Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-12-04
TO END
GAMBLING Is
MADE PUBLIC
Senator Capper Will Intro
duce Bill Next Week to ,
Cut Grain Gambling.

Warrington, Dec. Senator Cap
per Of Kansas today made public his
proposed bill to stop gambling in food
stNffs and cotton.
. A tax Of ten per cent, designed to,
be prohibitive, on future" trading
owners or q limited class Of traders
under federal license, is the basic tea
ture Of the Capper bill, which is to be
introduced In congress next week. The
ten per cent tax would apply to options
and the measure would affect grain
products as well as raw grain. ss4z.,9s
THE bill will stop gambling in
wheat, corn. cotton and other iarm
products" said Senator Capper. 1T
will eliminate the wheat pit and this
black board. 1t will put out OF busi-
ness the thousands OF wire houses and
bucket shops by making it impossible
for gamblers and SPECTATORS TO deal
on board Of trades,
".Ihe bill undertakes to preserve
legitimate hedging but cuts out all
gambling and mantpulations.' 5sss
Would Not Be Restricted.
Farmers, dealers and manufacturers
buying or selling grain or co6ton for
actual delivery. would not be restricted
by the proposed law, Senator Capper
said. y nv
Penalties 81 SO per cent of the pro-
posed federal tax, fine of $4,000
and one years Imprisonment for vio-
lation Of the bills provisions are in
corporated in the Capper bill.
Sellers of grain, grain products, cot
ton. who at the time of sale would
be owners of the actual physical
property" and traders regularly en-
gagged in growing, dealing in or man
ufacturing and registered with the in
ternal revenue bureau would be ex-
empt from the ten per cent tax. Such
traders, however, would be limited in
their dealings to three times their ac-
tual transactions during the preceding
year, and would be required to report
all dealings to the internal revenue
bureau.
Trading not Bona Eide.
In a statement outlining his bill
Senator Capper declared only abou,
one per cent of future" trading ir
grain and cotton was bona fide. Mil
! lions of dollars are lost by farmers
! bear raid of the grain markets, Sena.
tor Capper declared, asserting thai
| consumers as well as producers were
the Victims"
! The Chicago board of trade,,
! Senator Capper said. "is the world.
, greatest gambling institution. Nor.
wheat was sold in Chicago in October
1 tA1Su WdS TdISeu III tnC UnlLCO state.
this year. This years corn crop wal
sold fourteen times in Chicago befor,
a bushel OF corn had reached the mar
kets. Only:one per cent of the trad
ing done in futures is bona fid.
j, u. :. s..SlssAIlsR lsnsoe loJ .uolaopsueI
"TirerefsA mot the slightest doub
/ that the gigantic raid kmade BY tn
j bears, ,oRetl rboasdf of trade was .tf.,
J chief cause cause 3T the recent disastrou
slump in the price of farm products
Because a lot Ef market gamblers fin,
it convenient to bet on the dali,
quotations., the farmer who has beef
forced to sell his hogs and cattle at :
.oss while meat still sells at wa
prices, Is again made the goat * !!
The farmer already has lost sinor
than billion dollars by the bear raid
Brokers and commission houses hav
cleaned up over forty millions in mar
gins and commissions alone. Th
lambs who play the market have los
more than one hundred million dol
lars in thes1ast 30 days in specuiatin.
in cotton and wheat. "a q
1T find all grain and cotton dealers
miHers and spinners recognixel&th
evils OF the present system and ar
anxious to stop gam bling in food prod
ucts. They will heartily support thi
measure to place the business on
legitimate basis. I am also assure,
Of the support of the farm organiza
tions. The commission house, brokers
bucketshops and market speculator
generally, will fight it,"
q