The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-07
SAY FARMERS
WILL BENEFIT
MUCH GOOD EXPECTED TO FOL-
Low ERICKSON BILL.
Chamber Of Commerce Members De-
clare Bucketshop Evil Is Nearer
Eradication Than Ever-New Law
5 Will Protect Farmers and May Raise
Prices Of Wheat.

Chamber Of Commerce men are great
ly pleased over the passage of the
Erickson antibucketshop bill by the
state legislature. 1t is predicted on
change that the last of the big shops
has collapsed and that it is question
Of time only before the little ones will
be crushed out. The chamber is not
contemplating any action against the
shops at present, but will await the
supreme court decision to come soon,
covering the matter of property rights
in the quotations originating on the
floor.
The Erickson bill embodies as a
basic principle the contention of the
illegality of speculative trading in
grain futures where intent to make de-
livery is not shown. This, the grain
men say, is the thing that will kill the
shops if enforced. A bucketshop man
cannot possibly show intent to deliver,
hence his transactions are illegal. On
the other hand, trades made in the Min
neapolis pit or on the floor of any reg
ular exchange are always understood to
bind the seller to deliver and the buyer
to take over any pay for the quantity
sold in the month named in the trade,
and this understanding appears in all
combinations of trades and reports Of
purchases or sales that pass between
firms or individuals. A buyer or seller
may cancel his obligation by counter
trade, or may shift the burden to some
one else before delivery day, but always
when he makes the trade he binds him
self or the firm thru which he does
business to make good delivery in the
event that the trade remains open until
maturity.
AS to construction of the law, the
grain men do not believe it can be in
any way changed from the intent Of the
Trainer. Antibucketshop bills have
nv ~
that taking option trading as the basic
principle, have been SO construed as
not only to kill the bucketshops, but
to affect trading in futures in the regu-
lar exchanges as well. Chamber of
Commerce men do not think any such
two-edged construction can be put upon
the Erickson bill
E. S. Woodworth, president Of the
the passage of the bill as q victory for
clean business and honest methods.
1.-The buohetshops," said Mr.. Wood;
for good. The evil is closer to the
point of eradication than it has ever
been. Enforcement of the law will kill
them and legitimate business will be
G. F. Eve of the Van Dusen-Har.
rington company and chairman Of the
was gratifed because the bill is highly
commendable on the ground that its
enforcement will make it possible tc
maintain high standard in business
and kill the evil that until very recent.
ly was so strongly rooted in Mime.
apolis.
but there Is another Important con.
sideration that should not be over
looked,' said Mr.. Eve. VThat is the
benefit to the farmer. Every farmer
wants to see wheat prices rise. Ir
times OF, general interest in crops, al
ness Of considerable Importance Gomez
into the grain markets from the coun
try, from men who buy futures. AL
most every farmer or country resident
II he decides to enter the market a
all, is buyer. He must be his ow,
deal in wheat; but If he does wish t,
do it, he is at least entitled to show
If he gives his trade to legitimat
firm, his order is executed in the opel
market and has it's effect. If he give
1t to bucketshop, there. is no trad
and tries by every means to juggle tn
thing around so that on the break o
otherwise, he pockets the entire mai
gin. Thousands Of northwestern farm
ers have been feeced in the bucket
shops. I do not think any grain ma
Cdu uouDC IudC IL I'LL the orders TO Du
that were sent in from the country las
season, when the crops began to suffe1
were executed on the exchanges, whea
would have gone much higher. Man
traded thru bucketshops; their orde,
had NJ. effect on the market and a mt
lority lost all the money they put u
finally. This principle holds good a
ways, and if the farmer wants to sc
high wheat prices he can help it alon
by striking at the bucketshop at ever
opportunity.
John Marfeld Of the Marfeld-Gri
fifth. company and member Of the gu,
tation committee, approves the bill an
says it will work for the roofing out
the evil more effectively than any hi
ever passed in the state.
Peter B. Smith Of the st. Anthem
& Dakota Elevator company and Was
burn Crosby company Endorses the bi
heartily and says Mr.. Erickson has dol
service not only to the legitima
grain business, but to the farming i
terests Of the northwest as we'll