The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-03-27
Congressman Scott Sees
Public Dan ger in Spec
ulative Exchan ges.
.SA VS. EVILS MUST
B b ELIMINA TED
Hooking Incident Reminds Him
Of Circus Day WithIts Shells
and Pcas-Points to Vast
Expense, Which contri-
butcs Nothing to
Wealth Of Country.
Special to The Timcs-Dispatch.'

| = =
New York. March 2s.-congressman
Charles r. Scott chairman Of the
House Committee on Agriculture.
which has boon Investigating the
speculative exchanges OF the country.
was the principal speaker to-day. at
the Republican Clubs Saturday after
noon discussion. To the bankers.
brokers and business men present, the
Congressman compared tho boards OF
trade in some cases with faro banks.
and said the Hooking incident re-
minded him OF circus day with its
shells and peas.
In speaking OF the great expense
attaching to the exchanges. the subs
ject being. How can tho economic
feature of our speculative exchanges
be preserved and other evils elimi
natcd?" Mr.. Scott said that It cost
the exchanges or the public s1soo00.-
900 year to operate them. Hc asked
II this vast sum contributed anything
to the wealth Of the country.
Mr. Scott spoke of the misrepresenta- :.
ton of securities by brokers' and said
The old plan OF business used to
be let the buyer beware. That is
still true among some David Harnn,
horse traders, but the slogan now Is
let the seller be honest"
lie referred to the fact{tfat millions
are spent every year TO protect the
buyer of foods and drugs. and that
| nothing is spent to protect the buyer
of securities. He said child could 20
| to q. grocery store or big department.
store and get an article that was
| guaranteed for the same price any
one else could.
Points to Difference.
"1.et tho child so into stock cx-
change. said he. .and what would
! happen&to 1t? In he language OF the
street, 1T would be plenty. a nj a n
can sell a worthless railroad stock.
and 1t is merely morally wrong, but
II man sells pound Of butterine
for butter tits a. felony"
The Rock Island and Hooking coal
pools were referred to by the speaker.
who said that in twenty-five minutes
one stock went up and added $25.000,-
1903 to the value OF tho road. and then
dropped back and took away $4,000
600.
THAT may be all right in little old
New York, but it's little too swift
for Kansas. There IS suspicion Of
speculative exchanges. and ] have re-
ceived thousands OF lsttcrs..'
The speaker then read "a few, one of
which said the bucket shop was more
Honorable tflanth board of trade, be-
cause the buckct-shop man did not
deal the cards, but took the hand thai
was dealt to him and let the crowd
| play against it. He said bucket
shop or a faro bank was an honora BILE
lbody alongside a board OF trade. There
was great applause at this.
Must Eliminate Evils.
The speaker said it was up to the
boards of trade and speculative 4ex.
Ichanges to eliminate the evils, and
l5that lie thought they could be elimi.
mated with proper rules and rigid en-.
forccment. i5s
He advocated a supervision Of the
4 accounts Of the me n1bers and declared
lin conclusion: i
s. Either these evils will be elni-
mated. exchanges will be eliminated
or speculative exchanges will go
w. B. Thompson, president OF the
New Orleans Cotton Exchange, fol.
lowed and defended the buying ant
selling OF futures in cotton. declaring
that they were as necessary forfpur.
poses OF Legitimate hedging to pro,
ll5tect the men in the trade as insurance
was. He defended the right of specu,
lation and said in itself It was moi
wrong. He said there was no more
reason TO condemn tho exchange whose
fluctuations were stolen by hucket-shop:
THAN there was to condemn tho ocear
/, liner because the man aboard gamblec
4 upon the run OF the day. lie said the
quotations were based on the sales
He was forsSthe elimination Of the
evils OF cotton speculation. ne.
Professor Clark, IA member \. t tn
Hughes committee. said speculation
where .thereSwas a scommodity a 7 stakc
was all light. bu where the speculaa "a
\ tion was multiplied = all wa s wrollG .
ENTHUSIASTICALLY saying It was rign.
/ forEi,im to insure his home ana rlsti
4 for tho other man to t,flle thofs l rls'l =
but 1t was not right for tive men m 7 q
many other men to bet ms hotttS
would or would not burn ooW N'is
Condemned Corners.
5S8, i. q, Nj crrcll, Nice-preside % the
4 Chicago Board OF Trade, Gen oun l,
\ bucketshops b and efendcd q ne nc ,1cs =
n 3timatc speculation and conc lt emhedss coz
n snors IN IIe said tho cry gall st spccul,'
\ HAD hrou-ht about cXtraVa gance, a I'D
4 tosthe d ealerl who should eliminated
4 ;becnuse Eho had neither intel llgence
4. sthaT finance NOR the equipment 6
4 speculate properly; .ss Ill. u {,
<@i & RI Marsh vice presI ID en- Of the
u Nav York Cotton Exchange, declared
A so sper cont, OF the cotton business
gliof the country was handled In New
II sYork, and IL per cent OF the bushes
4 mad 10 do. with cotton and not lner,
a speculation. tIe snt a the Hrc cat trotlbl.
a was tina every poll t1cianI in A he coun
u try was trying o ma lte IA m, ora "
a 81, every question that arose,
a 4at 10 went back to sa 90 IN ar grail
s|sin3s Athens 360 iSy ears l,ef fore Christ
Land to- Ia 8o Tho q aress II he Jury
d wherein q was "a vtsed tp III Ii,
ssnnerclants hecallse 81 the g raj col,l'
glSthenf he tllstribnte ed lntl i, sa ID N "a
Isi,,r, d +, i, n 4 N ~ MN n NJ