Daily globe., 1882-04-30
Graveyard Gambling.


There seems to be no limit to the re-
sources and devices for gambling. The
chevalier d'Sndmstrie has developed
along with the artisan and the business
man in the march of civilization. The
mania for speculation has seized upon
all classes and all degrees, from the
street ga1ains who toss pennies in the
alley to the church deacons who man.
age rafies at the charity fairs. 1t will
be learned with astonishment, however,
that the staid, sober old State of Penn
sylvania has promoted species OF
gambling which exceeds in grotesgue-
ness anything of the kind that has yet
been discovered. A stroll through
Gamblers alley" In Chicago, which is
made up of a confusion of Boards of
Trade, bucket shops and pool-rooms,
with the click of checks from neighbor-
ing faro and keno banks, would lead one
to believe that gambling had there been
reduced to fine art, and that the most
vaulting speculative spirit or the most
threadbare and desperate sport could be
accommodated with every possible va
riety Of gaming. But the Quaker State
has invented new scheme. It is known
as death-bed insurance, but might be
more accurately designated as graveyard
policy playing.
The origin OF this new system of
speculation was probably the assessment
plan of life insurance, which has led to
the organization Of various associations
of mercantile clerks, railroad men and
other branches of trade for the payment
of stated sum upon the death of any
one Of the members. This payment is
assured by an assessment levied upon
the surviving members. 1t has been
found to work satisfactorily for time,
but the system is peculiarly exposed to
fraud. It has finally been seized upon
i'll Pennsylvania by professional experts,
who run the business very much after
the manner of "policy.shops." )" Death
bed insurance is described as follows:
GA company formed for the purpose,
OF a decayed ife-insurance company.
adopts the assessment principle of life
insurance. All the policyholders are
assessed at certain fixed rate upon the
death of any person whose life has been
insured. For example, whenever a
death occurs, every person owning a
policy of $1,000, usually upon the life
of some other person, Is assessed $1.25,
and larger pohcyholders in proportion.
A is a farmer who has a neighbor, B,
generally believed to be at the point Of
death. Now, if A can take out IN some
accommodating company a policy OF
81 900 on BIS life, and B dies after, say,
only ten deaths have occurred In the
company, A will have paid $12.5 in as
sessments. and can collect $1,000, get
ting a very handsome return on his in
vestment."
It appears that there is aset of ghouls
who make business of prowling about
houses, discovering the sick, aged or IL
firm, and taking out policies on the lives
of such persons. In other words, they
bet on the chances Of certain PERSONS
diving within few weeks. Ii their
"risk" survives after the payment OF a
few assessments, the graveyard gam
blers abandon their subject as bad IN
yestment, and allow the policy to be
forfeited. If death occurs within the
limit of risk they have determined to
take, they realize $1,000 upon the
corpse. An enterprising and courageous
speculator will probably take on large
line of old men, few smallpox cases,
one or two dipththeria patients, and,
occasionally, perhaps, risk love-sick
maiden. An operator, we will say, de-
termines to ego short on twenty-five
lives, in which Bright's disease OF the
kidneys, chronic dyspepsia, alcoholism,
consumption, old age and general de-
bility are the leading features of the
market. He estimates that by the time
he has paid out ten assessments of 81 on
each of his twenty-five risks, or $3.50 in
all, he will have corpse ready on which
he can realize $1,000. If the market
goes against him and he has no cadavers
to deliver, he "lays down " and forfeits
his margins. Spectators in grain and
stocks will readily recognize the SINH
larity between their operations and the
graveyard policy business.-Chscagc
Tribune.