The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-06-20

no money that would advance their share out Of my
savings. In few days got nice little note from
the tirm saying that our money had already rebied,
but it would be bad policy close the transaction as
the market was bound to go higher VI course we a.. az
superintendent of our store was ugly that day ana
made some sharp remark to me which resented.
felt independent you know, at the prospect OF max
| ing so much money that could not take abuse from
anybody. The superintendent told me that must not
talk back to him. and did talk back to him, and Twas
| Oh, dear; and now don't know what to do This
morning Of the girls got another note from Take
and keepits Office saying that bear or some other
animal had got into the market, and unless we sent
| $50 more each, would lose all that we had in
vested Not of the girls have got 800 and have
/ only SAT, which is not enough The manager has
| given us two days to raise the money. Now wont
You lend 500 and will pay you back when get
my proftsl Won't you, pleased Your old friend.
| p S-This is strictly confidential
/ z. S. No. 2.-Dont tell father.
| sPoor littlesRose," murmured Timothy, as he
folded the letter and replaced it in its envelope
And so she has been caught by the same bait.
| Well, she must be got out of that scrape some
| how" Timothy made up his mind to go to New
York and explain his own experience in stock
| speculation to Rose and induce her to abandon
| that ne had a cousin in New York who was a
lawyer, and it occurred to him that perhaps
there might be some way OF getting back some
| OF the cash that Rose and himself had invested.
/
| Timothys credit was drawn out for necessary
/ expenses, and the next day found the young
| farmer in the busting metropolis. He found
| Rose without trouble, and his story cured her OF
the speculative fever Immediately. Next he
/ sought his cousin the lawyer, who smiled grimly
| when he heard Timothy's tale. $50 you have
been patronizing the bucket shop have your
| said he.
What do you mean by bucket shopr queried
| Timothy.
| "a bucket shop is place where BETS small
and large, are made on the fluctuations in the
| prices of stock grain, oil or provisions. The
| proprietors of bucket shops sometimes call their
/ establishments open stock exchanges, or ex-
changes where fractional lots of stocks are dealt
| in. The fact is, never certificate of stock a
| bushel Of grain, or barrel of oil changes hands
| in such places The socalled business is moth
ing but betting, with the chances in favor of the
| shops. The customer bets that the price Of a
certain stock will 60 up or down, and if he stays
| in the shop and watches the quotations as they
come out he stands some chance of getting his
money if he wins But come with me and will
| show you bucket shop"
| The LAWYER conducted Timothy to the lower
! part Of Broadway and showed him large office,
| handsomely finished in polished wood and fur
nished luxuriously. 1t was very busy place.
| One of the walls was covered with blackboards
on which were the names and quotations of all of
| the active stocks, and the different kinds and
| grades of grain and OIL The quotations were
| constantly being changed on the blackboards by
| movable figures in accordance with the announce
| ments made by the ticker" instrument in one
| end OF the room. The quotations are derived
| from the Stock Exchange and the governors of
that influential body have been striving for two
| years to prevent bucket shops" from using their
| quotations. 1t has been urged that the "bucket
| shops" not only undermine legitimate stock
| speculation, but that they tempt uniformed
| country folks to make investments which they
cannot watch and clerks and messenger boys to
make small ventures with money that does not
belong to them. Timothy and his cousin OBJ
served that in the bucket shop they were in,
| by far the largest proportion of customers were
young boys ranging from twelve to eighteen
! years of age. Every person in the room watched
| the constantly changing figures on the black
boards with feversh anxiety.
After a while the eyes of the lawyer discerne2
| in the assemblage a man with whom he was we'll
acquainted, and who is known in the street as
one of the shrewdest and most successful bucket-
| shop" operators. YES said this veteran op-
orator, after he had been introduced to Timothy,
| II am of the few persons that have 'bucked'
| against the bucket shops and come out winner.
| have had some pretty stiff fights with them,
| though" Timothy briefly stated his experience,
and the veteran continued: "Of course you lost.
You had no chance to win. The cards were all
in the hands of the banker You had no means
| of knowing whether prices were going up or
down, and Of course the banker wasn't going to
post you. Bucket shops don't make their money
| by posting innocents like you. Their chief game
|
worth. You are what we term country angel.
"How many bucket shops are there here in
! New York; asked Timothy, curiousy.
| about thirty, should think Most of them
| are right down here. in The territory bounded
by Broadway, Wall street, Broad street and
| Beaver street There are few up town, how
| ever. Two or three have fine quarters In hotels.
| There some elegantly furnished bucket
| shops which have only ladies for customers.
| The ladies are reckless and persistent gamblers,
| respectfully
that they don't dare kick when they lose their
| money"
"What is the smallest investment that
| bucket shop will acceptp
| 'Some bucket-shops will issue ticketfor So,
| others for not less than So Except in the cases
of mere boys, $40 is usually the smallest amount
| staked. You can buy an option on 100 shares of
| stock for $40. The banker charges you / per
| cent. for buying and for selling, consequently
| that is per cent deducted at the outset from
| your margin. If you only have $40 up on 100
| shares of stock for rise, and the stock drops
| you are wiped out. Oh, it is great scheme
| One interesting feature of bucket-Shops is that
| you find them in such out-of- the-way places
| sometimes. / once stumbled across bucket
shop in a room 10 feet square on the seventh
| floor of a building 1t was patronized exclusive
| ly by messenger boys and brokers clerks"
when patron considers that he has not
been treated fairly is there no means of his get
ting redress9" asked Timothy, thinking of his
| own case and that OF Rose.
| "Well, as near as can find out answered the
veteran, there appears to be no law which can
reach their peculiar style of business. Those
| having cause for complaint who have appealed
| to the law find themselves after winning their
case, met with the declaration the part of the
persons prosecuted, We have nothing to do
| with this business. 1t is not ours. The gentle
man who owns the place lives in Chicago We
| are the hired managers only, and we have
chattel mortgage on the furniture in the office
| The most beautiful and touching characteristic
/ OF the failure of q bucket-ShOD is the dearth of
assets. Within short time several firms have
temporarily retired from the 'bucket-shop bust
ness. They had no money to pay debts, but it
was noticeable that none OF the retiring bankers
went very far in the direction of the poor house
| These 'retrements' or suspensions are usually
CAUSED by the awakening of the customers to the
| crooked ways of doing business. The suspended
bucket shop is generally reopened under some
L,,ss sc. a.