Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1883-02-15
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 hand in the business and
to try their luck in a 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 commission firms
will convince the public to what extent coop
erative gambling is carried on.
Thanks to the watchfulness of the Post-of-
fee Department the fraudulent transactions
of these bogus firms have been exposed, and
thanks to the ever-VigiIant newspapers for
putting the unsophisticated upon their guard.
1t has been estimated that at least 100000 has
been received by these firms by
mail and express during the 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. 1t was simply
to induce Tom, Dick and Harry in the country
to send in five dollars. ten dollars, any other
sum that they were willing to invest in big
pool that was sure to realize 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
rleQ on 10 any extent ana on q gFaDO scale, 10
the great profit of those who receive and han
die the cash. g-~
The scheme had many merits as first-class
swindIe. 1t held out the delusive promise to
make little money for the contributors by a
lucky turn of the wheel of fortune (Which al
ways turns in favor of the man at the crank,
and the amounts were so small that nobody
was likely to make fuss about it if things
took an unfayoTable turn on the board
| 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 skiIlful rascaIs
could have so managed the business that they
! could really have invested the money in mar
! gins, and If they had been on the winning side,
! could haYe kept the surplus, and showed their
! customers that there had been loss. But the
| probability is that no investment of the sort
| had been made. and that their immense re-
| ceiptS have been put where they viii do the
] most good to themselves. lIt ~ Ll
| The whole shameful transaction makes
| threethfngs little palmer than they we're be-
are soon parted; e. that there IS an almost
| universal desire to try ones luck in some sort
/ of speculation, and 81 that the insuffc1ency of
| our laws and the loose method of executing
| them make such seandalouS 5Rindles COM
/ paratiEely safe. No doubt, many poor men.
| and even poor women, have contributed five
| or ten dollars, or more. to this general fund
viii bear the loss in silence, not wishing to let
| their intimate friends know what fools they
i have been making Of themselves.-Ctc Gg0
| .JOttTTld