Evening star., 1901-04-02
Revenue Law faces Wall Street
Brokersh Dilemma
some MAY HA1E 70 QUIT BUSINESS
A. |. Johnson and His Trolley
Line&Pians.
E CANTEEN QUESTION
THE


NEW YORK, March 81, 1900.
The bucket shop question is causing
unusual interest and some alarm in this
city. The war revenue act amendments re-
quire that all firms or corporations who
trade in securities or provisions or products
with view only to settle the difference
as by market price quoted on the exchanges
having no actual delivery will be desig-
mated as bucket shops 1t is generally
agreed that not more than a tenth of the
operations in Wall street are undertaken
with the intention of making actual de-
livery of any of the things traded in, but
the orders are made and closed on the ba-
sis of differences of market values or of
profit and loss.
The difficulties that concern the average
trader are that if he complies with the law
which requires that he take out license
known as "broker No. g. he practically ad-
mits that he is conducting a bucket shop"
And in doing this he practically acknowl-
edges that he is a criminal, for by the state
law such transactions are known as gam
bling and are subject to the penalties which
are applied to the proprietors Of pool
rooms and the owners of gambling houses.
1t is said that only the largest concerns
with millions of dollars capital can change
their business methods SO as to comply
with the intent of the law. Many of the
smaller brokers are preparing to go out
of business, but some of the smaller houses
are applying for what is known as "bro-
kers' license No. g. thus practically ad-
mitting that they are bucket shops or
traders on differences.
Collector Treat is now in correspondence
with the Washington authorities He ex-
poets to be able to throw additional light
upon some of the details of the provisions
of the amendments to the war revenue tax
alton measures which seem to have caused
something of panic among the business
men in the financial district of the city.
L oTx- 60 t1ArA 1p,,1, To hat how
a person may not be punished by imprison-
ment should he continue to conduct buck
ct houses" but the additional questions Of
the amount of the taxes which must be
paid enter into the solution of the difficult
ties. There are some who think that no
matter whether the conflict between the
state and national laws is done away with
or not. the laws upon the subject are SO
severe that all of the small traders will be
wiped out Of existence.
Rapid Transit Agitation.
Now that the rapid transit board has de-
clined to accede to the demands of A. l..
Johnson and to allow him to make a Staten
Island Brooklyn tunnel the eastern ternli-
nus for his Philadel phia trolley line, the
rapid transit agitation has broken out In
another direction. Senator Ratnes has In
troduced into the state legislature pro-
vision turning West street along the North
river on Manhattan Island over to the
North river BRIDGE corporation w est
street. according to the plans. is to have
an elevated freight railroad, which will
connect with all of the steamboat piers and
furnish direct connection, via the North
River bridge. with all of the railroads en-
tering New York city from the west.
Estimates upon the cost Of this North
river bridge vary all Of the way from s2a.-
OOO, 900 to SSO0OOOO0. There is no doubt
that terminals and everything included the
expense of the improvement will reach We'll
up toward hundred millions. But the
one thing that has puzzled the financiers
in Wall street is that no attempts have
been made to sell stock the men in charge
too good a thing or else that 1t has not
reached the stock selling stage:
Nevertheless there seems to be no doubt
but that more than a million dollars mas
been expended by the North River Bridge
Company merely in getting rights of way
and in preparing the preliminary plans.
A wel-informed financier in this city is
authority for the statement that the real
reason why A. L. Johnson was not given
the concession under the Narrows was be-
cause the Pennsylvania railroad was in
reality behind the bridge from Manhattan
to New Jersey.
The Canteen Question.
For a little over a month now the can
teen system has been abolished at the
army posts and the results have been care
fully watched in this section by those who
| worked hard to bring about the order
Chief among the predictions of those In
favor of the canteen was the declaration
that cheap saloons and questionable
| resorts would soon spring up in the neigh
borhood. but SO far nothing of this kind
has occurred in the neighborhood Of Fort
Wadsworth, on Staten Island, or near Fort
Hamilton. in Brooklyn whereas an old and
rather notorious place near the latter fort
has just closed for lack of business. About
thirty quarts Of milk per day are sold at
Fort Wadsworth, where nearly 800 men
are stationed. The attendants in the new
canteen are all soldiers, detailed for the
work at extra pay. When liquor was sold
civilian attendants were necessary, as SOL
diers are not allowed to sell liquor. Con-
versation among the soldiers reveals no
discomfort at the present state Of affairs,
and person who is in position to know
the conditions at Fort Hamilton said re-
Gently:
"The receipts from the exchange for our
company were during the past month $45.
which is equal to the previous month. We
have had no more payday drunks than
| usual and there have been no absentees.
We have but thirteen prisoners, seven Of
whom are general prisoners
Another favorable condition is found in
| the soldiers recent prompt cash payments
were obliged to take their pay In canteen
checks, because the men had spent their
money but after the last pay day at this
fort every woman received her full pay in
cash.
women's University Club.
Under the title Of the Womens Univer-
sity Club. 100 women have formed plans
for an organization which will shortly open
a club house In New York city. The provi-
sions of the old University Club were en-
larged to meet present demands Boston
University, Bryn Mawr, Barnard, Cornell
Universities of California, Chicago, Kansas,
Michigan, Minnesota, Stanford University.
Radcliffe, Smith. Syracuse. Vassar and
Wellesley graduates. as Well as those of
half a dozen other Institutions, are eligible
for membership. Graduates of medical col
leges were rejected by unanimous vote on
the ground that they are graduates of
technical and moi. an academic course The
mems University Club also excludes them.
Amateur athletic clubs all over the state
are anxiously awaiting the fate of the bill
recently introduced at Albany to allow
ur-round bouts between bona fde anna
teurs in regularly organized clubs The
Amateur Athletic Union is strongly in
favor of the bill, If 1t Is passed the ma
tional amateur boxing championships win
be held in this city again, and weekly stays
at the various athletic clubs In the city
with the members as contestants, will once
more be in order.