The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-17
When Bucket shop Trnnsactions Are
Subject to the Law the same a.
Board of Trade Dealings.
PRESIDENT EN- ROUTE NORTH
LEFT WASHINGTON FOR NEW ENG
LAND LAST EVENING.
Order Regarding Flags ON Cuban ves-
Above Their own Signal.

WASHINGTON, June 1s. A reciprocity
treaty between the United States and Great
Britain in relation to trade between this
country and the British colony of Barbadoes
was signed at the Department Of State to-
day by the representatives of the two gov-
ernments. 1t is the first treaty framed un-
der the Dingley law and the first OF the se-
ries of treaties which the British colonies
to the south of this country are seeking to
effect. John A Kasson. special reciprocity
plenipotentiary. signed for the United States.
and the British charge. Mr.. Tower. for
Great Britain.
The treaty is made for the term Of i've
years, with provision for an extension un-
less either party should renounce It in the
meantime. 1t is made strictly within tie
terms of Section OF the Dingley law. which
provides for a reduction of not more than
20 per cent. of the regular duties on goods.
wares and merchandise which may be
agreed upon. in return for. reciprocity reduce
tions given by other countries. This section
further permits goods. to be taken from the
dutiable list and placed on the free list; also
for the placing Of goods on the free iist
for term Of years. The act provides that
the treaty Is to be made by the President,
by and with the consent of the Senate, ana
an anomalous clause is added that the re-
duced duties are TO apply when such treaty
shall have been duly ratified by the Senate
and approved by Congress
Because this convention is treaty. and
not mere reciprocity arrangement, and
consequently, like all treaties. must be sub
mitted to the United States Senate Tor jtg
approval, the State Department u preclud~
ed from making public its terms. Therefore
1t Is not possible to give with more than an
approximate degree Of accuracy the scope oe
the instrument. In particular the depart-
ment desires to avoid the discussion Of spe-
cial articles included, As this Is likely 10
lead to controversy. The information re-
ceived from official quarters has shown that
the chief articles OF export from Barbados
to the United States are sugar. molasses ana
maujak, the latter being pitch. much like
asphalt. Sugar is the chief product OF tho
islands and the chief export to this coun-
try, the trade last year reaching $2,0os. .610-
The chief articles sent to Barbados from
the United States are food stuffs. mainly
flour, corn meal, salt beef. bacon. pork,
bread and corn. The islands depend almoso
entirely on this country for their food sup
ply. On the other hand, they have been
getting their manufactured goods almost ex-
clusively from England. Our consuls have
called attention recently TO the market in
the Barbados for canned goods. butter. pre-
serves cement, bicycles, carriages and elec~
trical equipments.
The treaty relating 10 British Guiana n
about ready to be signed. all the essential
features having been agreed upon. The
negotiations have proceeded so far that one
of the commissioners from Guiana, Mr. Dc
Jongs, has departed, Sir Cavendish Boylo
remaining TO wind up the matter. The Ja-
maican negotiations began to-day. and the
officials express hopes that results may b.
secured as to this colony at an early day.
Commissioner Wilson, OF the Internal
Revenue Bureau, has rendered a decision
which has been pending for long time re-
garding the liability OF bucket-shop transac<
tions TO the stamp tax. The decision says:
by a bucket shop is meant a place other
than board of trade or exchange, whero
the parties who agree TO buy and sell stocks
do not ordinarily contemplate the receiving
or delivering OF any certificates therefor BY
the buyer or seller, either at the time or IN
the future. Such transactions In stocks are
I'm the case of every agreement to seu a
bucket shop there Is both a presrmptfvo
true whether the customer agrees 10 sell
stock TO the manager OF the place or the
manager of the place agrees TO sell stock
Where an agreement Of sale has been
made and no delivery Of stock takes place
wishes to close the transaction by dispos-
ing Of his interest In said agreement ana
settles with the holder of the contract bY
price and the market price in contemplafion
OF law, there is an agreement TO resell the
shares OF the original seller: All these
transactions must be evidenced by a Wr1ttcH
memorandum.
1T makes no difference whether theso
shops are called selling privileges or :nor.
chasing privileges, whether they are
called by any other name. such contracts
on the stock exchange.
Regarding the sale OF grain and other
products of merchandise at bucket shops.
cision OF the United States Supreme Court
In regard 10 the sales of merchandise at
place. revokes the previous decision that
bucket shop as ordinarily conducted Il q
similar place to a board OF trade ex-
1T is understood that In the case Of Z
bucket shop there Is commonly. only one
and purchases made at that particular
place, and where this Is the case no tax &C.
crues craaa,e on the & sale Of grain or other mer-
brokers' contract or memorandum OF sale II
nsn. issued; and II must be stamped with a 10
President Mckinley and party left here
on a special train at o'clock this AFTER
noon for Holyoke. Northampton and other
points In Massachusetts,. The party COM
prised President and Mrs. Mckinley. Mr.
and Mrs. Abner Mckinley and Mr.. ana
Mrs. George +. Morse. OF San Francisco.
relatives OF the President Assistant ooc-
retary Of the Navy and Mrs. Allen. Gsorxo
M. b. cortelyou. acting secretary TO the
President: Messrs. George Barnes and Ru.