Show GRAIN EXCHANGES DEFEND THE RIGHT TO EXISTENCE Insurgents of Cotton Exchange Yet to Be Heard Before Committee Washington Feb 22 The grain exchanges today closed their side Bide of f the case in the movement to abolish transactions in futures TIle The committee has yet to hear the insurgents wing of the New York Cotton Exchange and a delegation from the New Orleans Cotton Exchange which does not agree to all the statements made by the ruling faction These hearings bearings probably will be held next week after which the committee will be ready to vote upon the proposed legislation Vice President Merrill of or the Chicago board of trade Edward H Culver chief grain Inspector at Toledo J Ralph I editor of the National Ha Hay and Grain Reporter of or Chicago appeared to day da In opposition to the Scott bill Mr Culver read a telegram front from Frank I r L King of or Toledo pointing out oat that the I United States has lias no monopoly on trad ing In grain futures that Winnipeg WI and other Canadian markets would expand JI 1 rapidly It if Congress should restrict Ua tha American grain trade and suggesting that Congress should not confuse bets bEtit made in bucket shops shone or puts or al with grain contracts for tor future delivery made upon legitimate basis basla of or trade Mr Yr PIckett threw a bomb by that the tha bucket shops are behind b the th Scott bill PIckett PI kett Is a neighbor of Mn Mr Scott ott Mr Bott ott suspecting a r ration In atlon asked what the witnesS I f C on Page T Tn TA GRAIN EXCHANGES PUT UP A DEFENSE I Continued from Page One n t d Mr lr Pickett explained he meant I I I bucket shops barred by b state legis t iDi favored d legislation to restrict or orIsh I b Ish liS the exchanges 1 Merrill was a star witness For Kor Fori i 1 l 1 to 0 years he lie had been a member c f t I L buard board of trade he lie said and never i j jc f executed a speculative transact t n i He lie declared delart d the decision cislon t of the su suI I nr jf court in the Christy case had aft gol golt U the tuc t p Chicago board of trade a R clean 1 I of or health 1 alth and he believed the Scott Scottt 1 t vs is 8 unconstitutional He lie said ald there t i i an intent nt to receive or deliver deUer t transactions that hedging hedgins of grain In L l 1 Ma tl bankers and speculators fill cm is It an absolute abs lute certainty to the banker a gap ap between the producer and the con consumer on sumer eumer Chairman Scott again read the market letter Jetter to which he referred last week as assent sent from a member of the Chicago board end and containing extravagant objection objectionable objectionable able statements Mr Ir Merrill orrill agreed that said the statements were overdrawn and that they the appeal to the small speculators who are arl not financially equipped for transacting business He lIe said probably 90 16 per pet cent of the Chicago board agreed In this view It was a matter of a no private private vate business and it was hardly feasible such letters to establish a censorship of f though there had been some talk of reaching the evil Chairman Scott thought action was feasible and suggested that the elimina elimination elimination elimination tion of such objectionable matter would go xo far toward doing away with the criticisms criticisms of the board There was no com corn complaint complaint plaint suggested Mr Ir Scott concerning the purely legitimate hedging transactions If the Scott bill bUt asked Representative tive Burleson confines itself exclusively to transactions where the buyer has no intent to receive nor the seller to deliver the Scott objection to hae have you ou any bill Not if that ie lEI the provision of that bill but It is not said Mr lr MerrilL And scheme let me say sa that no insurance could work w rk in place of hedging The big biggest biggest bettor Is or gambler or gest gt st speculator the face the th insurance company that beta bets of its policy against the premium The percentage of the insurance In companies that fail Is larger than the percentage of I speculators |