The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-14
TO RENEW The Fight
Proposed Amendment by Chamber Of
Commerce Aimed at Indepen.
dent Exchange.
Measure Opposed by Minority on.
Account Of the Admission
Implied.

"A new campaign 8dSdlllSt OOShGt saws
will soon be opened II an amendment 10
the rules Of the Minneapolis chamber OF
commerce, proposed by the board Of di-
1ectors, is adopted. On May 81 at 10
o. clock a meeting will be held In the ex-
change room of the chamber to vote on
the matter The proposed amendment is,
drastic and sweeping, It draws the lines
very tightly and makes a new and more
concise definition of the attitude individ-
ual members must assume on, the bucket
shop question If they wish to retain their
memberships in he Minneapolis chamber.
The anne ndment is carefully. drawn and
worded very automatically. While fight
ing shy. of any appearance Of positive di-
rection the wording Is such that It is
possible to construe it as being aimed at
the new Independent Grain and Stock ex-
change. 1t is probable that the amend
ment will be adopted. Nevertheless there
is a minority among the members that
will amount to serious opposition is q
question.
Wording OF the Measure.
The amendment reads as follows:
ANY member Of the association who
shall be nterested or associated in bust
ness with or who shall act as the repre-
sentative of, or who shall knowingly ex-
ecutesany order or orders for the account
of any organization, firm or Individual en-
gagged in the business. of dealing In dill
ferences on the fluctuations In the market
price of any commodity or. corporate stock
without bona fde purchase and sale OF
the article for an actual delivery, or who
shall be a member of, or. shall In his own
behalf or as agent directly or indirectly
make, execute or give any orders for a
trade or transaction in or upon any bucket
shop or any so-called exchange wherein
| is conducted or permitted the business
of i'll or yHhn shall knowingly accent
directly or indirectly from any member
| of any so-called exchange, wherein lis
| conducted or permitted the business afore-
said, any orders for trades or transa actions
| to be executed in the exchange hall of
| this association, shall be deemed guilty
of unmercantile conduct, which renders
him unworthy to be a member Of this
association. Upon complaint to and con-
viction thereof by the board OF directors
he shall be expelled from membership IN
the association.
| ANY member who shall directly or in
directly become, or continue<to be mem
Der Of, or in his own behalf or as agent
make any trade upon, or otherwise con-
| tribute to the maintenance Of or accept
any orders to be executed upon the ex-
change Of tLis association from any mem
Der of a market or: exchange in the city
of Minneapolis permitting the DISTRIBUTOR
Ecf its quotations covering the commodities
1
citation without imposing and ENFORCING
prohibitions upon the use of such quota.
lions in bucket shops, such as are imposed
A by this association upon the use OF it.
quotations, shall upon complaint to ane
conviction thereof by the board Of di
1 rectors be expelled from membership il
I the association.
Hits Open Board Members.
It is clear from the above that any fri,
holding membership in the Chicago opel
board Of trade and In the Minneapolis
chamber Of commerce will have to shift
i its position to, conform to the amendment
/ since the Chicago open board and. the Min
neapolis Independent exchange are in tn
I. closest touch, and the last part Of tn
amendment makes relationship with tn
Minneapolis independent exchange impos
sible, even In the most indirect way. TIL
question is whether or not the effect Wi
q be beneficial to the Minneapolis chamber
= Whether the independent exchange wi
tnot place the construction Of persecution
upon it and so advertise it: While it !
. mot thought likely the opposition will b
serious enough to defeat the passage {
, the amendment, it is safe to say that n
recent move Of the directors has met wit
less unanimity Of support than this.
To date the chamber has ignored tn
: existence of the independent exchange
!, the proposed amendment isAhe first recoe
| notion of 1t. The proposed amendmer
not only recognizes 1t but indirectly ad
) mits that it's operations are importar
! ! enough to warrant attention.
! The way to kill the bucket shops, thos
who oppose the measure say, Is to- 1e
! them alone and let them hang themselve
; The, adoption of the amendment ma
t provoke some retaliatory measure put oil
5 by the bucket shops for effect, and s
l stir up an old question that the nninorit
: believes might better lie dormant for tt
: present.