Page:United States Statutes at Large Volume 42 Part 1.djvu/215

 SIXTY-SEVENTH CONGRESS. Sess. I. Crrs. 85, 86. 1921. 187 owning such improvements. All lots in said town sites not so disposed ,05;* °* "““‘°l’°°°d °* of at the expiration of one year after the passa e of this Act shall be ° _ subject to private sale at the appraised value thereof, or to com etitive sale, at not less than the appraised value, in the discretion oi) the Secretary of the Interior. Approved, August 24, 1921. CHAP. 86.-An Act Taxing contracts for the sale of for future delivery, A§.lH1i..2ié·i•li1° and options for such contracts, and providing for the reguiiiiin of boards of trade, and for other purposes. Be it be enacted by the Senate and House '¢i£Represe11.tat·aZ*vesEx;>f’ the United States of America in 0011 ess assembled, at this Act sh be lmown mw? A"` by the short title of "T£ Future Tradinlg Act." Sec. 2. That for the purposes of this ct " contract of sale" shall '*`°'”“°°””'°°d· be held to include sales, a§eements of sale, and agreements to sell. That the word " erson" s all be construed to import the plural or singular and shsl include individuals, associations, artnerships, corporations, and trusts. That the word "grain" shall be construed to mean wheat, corn, oats, barley, rye, flax, and sorghum. The term "future delivery " as used herein, shall not include any sale of cash %a$lri for deferred shipment or delivery. The words " board of trade" s be held to include and mean ppy exchange or association, whether incorporated or unincorpora of persons who shall be engaged in the business of buyinrlgl or selling grain or receiving the _ same for sale on consignment. e act, omission, or failure o any b,,f’{_§':“a§,';'i,,¥:;,·P?:;_¤‘· official, agent, or other person actinghigr any individual, association, partnership, corporation, or trust wi the scope of his employment or office s all be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust, as well as of such official, agent, or other person. Sec. 3. That in addition to the taxes now imposed by law there is 0 ·;*}j.~},*}g{’°s},,6°g{p`*;;_* hereby levied a tax amounting to 20 cents per bushel on each bushel ciiase orgmm. involved therein, whether the actual commodity is intended to be V°l‘*°’°‘u3°‘ delivered or onl nominally referred to, upon each and every privilege or option for a contract either of purchase or sale o grain, intending hereb to tax only the transactions known to the trade as "privile es," "lliids," "oil’ers," "puts and calls," "indemnities," or "u s an% downs." _ Sho. 4. That in addition to the taxes now imposed by law there is ,,,?,,2?,'$",g‘,$" '°' '°' hereby levied a tax of 20 cents a bushel on every bushel involved therein, upon each contract of sale of gram for future dehvery a ere ese erisa eimeo em osuc conrac 8 0, _ · cX(E€i)tV_iT—h th ll t th f f th aking f h t t  °"'“°' the owner of the actual physical property covered thereby, or is the tc" www grower thereof, or in case either party to the contract_is the owner or renter of land on which the same is to be grown, or is an association of such owners, or growers of gram, or o such owners or renters of land; or (b) Where such contracts are made by or througlgca member of a ,gI{;gg$)gg{{§g§hUjd°j· board of trade which has been desi ated by the retary of Agn- mqwmmg culture as a " contract market," as iriareiuafter provided, and if such contract is evidenced by a memorandum in writing which shows the date, the parties to such contract and their addresses, thegroperty covered and its price, and the terms of delivery, and provided that each board member shall keep such memorandum for arperiod of three years from the date thereof, or for a longer period the retary of Agriculture shall so direct, which record shall at all times be open to the inspection of any representative of the United States Department of Agriculture or the United States Department of Justice.