The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-02
FICTITIOUS DEALS
MENACE TO NATION
(Contlnued From First Page.I

twenty-five times tho entire stock is
sue OF the road, while but n small
proportion OF stock actually had
changed hands.
exchange should be restricted to ac-
.tual sales
LAS it is now. it is not a place for
the transfer of actual commodities
he added. Ut is n place where ex-
perienced and reckless and unscrupu-
lous men balance their wits 1t is
place where men of great mental ca
pacity. and audacity as we'll. fight n
battle OF supremacy, employing not
the means which ought to influence the
price of commodities, but every means
which may tend to affect the price OF
things in which they are dealing"
He declared the old Louisiana lot
terry was pink tea, compared with
this orgy OF vice." represented in the
Stock Exchange.
Progress on the tariff bill to-day was
limited to the consideration OF many
items in the chemical. earthenware and
other schedules of the bill. which had
been passed over in the first reading
of the measure.
Excessive Duties.
Senator La Toilette insisted that two
items in the chemical schedule carried
excessive duties.
On one of these, deHtrine, made from
potato starch, the Senator's sugges-
ton was accepted, and an anne ndmcnt
was Incorporated into the bill reducing
the duty from IL cents q pound to
Ia cents
The 1-ccrt a pound duty on chlorate
of potash, Senator La Toilette said,
should be reduced 10 IL cent. He
added that an agreement had been
made with the powder trust not to
sell the article to the United States
government.
IF that is so, I think 1t should go
to the free list" declared Senator
OGorman.
| under consideration.
a suggestion by the Wisconsin SEN
ator that the duty on peanut OIL should
be reduced from cents gallon to
/ cent, as the former rate was prohibi-
tive, was not acted upon.
Clarke Addresses Senate.
| Senator Clarke addressed the Sen
ate to-day on his amendment to i'm
pose a tax on trading in cotton where
no actual delivery was intended
! Senator Clarke declared that the New
York Cotton Exchange land it's para
site" the New Orleans exchange, were
no more than gambling institutions,
| and that those who speculated In cot
ton upon their floors were engaged in
!
! New York, he said. was the chief
| offender, the New Orleans exchange
only n minor affair" The New York
| exchange, he argued. controlled the
price of cotton for the whole world.
II think the New York exchange"
| said the Senator, lis wholly bad, and
has no right to exist. 1t is Gamb-
ling institution, and is 80 regarded by
| everybody who goes there to trade"
Senator Clarke held that gambling
| in agricultural products had been con-
demned by the platform adopted at
| the Baltimore convention, and that
| the Democratic party in Congress must
take steps in conformity with that
| decla ration OF principle. he said the
| actual deliveries of cotton In New
York Cotton Exchange were only halr
of per cent of the sales.
Senator Smith, OF South Carolina
answering Senator Clarke. declared
| that under the amendment proposed.
the cotton producer would indirectly
pay the tax. He argued In support OF
his own bill, making it mandatory TOT
| every contract, for cotton 10 specify
the grade to be delivered. he assert
ed that under present contracts vita
| twenty-seven different grades OF cot
| ton. the purchaser never knew what
| SORT he would get when delivery is
made. If the contract provided Tor
delivery OF n specified grade. no man
would dare go short on the cotton eA-
change, the senator said.
| Include Other Products.
Senator Thompson wanted 10 kno"
| IL senator Clarke would not De Wiling
| to include all other agrcuituTai pro-
| ducts in the amendment.
| .,I am perfectly willing" replied the
| Arkansas Senator, but 1 am not Ia
miliar with the others, and am with
| cotton" -
senator williams suggested that
spcculation in other products was not
| carried on under the same conditions
as in cotton. ~,
designation of the New orleans So Nom,
Exchange as a parasite" of the New
! York exchange He declared that the
| rulcs and regulations were entirely
| different, the dominating groups were
! different and that the New orleans
| exchange had an actual colnmerCia'
settlement OF its differences rather
than an arbitrary settlement by an
exchange committee.
senator Clarke said he referred to
the New orleans exchange as para,
site" only with the idea that 1t couiu
not itself control or doii'in''le INV
cotton market.
"Our business there is just as fairly
conducted as it can be. and we nave no
connection with New York said Sena-
tor Ransdel New Orleans is strictly
q spot cotton market
THE government grades OF cotton
we're, Immediately adopted by the New
Orleans exchange they have not oeeh
adopted by New York. The New Or
leans exchange is doing all 1t can 10
back up the government III It's con
Senator clarke said he believed inc inc
in the end break up the tradlns IN
1 futures. He thought that Ior a time
II would bring in a substantial revenue
for the government. but that ultimate
4 Nv future trading would greatly de-
crease.
Senator Cummins to-day introduced
On amendment proposing 10 per cent
tn, on all sales OF stocks, bonds. cotton
oI agricultural products. through Or
ranizcd stock or produce exchanges,
where tho seller is not tho actual
owner of the thing sold" His amend
mcnt was offered an substitute Tor
tho Clarke amendment.
n>clor~s Solea EtcfffJoua