The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-31

| revenue may prescribe, stating the name
| f the person, association, copartnership
! pr corporation intending to engage in such
| business, the names of the members OF
| my such association or copartnership
md the names of the officers of any such
| orporation, together with the residences
| Il all the individuals whose names are
| hus required. and the place Gncluding
| 'treet number) where such business is to
De carried on, and 1t shall be the duty of
the collector of internal revenue to keep
I in his office a book in which shall be re-
| corded a complete copy of all such no.
| tees, and such book shall be open to
! public inspection.
| Every person, association copartner-
| ship, or corporation conducting or trans
acting the business aforesaid shall keep
| or cause to be kept just and true books
! of account, wherein shall be plainly and
| leSibly recorded on the day of the making
! of every such contract. agreement, trade.
/ or transaction complete and exact speci-
| hcation thereof, including the date there
! of, the other party thereto, and the guam
! tity, price, and the gross amount in value
i of each article or commodity covered or
| pretended to be covered by each such
| contract. agreement trade, or transac-
| ton, and such books shall at all reason
! able times and hours be subject to the
/ inspection of the collector. deputy col
| lector. and the inspector of internal reve-
nue. or any duly authorized agent of the
I Internal Revenue Department, and every
such person, association, copartnership,
or corporation shall deliver to the other
party to each such contract. agreement.
trade, or transaction, at the time of max
ing the same, written memorandum also
containing the complete and exact speci-
hcation thereof, above referred to. to
which the proper stamp shall be- before
delivery, affixed.
Every person. association. copartner-
ship, or corporation who SHALL in his or
their own behalf. or as agent, engage in
or continue in the business hereinbefore
defined without having filed the notice
herein required, or who shall fail or re-
fuse TO keep any such book or make any
return, report. or affidavit required as
aforesaid, or shall make false.
fraudulent, or partial return, report.
or affidavit, or shall fail or refuse
to deliver written memorandum, as
other respect violate any of the pro-
visions of this paragraph, shall, besides
being liable for the amount of the tax
or taxes herein prescribed. be deemed
guilty of misdemeanor, and upon con-
viction thereof shall, for each and every
such offence, pay a fine of not less than
Sow nor more than $500. or be imprisoned
not less than three months nor more than
two years. or both, in the discretion of
the court s
1t will be seen thst the law makes spe-
cific use of the word bucket SHOP but
that in addition to bucket shops it seeks
TO include another class of business I'M
der its provisions. There is some differ
enee of opinion as to the meaning of the
words bucket shop, and some lawyers
who have examined the law state their
belief that only bucket shops are really
meant by both the classes described. 9th
ers say that every person or firm doing
business In stocks on the Consolidated
Stock Exchange in New York will be
forced to pay the extra taxes. The Con
soiidated Exchange transacts its bust
ness with reference to the quotations
made on the Greater New York Ex-
cnange. The Internal Revenue Commits
Sloner is understood to take this view
The Consolidated Exchange is large
Dody ana does very large business, and
Il Is thought that a big legal battle may
be fought over the question.
The law expressly provides that moth
Ing in its wording or effect shall consti-
tute the le2alizing of the bucket shop
business where such business is against
the State laws. The attitude of the Gov
eminent in this case is much the same
as that where the tax on the distillation
or selling of liquors is enforced in a pro-
AlDltfon state or county.
As far as could be learned Yesterday
no oilice In this city has. up to the pres
ent time. filed its papers with the local
INTERNAL revenue Office a bucket ship.
1t Is SAID that some of the offices. having
no correspondents in New York will be
closed. Some also will be forced to go
bucket shops with which they do business
VIII close. In general. the local offices
which are correspondents of firms in New
York suspected OF being bucket shops " i'll
continue TO do business as commission
houses. on the theory that they know
nothing of the business of their New York
correspondents, but simply execute their
orders with them. The Commissioner of
Internal Revenue has the question of the
status of these latter firms under con-
Sideratfon now and is exsected to render
decision tomorrow.