The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-24
HITS all FUTURES
Gjertsen's Buoket,shop Bill Re
placed by a Most Sweep.
ing Substitute.
Drawn to Affect Chamber Of Com
merce as Well as Bucket
Shops.

senator $GJertSen'S anti bucket shop
Dill IN the Minnesota legislature is dead.
An eHectlVe still hunt eliminated last
evening in the vote Of the house commit
tee on general legislation to postpone the
Dill indefinitely and recommend substi-
tute. This is a drastic measure, prohib-
lt1ng dealing In futures and under it's
provisions the Minneapolis Chamber of
Commerce would be rated as a bucket
shop. Though it would effectively stamp
out the genuine bucket shops, it is un-
derstood the bill was drawn by the at
torney for the independent Board of
Trade. 1t is his move to checkmate the
legitimate traders in their war against
the bucket shops. The sub committee is
composed of Messrs. w. A.. Nolan, Hinton
and Wilson. bf T.
Cuts a Broad swath.
Section 1 reads: 'It shall be unlawful
for any corporation, association, board of
trade, chamber Of commerce, or other
commercial or financial exchange, co-part-
nership or person, to keep or cause to be
Kept, or knowingly to permit or cause to
be kept, within this state, any store, shop,
house room, office, board Of trade or
chamber of commerce, OR other exchange
room, hall or place, wherein is conducted
or permitted the pretended buying or SELL
ing of the shares of stock, or bonds Of
any corporation or association, or of
petroleum, cotton, grain, pork, lard, pro-
visions or produce of any kind, either upon
morgan or otherwise, without an actual
bona f1de intention Of receiving and pay
ing for the property so bought. or of de-
livering the property SO. sold or wherein
is conducted or permitted the pretended
buying or selling Of such property on mar
gins; or where is carried on or con-
Quoted, or knowingly permitted to be
carried on or conducted the business
commonly known and designated as deal
Ing in futures where such business IS
carried on or conducted, directly or indi-
rectly, by or through any member or mem
bers of any board Of trade, chamber of
commerce or other exchange or not; and
the keeping Of any and all such places
is hereby prohibited"
::. Stiff Penalty Prescribed.
The penalty fixed is a fine of $500 to
$4,000, Imprisonment not to exceed one
year, and in the case of corporation,
forfeiture of it's charter.
Section 2 prohibits any sort of dealing
in futures without actual intent of receiv-
ing or delivering the property dealt in.
Any such contract is declared void and
by section 3, the party making payment is
authorized to sue and recover what he has
paid from the other party to the &bntra ct.
Section 4 provides that in any such pro-
ceeding the, fact that the articles to be
traded in were not owned by either party
| and that the settlement was made with
out actual delivery and receipt of the
| commodities, shall be prima facie evil
dence that there was no original intention
! to receive or deliver the commodity, and
| therefore that the transaction was deal
ing in futures and illegal.
| Armstrong Uses the Hammer.
George w. Armstrong Of Minneapolis
created something of a. sensa ton by op-
| no he
ing for the committees bill. He. said the
Minneapolis, Chamber Of Commerce had
asked the passage Of a law declaring gam
bling carried on 2under. its auspices legal
and making the same thing Illegal when
| done by outsiders No legislature could
be expected to grant such a request which
| could have been dictated only by a de-
sire on the part of it's member to secure
a monopoly of a business frequently
abused and: when abused most reprehen-
sib1e. ".i>' ,--'' 7'',+ >'.-= '"|<0 ,
y Mr. C1ague declared that he came from
Ia town where "a member of the chaInbe
of commerce conducts a bucket shop.
He said the company had mulcted resi-
/ dents of $4,000 and concluded thus: -
think it is about time. we put a stop t,
all this business and hope the commit
i tees bill will pass"
- More Investigators Named.
The S. D.,Peterson investigation of tn
chamber of commerce will be conducte
by a committee of seven, instead Of tn
original three appointed by the speaker
The increase was made this morning o.
motion of Mr.. Gillette, against the pro
4 test of Chairman Peterson. .:--z
Il The motion also authorized the com
Imittee to investigate other chambers O
commerce, boards of trade and grain
companies. The original committee con
sisted Of S. D. Peterson of New Ulm
chairman; J. B. Kelly of Dakota county
and George r. Smith of Hennepin