Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-26

parties. and compilation OF all names
Will be published once n year In the
Imperial Gazette. Persons emitting
to have their names entered in tho
exchange register have no legal
claims against each other by reason
of any transactions. Such claims are
considered In the light OF gambling
debts.
5, Dealing In futures in grain. mill
products or the stocks OF mining and
manufacturing establishments on the
exchange Is forbidden.
6. Whoever habitually and for sci.
fish purposes induces inexperienced
persons to speculate OH the exchange
in such articles as are outside OF their
sphere of business will be punished
with Imprisonment and money fine
not exceeding $4,000 marks (3.750).
To Check Deals on Margins.
AS may be inferred from tho above
the main purpose OF the law Is To
check speculative dealings on mar
gins and, as far ms this relates 10
stocks, its influence will probably be
beneficial. a TO merchandise, grain
and mill products, many wise men
think this remedy may prove to be
OF doubtful value. ..c produce cX-
change was created to facilitate the
handling OF agricultural products at.
ter the harvests and to distribute
them Owes the entire year as neces.
sity arose. II Is truc that, with its
development. such evils as corners
dealing on margins and other forms
OF speculation have also crept in. Of
ten much to the disadvantages of
farmers and consumers. From NOR.
al point of view the effort to check
gambling and illegitimatc dealings on
the exchange Is considered very laud.
able. but there is doubt as 10 how II
will work in reality. In the future
when the farmer, after the harvest,
shall offer his crops TO the dealer the
latte must be very cautious in nam
ing price, because he has no facill
ties Of covering himself liz term
sales. The new law does not pro.
hihit dealer from buying grain for
future delivery from n farmer or an
other dealer. IL the bargains arc con-
summated privately at the farm or
the Offices of the dealers, but will not
allow the terms OF such bargains to
be publicly recorded. Thus dealers
really have no scale OF prices except
for spot" grain. which fact prevents
them from buying freely. and there.
fore necessarily exercises a depress.
ing influence upon prices, especially
Immediately after the harvest, when
the pressure and necessity to sell are
the greatest.
The new law is terrible blow to
the produce exchanges, and nobody
can foretell what will hereafter be-
come of them. The dealers are alarm,
ed because 1t threat the very ex.
istence of those time, IGNORED assocI.
atoms, and what Is worse for them.
may wipe out Gcrmany's influence
and Importance in the international
markets and Induce German capital
to remove to foreign counties. Al.
though the agrarians expect many nd.
vantages, especially rise In the
price of grain. from this law, they
have SO far been disappointed, because
since the law was passed price have
moved in the other direction, no doubt
greatly influenced by the damaging
influences expected by It's operation.
The export of grain from the Unit.
ed States to Germany Will also suf-
fer. because the German denler can.
not now buy great quantities at a
time. for the reason that he cannot
cover himself in advance by term
sales.
The Rambling" Registered.
Another interesting feature of the
law is lie establishment of nm eN.
change register. or gambling register.
as 1t is commonly called. Speculation
in grain and mill products on OK.
change is forbidden by the law, as
/ have mentioned before. hut specu-
lation In other farm products and
stocks and bonds is allowed, provid.
ed the parties to the transactions
enter their names in the exchange
register. AS the latter is public
record. secret gambling ty private
individuals is thereby done away
with. because private citizen can.
not afford to have his name publicly
exposed in the gambling register. and
dealer cannot venture to do bust.
ness with q party against whom he
could not protect him. because he
cannot touch 1t. having no legal claim
against the speculator. This feature
of the law is regarded as whole
some restraint, because 1t will pre.
vent private individuals from specu-
lating in shares of which they know
nothing-speculatio which have sci.
dom brought profit, but e.fen ruin and
shame to many a worthy man and
his family.
brokers naturally dislike this very
much. because 1t robs them of The op.
poriunity to shear the lambs. They
claim that, without outside speculk.
ton, 1t will be difficult to dispose Or
such enormous crops rs, for instance.
the sugar CROP. and that prohibiting
private speculation cannot liz have
depressing effect upon prices. On
the other hand. the moral advantage
of keeping inexperienced outsiders
away from the demoralizing inilu
ences of gambling on margins is con-