The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1908-03-10

WASHINGTON, Mar. o.--The
commercial interests OF the country
and particularly Of the central west
arc beginning TO recognize the ser
ious danger that threatens the vel
fare Of the farming community, by
reason of certain proposed legislation
by the present Congress rs embodied
In several bills that have been intro,
dyed. regarding the sale Of grain
for future delivery The bills are SO
, framed that II enacted il will be i'm.
possible TO conduct the business OF
marketing the crops Of this country
upon the present system, which 10
the resul. Of years Of experience and
which Is thought TO be the most econ.
omical, satisfactory and scientific
method Of disposing Of the crops At
a minimum cost 10 the producer.
This situation Is so we'll recognized
by the business interests II the central
west that such large commercial
bodies as the Minneapolis Bankers
Clearing House Association. the 81,
Louis Chamber OF Commerce. the H.
inois. Manufacturers Association, the
Chicago Association Of Commerce.
the Chicago Board Of Trade, all OF
the national banks and trus. eompap-
les OF Chicago, and the stock ex-
changes Of Kansas City, Omaha, Buff
faio. Philadelphia, Baltimore. New
York and Boston, are protesting
against the passage Of these bills. A
committee. consisting OF Hiram N.
Sagcr, president OF the Chicago board
OF trade, William s, Warren, OF Hui.
bard and Warren, former president
OF that body. B. A. Eckhart, the
largest flour miller in Illinois. and D,
h, Bryan, Of Logan and Bryan, com
mission merchants. is In Washington
10 confer with some Of the members
OF Congress with view OF determin.
ing whether these bills are likely 10
pass. and to point out to their re-
prcsenta,ives the very great injury
tina, will inevitably result from such
legislation
IN an interview. Mr.. Sagcr. who by
reason OF his position at the head OF
the Chicago Board Of Trade Is per-
haps best qualified to speak. express
cd himself as follows
Under the present system Of sell
ing grain the grain merchants OF the
large exchanges offer daily. by tele-
graph TO buyers in the eastern states,
or by cable to Europe, different par
cells OF grain OF different grades and
qualities, basing their offers upon the
current market, II the offers are ac-
sSepted these merchants Immediately
bM the grain to fill their sale, either
from the country grain dealers or
from sellers on the large exchanges.
By the pending legislation makes It
a crime to offer grain for sale unless
1t has been previously bought and is,
nj the time il il offered for sale, actu-
ally in the possession of the party
offering to sell 1t
at Is evident therefore that II the
seller, before offering the grain to the
eastern states or Europe for sale,
must 90 into the market and purchase
the grain, he will immediately be-
come a speculator on his purchases,
and, to cover possible loss in case he
fails TO sell it promptly, will Of neces-
sity have to buy the grain from the
farmers at a much wider margin OF
profit than is now exacted,
"This feature OF the proposed leg.
islation is beginning to command the
serious attention of the producer, and
1t is to be hoped that Congress, in its
efforts to eliminate the bucket-shop
evil, will not overlook the very grave
and serious injury that would bcfall
the legitimate commerce Of this counr
try in case the bills in their present
form are permitted to pass