The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-03-03
ay, How many of them were deliv.

day, How many of them were deliv-
Mr.. Busbae; "All . Of thenn-you
lneedn't shake your head. There is nc
| transaction on the New York stock cx.
change in which the actual certificates
are not delivered. ] will state that on
my word
Then / viii stake my word against
that of Mr.. Busbee,' shouted Mr.
Woodland. Il have known mon who
bought on the New York stock ex-
change when there was nothing deliv-
ered.'
"Will You let your bill stand or fan
on the accuracy of that statement
queried Mr.. Busbee, but Mr. Wood
ard was not to be trapped. He went
on to state that the sales of both
stocks and cotton We're SO great as to
preclude the possibility of delivery.
land was several times Interrupted by
Mr.. Busbee with the only effect to
call out similar statements from Mr..
Woodland. The fact was. said he, that
the bucket shops and exchange
houses were dotted all over the State,
and that they caused the loss of mill
lions of dollars annually in North Car
'olina. They drew in all sorts OF peo-
pie, old men, young men, The places
were attractive and people often en-
tered them at first to get the news.
These places, he declared. deliberately
post news for the purpose of inducing
people to take the wrong side OF the
market. a man goes into cotton, for
instance, and puts up 500 in margins.
The house gets SIS commissions. Even
If the player should come out even
and that would be q n2arvel-he would
only have to play six times to lose his
money. There has been enough
money lost in Raleigh
mo complaint from Raleigh" in
terrupted Mr.. Busbee.
One of the biggest cotton dealers
in the city, replied Mr.. Woodland. had
told him that all these places ought
to be abolished. Several gentlemen
demanding the name of the dealer,
Mr. Woodland said that the statement
had been made to him in confidence,
but that he would youch for the state
ment that the gentlemen was large
dealer and that he favored the BILL
Replying to the argument that the
offices were necessary to furnish news
of the markets to business men, Mr..
Woodland declared that reliable news
could be obtained by telegraph every
fifteen minutes for Sc week and that
Senator Oden had stated that he got
l.
might make some Inconvenience, said
nc, TO men having legitimate transact
tons to protect their business but the
cost was small when it was taken into
account that people We're being de-
bauched throughout the State.
II cali them spider-Webs" con
ciuded Mr.. Woodland, and they are
here for the purpose of ensnaring the
people, Any business man who de-
sired to hedge his actual purchases
could easily do SO i'll New York.
Mr.. Williams then put in an amend
ment to that offered by Senator Duls
to the effect that any person might
an exchange business by de-
posting $4,000 with the Treasurer OF
the State as security to customers, and
Mr.. Guthrie was recognized for the
opposition.
Mr.. Guthrie Lands on the Eye.
Mr.. Guthrie is a large gentleman
and he speaks with vigor, both of
voice and gesture, this last proving
nearly disastrous to an innocent spec
tator of the controversy In the per-
son Of an old and very round gentle
man of low statue who slipped in TO
ask the clerk a question: just as Mr..
Guthrie was warming to his work.
AS the visitor leaned over Clerk
Means, Mr.. Guthrie's fore finger shot
forward in downward gesture and
landed squarely in the left eye.
While the spectators smiled, Mr..
Guthrie apo1ogized, but apparently to
no avail. his victim standing before
him n small and portly statue of re-
sentiment, wipinG his suarting eye
and regarding Mr.. Guthrie with a
silent indignation which caused the
top of his bald head to redden like
sunset and his short billy goat
whisKers to raise themselves to an
angle OF forty-five degrees
As to the Big Sales.
Correcting Mr.. Woodland as to the
Duls' amendment not having been in
trodCced before the House Committee,
Mr.. Guthrie proceeded to take up the
question Of the big sales on the ex-
changes. ridiculirg the idea that be-
cause tho number of bales of cotton
sold might exceed the entire crop that
the transactions were any the less
legitimate. He showed how this was
by illustrating that n warehouse GER
tificate for one hundred might. by
repeated sales, come TO figure during
the day as thousands of bales, circu-
latng from hand to hand like ten
dollar bill. The principle, said he.
was tho same as that of bank clear
ances, where FIVE hundred dollars
passing might do fi1a work of settling