The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-02-23
GRAIN GAMBLERS
MUCH WORKED UP
Hearing On the Scott Anti-0p-
tiOn Bill Is One of Great
Interest.
SOME PECULIAR PHASES
OF DEFENSE MANIFEST
Attempt Made to Draw DiStinc-
tion Between Bucket Shops
and Exchanges.

WASHINGTON, Feb. 22.-Graiu cx-
changes today closed their side Of the
case in the movement to abolish trans
actions in futures.
The committee has vet TO hear the
"insurgents - wing of the New York
cotton exchange, aud a delegation from
the New Orleans cotton exchange,
which docs not agree to all the state
mcuts made by the ruling faction These
hearings probably will be held next
week, after which the committee viii
be ready 10 vote upon the proposed leg
islaiion.
Vice. President Merrill of the Chicago
board of trade. Edward H. Culver,
chief grain Inspector mt Toledo; j,
Ralph Pickett, editor of the National
Hay and Grain Reporter of Chicago, ap-
pcared today in oppositio uto the Scott
bill.
Not American Monopoly.
Mr.. Culver read telegram from
Frank |. King of Toledo, pointing out
that the United States has no monopoly
on trading in grain fixtures; that Win
niDeg and other Canadian markets
would expand rapidly if congress
should restrict American grain trade,
and suggesting that congress should not
confuse bets made in bucket shops. or
puts or calls, with grain contracts for
future delivery made upon Legitimate
basis of trade.
Mr.. Pickett threw Il bomb by de-
claring that the bucket shops are be
hind the Scott bill Pickett is neigh
Dor of Mr.. Scott. Mr.. Scott, suspect
ing a sinister Interpretation, asked what
the witness meant Mr.. Pickett eX
plaincd he meant the bucket shops
barred by state legislation favored leg
islation to restrict or abolish The eX
changes.
Merrill Star Witness.
Mr. Merrill was a star witness, For
thirty-two wears he had been a member
of the board of trade. he said. and never
had he executed speculative trausac-
tiun. He declared the decision of the
supreme court in the Christy case had
gwen the Chicago board Of trade a
clean bin of health, and be believed the
Scott bill was unconstitutional. He SAID
there always Is an intent to receive OF
deliver in lis transactions: that hedging
of grain is an absolute certainty TO the
banker, and tha, spectators lill n gap
between the producer and tho consumer.
Chairman Scott again read the mar.
kct letter 10 which he referred last week
as sent from member of the Chicago
board aud containing cxtravagant, OBJ
iectionahlc statements. MT. Mcrrll!
agreed that the statements were over.
drawn aud said that they appeal TO the
small spcculators who are not tinau-
ciallY equipped for transocung busi-
ness He said probably 90 per cent
of the Chicago board agreed in this
view. 1T was matter OF private
business and it was hardly feasible to
censorship of such letters
though there had been some talk of
reaching the evil.
Willing to Be Reasonable.
Chairman Scott thought action was
feasible and suggested that the elmina.
tiou of such objectionable matter would
90 far toward doing away with the
Criticisms of the board, There was no
suggested Mr.. Scott concern
ing the purely Legitimate hedging trans
actions.
"If the Scott bill, asked Repre-
sentative Burlcsop, "confincs itself ey
clusiveIv to transactions where the buy
Continued on Page Two.