The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-08
THE ANTI-OPTION BILL.
Final Hearing of Those Opposed to
. Mr.. Hatch's Measure.

WASHINGTON, March THE board of
trade and exchange interests had their final
hearing in the Hatch anticipation bill before
the House agricultural committee to-day.
1t developed better feeling between them
and Mr.. Hatch, the author OF the bill. Mr..
Hatch made 1t clear in frequent statements
that he desired to suppress the illegitimate
branches of trading-bucket shops, puts and.
calls, anti-options-and not to affect the le-
Ultimate trade in properly organized boards
and exchanges. The representatives of the
latter agreed with Mr.. Hatch that bucket
shop options were not proper, and said
the only exception they asked was in the
line of legitimate trading.
The Chicago Board of Trade was heard
to-day through Arthur Orr and ex-Repre-
sentative Abner Taylor Mr. Orr said that
the Chicago board would cooperate toward
the suppression Of the two evils and para
sites of trade-bucket shops and puts and
them, and had secured laws against them.
They had no connection with legitimate
producer by giving him a ready market,
and by carrying his stock until II was
needed in the foreign market. Chicago. he
said, Is the highest relative wheat market
In the world by at least cents per bushel.
Mr.. Orr said the committee gave undue
prominence to certain wild speculations on
the Chicago board, such as the recent one
of Mr.. Partridge. Such spectators always
found their level, and the history of the
board showed that eventually they met
financial ruin
Chairman Hatch informed Mr. Orr that
the sole purpose of the bill was to suppress
curbstone and bucket-shop dealings, and to
confine operations to legitimate boards OF
trade. The committee, he said, would be
glad to have suggestions on so improving
the bill as TO distinguish between futures
and options, so that the ilegitimate bust
ness would be suppressed and the legiti-
mate would be legalized and upheld.
f,.tl tfNaer ffsfAxr m
the manner in which members of the Chi
cago board operat ted in bucket shops. Mr..
Hatch stated that at so p: m. daily the
Chicago board adjourned: Then bucket
shop was operated until o. clock 1t
open only to regular members of the Chi
cage Board of Trade, and they did the
Mr. Orr said that the board had sought
to suppress this bucket-shop branch. 1t
MAR Board gave no countenance tic to the
bucket-shop tradings. They had to be en-
forced by the good faith between the
sentative Williams, of Mississippi, Mr. Orr
said the board had made rules against this
practice, but had been unable to enforce
A. c. Raymond, in behalf of the Detroit
Board of Trade, argued against the bill on
the ground that it would cut off the farm
ers as well as the traders from one of the
most effective means of trade and ex-
Ex-Representative Abner Taylor, of Chi
cago, spoke against the bill. Mr. Hatch
questioned Mr. Taylor as to the Partridge
deals on the Chicago board when Partridge
broke the market by selling at - cent be-
low the regular quotation. Mr.. Taylor
said man could do this only once in a
life time. 1t did not hurt the market out
side of Chicago, as the local demoraliza-
ton from such deal was offset by the
steadiness of the Liverpool market. This
closed the hearings in opposition to the
bill. Mr.. Hatch now expects 10 give hear
ings to Board of Trade men who favor
the bin. but no time has yet been set for
beginning the hearings.