The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-07
N Y IND BUCKET SHOPS
NEW REVENUE LAW WILL
HAVE
HARD ADMISSION NECESSARY
New Deal ia Chicago Hoard of
Trade Ticlxers VIII Also
Count Taking a
Flyer.

The new revenue law, imposing all
manners and kinds of taxes and fines
upon bucket shops" went into effect
April l. but just how much revenue the
law viii bring into the national treas
TRY is very much of a question, says the
Chicago Chronicle. Chief Deputy Col
lector Hemstreet says il is a case of
first catch your bucket shops like the
OLD recipe for cooking a hare. In view
of the existing state laws against buck
ct shops" which provide indictments,
fines and other penalties for the pro-
prietors of such places, it is extremely
unlikely that any one will step up to the
oaptains Office and report that he Is
maintaining bucket shop. There
fore, the new law will result either In
extinction of that form of gambling
house or else in extreme activity on the
part Of the deputy collectors Of internal
revenue charged with the duty of hunt
ing down the bucket shop" and enforce
ing the penalties provided in the new rev.
enuo act
A bucket shop" in brief, is an i'm ta-
ton brokers' office where spectators
bet upon the fluctuations in the prices
of the grain and provisions dealt in upon
the Board Of Trade. There is no pre-
tense of an actual transfer of the COM
modities to any speculator by the pro-
prietOr of the shop" as is done in leg1t-
innate brokers' offices. There might be
$1,0GG000 worth of business" done every
day in bucket shops" without affecting
the price of wheat or corn a hairs
breadth, just as the amount of money
wagered on a horse at a race track
would not affect the value of the horse.
The forms of buying and selling"
wheat. corn or whatever is supposed to
be traded" in are retailed in the buck
ct ship but there is no transfer of the
stuff, simply because the proprietor OF
the place hasn't any. All he has is
money, like the banker in a faro game.
A speculator comes in and buys 10000
bushels of wheat by putting up 800
for margins. That is. he bets
wheat viii not drop in price l cent
bushel. If it does drop cent before he
desires to quit his 500 is wiped OUT
and goes into the safe of the bucket
shop" If it goes up a half a cent or L
cent the SPECTATOR wins $500 or 500 and
the proprietor turns it over to him. less
215 per cent commission which is the
rake off, of the house. OF course, it is
the difference of opinion in SPECTATORS
which makes the game last. Some or
them at the same time will ''selP' in
stead Of buying-that is, they will bet
that it will not go up in price, and when
it does they lose their margins, and so it
goes. Thus the spectators in the "buc-
ket shops might buy" more wheat
than there is in the country twice over
without affecting the price a sixteenth
of a cent, because their transaction are
nowhere recorded and are merely bets on
how the price will f1uctuate Nothing
changes hands except the money wager
ed
MUST REGISTER LOCATIONS.
Now comes the new internal revenue
law which provides that every such es-
tablishment shall pay a license fee or 500
to the government, shall make a report
to be collector of interest revenue not
only of the location of its place of bust
ness and the names Of its employees, but
shall place 2-cent revenue stamp upon
each 500 of value represented in its
trades issuing slips bearing such
stamps to the customers. The proprie-
tors are required to keep books contain
ing the account9,f every trad with
the name Of th$ speculator which shall
be subject to the inspection Of the col
lector Of internal revenues at all times.
And it is especially provided that the
payment of these taxes shall in nowise
nuilify any state laws directed against
tbs business.
That is where the shoe pinches. mas
much as there is not only state law
against bucket shops" but that the law
makes it mandatory upon tue judges in
the criminal court to call r.e attention