The Washington herald., 1908-04-01
HITS BUCKET SHOPS
Drastic anti-Gambling Bill
Entered in House.
STOCK EXCHANGE FRIENDLY
Ogden ID. Judd, President of New
York Consolidated Stock Exchange,
Suggests Changes nt Meeting of
the House District subcommittee.
Bill Defines Bucket-shOp.

An anti-bucketing and anti-bucket-shop-
ping bill, which has received the approval
Of ogden D. Judd, president OF the New
York Consolidated Stock Exchange, was
introduced yesterday by Representative
Campbell This is the third time that
Mr.. Campbell has introduced an anti
gambling measure The first was aimed
at ell forms of gambling from matching
for drinks TO betting at Benning.
The second bill left out the feature
which prohibited gambling on sports ana
confined Its attentions entirely to bucket
ing and bucket-shopping. The bill of yes
terday takes the place, naturally. Of num-
Der two, and is believed TO possess all
those broad and necessary principles
which an anti-bucketing or anti-bucket-
shopping bin must have 70 become law.
Defines Various Terms.
The bill is called An act 10 prohibit
bucketing and bucket-shopping in the
District OF Columbia" After defining
such uncouth terms as person, contract,
securities. commodities" the bin goes on
to state what is a bucket-shop. Bucket
shop" sayes the bill. shall mean any
room, Office. store. building, or other
place where any contract prohibited by
this act Is made. or offered to be made"
"Keeper." continues the bill shall
mean any person owning. keeping, man
aging. operating or promoting a bucket
shop. ol assisting TO keep, manage. oper-
ate or promote bucket-shop.'
"Bucketing or bucket-shopping, says
the bill. shall mean:
seT .ern ~ 70 u1r.
any contract respecting the purchase or
sale of either upon credit or upon mar
gin Of any securities or commodities
wherein both parties thereto intend, or
such keeper intends. that such contracts
shall be, or may be, terminated, closed
or settled according 20. or upon the basis
Of. the public market quotations Of prices
made on any boards Of trade or exchange
upon which said securities or commodities
are dealt IN, and without a bona fide pur-
chase or sale Of the same; OF
"B. The making Of, or offering to make
any contract respecting the purchase or
sale. either upon credit or upon margin,
Of any securities. or commodities. wherein
both parties intend or such keeper in
tends, that such contracts shall be or
may be. deemed terminated, closed or
settled when such public market quota
lions Of prices for the securities or COM
modities named in such contract shall
reach certain figure, without a bona
fde purchase or sale Of the same; or
Some More Light.
&C. The making of, or Offering to make
any contract respecting the purchase or
sale, either upon credit or upon margin.
of any securities or commodities. wherein
both parties do not intend or such keeper
does not intend. the actual or bona fide re-
ceipt or delivery OF such securities or
commodities, but do intend. or such
keeper does intend. a settlement OF such
contract based upon the difference in
such public market quotations or prices
at which said securities or commodities
are, or are asserted 10 be bought and
sold"
a fine OF $1,000 or Imprisonment for oce
year are the penalties for violation OF the
act. A second offense. and the act of con-
tinuing the bucket-shop after the first
conviction has been secured Is to consti-
tute a second offense. is punishable by
five years Imprisonment
The publicity feature OF the bill pro-
vides that intending purchasers or sellers
must, on demand be furnished with all
germane information concerning stocks
offered, such as previous holder. prices
at which it was last sold or bought, &c.
In case such information IS not divulged.
upon demand. within twenty-four hours
after such demand, this refusal shall OF
itself constitute a violation Of the pro-
posed law.
MRcfRriand Appears Too.
In addition to Mr.. Budd. Commissioner
Macfarland appeared before Mr.. Camp
BELLS subcommittee. The Commissioner
showed himself 10 be heartily in favor
Of stopping any form Of gambling. and
he regards bucket shops as places for
gambling. he therefore advocated the