The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-03-03

evils irLm an attempt to enforce
a similar law in the United States.
rhe German law was directed espec-
tally against the buying and selling
OF agricultural products tor future
delivery. Its enactment was brought
about by agitation carried on by the
'agrarian, or farming elements of
Eastern Germany. And 1t Is explain
ed that in Germany the agrarians
are the landed aristocracy and the
most potential single factor in
German politics But while the ag-
rarians were much concerned in the
features of the measure which re-
lated to agricultural products they
engaged in strange alliance with
the industrial capitalists who be-
iieved perhaps sincerely that by
stopping speculative tradipg in in
dustrial stocks the stcaks would
have more stable value and be
looked upo nby real investors with
less apprehension that they were
of uncertain stability in price. The
German Government, including EN-
peror William, was opposed to the
proposed restrictions and advanced
objections based on economic rea-
sons 1t Is interesting to know that
the arugments advanced by the
agrarians were borrowed from
America and are essentially those
which are now being urged here
and emphasized by pointing to the
policy pursued by Germany. Oppon-
ents OF anti Bourse" legislation In
America are pointing to this fact
with rather more tenderness than
comfort.
/ The fact that the German law re-
suited in closing the produce stock
Exchanges OF Germany has brought
American cotton, stock and grain
brokers to a painful re lization that
they are possibly about to be Iegis-
lated out of business. The exact eco
nomic effect OF the German law was,
1t Is said, to leave the trade with
out prices to guide buyer or seller.
1t is explained th'. grain producer
lin eastern Germany would be unable
to form any conclusion as to what his
grain was worth until he actually
sold 1t. The local dealer could not,
1t Is asserted, purcha outright and
lpay for the grain OF the producer,
nnd the result was that the producer
was greatly embarrassed A published
report of the Senior Merchants or
gaulzation OF Berlin declares that out
OF the wreck and ruin which the law
of 1896 induced none have escaped
without serious loss except the pro-
vncial dealers who are the same as
the owners of small elevators in
lAmerlca. The merchants report stat
ed that the excessive profits OF the pro
vincial dealers arose from the fact
that they were able to purchase from
grain growers for less and to charge
more than formerly. 1t Is being
pointed out that the American rail-
ro1ds which as q rule, control and
indirectly own the elevators along the
lines would. by the extinction of the
grain exchanges. or boards of trade,
become much more than now mast
ere of the market This fact alone,
with the existing feeling Of antaeon-
ism against railroads. Is relied on to
|I't least make rural constituencies
hesitate before inviting new set
of troubles upon themselves.
One OF the most convincing argu-
ments offered in favor of buying and
selling for future delivery was by the
German War Minister, who pointed
out that unless futures were per-
United, no dealer could undertake to
enter upon contract TO supply the
German army with subsistence for
even few months. This difficulty
would arise. he siid. from the fact
that the contractor would not be per-
mitted to make sub-contracts which
would insure him supply of the
articles which he was expected to
bind himself to deliver to the army
The War Minister further said that
the conditions would be such espe-