Daily independent. [volume] (Elko, Nev.) 188?-1915, 1893-01-21
BETTING ON ELECTIONS.
Now Recognized as Legitimate
Branch Of Brokerage.
Wall Street Operators Place Bets for
Their Patrous and Realize Largo
Profits - Political Spec-
uIation Growing.

emu OF inc recent campaign INC OcCIiuB
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, it
was only when settling time came after
the election that their gross magnitude
became somewhat known. The bcttors
on the election in Wall street were
greater SPECTATORS than those who
made wagcrs at the hotels or put up
their money at some uptown pool
room. Hundreds Of men keep balances
with thci- Wall street brokers to be
available ut 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-
lntivc purposes, while the bank account
is for business purposes. After Il pos
porous business season, when the MGR
chant has taken care of all OF his own
paper ard 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 mon speculation last au-
tumn took for the first time Il 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 prejndiccs. Even many
of those who will not take the trouble
and time to register and vote have
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 q quar-
ter commission. 1t also attracted him
from the uptown betting resorts, for
any man going to bookmalccr to place
his money would do n 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 cleo
ton 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 Us the brokers making
bet were we'll acquainted with each
other there was no necessity of putting
the money in the hands of Il stake
holder, and the respective brokers could
retain the money without paying in
tcrcst. If the election bets were made
q long time before election the profits
to the broker were greater. than if he
had made q turn in stocks for his GUS
toner, and the bother was nluch less It
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 Il hundred Thousand dol
lars on Cleveland or on Harrison, and
| the broker would parcel It out in lot;
| in the same way as If he had I'm order to
buy or sell five Thousand shares
New possibilities have been opened
| 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
tcrcst. There is now no betting place in
New Yor;s corresponding 20 certain
wcll-,;nown betting establishments in
J London and Paris. There are any mum.
Der Of pool rooms, but it requires man
of some experience to deal with them
besides, the associations arc not always
| pleasant and the security for payment
If one wins, is not SO good rs it might
DC. The per cent. against tho player ID
high, as the expenses Of the pool rooms
are large, and there is not the oper
competition between them which ex
lists between the brokers. It now re
mains for brokers to take bets on horse
races, as they have taken bets on the
! elections rrhnu would oet n ,1ifTarnpI