USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 91 of 97
keeper contemplated or intended that the contracts, agreements, trades or transactions shall be, or may be closed, adjusted or settled according to or upon the basis of the market quotations or price made on any board of trade or exchange, upon which the c ommodities … referred to in such contracts, agreements, trades or transactions are dealt in, and without a bona fide transaction on such board of trade or exchange .” Mich. Acts, no. 328 §§ 126 -128 (1931). M INNESOTA x Outlawing bucket shops, which are defined, in relevant part, to be “office[s], store[s] or other place[s] wherein the proprietor or keeper thereof … conducts the business of making, or offering to make, contracts, agreements, trades or transactions respecting the purchase or sale, or purchase and sale, of any [ ] grain, provisions, or other commodity … wherein both parties thereto, or said proprietor or keeper, contemplates or intends that such contracts, agreement, trades or transactions, shall be, or may be, closed, adjusted or settled, according to, or upon the basis of the public market quotations, of prices made on any board of trade or exchange, upon which the commodities … referred to in said contracts, agreements, trades or transactions are dealt in, and without a bona fide transaction on such board of trade or exchange .” Minn. Stat. §§ 10488-10489 (1927). M ISSOURI x Outlawing bucket shops, which are defined as “place[s] wherein the person carrying on the bucket shop, then and there, either as principal or agent, pretends to buy or sell, or goes through the form of buying or selling, to or for any other person or perso ns, … petroleum, cotton, grain, provisions and other commodities, or any one or more of the same, at prices fixed or pretended to be fixed by trades or transactions made or offered to be made in same on boards of exchange or otherwise, but wherein there is in fact no actual purchase and sale, or sale and purchase of such commodity for or on account of the party or parties thereto .” Mo. Rev. Stat. §§ 4316 - 4318 (1929) (citing Mo. Rev. Stat. § 3565 (1919)).
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