The Birmingham age-herald., 1907-12-20
JAY TELLS HOW THE WIRE HOUSES WORK New Orleans Man on Stand In
 Sims Trial PROSECUTION CLOSES CASE Character Witnesses Are Called To Testify To Standing of Sims In the community-Jay Chief Wit
 ness of the Day.
PROSECUTION CLOSES CASE

J. w. Jay of New Orleans, a member of the firm of Gilbert & Clay was the most important witness in the w. L.. Sims case yesterday. Mr. Jay was originally sum moned by the government, but was placed upon the stand by the defense Announce ment was made yesterday morning by the counsel for the government that they would rest their case, and the defense pro- ceeded with the examination of their wit nesses.
 Judge l. H. Miller was offered by the defense as character witness, and was placed on the stand late in the afternoon. Judge Miller testified that he had known Sims some 10 or 12 years, and that his character had always been good as far as he knew Prior to the Chisolm case never heard word against MT. sims character" said Judge Miller. B. F. Roden, D, E, Norton, Charles A. Stillman and w. P. McCrossin were examined by the defense at the morning session, all of whom testified to Sims good character.
 MT Jay took the witness stand shortly before noon and testified as to the meth ods and system employed by his com pany, and also as to the difference be- tween regular wire brokerage house. and a "bucketshop.'' Mir. Jay said that his house was member of the New Or leans exchange, and that they had con nection with c. D. Freeman Co.,, who were members of the New York exchange. "Sims was manager of our Birmingham house on straight salary without com mission. This Is the rule of the exchange ' said the witness.
 Record of ChisoIm Transactions.
 The defense also introduced as evil dence the orders which covered IS. M. Webster's' or Chisolm's s transactions, and also included the contracts signed on the exchange. These contracts, according to testimony of MT. Jay, were the regu- lation marginal form in use in the cotton exchange They were signed by c. D. Freeman & Co.,, promising to deliver to Gilbert & Clay at a certain future date a certain number of bales of cotton. Gilbert A, Clay in turn bound themselves to Chis- olm or ''Webster' to furnish this cotton on a certain date.
 Attorney Lee Bradley for the govern ment eross-examined MT. Jay at length as to whether or not Gilbert & Clay was a Legitimate" exchange house or bucket shop, and as to the difference between them. The witness declared that Gilbert x Clay was a regular house with exchange connections. An exchange is a place where men trade as fin store and a pur- chase is a purchase. Thus when man buys cotton on margin from a member of an exchange 1t is a real purchase. and the cotton will be delivered to him on the day of demand if he wishes it and has sufficient money to cover the actual value. A bucketshop has no exchange connection and simply bets against the price of cotton."
 The regular commission charged. testl- fled MT. Jay, was and still Is s15 per 100 bales for the buying and selling for non members and $7.50 for members of the exchange This covers both transactions, the non-member paying s7.50 for the pur- chase of the cotton and s75O for the sell ing of it.
 How To Tell Bucketshop.
 Mir Bradley attempted to prove by the witness that 1t was impossible for the public to tell from casual observation .,I,.tba, n ,,l.o. kof ctor. or n