The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-08-16
Every Alderman Present Last
Night Voted for Measure
introduced by Gray
FULL TEXT OF NEW LAW
is PRESENTED BELOW
Big Crowd In Council Chamber APP.
plauded Vigorously When the
Announcement Was Made
of the Vote.


shops and exchanges where stocks. bonds
and shares are bought and sold on mar
gin, on and after October 1.
The rules were suspended, the ordinance
was placed on its third reading and final
passage and passed without a dissenting
report. Alderman Barbour had a resolu-
ton on the same subject which he in
troduced, but withdrew when he learned
about the ordinance of Alderman Gray.
There was large crowd of people pres
ent in the council chamber and the ap-
plause was vigorous when the result of
the vote was announced Following is the
full text of the ordinances:
Copy of Ordinance.
An Ordinance to Further Suppress Gamb-
ling In the City of Birmingham.
Section J. Be it ordained by the Mayor
and Aldermen of Birmingham, That from
and after the first day of October 1906, it
shall be unlawful for any person, firm,
corporation or association, either as prin-
cipal or agent, to establish, maintain or
operate an office or other place OF bust
ness in the city of Birmingham, or within
the police jurisdiction of the city of Biz
mingham, for the purpose of carrying on
this ordinance. commonly called dealing
in futures on margin.
Sec 2. Be it further ordained, That every
contract or agreement whereby any per-
son, firm, corporation or association shall
agree to buy or sell and deliver sell
with an agreement to deliver any wheat,
corn, cotton or other commodity, stock,
bond or other security to any other per-
son, firm, corporation or association, when
/ in, ic in ia
by the parties that actual delivery of
the article or thing shall be made, is here
by declared to be unlawful, whether made
or to be performed wholly within the city
of Birmingham, or its police jurisdiction.
or partly within and partly without said
city or its police jurisdictions; 1t being the
intent of this ordinance to prohibit any
and all contracts and agreements for the
purpose of sale and delivery of any COM
modify or other thing of value on margin,
| commonly called dealing in futures, when
! the intention or understanding of the
parties is to receive or pay the difference
between the agreed price and the market
price at the time of settlement; Provided
| that nothing herein contained shall be
construed as applying to transactions by
mail or wire between persons in this city
or its police jurisdiction and persons out
side the state of Alabama where the per-
| son outside the state of Alabama is not
represented in this city or its police juris-
diction by any broker, agent or attorney
| in said transaction.
Sec g. Be it further ordained, That 1t
| shall be construed a violation of this or
dinance for any person to become a party
to any such contract or agreement as IS
by this ordinance made unlawful, or, as
agent, directly or indirectly to participate
| in making or furthering or effecting the
same and every agent or officer of any
corporation who shall in any way know
ingly aid in making or furthering any
such contract or agreement shall be DEEM
ed guilty of violating this ordinance.
No Person Excused.
| Sec A. Be 1t further ordained. That no
| person shall be excused on any prosecu-
ton under this ordinance from testifying
touching anything done by himself and
others contrary to the provisions of this
| ordinance, but any discovery made by
witness upon such examination shall
not be used against him in any penal or
criminal prosecution, and he shall be al
together pardoned of the offense so done
or participation in by him.
| Sec. 5. Be 1t further ordained that in
| all prosecutions under this ordinance
proof that a defendant was party to a
contract, as agent or principal, to buy
| or sell and deliver any article thing or
nance, or that he was the agent directly
| or indirectly, of any party in making,
| furtherng or circulating the same, or
| that he was the agent or officer Of any
| corporation or association of persons In
| making, furthering or circulating the
same and that the article, thing or prop
| erty agreed to be sold and delivered was
not actually delivered, and that settle
ment was made or agreed to be made
upon a difference in value of the said
article, thing or property, shall const-
| tute against such defendant prima facie
evidence of guilt Of the offense prohibited
| in sections and of this ordinance.
| Sec 6. Be 1t further ordained, that proof
| that anything of value agreed to be sold
| and delivered was not actually delivered,
| and that one of the parties to such agree
| ment deposited or secured or agreed to
| deposit or secure what are commonly
called margins, shall constitute prima
facie evidence of a contract declared I'M
| lawful by the terms of this ordinance.
Sec 7. Be 1t further ordained that any
person, firm, corporation or association,
either as principal or agent, has estab-
| lished an office or place where are post
| ed or published from information received
the fuctuating prices or cotton, grain,
| provisions, stocks, or either of them,
shall constitute prima facie evidence OF
guilt of the offense prohibited in section
| / of this ordinance.
Posting Unlawful.
Sec. g. Be 1t further ordained that the
posting or publishing of market quota
| lions or prices of commodities, stocks,
| bonds and securities by any person or
| any regularly organized commercial ex-
| change or other bona fide trade organiza-
| tion where no purchase or sale for fu-
| ture delivery on margin Is permitted,
| shall be unlawful, and further that no
person or corporation committing any OF
the acts or things prohibited shall be al
lowed in defense thereof to plead the
payment of any license or tax to the
state, to the company or to this board, nor
shall a payment of any license or other
tax in any wise operate to relieve such
offender from the penalties imposed by
this ordinance.
Sec. 9. Be 1t further ordained, that all
licenses granted in controvention of the
terms of this ordinance be and the same
are hereby repealed, such repeal to be
effective October l. 1906; and further.
that from and after that date this board
refuse to issue or grant any license of
any character whatsoever which will per-
nit any such transactions or businesses
being carried on prohibited in this ordi-
this board be construed not to permit the
carrying on of any such businesses or
transactions either directly or Indirectly.
Sec. To- Be It further ordained. that any
person violating any provision of or con-
tanned in any section of this ordinance
shall be punished as provided in section