The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-05-09
What It Really Is.
Some More Facts Con
corning the Bucket
Shop.
Notes OF the Convention.
Eiven Here-McHenry Next
Tuesday Night.

Theiolowing by Watson X Gibson, the
bankers and brokers, appeared in the
Boston Transcript of Tuesday last in CD
position, apparently To the decision oI
Judge Horton which we lately published
docs not Judge Horton know that the
| Chicago Board of Trade is a genuine mar
ket place where the higgling between buy
ers and sellers on the auction principle oil
| highest bids and lowest offers results in
transactions, while the bucket-shop is
merely an Office where gamblers can go
| To learn the latest quotations OF that real
| market and TO make wagers with the
bucket shop keepers as To whether the
board of trade dealings would result in
higher or lower prices. The bucket-shop
keeper SAYS in effect TO his patrons The
board of trade market il in progress;
prices there will fluctuate. II you wish
To wager that they will go up, name the
amount OF money YOU will bet deposit IL
with me and ] will take 1t, charge YOU a
commission and limit your loss to the
amount oil money you deposit. II YOU
wish 10 wager that prices will go down
put M your stakes with me, give me a
commission on the bet and we will await
the legitimate operations OF buying and
selling on the board OF trade This is
not commercial act, il is betting on
what third parties (the board of trade
will do. How does this differ from
wagers laid in policy shop as to which
horse will win "A race or which dice. high
one or low one, will be thrown? Be
sides, the bucket-shop keeper poses az "A
broker, many innocent people, without
the opportunities for knowledge pos
sessed bv n man like Judge Horton, in
their innocence not distinguishing be-
tween Imitation and real commission
brokers. But the difference is as marked
as between negative and positive, for the
interests OF commission broker, who is
the agent oil his principal are identical with
those OF the principal, while the interests
oil the bucket.shop keeper are diametri-
caily opposite to those of his patrons
II the patrons win, he loses; if they lose,
he wins-a perfect eXemplitication Of the
gambling principle.
"A man may buy stock in an exchange
with no higher or different motive than
that OF one who buys in bucket shop
but as "A matter of fact he performs a |
commercial at. His purchase has an in. |
huence on prices, il relieves public seller |
oil bis property, which constitutes n com. |
mercial act. The bucket-shop buyer,
however, merely gets notice from the
bucket-shop keeper that they will base
their bet on a preceding transaction in
another place, and that is the very oppo.
site oil independent commercial dealing,
and IL as remote from it as the wager of
a hat between them that wheat will sell
at 20 cents bushel before 30 cents"
Ii is to be hoped that the authorities
will keep their eyes open aud will, for the
benefit OF the community and more par
OF our young men, see that no
such establishment as that above alluded
to is allowed TO start in this vicinity.
While on this subject. we NAV state
that we yesterday received a letter from
Mr. George +. Stone. the secretary Of the
chicago Board Of Trade. in which he .ay-
'eferrlug to our letter 70 him Of The LIT
nst.:
Inquiries have been made concerning
he subject matter and the per-on and
concern mentioned therein. J. ". SPEAR
not a member Of this board and I am
lot informed with regard TO him in anv
aspect, financially or otherwise. The
ioughton Board 81 Trade. so-called I
now nothing Of
There are no orders OF this board cor.
esponding 10 those YOU enclose addressed
o the 'Houghton Board of Trade.
here is nothing 18th regard to the bust.
ess that may be transacted With the
mbers Of this board that il obscure.
.othing in the way Of sending orders.
lther 20 buy or TO sell. which in anv sense
,inyolved and complicated.
here Is nothing obscure or NJ mysterious in
be rules in the documents connected with
he business Of this board. The members
lust do business properly and honorab. :
:, and without any subterfuge. They
I'll not be allowed TO avail themselves ,f {,
ny schemes or ingenious phraseology to
wade their Just and proper obligations.
bis IL all the information which occurs q
me with reference 10 your communica- .
op.