The Montgomery advertiser., 1906-08-16
LAW AGAINST
 WIRE HOUSES Passed by Birmingham
 City Council. THE ACTION IS UNANIMOUS No Dealings tn Futures After
 October 1. First National Bank VIII Attempt to Recover From Commission Men the Amounts Lost by Young
 Chisholm.
THE ACTION IS UNANIMOUS

Birmingham. August 15.--(special) Without a single dissenting vate and in the presence of a large gall lery of spectators. the City Council of Birmingham tonight finally passed an ordinance which will prohibit the operation of any sort of brokerage house in the city which deals In fu- lures after October 1.
 The ordinance was not introduced until tonight. but the rules were sus- pended and the measure was put on It's third reading and final passage. The action is the result of the senti- ment brought about by the defalea- tion in the First National Bank of Birmingham
 A belief is expressed that a large amount of the defalcation on the part of the paying teller. young Alexander R. Chisholm at the First National Bank in this city, if not the full amount will be recovered through suits against the cotton and stock exchanges where it Is alleged the money went. Already ac- counts carried by one of the concerns in the First National Bank have been tied up In litigation and other steps will be taken. 1t Is ramored, to recov- CT.
 The statement is made now the com pany which was on young Chisholms
  there will be a resistance of the claim special agent has been directed to come to Birmingham and make investi- gation and if the proofs are sent in, there will be no necessity for a suit. However. if the money is recovered from the stock exchanges, the bond will not have to be paid.
 Alexander R. Chisholm has taken apartments at the Birmingham hotel. pending the preliminary trial before United States Commissioner Watts next MondayTwo deputy marshals will be with him all the time He will be watched day and night.
 still Talk of the City.
 aTfle embezzIement is still the talk of the city but not a ripple of excite ment has been caused at any of the banking institutions of the city.
 A meeting of the executive commit tAe and the standing law committee of the Alabama Bankers Association was held heer today. The resolution introduced at the last meeting of the state association among the bankers in regard to bucket shops and cotton and stock housese which do wire bus that steps be taken looking to string ent laws or the subject. The bankers recommended amendments to the bank ing laws, defining the liabilities on collection of notes. John London and Captain Frank S White have been re- tainad as attorneys for Chisholm
 The investigation of the books of the cotton and stock exchanges interested show that "S. M. Webster" under which name Chisholm operated was a persistent ''bulr' on the market, For that reason he was a constant loser. His larger dealings began in March and his losing ranged from one to eight thousand dollars day and even more
 Many friends of the young man have called on him at the hotel and extend ed the hand of sympathy. The family is one of the most beloved in the city and sympathies have been extended to every member The young man who defaulted looks bad and shows that he feels keenly tho dishonor attached to hts npesent position.