New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-08
U1TCU AGAIN TO THE FRONT,
HE INTRODUCES A NEW ANTI-OPTlONS
ELL.
A., nr,rrrs ~ OPTIONS AND FUTURES TO BE
TAXED. AND ALL CONTRACTS TO bE IN
wHITIlG-OTIIER FEATURES.

tanned. AND ALI. CONTRACTS ~ DE- ~
wEIrING-oTIER FEATURES
Washington Feb. 7.-Charman Hatch Of the
House Agricultural Committee. to-day intro
ducod the new Antl-Options bill which ne mas
been engaged In preparing for many months.
II was referred to the Committee on ways anu
Means and it is certain that the agricultural ere
ment in the House will at an early oppor-
,urItv n,rhous tomorrow make a determined
effort To- secure n change Of reference 10 the
Committee on Agriculture. whereby favorable
report on the bill is almost assured. the Dill
IL a very long document, embracing eighteen
sections. and has been drawn to meet the prln-
cipal objections that were made to the oTsiha'
Hatch and Washburne bills. The provisions
Of the new measure are as follows:
Section / defines options TO be any contract
whereby a party acquires the privilege. but Is
not obligated. TO sell TO or deliver 70 announcer
AT a future time. or within a designated periou'
any raw or manufactured cotton. hops, wheat
corn -four. oats. rye. barley, pork lard and
bacon.
Section defines futures to be any contract
whereby one party agrees to sell or deliver 10
another at a future time or within designated
period any Of the above mentioned commodities
Section REQUIRES all options and futures,
transfers
dpplIcate showing the time of delivery of the
articles aud whether the makers or. agents are
the owner. or have heretofore acquired by pur-
chase or are entitled to the right OF the future
possession Of the articles under contract pre-
viousy made by the actual owner. o'he'"ise
the contracts shall be void.
Section provides that when the option Of
future is terminated by the delivery Of the
shall make a b'll of sale
showing the quantity and the custodian. and
identifying the articles by freight bills or Voueh-
section : requires that when the contract Is
Terminated otherwise than by the actual sale
and delivery OF the articles. or when the
termination is delayed by agreement, the docu-
mcnt shall be- executed IN writing.
Section imposes special taxes on dealers III
options and futures At $24. Ii also defines "A
dealer In options TO be any person who shali III
his own behalf or for another deal in options or
make any contracts. or by communication 10 a
foreign country or by agent partner or resident
I'm another country enter into an options contract
TIL esame definition is applied to dealers in
futures.
section requires all contracts for futures
ana options t. bear internal revenue stamps
amounting To cent for every hundred-weight
OF cotton. hops. pork lard. hour or Bacon ana
every ten bushels Of wheat. corn. oats rye and
barley covered by the contract For bills OF
sale at the termination OF the contract the rate
Is fixed at 2 cents for the same respective guam
contract is terminated without actual sale or
delivery. or is delayed or obViated, the tax Is
fixed at 10 cents per bushel for grain and 2
cents per pound for the other commodities.
section s requires dealers In options and
futures To furnish to the revenue collector full
details as To the membership of the firm place
OF business. etc. ana to annually execute a
bond to faithfully comply with the law and
pay all taxes which bond Is to be in the penal
sum Of $4,000
Section . requires the dealers to enter in
kp. Ia, ,,s. oil ,,tg.e
volving options and futures. and TO number each
contract consecutivcly. All dependent doc,i-
ments connected with the original contract are
to bear similar number TO the original con-
tract. and the books to be subject TO the
inspection OF the internal revenue collectors TO
whom sworn monthly returns are TO be made
Section 10 requires collectors to enter these re-
turns In suitable books and Section IL requires
them TO make monthly report to the Commits
soner OF Internal Revenue OF these transactions
Section II relieves from taxation parties TO
contracts unable TO deliver in time through nm
BILE casualties when they are the actual
owners and guiltless of fraud and neglect IL
also excerpts from the law contracts made I'm
behalf of the United States n State Territory
or municipality; also contracts made bv farm
ers for articles belonging to them at the time
or contract which have been grown or are grow
Ing on lands occupied by them, and agreements
to deliver a part of the product of the land for
compensation for work done on the same: also
contracts made by the owner Of such articles
with any person to deliver any of the articles
Tor the use Of that person in his manufa curing
business or for the sustenance OF himself de-
pendents or domestic animals. Nor is the law
to apply to persons engaged in selling articles
to persons who directly consume them.