The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-01-20
"A BILL TO STOP
! OPTION TRADING
HOUSE MEASURE CLASSES ALL
q AS "BUCKETsHoPPING.''
Z. J. Wells, the Author, Would Stop
All Dealing Which Does Not Involve
Actual Delivery, and Provides Heavy
PENALTIES for Violation-Representa-
tive Erickson Also Has Bucketshop
Bill ~ "s>". ~

Under the guise of measure to pre-
went bucketshopping, r. }. Wells
Eof Breckenridge proposes to prohlplt
aall transactions in futures or deals in
(which there is not actual delivery. The
hill prohibits the maintenance OF room
.or office "wherein is permitted the
apretended buying or selling OF shares
Cor bonds, of cotton, grain, produce, etc.
either upon margin or otherwise, with,
out an actual bona fide intention OF
87eceiving and paying for the property
go bought or of delivering the property
$50 sold; or wherein is conducted or
permitted the pretended buying or SELL
Ing Of such property on margins, or
wherein is carried on or conducted, or
knowingly permitted to be carried on
or conducted, the business commonly
known and designated as dealing in
futures, whether such business is car
Iried on or conducted directly or indi-
Irectly by or thru any member or men,
lbers of any board Of trade, chamber
of commerce or other exchange or not. -
The bill makes all contracts In
Hutures null and void and permits the
recovery of money invested in such con-
Nracts.
The penalty for the violations of the
pxincipal sections is a fine anywhere
4rom $500 to $4,000 or Imprisonment for
6zy term up to one year.
A More Liberal Measure.
G. Erickson also presented an anti
s*bucketshop biQ,' but this aims direct
1y at the evil feature of trading in
Natures and Is patterned after the bill
two .3 years ago ~ ssnafEr
Legally organized boards Of trade,
chambers Of commerce and stock ex-
changes are not included in the opera
tions of the bill.
These two measures reopen the fight
between chambers Of commerce and
bucketshops, which was one OF the
Features Of the session OF 1908.
"Loading" Control Building Bill.
! J. H. Morley Of Owatonna proposed a
measure relating to the board Of con-
troll, which will cause hot debate later,
as this will tend to stop. the movement
TO relieve the board Of its authority
eoh ep Mr. Morey wants a the 1 state
public schools Of his own town and the
SCHOOLS for the deaf, dumb and blind Of
Faribault included in the list of educa-
tional institutions which do not proper
" come under the jurisdiction Of the
board Of control. 1t was similar meas
efforts of the friends Of the university
and the normal schools to make them in
dependent Of the board Of control.
Bank Stock Tax.
Marcus Lauritson Of Tyler offered a
stock shall be levied against the bank.
The list of stocks was to be supplied by
the cashier The officers Of the bank
are required to pay such taxes out OF the
dividends and the tax becomes lien on
the. stock when not paid. No transfer
bepaid.
Tended a bill appropriating 100000 for
the construction of a bridge across Min
nehaha creek at the Soldiers Home.
This is to replace. the present wood con-
struetl991n, which is old and is becoming
decidedly unsafe.
Jacob F. Selb Of st. Paul proposed a
constitutional amendment prohibiting
the state legislature from fixing the
statutory value of a human life. Under
the constitution the maximum amount
which can be recovered in suits for dam
ages by reason Of death is $4,000. The
amendment if adopted will leave the
question of the amount Of damages
wholly in the discretion of the jury
which hears the case.
Good Roads Delegates.
On motion Of Ole Peterson, the speak
Or was authorized to appoint commit.
tee Of nine members, one from each con-
gressional district, to attend the state
good roads convention on Jan. "a, as
Representatives Of the house Of represen-
tatives.
pointment Of Ole Peterson, J. H. Nor.
ley, A. l.. Cole, r. H. Jefferson, L. H.
IS johnson, A. J.. Wood, J. T. Mannix,
Sievren Swanson and Hans 0. Hanson as
such delegation.
NEW HOUSE BILLS.