The times., 1901-03-31

| revenue may prescribe, stating the name
| f the person, association, copartnership.
| IT 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
| u all the individuals whose names are
| huS required, and the place Including
}treet numberl where such business is to
D ne carried on, and IT shall be the duty of
the collector of internal revenue to keep
in his office book in which shall be re-
corded 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 a complete and exact speci-
fication thereof, including the date there
Of, the other party thereto, and the guam
THY, 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 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
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 10 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
hereinbefore required or shall in any
visions of this paragraph shall, besides
being liable for the amount of the tax
or taxes herein prescribed. be deemed
guilty OF misdeueanOr, and upon con-
viction thereof shall. for each and every
such offence, pay fine of not less than
5000 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 F."
1t will be seen that the law makes spe-
cine use of the word bucket shop, but
that in addition to bucket shops it seeks
TO include another class of business un-
der its provisions. There is some differ
ence of opinion as to the meaning of the
words bucket shop" and some lawyers
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
solldated Exchange transacts its bust
ness with reference TO the quotations
made on the Greater New York Ex-
cnange The Internal Revenue Commits
sioner is understood to take this view.
The Consolidated Exchange is a large
Dody and does very large business and
II Is thought that a big legal battle may
be fought over the question.
. Inc law expressly provides that moth
ing IN its wording or effect shall consti-
tute the iegalizing of the bucket shop
business where such a business is against
the State laws. The attitude of the Gov
ernment in this case is much the same
as that where the tax on the distillation
or selling of liquors is enforced in pro-
hibitiOn State or county.
As far as could be learned Yesterday
no Office In this city has. up to the pres
ent time, filed its papers with the local
revenue office as 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 20
out of business. because the New York
bucket shops with which they do business
VIII close. In general. the local offices
Whlch are. correspondents of firms in New
ork 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-
sideration now and is exsected to render
a decision tomorrow