Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-03-21
Local Internal Revenue Office
Receives Full Instructions.
LAW BECOMES EFFECTIVE APRIL |
Two Cents on Each One Hun
dred Dollars of Value.
Explicit Announcement by tho Depart
ment at Washington-Viotntion OF the
New Regulation to be Punishable by Fine
or Imprisonment, or Both, at the Disore-
tion of the Court.

Washington that the act OF Congress
approved March I'd, 1901, amending
the act OF June 18th, 1898. provides,
in part, as follows:
3. From and after the first day Of
April, 1901, every person. association,
copartnership, or corporation who or
which shall in his, its, or their own
behalf, or as agents, engage in the
business of making or offering to make
contracts, agreements, TRACES, or trans
actions respecting the purchase or sale.
or purchase and sale, of any grain,
provisions, raw or unmanufactured
cotton, stock, bonds, ors othsrEsecuri-
ties wherein both parties thereto, or
suoh person, association, copartnership,
or corporation above named, oontem-
plate or intend that such contracts,
agreements, trades, or transactions
shall be or may be closed, adjusted, or
settled according or with reference to
the public market quotations of prices
made on any board Of trade orexohange
upon which the commodities or securi-
ties referred to in said contracts, agree
ments, trades, or transaoti ons are dealt
in, and without bona fide transaction
on such board Of trade or exchange. or
wherein both parties, or such person,
association, copartnership, or COR
poration above named, shall oontem-
plate or intend that such contracts,
agreements, trades. or transactions shall
be or may be deemed closed or termi-.
mated when the public market quo.
tations of prices made Oh such hoard
of trade or exchange for The articles or
securities named in sueh contracts.
agreements, trades, or transaotions sisall
reach n certain figure, a6d every per-
son, association, coparthRrship, and
corporation who or which shall In his
or its own behalf or as agent conduct
what is commonly knownsas tbucket
shop" shall pay stamp tax Of two
cents ON each S100 in value or fraction
thereof, of the merchandise covered or
pretended to be covered, and also tax
of two cents on each 500 on the face
value or fraction thereof, of all stocks.
bonds, or other securities covered or
pretended to be covered by each and
all of such contracts, agreements,
trades, or transactions: crowded, how
eyer, that the payment sof any tax i'm
posed by this paragraph shall not be
held or construed to exempt any such
person, association, copartnership, or
corporation from any penalty or punish
ment provided by the laws Of any State
for carrying on such business, or the
making of such contracts, agreements,
trades, or transactions within such
State, or in any manner to authorize
the commencement or continuance of
such business or the making of any
such contracts, agreements, trades, or
transactions contrary to the laws Of
such State, or in any Place prohibited
by municipal law; and on or before the
first day of April, 1901, every such
person, association, copartnership, or
corporation, as aforesaid, shall, for
each office or place Of business and
for each branch office or place of bust
ness, wherever established, pay a
special tax of $3.50, and on or before
the first day of July, 1901, and annually
thereafter, for every such office or
branch office, special tax of ESQ, and
such taxes shall be ip addition to all
other special taxes imposed by this
act. Every person, association, CO.
partnership, or corporation proposing
to engage in or continue the business
aforesaid shall, before commencing
such business, file with the collector
or proper deputy collector of the die
trict in which it is proposed to carry
on such business notice in writing
under oath, and in such form as the
commissioner of internal revenue may
prescribe, stating the name OF the per.
son, association, copartnershiE, or cor
poration intending to engage in such
business. the names of the members OF
any such association or copar tnership,
and the names Of the officers of any
such corporation, together with the
residences of all the individuals whose
names are thus required, and the place
tincludlng street number) where such
business is to be carried on, and it
shall be the duty of the collector Of
internal revenue to keep in his Office a
book in which shall be recorded q COM
plete copy of all such notices, and such
book shall be open to public inspection.
Every person, association, copartner-
ship, or corporation conducting or
transaotiug the business aforesaid shall
keep or cause TO be kept just and ttne
books of account, wherein shall be
plainly and legibly recorded on the
day OF the making of every such con-
tract, agreement, trade, or transaction
complete and exact specification
thereof, including the date thereof, the
other party thereto, and the quantity,
price, and the gross amount in value of
each article or commodity covered or
pretended to be covered by each such
contract, agreement, trade, or trans
action, and such books shall at all
reasonable times and hours be cub
ject to the inspection of the collector,
deputy collector, and the inspector OF
internal revenue or any duly authorized
agent of the Internal Revenus Depart
ment, and every such person, asso-
citation, copartnership or corporation
shall deliver to the other party to aach
such contract, agreement. trade, or
transaction, at the time of making the
same, written memorandum also con
tainlng the complete and exact speuifi-
cation thereof, above referred to, to
which the proper stamp shall be,
before delivery, affixed. Every person,
association, copartnershlp, or cor
poratioH who shall, in his or their own
Eehalf, or as agent engage in or con-
tinus in the business hereinbefore
defined without having filed the notice
herein required, or who shall fail or
refuse 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, OF shall fail or refuse to de-
liver a written memorandum, as here
inbefore required, or shall in any other
respect violate any Of the provisions of