The Birmingham age-herald., 1907-01-21

loudly proclaim their virtues, if they con- duct the same kind of business in the same way, what difference can there be between them? It Is the rule, and no' the execpetions, by which we judge These propositions are too sound to DC disputed, and they lead unerringly to the conclusion that they are all bucket shops, in so far as their future trans actions are concerned; and since then future transactions are so incomparaDly greater than their spot transactions they fix their character. We are therefore left with the conclusion that they are all bucket shops-nothing more, moi nothing 1ess-no longer entitled to be called exchanges
 Gambling dens would be more ap- propriate. Gambling dens whose game has a per cent against the player, Tar stronger than roulette, monte, klondyke or craps. Think of a game where, on dollar margin. the outsider bets Sl19 against the professionals $S5 Imagine two men seated at a card table, one an expert, the other not. The non-expert puts a hundred dollars on the table; 10 this he must add $7.50 at the beginning, and $7.50 more when the result is de- elared, he therefore virtually has $l15 of his money on the table. The profess sional puts $S5 of his money on the table, reaches over and gets $i5 from the other mans pile, and adds to his own. Ihe non-professional must lose his $lo, whether he wins the bet or lose-if he lose the bet, he will lose s115, and If he wins. he will get back s15 of his own and SS5 of the professionals money.
 Add to the advantage given by the per cent in the game, the fact that the outsider cannot shuffle the cards. cannot cut them cannot see them dealt, must take his opponents word for the contents of his own hand. and largely so as to whether he has won or lost and cer- tainy so as to the extent of his win ming or loss, and you have a fair con ception of this great cotton exchange husness-of a game in the class with loaded dice and marked cards-great legitimate institutions, thesel Suppose the non-professonal who happens to be a farmer. offers to deliver his cotton. New York says to him. Ill give a cent less than you can get for it now New Orleans says. I'll pay you less than you can get now They both say. through the mouth of their quotations. We don want your cotton. We want to gamble, and If you do business with us. you must gamble, too No wonder they prefer to gamble, with game like that
 Would be Some Limit.
 With legitimate transactions, there would be some limit; their transactions are limited only by the inclination of those who desire to gamble No wonder they resist all effort to force them to give up their double lead pipe cinch. No wonder the decent spot market has parted company with the notoriously ille- gitimate future market, and has driven them to the rear. where they are now trailing along with some semblance of uniformity of distance, maintained through the efforts of those men who are connected with both the illegitimate fu- ture and legitimate spot market. The futures market responds quickly to spot fluctuations. a thing known only too well to the gamblers in futures MT. Christi once a member of the Chicago Board of Trade, now a bucket shop owner, in a letter written to the Missouri legislature, declared that ninety per cent of the non professionals are bulls. I am certain that his estimate Is about correct. If so, the professionals must be largely bears. They must take the other side of the bet If the professionals bet that the market will go up and the pro- fessionals bet that 1t will not, who is most liable to win? Certainly the pro fessionals, who are organized and in d position to manipulate the market.
 'As soon as the market, which is kep. bobbing up and down for the same pur- pose that the fisherman for finny suckers makes his bait appear active, has at tracted enough speculation to make the effort worth while, they hammer down the price of spots, to which futures re- spond, and gathers in the winnings. This would certainly be tostheir interest. They have the power to do 1t. and I shall not charge them with having ever failed to do that which they have the power to do, and which it Is to their interest to do. The history of the cotton market is re- plete with instances where the price or cotton has been made to suffer. bnd great loss has come to the honest farm CTS who toll to clothe the world. just to enable a bunch of gamblers to fleece an easy public.
 To Abnormal Height.
 'It is true they have a few times forced cotton prices to an abnormal height which was no good service to those per manently connected with the cotton in dustry. The speculator may be able to step aside, but those permanently and legitimately connected with the cotton in- dustry must meet the shock of reaction Of what possible use can these so-calle6 exchanges be? srhe man who has cottor to sell cannot afford to sell through then for future delivery, because he cannot gel as much for his cotton, after he haS de livered 1t, as he could get from his loca buyer on the date of sale. The spinner cannot afford to buy through them, be cause under their rules, he may have de livered to him lot of cotton which h' cannot use. Then, in the name of common sense, by what right do they call them selves "eXehanges?" I will tell you; By the right of colossal nerve
 How much business would a gent: furnishing goods establishment do,
 offeres 10 per cent less than the maker. of such goods can get in the market fol same, and where one who purchases { suit of clothes cannot tell until it is de llvered whether it will be made of cotton ade or broadcloth? How much furniture could a furniture establishment buy at Il per cent less than it's market value, ano how many people would buy through it. when there Is no way of knowing whether the furniture which would be de livered to them would be made of pint or mahogany? Suppose there was in Bir ming'ham a horse and vehicle exchange and a young fellow wanted a horse six teen hands high, solid color, sound and wei disposed etc, md a coupe; let's say tha horse and vehicle on that exchange ar, sold on that basis. believing that he wil receive what he buys, he contracts t, purchase an outfit and proceeds to mak date with his best girl to take he driving. He orders the rig delivered ant presently the exchange man comes III with little twelve-hand high jacl hitched to road cart He looks at thu rule of the exchange and sees that h. must accept 1t at twice it's value. It f. not what lie wants he cannot use it, ye