The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1893-03-02
BETTING On ELECTIONS.
lI:>rg rsocoTaizcd 20 g Legitimate
Branch OF Brokerage.
EsU et-cot Operators Fiaco E"tS ror
Their Patrons aud Realize Largo
Profits Political Srcc-
U!ation Growing.

many Wall street brokers' Toward the
euG of TIE 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
priated with the regular quotations.
The Sun thinks it is likely that in
future campaigns much more betting
tann ever viii be done by recognized
brokers, and that the election betting,
like other big financial interests, viii
center in Wan street.
AS the majority OF the Wall street
bets were not made with the publicity
which attended betting in hotels, it
YES only when settling time came after
the election that their gross magnitude
became somewhat known. The bettors
on the election in Wall street were
greater spectators than those who
made wagers at the hotels or put IN
heir money at some uptown pool
room. hundreds of men keep balances
with their Wall street brokers TO be
available ut any time in stock cpecula-
ton. These accounts differ from the
ordinary bank account in that the Wall
street account is kept Tor purely specu-
iative purposes, while the bank account
is for business purposes After pros
porous business season, when thc mcr-
chant has taken care of all OF his own
psper and obligations and has COM
Portable surplus LETT, he is apt to so to
Wall street to invent and usually to
speculate, for he regards the Wall
street fund rs somewhat CT the nature
OF gambling money.
With such men speculation last an.
tu,nn 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
raost all business men personally have
strong political prejudices. Even many
OF those who will not take the trouble
and time to register and vote have 4
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
nan still more of turn toward election
bets. for bc did not have to pay quar-
ter commission. 1t also attracted him
from the up- town betting resorts, for
any man going to bool1maker to place
his money you'd do 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
tioa bets TO oblige their customers who
bad 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 4 stake
holder, and the respective brokers could
retain the money without paying in
tcrest. II the election bets were made
a long time before election the profits
to the broker were greater than II 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 o1ifer through his broker to
place lfty Or hundred thousand dol
lars on Cleveland or on Harrison, and
the bro,er wouid parcel It out in lots
in the same way as if he had an or5er to
buy or sell Eve thousand shares.
Ne+7 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 pu6lic in
terest. There is ROW no betting place in
New York corresponding to certain
well-!,1o.sn betting establishments in
London and Paris. There arc any num-
Der Of pool rooms, but II requires q man
Of so1lc experience to deal with them;
besides, the associations are not always
pleasant and the security for payment,
If one wins, Is not so good as it might
be. The pcy cent. against the player is
high, rs the expenses CT the pool room9
are large. and there is not the open
competition between them which cx-
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 proGtless as
II usually is during that season.