Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-09-01
SHOPS FIGHT
Steering Committee Appointed
to Find Way to Evade
State Law
FIGHT OF TWO FACTIONS.
FIGHT OF TWO FACTIONS
Chicago Firms Complain Because More
y Favorable Laws Allow Minnesota
and Wisconsin Firms To Get Their
Business-WiIl Take No Chances,
But Will Hire Lawyers and Fight.

But Will Hire Lawyers and Fight.
Chicago. Sept. Members Of the
board of trade are not going to gel
caught trading in Options but that
will not prevent a strenuous effort be-
ing made to find way to evade the
state law.
"A meeting Of representatives of "pri-
vate wire" houses was held Thursday
afternoon in the presidents office
Board Of Trade building. Forty OF
fifty members were present and Wal
ter Fitch, vice president of the Chi
cage Board of Trade and member OF
the firm of Bartlett, Frazier &c Car
rington, presided. Among the mem.
lbers in attendance were:
Walter Fitch Of Bartlett, Frazier 6
Darlington; Robert Lindblom; Henry
Slaughter Of A. o. Slaughter Jr, &
Co.; w. III. Bartlett, Of Bartlett, Fra
zier & Carrington; James Patten;
Fred Aldrich, representing Sidney c.
Love; William Moves of Findley, Bar
rell & Co.; G. FL. Candy Of Candy &
Co.; L. j. Lamson of Lamson Broth
ers & Co.; Charles White, Frank NJ
Murphy; C. E.. White Of A. j. White
& Co., and e. p. McKenna of Bartlett
Frazier & Darlington.
1t was learned that the members
present by viva voce vote author
lied the appointment of a committee
of five members to engage the best
legal counsel obtainable in Chicago fol
the purpose of ascertaining whether q
rule Of the board could be framed
which would permit trading in puts
and calls without violating the crim-
inal code. Pending the receipt of le-
gal opinion promise is made that no
trading in privileges will be attemp-
ted.
The meeting of private wire" hous-
es followed a favorable vote Wednes-
day on a proposition to eliminate the
rule which makes expulsion from the
board the penalty for trading in op-
lions.
Excitement was tense on change
yesterday when it was learned that
John Hill, Jr., had threatened to pros
ecute any member Of the board who
dealt In puts and calls. The fact that
Mr.. Hill is an employee, as well as a
member Of the board made his hostil-
ity to the friends of the amendment
exceedingly exasperating. Finally
William Lake started petition de-
manding that Mr.. Hill be expelled
from membership on the board Many
signatures were secured, but early in
the afternoon the petition was aban-
3doned. However it may be revived.
Section 100 of the criminal code Of
Illinois provides that:
Whoever contracts to shava or Civ,
to himself or another the option to sell
or buy, at future time, any grain o,
other commodity, stock Of any railroad
or other company, or gold, or forestalls
the market by spreading false rumors
to influence the price Of commodities
therein, or corners the market or at
tempts to do so in relation to any such
commodities, shall be fined not less
than 10 nor more than $1,000, or con
fined in the county Jail not exceeding
one year, or both; and all contracts
made in violation of this section shall
be considered gambling contracts and
shall be void.
This law was enacted in IA, but unit
eight or ten years ago it was dead
letter. Moreover, although the Chicago
Board Of Trade never has officially ap-
proved dealing in privileges, board
members have regarded trades In OPP
tons as binding. Several years age
Alfred v. Booth, Chicago grain and
provision dealer, purchased an option
on 10000 bushels of corn. for the pur-
pose of testing the statute. Mr.. Booth
was indicted and convicted and his case
was taken to the supreme court of the
United States. The Judgment of the
state supreme court was affirmed
Justices Brewer and Peckham dissent
ed from the opinion of the court, which
was delivered by Justice Harlan.
The fight against trading in puts and
calls was started in the Chicago Board
Of Trade under the administration OF
the late William T. Baker, but Presi-
dent Jackson, the present board OF
trade chief, was elected on a broader
gauge policy and what are called the
reformers" are said to be in control no
longer. Two years ago the Wisconsin
legislature, noting the advantages to be
derived from the Illinois statute. lifted
it's statutory ban on puts and calls and
a year ago the Minnesota legislature
legalized trading in options
The result has been that Minneapolis
and Milwaukee have grown fat on bus
mess which many Chicago grain mer-
chants say should remain here. The
Milwaukee Chamber of Commerce will
receive body blow If trading in priv
ileges is resumed in Chicago. Mean
time the states attorneys Office and
the city police department are prepar-
ing to enforce the law, while the
champions Of privileges" are seeking
to devise ways and means to circum-
vent 1t.