The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-28
CONGRESS MAY STOP
COTTON GAMBLING
Grain Brokers Appear to Be
Safe From Legislation
BURLESON BILL rs UP
Texas Congressman May Get His Anti
Cotton Gambling Bill Through ON
Account of His Action Toward
"UncIe Joe" Cannon
BURLESON BILL rs UP

Washington, March 27.-(Speeial.)--
Members of the Chicago board of trade
may sleep fairly securely from nov
until another session of Congress.
The best reports now available are
that they will not be rudely disturbed
in their methods of doing business ct
this session. In other words, the bill
prohibiting gambling in grain and pro-
vision futures is about to die a prema-
ture death in the House committee on
agriculture. There is another story TO
be told about the cotton gamblers. The
bill intending to stop cotton gambling,
IL not speculation, will in all probability
be reported out and a significant effort
will be made to pass it. That decision
was reached by the subcommittee n
charge today.
! Among the congre ssmen in general
the intention to report the Burleson bill
is regarded as very proper reward for
the Texas democrat, for his action In
the House al a fateful moment last Sat
urday. The cotton gambling bin is his
pet mea sure. and 1t is to be treated
kindly because at the critical moment
he came to the rescue of Speaker Can
non and put in the resolution to de-
| pose the speaker in the Norris fight, by
virtue of which "Uncle joe got his
vote of confidence" The regulars do
do not desire to show they are migrate
full for favors Of that sort. Mr.. Burle-
son is himself confident that his bill is
to be favorably reported and he de-
clares it will work a great reform in
the cotton trade.
For one thing. If passed. it is expect
ed to wipe out the New York cotton ex-
change, by stopping all speculation as
provided. 1t viii not stop legitimate
dealing in cotton futures according to
the author of the bill. In terms. 1t for
bids the use OF telegraph wires for the
sale or purchase of cotton futures
where the buyer has no intention of re-
| ceiving the thing he buys, or the seller
no intention of making an actual dellv-
cry.
The effect, Mr. Burleson declares, will
be to make a permanent closed season
for suckers" without which, he says,
the speculative part of the trade can
not exist. In 9th er words 1t will pre-
vent flyers in cotton" where the spec
ulator bets on margins, either in hum
dreds of Thousands of dollars that the
price of cotton will either go up or
down. And the way such speculation
Is to be prevented is to require the
would-be speculator to file with his or
der to buy or sell such futures an afrl-
davit that he has the cotton to sell, II
he is selling, or IL he expects to receive
the actual cotton and pay. for 1t If he
Is buyer, and a false affidavit is made
perjury.
The determination to report the cot
ton bill and not the grain and provision
bill may be considered in one sense a
triumph for the Chicago traders, who
appeared before the committee. Tney
made strong arguments against any
prohibition of future trading and also
gave evidence that the grain ma rket is
more respectable than cotton trading,
as 1t Is now conducted. Still further
number If the members of the commit
tee were impressed with the statement
that the Chicago board is trying to pre-
vent speculation itself.
The anti gambling bill was strongly
recommended by President Taft and, of
course, there is a possibility that the
President may take UP the big stick
some day and force that through along
with several other mea sures that he has
advocated But the present intention is
to let the anti-grain and provision gam
bling bill sleep itself to death, while
the cotton is reported out or rather the
speculative sheep are separated from
the speculative goats. SO to speak.