grain
reached the market and must re ne hnying troug
good margin to wSIs on mart Of the county aud
We are enabled TO sell the same day that y, 81; gu,
We satisfied to make ~, d 20 wa Se" Of doing bnsi
ness we should require the old margin 10 "or'
upon ,, .o.,,a,io, in IN
business whicn we should be glad to see done ava!
With II it were possible but Win ms d n,n -
That II this bin passes it Will destroy great dea
Of legitimate business When we set an oa" To-
delivery future time S,ch to x cover have "' char ss
may fit our vessel winch ot We The ' time II
reouIred II we Gould not do this we should hay
TO carry large stock and have nores or
Of The iars or. 90 the loss both to the shipper an
10 the exporter would finally fall on the iar ,d
( J. AZ 4 Watson OF Watson d spence, s@id
regard the bill as a nefartous measure II woui'
not sd far as can see, affect me greatly. Jr
am In tho four business, but the Only people W,ioh
lind 10 I've really in favor OF the Dill are 'iic h'i,
They have been trying TO organize tfst LOT a iV m
lime and are prevented because they cannot ~ Wv
urIcc OF wheat, that leaves smaller HniI' WV" w.
thew cannot reach them. II they had control OF ~,
wheat market they wou,d have everything IN thel
own hands. If II Is proper for the Government