National Republican., 1884-09-09
GAMBLING IN STOCKS
The Difference Betwcon Speculation
On the stock Exchange and In tho
uuckea sbouH
Riqolon in % Ngg York snn.

On the stock Exchange and Ia tho
bucket Shops.
"Riqoio'' in tAe Ngp York Sun.
Tho position which the stock exchange
has taken against the bucket shop has some 4
amusing features about ". IL the stock
exchange people confined their business to
buying and selling stocks for bona flde
investors they would bo justified in OBJ
jecting to tho purely gambling bucket
shops ~ haunts Of wiokedness and vice.
Unfor tunatoly, howovor, for every 100
shares Of stock which is bought or sold
outright on the stock exchange for q ous-
toner's account, there are probably 10000
shares dealt in for speculative purposes.
All the bucket shops have done Is roally
10. eliminate tho Investment business, and
olYor the speculative public, 10 much i'm
poyerished at present, place whero they
can deal In small lots Of stocks on small
margin suitable TO their meager purses.
| According 30 the latest rumors, tho stock
exchange intends TO take the tickors away
from every public place, such as restau-
rants and hotels, 30 as TO render the bucket
shops unable to steal the quota
tions. But will this bring back buai-
ness to the stock o1changop Apparently
not, In tho first place, tho public arc
afraid Of corners, pegs, and other tricks
played at the stock exchange, and, in the
second place, they have no confidence in
tho men who control stocks and bonds
quoted on tho board. A proof of this Is
TO be found In little bond transaction
which occurred last week. A railroad
company with tho usual Wall atreat On
tanglinR alliances would have great dltii-
Guilty in placing new bonds on the market
at tho present iuncture. Yet u new gas
company. tho Equitable, not yot even
manufacturing gas found that they wOro
Obliged to refuse more than half the bids
which they received for 100000 Of 6 per
cent. bonds which they offered, and the
price of which 10 now l03 bid. Very
likely tho reason for this anxiety TO pur.
chase the bonds wSs tho fact that such
conservative mon rs Messrs. Eugene
Kelly and ]. ID. Vermilye are connected
with tho enterprise, and, therefore, tho
public know that tho securities will not
be allowed to become speculative foot
ball. Mr.. Keene was the only stock
operator who ever had anything to do
. with the company. and he sold out his
interest in IL somo time ago.
4 But there Ia another sido to tho bucket.
shop question, and one in which the stock
exchange is right, although that body Is
not exactly fit ono to preach morality.
tho stock exchange are men Of means,
able to lose money without doing any
material harm to anybody except them
selves and their families. II Is very
seldom that tho loss OF very largo sum
! Of money induces reputable stock
broker to rob his customers. But the
small fry who frequent bucket shops, put
ting up dollar or two, are often poor
clerks, salesmop, messengers, and similar
: employees, who frequently steal from their
employers in order to gamble iu bucket
, shops. To take an illustration from bet
ting affairs: Suppose that Mr.. Pierre
/ Lorillard won on Saturday, as it is
rumored, $4,000 on Drake Carter. No
one can object TO it, and every one ought
to be glad that spirited owner Of raco
horses got back some of tho money he
= paid out for his horse, which no ha:
run for tho lovo of tho sport and
tho amusement Of tho public. But
II boy on SO week had backed
. the horse In ono of the bucket
shop betting places for % cents and won,
everybody would have had cause for ro
: gret, simply because the lad would aftor-
, bward have surely lost. and probably have
0 stolen from his employer to mako up d
: deficit. The whole bucket-shop question
! resolves itself into contradiction Of the
n old proverb; "What Is sauce for tho goose
4 is sauce for tho gander." Speculation on
l. the stock exchange is incomparabiy les
Is harmful than speculation in these buckle
. shops; hut it ia not tho business Of tn
n stock exchange to say with what sauc
1t the bucket-shop gander shall be sor ve
&c up. This is subject for proper legisla
y tion, and the stock exchange will be very
!, foolish to provoke il, for our solons q
r. Albany may fail to discover that there i
], so much difference between tho gooso ant
/ the gander.