The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-08-28
Sort of Bucket Shop Running
i'm Seattle.
BLAND OPERATORS ADVICE.
He Admits I'm His Letters That IL Is
Mostly "outgo'' With His Gus
toners, but Advises Buying.

E0dnSe, Win OFFICES At iV0tt2S - Gt4A ~
Sullivan building. Front street. which VIII
give any one an opportunity 20 invest as
much money in margins on wheat as
he chooses 10 put up, and continue % do
so as long as the Spectators nerve holds
out against chances that are at least ten
10 one against him. AS NJ. +. Perry. the
secretary OF the company, says in a letter
written to r. W. Clark & Co, q Rialto
building. Chicago. lit is mostly outso
with our customers. and but little In
come"
The letter from Mr.. Perry 70 r. W.
Clark a. Co, was sent by that firm 10 w.
T. Baker. president OF the Chicago board
OF trade. That gentleman sent il 10
gentleman here who handed 1T 10 the
Post-Intelligeacer. 4 very good Idea OF
the business OF the Seattle grain and stock
exchange may be gotten from the letter,
which follows. The words George s.
Holmes. president" were printed on the
right hand corner of the letter, but had
been crossed out:
Seattle Grain and Stock Exchange.
- and 81 Sullivan Block.
Direct wires with M r. Perry.
Chicago and San Francisco. Secretary.
Orders promptly executed
Seattle. Wash. Aug. Il, 1895.
"Messrs. r. w. Clark & Co., q Rialto
Building. Chicago. Ill.
Gentlemen: Mr.. Alvin ?. Vinnedge
and as We are sending more or less or
ders 10 the Chicago board of trade, we
can perhaps do some business with you.
We do not conduct a bucket shop. and
all there Is in IL for US is the commission.
The arrangement we have is for the bro
keTs 10 execute our orders when received,
also i'm the afternoons at closing quota
lions Of the day. allow US all the commits
sions and pay their own kilograms. We
deposit the margins in the banks here TO
their credit, and "A great many OF our
deals are on one-cent margins and often
in 1000 bushel lots. The business is not
large. but is growing and promises TO de-
velop into a profitable one. If you can
accept business on this basis. let us know
and we will try and make IL 10 your in
terest. The firm we are dealing with
now We have 10 fault to find with. though
we haven't much confidence in their fin
ancial strength. Perhaps this should cut
no figure with us, as it is mostly 'outgo'
with our customers and but little in
come
I'VE shall be pleased to hear from you.
These terms consider confidential.
Yours very truly.
Seattle Grain and Stock Exchange,
Per Perry.
80 and 80 Sullivan Block"
The Intending speculator.
reporter Of the Post-Intelligencer call
ed at the office of the Seattle Grain and
Stock Exchange yesterday, and met Mr..
Perry.
Mr.. Perry is all there is of the Seattle
Grain and Stock Exchange" lie has two
rooms In the Sullivan building. When the
reporter called at the Office yesterday the
door to the outer Office stood wide open.
In one corner of the room was a large
blackboard. on which were marked the al
legged opening and closing quotations on
ha I'D So
corner stood a flat-topped desk. on which
several kilograms were conspicuously laid
There was a carpet on the floor and one
or two maps on the walls Mr.. Perry was
In the inner room, hut came forward with
smile 10 meet a probable customer Mr.
Perry is a middle-aged, middle sized man.
He was well-dressed, and very affable
He was suffering from severe cold.
which masked his natural voice but was
cheerful nevertheless. Upon being told
the supposed object OF his callers visit,
he led the reporter into his private Office,
where there was another desk, well COW
cred with kilograms. quotation slips. etc.
strongly Advised to Buy.
Mr.. Perry was asked for his opinion on
! the wheat market. and whether he would
| advise one 10 buy or sell Mr. Perry was
/ firmly of the opinion that now was the
time 10 buy; wheat couldn't 20 much low
/ or than II is; il had been going down for
/ two or three months, and would undoubt-
/ eddy begin to climb towards the 70 mark
/ very soon.
! IL might he well 10 state here for the
/ beneht or those who do not watch the
wheat market very closely that according
/ 10 experts. wheat is more likely 10 touch
/ ~ cents "A bushel in Chicago before IL goes
/ above 6lis cents. Mondays closing on the
/ board OF trade. In fact, there was a de-
/ cine or = cents yesterday. For the first
! time in It's history, the United States is
| now the second wheat producing country
/ I'm the world. Up 10 this year II has stood
! at the head. but Russia now takes the
/ lead. With its immense Siberian grain
/ hslds, the country Of the car will nm
/ donbtediy from now on be always able
j 10 snip more wheat than the Unit 4 states
! and the proportion OF increase win he
/ larger every year. Which all goes to show
that The era Of IS cent wheat has PASSED
IN the United states, and that instead Of
going up the price stands much better
chance to keep going down.
however, Mr.. Perry was anxious TO i'm
press upon the mind OF his caller that he
should buy. Tho reporter asked him what
| he should DO IL he was offered stno n in
/ vest Mr. Perry said that he should h,iv
! wheat by all means and hold for A rise.
ne would advise dealing in / cent margins
( say. taxing le" bushels first. If the mar
/ ket declined cent. next day the customer
! should buy twice much. thus doubling
! his bets"
investors should Double Bets.
/ be trouble with most men is." said
! Dir. Perry. mat they risk SO or so. they
lose II. and the investor immediately be-
/ comes discouraged and afraid 70 t-v q,
/ again Tho operator should 20 At Il right
( pont plunge. bat operate carefully. ana
( II the market goes against YOU for a day
or TWO. why pocket your losses. and NV
( II again. / wouldn't advise YOU 10 60 in
5 heavily, Dee tudicious. and stay bv II "
Inc reporter had told Mr.. Perry that
I while IL had general knowledge Of
/ margins options puts and calls"
+ ei1.. Yet he vas really ignorant OF the
/ working OF the business and this led tho
+ gentleman into a long explanation OF how
/ his business was conducted. He was
/ asked u he had a representative on the
f Chicago Board ~ Trade
Yes. l have been dealing with James
/ g. Hubs Co. Of Chicago. and have
+ found them re be very straight ana re-
liable people / knew AR Hubs in Ss~
Francisco. ana have done considerable
. business With him Then. YOU know. there
are big bucket shops IN Chicago. There
IS Higa - Co. ana several other large
ufms WITH Nhich, az course. a man can
DO business Il he wants TO And AR
Perry smiled a peculiar smile He VAS
asked 10 explain what q bucket shon i
How Bucket shops Are Run.
"W ell" said NJ. Perry. .the difference
! between doing business on ths Roa~S ~
+ Trade and bucket SHOP is this \ back