The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1883-02-17
The Bogus Commission Business.

Speculative ventures on the Board of Trade
have become so popular and so common
among persons of means that poor people are
beginning to take a hand in the business and
to try their luck in deal on margins accord
ing to their means. The revelations that have
recently been made in this city of the opera
ton of two or three bogus comm ission firms
will convince the public TO what extent coop
erative gambling is carried on. ... o..
Thanks to the watchfulness of the Post-of-
fee Department, the fraudulent transactio IS
of these bogus firms have been exposed, and
thanks to the ever-vigilant newsp lpers for
putting the unsophisticated upon their guard.
1t has been estimated that at least 10000 has
been received by these firms by
mail and express during tho past
six months, and no doubt their
receipts in the aggregate will amount to much
more than that. Their mode of operating was
very simple, and appealed at once to the Gu
pidity of their correspondents. ltwas simply
to induce Tom, Dick and Harry in the country
TO send In five dollars, ten dollars. or any other
sum that they were willing to invest in big
pool that was sure to realize a big thing for the
investors. The smaller the sums sent the bet
ter, and the more scattered the correspondents
the better for the sharpers engaged in the
swindle, because the small contributors were
less liable to make them trouble in the final
outcome than if the donations had been larger
In this way cooperative gambling can be car
ried on to any extent and on a grand scale, to
the great profit of those who receive and han
die the cash. i. ... H.t
The scheme had many merits as first-class
swindle. 1t held out the delusive promise &c
make little money for the contributors by q
lucky turn of the wheel of fortune (which al
WAYS turns in favor of the man at the crank
and the amounts We're so small that nobody
was likely to make fuss about 1t if things
took an unfavorable turn on the aboard.
And then, with the aid of adroit and unscrupu
lous accomplices, the books of the firm could
always be so manipulated that "heads win
and tails you lose," and everything would ap
pear square on its face. These skillful rascals
could have so managed the business that they
could really have invested the money in mar
gins, and III they had been on the winning SIDE
could have kept the surplus, and showed their
customers that there had been loss. But the
probability Is that no investment or the sor1
had been made, and that their immense re
ceipts have been put where they will do the
most good to themselves.
The whole shameful transaction makes
three things n little palmer than they were be
fore, to-wit.: ~ that the fool and his money
are soon parted; ca that there Is an almost
universal desire to try one $ luck in some sorl
of speculation, and C) that the insufficiency OF
our laws and the loose method OF executing
them make such seandalous swindles com.
paratively safe. No doubt, many poor men
and even poor women, have contributed five
| or ten dollars, or more TO this general fund
will bear the loss in silence, not wishing TO lei
| their intimate friends know what fools they
| have been making OF themselyes.-Ch Gag,
| Journal