Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-01-17
Chicago Board Of Trade Placed
In Prccarious Position I'm
der the Illinois Law
REPEAL OF BUCKET SHOP ACT
Members Of Board of Trade Say Board
of Trade Dealers Can Be cIassed a.
Criminals Under the Anti Bucket
Shop Decision of the Illinois Courts
Peculiar Situation.

SiAiSopp, oilI. it.--jCGSliI IIlEs llidI ~
cent judicial interpretations of the an !.
IT, bucket-shop law of Illinois plac !,
the Chicago Board of Trade In pre- :
carious position, liable at any time to
be forced out Of business by the au-
thorities. members of that body at tn .
annual meeting yesterday afternoo 4
prevailed upon the organization to de-
feat a resolution instructing the boar 1
of directors to prepare a bill legaliziny
the trade options and convinced the
membership that it's entire strength
should be devoted to procuring the
repeal or amendment of the presett
statue under which members of tt e
board of trade my be classe1 as GRIN :
inals.
The debate was precipitated by w. IS.
Crosby, who introduced a resolution
that the board of directors be :nstruc-
ted to prepare a bill legalizing tie
for it's passage by the present legiy-
lature. The preamble to the resolll-
ton stated that other grain markets
are developing at the expense of Chi
cago as o. result Of the Illinois stat
ute.
No sooner had Mr.. Crosby introdu =
ed the resolution tnan q motion to lily
on the table was offered. This motion
was defeated and then the debate be-
gan.
Makes It Bucket Shop.
"Under the present laws of Illinois"
said Mr.. Crosby, the business of the
Chicago board of trade Is in bad
shape. Two statutes harm its meln-
bers. The first of these Is the ami
bucket-shop low, for which this body
worked when it was passed. Tbat law.
as it was then understood and inter-
preted, was a just law, but under ,e-
cent court decisions a large per mt
of the business carried on ~ the
members of the board of trade is lie
gal According to recent decision
of the supreme court of Illinois t MS
board of trade is a big bucket shop.
"The other law which hurts us is The
anticipation law, which prevents our
trading in puts and calls. There is; a
sentiment among the board of directors
that it is not good policy for us to
ask the present legislature to repeal
both laws and they are inclined to
ask only for the repeal of the al til
bucket shop law. That law in it's elf,
is not vicious only it's construction
Is wrong. And I have been assured
by member of the supreme court
that If we bring a case before it on
the Interpretation of that law the re-
cent decision against us will not be
prejudicial to Or claims.
1.-The anti-option law Is a monstrcs-
ity. What are we suffering from to-
day? Lack of business. The anti
bucket-shop law is not responsible for
this lack of business. The anti
option law, on the other hand, drives
away millions of dollars worth Of tus-
mess every day. Because of this law
an annex in a neighboring state"
Repeal of Law Favored.
The preamble of the resolution w1licn
Mr.. Crosby offered stated that but
one other state besides Illinois pro-
hibited the trade in options.
No sooner had Mr.. Crosby conclu de1
than the flood gates of debate We're
thrown open. Not speaker defer led
the resolution, but several urged IL
the most pressing need is the repeal of
the anti-bucket-sho law.
Under the anti bucket-shop law, -
said M. c. Mitchell, eve are liable to be
closed up any time. The board of di-
rectors should not attempt to SAL in
what direction the board of directors
which understands the situation,
ShOuId work /"