The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-20
They Picture Chicago
Exchange in Spot
less White. :"
HOPE COMMITTEE,
WILL BELIEVE IT.
At House Hearing on Bill to
Prohibit Dealing in Futures.
Windy City Brokers Hold
Up Their Business as
Great and Moral In
stitution.

7[special to The T,mcs-Disnatcb /

Especial to The Times Dispatch.1
Washington, February l9.--Whca,
traders throughout the country expect
the Chicago Board of Trade to be given
qualified certificate of good cheer
BY tho House Committee on Agricul-
ture. Those traders have been testify
, ing before the committee that the
board is an institution that the coun-
Try needs more than 1t needs the coun.
try 1t is much malisncd and should
DC painted spotless white rather than
jet black or a muddy brown. Now
Tue traders do not hope to have the
members Of the committee believe
quite al! they have said about the al
trulstlc purposes and high morals OF
the board. But they do hope the com
mittec has been convinced that the
board is an institution that does the
country good. and therefore the Scott
bin to prohibit gambling in grain, pro-
visions ana cotton futures will be tenn
pered TO permit the grain and pro-
visions at least to go right along in
their own pleasant and cheerful way.
There are indications, on the other
hand. that the committee members do
believe that the board does do the
country good. and that Gle bill Will
not be modified for wheat dealers, cot
ton dealers. or whatever variety of
futures gamblers.
Burleson. of Texas. stated this after
noon that he was sure that bill would
come out of the committee. and that
IL would be passed. Chairman Scott is
of the same notion.
Better Than Cotton sharks.
The grain and provision dealers
have convinced members of the COM
mittce, however, that they are much
less black than tho cotton sharks Mr..
Burleson frankly admitted that the
Texan representative seemed to think
that the real difference was more of
men than of methods of the exchanges
or morals behind them, however. Chi
caSo being less given to "skinuing"
every one and less dominated by the
gambling spirit than New York.
What has rather surprised the mem
bers of the committee is that wheat
anu provision dealers, as we'll as cot.
ton, have absolutely refused to separate
the sheep from the goats from the grain
and cotton markets-that is, they have
refused to differcntiate between actual
grain and cotton traders and the mere
gamblers who buy and sell futures in
q speculative way only. Every witness
from Walter Fitch down has told the
committee that 1t is impossible to reach
the speculative traders without upset.
ting the whole business of the coun-
try. Chairman Scott. Mr.. Burleson and
other members of the committee do not
believe that testimony, or else tiley
hold that If pure and simple gambling
Is necessary to carry on the business
n mr. py,iu
be upset and rc-esta bIished on Its lecft-
innate basis.
Tho hearings before the committee
were continued to-day. President
White. of the Chicago Board OF Trade.
having been the principal witness, and
while his general effort was to paint
tho institution white, he admitted in
answer to questions that there may
be few dark spots upon 1t. Mr.. White
somewhat reluctantly admitted that
there Is an occasional wheat corner
under present methods, but he deplored
corners in general.
Corners are wrong" he said. "They
destroy business, and while the BUSH
ness of the brokers during a corner
is comparatively small. Yet a. corner
will attract more attention than do
the regular transactions of the board
1.-THE members who have been sue
cessful in cornering the market can
be counted on the fingers of your two
hands. Corners sometimes work the
other way Joe Letter. for Instance,
lost s1O,oo0,oOo"
'.Yes. he was bright and shining
example," said Chairman Scott.
~ think that sentiment Is working
around to point where there win be
some action taken soon by tho board
itself to prohibit corners" he went on
Mr.. White had stated that the board
members did not encourage pure spec
u,ation by outsiders. when Chairman
Scott interrupted With question::
.Would you consider 1t evil to induce
outsiders to speculate on tho board?"
he asked, and then read from the trade
letter of a board member.
THAT letter." he went on. Seems to
me to he a palpable bid for spccula-
tive trade. 1t Is by such letters that
the lambs of the country are induced
to come In and be shearcd"
Mr.. White said he had a direct an
swer. He said that there was q grow
Ing sentiment that the board should
exercise some sort Of supervision over
tho letters sent out. The president of
the board admitted that speculation In
provisions often operates to run the
hog market up or down, hut said the
packers .hold the bag" and mot the
farmer, who gains his share. The
hearing will be continued Tuesday
~ l