The Montgomery advertiser., 1906-08-21
TO DRIVE OUT SPECULATORS Ordinance Introduced in
 the Council. IT PROHIBITS TIE BROKERS Alderman Holloway Author of
 Stringent Measure. Proposes that Montgomery shah Not License Private Wire House. or @Baeket shop.r--went to
 Committee.

The so-called bucket shop evir' has been attacked In Montgomery. The practice of dealing in margins or fu- lures. and all forms of speculative buy Ing where the purchase is not accom- panied by the actual delivery of the article supposed to be bought. has been assailed. and classed under the head of gambling.
 In an ordinance introduced in the regular meeting of the City Council last night to further prevent gambling aimed at the entire speculative traffic. The ordinance will later be brought be- fore the council and will undoubtedly prove to be live wire. In ft provision Is ordinance will later be brought before the council and will undoubtedly prove 10 be a live wire. In 1t provision Is made to prohibit any person, firm or corporation or association. acting either as principle or agent. to operate any where within the police Jurisdiction Of the city of Montgomery, dealings in futures or margins. For conviction of anyone of the provisions of the ordin- ances, penalty Is fixed by the meas ure, or from s1 to $100 for each offense, with the additional provision that each transaction shall constitute a separate and distinct violation of the law.
 Alderman Holloway. Is the author of the bill, which was introduced at a late hour of the session. The meas ure was read among number of other papers, and was referred to the Com nnfttees on Judiciary and Finance be- fore Clerk Farley had read more than half the first paragraph.
 Notwithstanding the lfghtness with which it was passed over. however. several of the aldermen later on second thought re-read the measure It Is ey- pected the measure will meet with considerable opposition when It ap- pears for final disposition by the pody.
 Text of the Ordinance.
 The ordinance follows:4
 AN ORDINANCE
 n Further Prevent Gambling in the
 City of Montgomery:
 ] "Be 1t Ordained by the City Coun- oil of Montgomery as follows:
 a.section i. That from and after the first day of October, 1906, 1t shall be unlawful for any person, firm, corpor- alton or association either as principal or as agent, to establish. maintain or operate an office or other place of business in the city of Montgomery, or within the police Jurisdiction of said city. for the purpose of carrying on or engaging in the business forbidden by this ordinance, commonly called deal- ing in futures on margin.
 ''Sec. 2. Be 1t further ordained That every contract or agreement whereby any person, firm. corporation or asso- ciation shall agree to buy or sell and deliver, or sell with an agreement to deliver any corn, wheat, cotton or oth- CT commodity, stock, bond or other security. to any other person. firm, corporation or association, when in fact 1t Is not in good faith intended by the parties that an actual delivery of the article or thing shall be made, Is hereby declared to be unlawful, wheth- CT made or to te performed wholly within the city of Montgomery. or It's police Jurisdiction, or partly within and partly without said city or it's police Jurisdiction; 1t being the Intent of this