The DeLamar nugget. [volume] (DeLamar, Idaho) 1891-1900, 1893-02-18
TIE DE LAMAR NUGGET.
SATURDAY, FEBRUARY Is. 1898.
BETTING ON ELECTIONS.
Now Recognized as a Legitimate
Branch OF Brokerage.
Wall Street Operators Place BETS for
Their Patrons and Realize Large
Profits Political Spec
uIatton Growing.

ulatton Growing.
Betting on elections has become
recognized branch of the business 0
many Wall street brokers. Toward tn
end of the recent campaign the betting
on the national election became of sucl
magnitude that the names of CLEVELAND
and Harrison might appropriately have
been placed among the stocks ant
printed with the regular quotations
The Sun thinks it is likely that il
future campaigns much more betting
than ever will be done by recognized
brokers, and that the election betting,
like other big financial interests, will
center in Wall street.
As the majority of the Wall street
bets were not made with the publicity
which attended betting in hotels, it
was only when settling time came after
the election that their gross magnitude
became somewhat known. The bettors
on the election in Wall street wers
greater spectators than those who
made wagers at the hotels or put up
their money at some uptown pool
room. Hundreds of men keep balances
with their Wall street brokers to be
available at any time in stock specula-
ton. These accounts differ from the
ordinary bank account in that the Wall
street account is kept for purely specu-
lative purposes, while the bank account.
is for business purposes. After pros
porous business season, when the mer-
chant has taken care of all OF his own
paper and obligations and has com
Portable surplus left, he is apt to go to
Wall street to invent and usually to
speculate, for he regards the Wall
street fund as somewhat of the nature
of gambling money.
With such men speculation last au-
tumn took for the first time turn to-
ward elections, whereas before it had |
been confined to stocks, wheat, corn, |
oil and other products with recognized
quotations None of them appeals to
the business man as does politics. Al
most all business men personally have
strong political prejudices. Even many
Of those who viii not take the trouble
and time to register and vote have
strong feeling for one party or the 9TH
sr. Wall street brokers have not as vet
y
charged commissions on election bets,
ind this gave the speculative business
nan still more of a turn toward election
pets, for he did not have to pay quar-
er commission. 1t also attracted him
rom the uptown betting resorts, for
ny man going to a bookmalzer to place
us money would do a little worse than
he could meet at once some man who
vas as eager to bet on the other side.
The brokers began by placing cleo
ion bets to oblige their customers who
ad balances with them, and they soon
ound that the business was profitable.
he money was always put up by the
and as the brokers making Z
he bet were well acquainted with each :
5her there was no necessity of putting
lie money in the hands of stake
older, and the respective brokers could
tain the money without paying in T
rest. If the election bets were made
long time before election the profits
the broker were greater than if he v
I'd made a turn in stocks for his Gus II
mer, and the bother was much less 1t m
likely that in the aggregate these Of
ore than the Hoffman house bets. A h;
an could offer through his broker to W
ace fifty or a hundred thousand dol st
RS on, Cleveland or on Harrison, and re
e broker would parcel It out in lots su
the same way as if he had an order to pr
y or sell five thousand shares. OF
New possibilities have been opened to
the Wall street broker now that ly
~ have seen how easily they can do We
2 business of election betting, which br
ght be extended to cover any other
INT of uncertainty or great public in ba
est. There is now no betting place in "a
W York corresponding to- certain or;
Unknown betting establishments in no
ndon and Paris. There are any num- til,
of pool rooms, but it requires a man ph
some experience to deal with them: fin
ides, the associations are not always OBJ
asant and the security for payment he;
ne wins, IS not SO good as it might boz
The per cent. against the player is fec
h, as the expenses Of the pool rooms ere
large, and there is not the open VIII
petition between them which ex- the
between the brokers' 1t nov re- len
MS for brokers to take bets on horse I
IS as they have taken bets on the Der
tons They would get q different and
/ of men in the horse race betting, cles
through the summer Wall street VOL
Id not be so dali s,ad proGtless as THU
'ually is during that season con
of a
nc ING o. N.'';'hra' the
the wearing away of Nj tbe