Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-12-04
Capper Bill If Adopted
Will End Board of
Trade Speculation.
BUCKETSHOPS MAY
BE ELIMINATED
lAll Trading in Grain and Cotton
Futures Under Ban Except Thru
Actual Dealers-capper Shows
More Wheat and Corn is Sold On
Chicago Board in Month Than Ma
tion Raises in Year.


per, Of Kansas, today made pubic
hts proposed bill to stop gambling In
foodstuffs and cotton. A tax OF ~
per cent designed to be prohibitive
#on future trading" in grain and cot
ton except by actual owners or a
limited class OF traders under federal
license is the basic feature of the
HCappcr bill, which is to be introduced
lin the senate next week by the
author. and in the house by Repre-
sentative Tichner. republican, OF
E Kansas The 10 per cent tax would
1 apply to options and the measure
would affect grain products as well
1 as raw grain.
Would Kill Bueketshops.
The bill will stop gambling in
/ wheat, cotton, corn and other farm
/ products" said Senator Capper. IT
will eliminate the wheat pit and the
blackboard. It will put out Of busi-
ness the Thousands of wire houses
and bucketshops by maxi
ing it impossible for gamblers and
Spectators to deal on boards of
trade.
The bill undertakes to preserve
the legitimate hedge but cuts out
all gambling and manipulations."
Farmers, dealers and manufac-
turers' buying or selling grain or
cotton for actual delivery would not
be restricted by the proposed law.
Senator Capper said.
Penalties OF so per cent OF the pro-
posed federal tax, q fine Of $4,000,
and one years imprisonment for vio-
slation of the bills provisions are In
EcoTporated in the Cs.pper bill.
Legitimate Dealers Licensed.
Sellers of grain, grain products and
cotton who. at the time OF sale, would
be owners Of the actual physical
property" and trader regularly en-
gagged In growing, dealing Or manu-
featuring or registered with the in
ternal revenue bureau, would be
exempt from the 10 per cent tax,
Such traders, however, would be
limited in thedr dealings to three
times their actual transactions dur
ing the preceding year and would be
s required to report all dealings to the
internal revenue bureau.
Ia statement outlining his bill!
senator Capper declared that only
ABOUT l per cent of futures" trading
IN grain and cotton was bona fide
Millions of dollars was lost by farm
CTS IS we'll AS speculators in the re-
cent Dear raid of the grain markets
senator Capper declared, asserting
that consumers as well as producers
were the victims.
Board Greatest Gambling Institution
he chicago board of trade os
now conducted said Senator Gamer
is the worlds greatest gambling in
stltutlon.. More wheat was sold IN
sCnlcago in the month of October
than was iaised in the entire united
States this year.
Inns years corn crop was sold
fourteen times in Chicago before
bushel of corn had reached tbe no,r-
kets. '-''t
Inere Is net the slightest doubt
that the gigftntic raid made by the
oears on the board Of trade was tho
cnlef cause of tho recent disastrous
stump IN the price of farm products
because a lot of market gamblers
1nd una II convenient to bet on the daily
quota1ions tie farmer, who has been
iofcee TO sell his hogs and cattle at a
loss while meat Still sells at way
prices is again made the goat
Lambs s,horn Of S1o0. ON
Inc farmer has lost more than
S1,o00.000,0oO by the bear raia
brokers and commission houses have
cieaned UP more than $4,000. 600 in
margins and commissions alone. The
lambs who play the market have lost
more than 500, 100000 in the last
ninety days in speculating in cotton
and wheat.
find all grain and cotton dealers
miiiers and planters recognize RI.
evils OF the present system and are
ANXIOUS to stop gambling In food
products. They win heartily snn-
port this measure to place the busi-
ness on a legitimate basis.
am also assured of the sumner,
OF the farm organizations. The corn
mission houses, brokers and hncket
SHOPS and market spectators pen-
orally. will fight It,"
Committee Resumes Hear;,,
''suci government Officia Is
on possible means of relief for the
natlons farmers from the effect of
iaiilng prices were sought by the
joint congressional committee consid
ering the problem on resuming hear
ings today. There had been no ad-
vance announcement, however, Of the
officials listed to appear.
Neither Secretary Of the Treasury
Houston NOR Governor Harding. of
the federal reserve board, were op-
timistic in testifying yesterday that
any specific solution of the problem
Of falling markets, as it affects the
farmer, might be found.
Governor Harding declared the
farmers could fully rely upon the
banks to do their part in carrying
over loans on staple crops. providing