Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-27
WALL STREET BETS,
Figures Show That There We're More
Wagers on the Election
THAN AT THE SPORTING CENTERS.
Brokers Now Handle This Feature Of Specu-
latiOn Regularly.
Han AT THE SPORTING CENTERS.
NOT0RIETY CAN THUS BE AVOIDED.

NEW YORK, Nov. 26-Betting on cleo
tions has become recognized branch of the
business OF many Wall street brokers.
Toward the end of the recent campaign the
betting on the national election became OF
such magnitude that the names of Cleve-
land and Harrison might appropriately
have been placed among the stocks and
printed with the regular quotations. 1t Is
likely that in future campaigns much more
betting than ever will be done by recog-
nized brokers' and that the election betting,
like other big financial interests, will GEN.
tire in Wall street.
As the majority of the Wall street bets
were not made with the publicity which at
tended betting in the Hoffman House, 1t
was only when settling time came after the
election that their gross magnitude became
somewhat known The bettors on the elec-
tion in Wall street were greater spectators
than those who made wagers at the Hoffman
House or put up their money at some up
town pool room. Hundreds of men keep
balances with their Wall street brokers to
be available at any time in stock specula-
tion. These accounts differ from the ordi-
nary bank account IN that the Wall street
account is kept for purely speculative pur-
poses, while the bank account is for busi-
ness purposes.
They Take a Little Flyer.
After prosperous business season, when
the merchant has taken care of all OF his
own paper and obligations and has a COM
Portable surplus left, he is apt to goto Wall
street to invest and usually to speculate,
Ior he regards the Wall street fund as some
what of the nature of gambling money.
With such men speculation this autumn
took for the first time a turn toward cleo
fions, whereas before it had been confined
to stock, wheat, corn, OIL and other prod
uctS with recognized quotations None OF
them appeals to the business man rs does
politics Almost all business men person
allv have strong political prejudices. Even
many of those who will not take the trouble
and time to register and vote have strong
feeling for one party or the other. Wall
street brokers have not as yet charged COM
missions on election bets, and this gave the
speculative business man still more turn
toward election bets, for he did not have to
pav a quarter commission. 1t also attracted
him from the uptown betting resorts, for
any man going to the bookmsker to place
his money would do little worse than if
he could meet at once some man who was as
eager to bet on the other side.
Tine brokers began by placing election
bets to oblige their customers who had bal
Rnces with them, and they soon found that
the business WIS profitable. The money
was always put up by the customer, and as
the brokers making the bets were well
acquainted with each other there was no
Necessity for putting the money in the
hands of stakeholder, and the respective
brokers could retain the money without pay
ing interest If the election bets were made
long time before election the profits were
greater than if he had made a turn in stocks
1or his customer, and the bother was much
less.
The Aggregate Very Large.
1t is likely that in the aggregate these
Wall street election bets amounted to more
than the Hoffman House bets. A man
could offer through his broker to place
$50, 600 or S100 600 on Cleveland or on Har-
Tison and the broker would parcel it out in
lots in the same way as If he had an order
10 buy or sell 5000 shares.
New possibilities have been opened to the
Wall street brokeS now that they have seen
how easily they can do the business of cleo
lion betting, which might be extended to
cover any other event of uncertainty or
great public interest There is now no bet
ting place in New York corresponding to
certain well-known betting establishments
in London and Paris There are any num-
Der Of pool rooms, but it requires a man of
some experience to deal with them; be-
sides, the associations are not always pleasant
and the security for payment, if one wins,
is not so good as it might be.