| Show THE ANTI OPTIONS BILL WHAT W hat isnow Is now known as the hatch or anti options bill which I 1 assed the house of representatives at washington on the ath dinst is ie occasioning fierce criticism the now new york rimes contends tends that if it should become law it would not only cause a suspension on option trading but exercise a surveillance over business bue ineas in general that in the end would be destructive to all industry the now new york cotton exchange and the new york produce exchange have entered strong protests against this bill the new york bankers here bore also oppose it contending that the provisions of the measure would bring about a panic the new orleans bankers have joined with their gotham brot brother heri a ad d the bankers of chicago are still more emphatic in their opposition they declare that both the farmer and manufacturer fac would be ruinously injured by bv the hatch bill or as it is called in the senate the washburn bill should it become law the purpose of the proposed enact ment is to prevent dealing in what are known as options and futures in certain specified commodities in board 0 ot trade parlance options futures future sp puts PY calls and straddles PY are wre the beims beime used need for manipulating products of various kinds ina in a method not generally understood by the average citizen olti zeD but which by many business men is characterized as an a species of gambling by option is meant any ny contract tract which gives given the right to ny any party to deliver to another ata at a future time some article but does not obligate said party to deliver it should he feel so dis inclined the future la III something similar and applies to agents brokers or others who may act as a third party in any transaction where an actual sale and bona fide delivery of goods does not take place the articles arl ioles to which the hatch billj bill J applies are raw cotton hops hope wheat corn oats rye barley grass seeds flaxseed pork lard bacon and all edible products of swine the bill demands that every option dealer in these products shall pay annually 1000 license fee and shall also pay the further sum of 6 5 cents per pound for each and every pound of raw cotton hope pork lard and bacon and 20 centia per bushel for each and ana every bushel of grain traded in under the name of option 1 or futures 14 the measure to is quite a lengthy one aad embraces many manir other radical changes in the present mode of doing business in the great marts of this country it also embodies severe pu puni ni aeve provisions for violation of the law it pawed passed the house by yeas to 46 nays not voting |
