The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-11-22
BETTING ON ELECTIONS.
Now u Recognized Branch OF wall Street
urO;xrvnce

"rORcrDce.
Betting On elections has become a recoe.
nizei branch OF tho business OF many Wall
street brokers. Toward tho end Of the recent
campaign the betting on tho national election
became OF such magnitude that the nhinss ti
Cleveland and Harrison might appropriately
have been placed among tho stocks and print
cd with the regular quotations. 1t is likely
that In future campaigns much more bottng
than ever Will he done by recognized brokers.
and that the election betting. like other big
nnancia! interests. will centre in Wall street.
As the majority OF the Wall street bets were
not made with the publicity which attended
betting in the Hoffman House. 1t was only
when settling time came after tho election
that their gross magnitude became somewhat
known. Tho bettors on tho election in Wall
street were greater spectators than those
who made wagcrs ut tho Hoffman House or
put up their money at some uptown pool
room Hundreds OF men keep balances with
their Wall street brokers to he available at
any time in stock speculation These ac-
counts d irer from the ordinary bank account
in that the Wall street account is kcpt for
purely speculative purposes while the bank
account is for business PURPOSES. After u
S"nness ssns9n Of when tho mer
and obligations and has a comfortable SUR
plus left. lie Is apt TO go TO Wall street to in
the Nall street fund AS somewhat OF the ma
ture bf gambling money.
With such men speculation this autumn
took for the first time u turn toward elections.
whereas before It had been confined to stock.
Tnss M and ShS PHSss, Win
tothe business man rs docs politics. Almost all
business men personally have strong political
take the trouble and time to register and vote
have W strong feeling for op ',, part, or tho
charged commissions on election bots. and
this gave tho speculative business man still
m2re 3t turn toward election ,, bets. Tor ne
also attracted him from tho uptown betting
resorts; TOR any man going to ,. z bookmaker to
II he could meet at once some man who was as
eager to bot on the other side.
to obliGe their customers. who had balances
with them and they P found that the bust
nut VIZ by the customer. and as tho brokers
making the bet were we'll acquainted With
the IN he hands
ths money without nsyns Interest t. ,hs
Sss!sn sS profits ' made 'Fskst ref re
GreGate these Wall street election :, bets
rss so han tn s
Cleveland Or on Harrison. and the broker
II he had an order to buy or sell 5000 shares.
New possibilities have been opened to tho
Wall street brokers now that they have seen
how easily they can do the bust ness OF election
betting. which might DO extended to cover any
other event of uncertainty or great public in.
terest There is now no betting place In New
York corresponding to certain wel-known
betting establishments In London and Paris.
qures man Of some experience to deal with
them: besides. the associates are not always
pleasant and the security for payment. II ono
wins. is not so good rs 1t might be. The per
cent. against the player is nigh. Us tho ex-
is, not the open competition between them
which exists, between brokers. 1t now re-
mains for brokers to take bets on horse races.
as they have taken bets on the elections they
would get different kind of men In the horse
race betting. and through the summer Wall
street would not be SO dull and proiltless as 1t
usually Is during that season.