The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1893-03-03
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
uIation Growing


Betting on elections 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 Cleveland
and Harrison might appropriately have
been placed among the stocks and
printed with the regular quotations.
The sun thinks it is likely that in
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, ii
was only when settling time came after
the election that their gross magnitude
became somewhat known. The bettOrs
on the election in Wall street We're
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 A pos
porous business season, when the mer-
chant has taken care Of all of his own
paper ard obligations and has com
Portable surplus left, he i apt u go 70
Wall street TO invent and usually 70
speculate. for he regards the Wall
street fund a. somewhat of the nature
of gambling money.
With such men speculation last au-
tumn took for the first time a turn To-
ward elections. whereas before IL had
been confined To stocks, wheat, corn,
oil and other products with recognized
quotations None Of them appeals 10
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 10 register and vote have a
strong feeling for one party or the 9th
er. Wall street brokers have not as yet
charged commissions on election bets,
and this gave the speculative business
man still more of turn toward election
bets, for he did not have to pay quar-
ter commission II also attracted him
from the uptown betting resorts, for
any man going 10 a boolzmaker 70 place
his money would do a little worse than
if he could meet at once some man who
was as eager To bet on the other side
The brokers began by placing elec-
tiOn bets TO Oblige their customers who
had balances with them. and they soon
found that the business was profitable.
The money was always put up by the
customer, and as the brokers making
the bet were well acquainted with each
other there was no necessity of putting
the money in the hands Of q stake
holder, and the respective brokers could
retain the money without paying in
terest- If the election bets were made
a long time before election the profits
to the broker were greater Than if he
had made turn in stocks for his Gus
toner, and the bother was much less. 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 fifty or n hundred thousand dol
lars on Cleveland or on Harrison, and
the broker would parcel L out in lots
in the same way as If he had an order To
buy or sell five thousand shares
new possibilities nave DcIH tItIltO
to the Wall street broker now that
they have seen how easily they can do
the business of election betting, which
might be extended To cover any other
event OF uncertainty or great public in
tcrest. There is now no betting place in
New York corresponding To certain
wcll-llnown betting establishments in
London and Paris. There are any num-
Der OF pool rooms, but it requires u man
of some experience to deal with them;
besides, the associations are not always
pleasant and the security for payment,
if one wins, is not 50 good as it might
be. The per cent against the player is
high, as the expenses of the pool rooms
are large, and there is not the open
competition between them which eX-
lists between the brokers. 1t now re-
mains for brokers To take bets on horse
races, as they have taken bets on the
elections. They would get a different
kind of men in the horse race betting,
and through the summer Wall street
would not be so dull and profitless as
it usually is during that season.