The Savannah morning news., 1904-04-30
TRADERS DISCUSS
FUTURE RING"
A VARIETY OF OPINIONS.
SOME SUSTAIN AND OTHERS or
POSB THE RING.

state Law and Decisions in the Case
cited But Those in Favor of the
Ring Say 1t Will Not Apply to
Trading in Futures on Cotton Ex-
changc-Views of Various Menu
bers for and Against the InnOva-
ton.
The petition circulated on the Cotton
Exchange requesting the directors to
ing a futures ring was widely dis
cussed yesterday The prospect has
met with some opposition on the part
of the older members of. the exchange,
but the younger element is anxious to
have the experiment tried.
Mr.. Murray NJ. Stewart, who is the
father of the petition. said last night
1--WE have only asked the board of di-
rectors to inquire into the feasibility
of the scheme. Galveston will en-
bark in the futures business next Sep
TENDER, and if Galveston can do it why
not savannah. Many of the members
whom l have approached have shown
a willingness to sign the petition, and
I think the experiment is at least
worthy of trial.
But what about the law on the sub
iect?" Mr.. Stewart was asked.
Il only know that the state exacts
a license from the wire houses and
allows them to operate he replied.
I'VE do not mean to deal in paper cot
ton. but the actual stuff and 1 am
sure if the venture is tried it will ma
terially enhance the spot business of
Savannah. 1t is at least worthy of
an experiment"
Mr. E. A. Cults. said, II am heartily
in favor of the project. 1t will not be
a gambling ring, but a straight propo-
sition," he said, land L think it will
bring a great deal of cotton here that
now finds it's way to other ports"
Mr. Arthur Overton, another mem
Der Of the Exchange, is in favor of it,
Let's try it by all Means he said.
1T can do no harm, and may bring d
great deal of business to Savannah.
Mr. Wright Hunter said; II did not
sign the petition, as l am one of the
directors, and under the circumstances
did not think it proper to do so.
am, however, heartily in favor of the
experiment, and hope that it will be
tried. / don't think those in favor OF
the proposition need be worried by the
legal aspect"
well known cotton man. and a
member of the Exchange said: Il am
opposed to the ring. The young men
have already enough temptations in the
form and shape of bucket shops and
Wire houses, without turning the Cot
ton Exchange into a place to gamble
on futures. l think the Exchange
would lose its dignity, and I would
not sign the petition"
Another member said:
1T is against the law, and I am
law abiding citizen, so could not
sign the petition. ] hope the directors
Will not consider the project"
IOuching the legal aspect of the case
Section 1898 of the Georgia Code pre-
scribes as follows: IF any person shall
by himself or servant maintain gam
ing house or room used for such pur-
pose he is guilty of a misdemeanor."
This statute, as relating to cotton
futures, was construed by the Supreme
Court of Georgia, in the case of Gun
ningham VS.. the National Bank of Au-
gusta as follows:
Contracts for the sale of cotton
futures are gaming contracts.
They are immoral, illegal and con-
trary to public policy. All evidences
of debts executed on such considera-
lion are void in the hands of any per-
son, even though he be bona f1de
purchaser without notice"
A well known lawyer said: 1.-THE
courts of this state have held that bet
ting of any kind is illegal. Pool rooms
have been closed up, and l have no
doubt that any attempt to operate a
futures ring on the local Cotton Elk
change would meet with a similar fate.
In the one case a man bets dollars;
in the other hundreds of dollars. Our
young men have already enough
temptations without opening up a
gambling resort on the floor of our
Cotton Exchange"