The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-01
BETTING ON ELECTIONS.
Wall Street Now Recognizes 1t as a
Legitimate Branch of Brokerage.
From the Neto York Sum

Wall street Now Recognizes It as
Legitimate Branch of Brokerage.
From the NetO York Sun.
Betting on elections has become q recoR-
niEed branch of the business OF many Wall
street brokers. Toward the end of the re-
cent campaign the betting on the national
election became Of such magnitude that the
names of Cleveland and Harrison might ap-
propriately have been placed among the
stocks and printed with the regular quota
tons. IL 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 Ia Wall street.
As the majority Of the Wall street bets
were not made with the publicity which
attended betting In the Hoffman house, ID
was only when settling time came after the
election that their gross magnitude became
somewhat known, The betters on the cleo
ton in Wall street were greater spectators
than those who made wagers at the Hoff-
man house or put up their money at some
uptown pool room. Hundreds Of men kept
balances with their Wall street brokers 10
be available at any time In stock specula-
ton. These accounts differ from the ordin-
airy bank account in that the Wall street
account is kept for purely speculative pur-
poses, while the bank account is for busi-
ness purposes. After a prosperous business
season. when the merchant has taken care
of all his own paper and obligations, and
has scomforta ole surplus left, he IL apt 10
60 20 Wall street to invest and usually to
speculate, for be regards the Wall street
fund as somewhat Of the nature of gambling
money.
With such men speculation this autumn
took for the first time turn toward cleo
TONS whereas before II had been confined
to stocks. wheat, corn, oil and other prod
ucts with recognized quotations. None Of
them appeals to the business man as does
politics. Almost all business men person.
ally have strong political prejudices Even
many OF those who will NOT take the trouble
aud time 70 register aud vote have a 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
turn toward election bets, for he did not
have to pay quarter commission. II also
attracted him from the uptown betting re-
sorts. for any man going to a bookmaker to
place his money would do q little worse
than il he could meet ct once some man
who was as eager to bet on the other side.
The brokers began by placing election
bets TO oblige their customers who had bal
ances with them, and they soon found that
was always put up by the customer, and a.
the brokers making the bet were we'll ac-
quainted with each other there was no
necessity for putting the money in the hands
OF a stakeholder, and the respective brokers
could retain the money without paying in-
terest II the election bets were made a
long time before election the profits to the
broker were greater than IL he had made a
turn In stocks for his customer and the
bother was much 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 10000 or $l00 geo on Cleye-
land or on Harrison, and the broker would
parcel 1t out in lots in the same way as IL he
had an order 20 buy or sell 5, 900 shares.
New possibilities have been opened to the
Wall street brokers, 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 interest. There IL now no
betting place in New York corresponding
to certain well-known betting establish
meuts In London and Paris. There are any
number of pool rooms, bue il requires a
man Of some experience TO deal with them;
besides, the associations are not always
pleasant and the security for payment, il
one wins, 10 not 90 good as it might be- The
percentage against the player is high, as the
expenses OF the pool rooms are large, and
there is not the open competition between
them which exists between brokers. IL now
remains for brokers to take bets on horse
races, as they have taken bets on the cleo
tions. They would get different kind OF
men In the horse-race betting, aud through
the summer Wall street would not be SO
dull and prodtless as IL usually Ia during
that season.