Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1910-01-07
SPECULATION IN FUTURES.
Probable That Congress Will Give
tho Subject Attention.

Representative Scott of Kansas,
chairman of the house committee on
agriculture, says according to Wash
ington dispatch, that the sentiment in
favor Of legislation to prevent the deal
ing in futures in farm products is
growing stronger every day. and ne
feels quite confident that the house
will give serious consideration to the
bill which his committee will report
shortly to deny the mails to exchanges
and brokers and others who make a
business Of gambling in futures in
farm products.
President Taft has taken this SUBJ
ject up, and members who are close
TO him say that he regards gambling
In farm products as an evil that calls
for legislative action. The misery and
suffering from this vicious form Of
gambling is worse, If anything, than
betting on the races. II the veil could
be lifted 1t would reveal many con-
gressmen among the victims Of the
bucket shops where most Of the busi-
ness Of speculating in futures Is con-
Quoted.
Inquiry among the members shows
that the evil of gambling in wheat,
corn, cotton, oats, ETC., has grown to
such proportion that many states
have taken notice Of 1t, and the claim
is made that the price Of foodstuffs is
affected by the gamblers in futures. In
this connection the statement Is made
that the government Is largely res
ponsible for the growth in this species
of speculation in the necessaries of life,
and that the ffuctuation In the price
Of corn, wheat and cotton is due, In a
measure to the monthly crop report Is
sued by the agricultural department.
There Is some truth in this, for no
government report Is watched with
more interest nor more eagerly sought
than that Of the crop report. An ad-
vance copy Of the crop report, that Is
copy obtained three hours ahead Of
its issuance to the press, Is worth
thousands Of dollars.
The value attached to the report is
due solely to the effect It has on the
market. And the market varies ac-
cording to the condition Of the crops
as shown by the figures Of the report,
which only proves that 9-10ths Of the
business done on the exchanges is
gambling, pure and simple.
It was said today that 1t Is not i'm
probable that congress will order the
discontinuance Of the monthly crop re-
port because Of It's influence on prices
Of farm products as manipulated by the
gamblers. Members of the house agri-
culture committee say there is no
question but that If the crop report Is
stopped, that is II the information Is
not furnished the exchanges, It will
have the effect Of checking the bus
mess Of dealing in futures. That the
figures of the crop report have money
value and also an effect on the market,
1t may be interesting to recall that II
has been but a few years ago that the
Cotton Growers association lodged a,
complaint with Secretary Wilson, Of
the agricultural department, to the ef-
feet that some official was making use
Of the information gathered by the
agents Of the department to the detri-
ment of the cotton growers. The re-
suit Of the complaint was an investi-
cation which resulted in the dismissal
of the statistician and assistant and
the indictment Of the latter on a
charge Of conspiracy. The official, Mr..
Ed Holmes, and two brokers, were
tried, but the jury disagreed and the
Indictment is still pending. 1t Is ad-
mitted by the best lawyers in congress
that the indictment found was worth
less for the reason that the law did
not cover the case.
Since this case was tried, congress
has passed a law tnat makes 1t an
offense to divulge this character Of in
formation. The subject Of futures
premises to hold the attention of con-
gress for a week before the session
adjourns. A special message from the
president urging legislation on this
matter is not at all improbable.