davidaulloa/AmericanStories huggingface dataset:
The Minneapolis journal., 1902-04-05

temple of the Druids-and surrounded by
his fighting men, and thereafter his sue
cessors, Athelstan, Edmund, Edred, Edwy
and all the rest of the long line went to
be crowned on the Kings stone. So the
Saxon Chronicle. written by Ethelwtrd,
tells us, and the statement is backed up
by the fact that the names Of the ancient
kings are chiselled on the stone itself.
Another old record tells more minutelE
of the crowning Of Athelstan, King AL
fred's grandson. Says the ancient writers:
"The king stood before them, thin.
spare man. thirty years of age, with his
yellow hair beautifully interviewer with
threads of gold. He was arrayed In puT-
pie vestment. with Saxon sword in .
golden sheath hanging from 5ewelled
belt-the gift Of Alfred, from whom, upon
coming Of age, according to an old Teu-
| tonic custom. he had received his shield
and spear. On the stone, elevated upon
a platform in the market place, he took
his seat, the better to be seen by the
multitude. He was received with shouts
| Of Joy and chosen leader. Then, raised
on a stage or target, he was carried on
the shoulders Of his men, being from time
! to time tossed In the air until they arrived
l at The doors of the nearby church"
The Minneapolis journal., 1902-04-05
A Regular Trader Sums Up the Bucket-Shop

a daily report OF the purchases of the day.
These are tabulated and given to the
Minneapolis manager who then knows
how much grain he has to sell. This sell
ing for future delivery against purchases
of grain for cash is what is called "hedg-
ing" 1t secures the elevator man
against loss and without this assistance it
would be almost impossible for him to do
business. He need not fear wild fluc-
tuation in the wheat market If the mar
ket declines there will be "a loss in the
value of the cash grain, but the cor
responding difference o. profit in the fu-
ture SALE If the market advances it
works vice versa. In any event, the grain
dealer gets just what profit he had to
begin with. This is a brief outline of the
cash grain business. This system Of
hedging is of enormous benefit to the
local trade. There is constant activity
in the~grain pit. When one of our mill
ing companies receives ans offer for a
large quantity Of flour they can accept 1t
if the price is satisfavtory and in few
minutes have the wheat bought for future
delivery to cover the sale of flour; the
whole transaction probably has taken fve
minutes The elevator representatives
are in the pit offering to sell for future
delivery the wheat which has just been
bought in the country for cash The local
or country miller, grain shipper, exporters
0C0 bushels year, are represented there
by men buying wheat for future delivery
to cover future requirtments. The mar
ket Is strong or weak according as there
are more buyers than speculators or con-
traWise. E
Speculation and Bucket Shops.
With all this there is in the pit the
sprinkling of speculative orders orders to
buy or sell for account OF firms or indi-
viduals who believe thatfwheat will be
higher at some future time and who buy
it, or who believe that an unusual de-
mand or fear Of damage to a growing crop
has made the price too high and that they
can sell it and buy it back for delivery
| later at lower price.
1t is in connection with this speculative
branch Of the grain business that the
bucket-shops have their worst effect. 1t
is very simple operation to start a
bucket-slop. All one needs is an office,
a blackboard and a few chairs arranged
| for customers in front Of the board The
The Minneapolis journal., 1902-04-05

lE lE-,ss'<<SAl - ROBABLY the greatest CONNER
lH I'd VI cial evil to-day is the bucket
iii ~ AL shop. Its elimination from
Ia Msa commercial life has long been
l&s&2assN sought. 1t is a great evil, yet
one that has been found very hard to
eradicate.
BY reason of the fact that the Mime
apolis Chamber of Commerce has been
carrying on a vigorous warfare against
the cket-shops, and from the further
fact that the Chicago Board Of Trade
filed papers here few days ago in suit
10 prevent bucket shops from making use
of the Chicago grain quotations, there is
more than the usual degree Of public in
terest in the matter at this time.
Few readers know Just what a bucket
shop is. Nor is this anything that can
be explained in q few words. Indeed il
is almost imrossibe TO understand what
bucket shop is and quite impossible to
understand it's evil effects unless one is
IN some degree familiar with the grain
trade. To the majority Of readers, there
fore, an outline Of the grain business
would be q necessary forerunner to an
analysis OF the bucket-shop evil.
Rochester. n Y. VAS once the great
milling center of our country. To this
day the name flour city sticks to it al
though its prestige in flour productions
has long since passed. AT that time the
best wheat the couEtry produced was
grown in the Genesee valley in western
New York The passing Of the center
of the grain production from the east int o
the west. and finally into the northwest,
The Minneapolis journal., 1902-04-05

sled and drove to town. For his wheat
he received money or merchandise. The
merchant often owned a small storage
house. He parted with his goods and in
the spring sent his wheat down the river
to railroad point, whence it went into
Chicago. was sold, and he was reimbursed.
The country merchant labored under one
great disadvantage. He never knew what
his wheat would bring when marketed.
Conditions of actual or prospective sup
ply and demand the world over regulate
the price of wheat. or these it was i'm
possible for him to know anything.
One day merchant from remote river
point, visiting in Chicago in the late fall,
was preparing to start back for the win
ter. He was complaining to the Chicago
grain exporters Of the uncertainty of the
business. If he bought wheat of the farm
ers, the price might decline materially
before he could market it in the spring
Hence he stood to lose heavily. To be
sure, there was the opposite chance that
it might advance through the winter and
net him good profit. But this made the
business entirely speculative and unsat-
isfactory. The Chicago exporter suggested
remedy.
make an estimatc,' he said "of the
quantity of wheat you will buy through
the coming winter, and we will fix the
price Low at which l will agree to take
it from you in May"
!, The price was fixed and contract
signed.
| Here was the first crude trade in ''fu-
ture." Men are yet doing business on
change in Minneapolis who used to buy
wheat at Red Wing and Minreiska years
ago to go down the river in barges. After
navigation closed they had to store their
wheat and when they bought lot in De-
cember they had nc idea what they were
going to get for it in the spring, until
after "a time they were able to sell it
for delivery in Chicago in May and this
was the beginning of the present system
of trading in futures.
The Trading System To-day.
| Contrast this with conditions to-day.
| There are forty elevator companies with
| their main Offices in Minneapolis whose
| houses cover all the railroad lines III
the three states. Every country buyer
is in telegraphic communication with the
| home office. Every country agent makes
The Minneapolis journal., 1902-04-05

man waits little. If the market goes to
70A cents, he still waits. # it dropA
back to 70 cents, he Immediately notifies
his customer that he bought, the wheat at
70A cents. An order comes in to sell
wheat. He nGnipulates this.so as to make
the buying order a stand off for the sell
ing order SO that he cannot. lose. When
the market gets to a point where either
party has loss in sight, the bucket shop
man informs him that the wheat was
closed out at "a loss, and he pockets the
margin the victim deposited. The only
way the bucket shop man can lose is
when there are great may buying orders
followed by continued advance. OF
course he then has to make good, but
he can well afford an occasional loss. If
the loss is very severe, however, the
chances are that in the night he will
"fold mis- tent like the Arab and silently
steal away and the next morning some
wag will put up sign on the front
door, Throw your money over the tran
son.
Quotations the Key.
Bucket shops base their fictitious deals
upon the quotations made in the grain
pits in Minneapolis, Chicago, Milwaukee,
or some other market. They use the quo
tations, and it is to stop them from secur-
ing these quotations that great legal
fight has been waged against them for
years. One decision after another affect
ing this question has BEEN handed down
by the courts. A great victory was gained
when the decision came from supreme
court that the quotations are property and
can be bought, sold or controlled by the
owner thereof the same as anything else
that is property.
Yet the question Of the right Of the
board of trade to withhold their quota
tions from one firm while giving them to
another, was raised, and in one instance
a noted judge, fully conversant with the
evils Of the bucket shop, was, neverthe-
less, obliged to hand down decision de-
! claring the exercise Of the right of selec-
tion on the part Of the board of trade un-
lawful, because it was construed as
amounting to discrimination, and was
therefore, unconstitutional But later leg
| islation has favored the board somewhat
and the Minneapolis chamber has beer
able to curtail the evil to some extent
The Minneapolis journal., 1902-04-05

proprietor of the shop caters to people
who wish to speculate. He reads from
"ticker" and calls out quotations to
boy who marks them on The board. The
customers walk up to tie window and
buy or sell wheat through the man who
reads the quotations. At least they labor
under the delusion that they are buying
or selling wheat. But they are doing
nothing of the sort. Suppose a man buys
a thousand bushels Of wheat il bucket
shop. He gives the man at the window
$40 as a margin on his trade. That is all
there is to it. He believes that he has
bought thousand bushels Of wheat, but
as a matter Of fact he is simply betting
on the quotations with the chances very
much against him and in favor of the man
behind the window who manipulates the
ticker. The bucket shop is not recognized
on any grain exchange, has no member
ship in the Minneapolis Chamber of Com
merce or any other trading center, and
the proprietor of the bucket-shop could
not buy Sor sell wheat in the local pit,
even If he were disposed to do so, for he
or his representatives would not be al
lowed on the floor.
Wheat by the Quart.
The following are the smallest lots that
can be traded in on any reputable ex-
change: In pork, the smallest speculative
trade that one can make involves the pur-
chase or sale Of 25O barrels; in corn, the
minimum Is 5000 bushels; in oats, 5000
bushels; in rye, 1000 bushels, and in
wheat LOCO bushels. But in the bucket
shop one may trade in any quantity OF
almost anything. There is one establish
! ment in operation in Minneapolis to-day
that has been running for years, where
! it is said one can make a trade on de-
posit of 81. Why not? It is all one in
the end. This place is freuuented by
| workingmen This is an exceptional in
stance. The average bucket shop makes 8
pretense at reliability, and great out
ward showing of responsibility. Often the
proprietors succeed in Disgusting the
: nature of their place so effectively thai
1t is difficult to know at glance whether
lit is a legitimate concern or not.
The Bucket Shop Plan.
The system of operation is about like
this. An order comes in to buy wheat
/ The market Is 70 cents. The bucket shol
The Minneapolis journal., 1902-04-05

the course Of his life he has done an un-
common lot of travelling He was edu-
Gated in four different countries, for he
was born and first went to schoof in Eng
land then studied under a tutor In
France, went through Harvard and took
B., A., and afterward spent two years
on post graduate course at Leipzig uni
versity.
Things American have always interested
the present honorable member for
South Wolverhampton." He had just fin
ished his course at Harvard when he in
itiated and personally directed the agita-
tion which resulted in the state of New
York's buying up the property around
Niagara Falls and turning it into public
park. Several years afterward when he
was on the staff of the London Chronicle,
he went to Washington to study the Mon
roe doctrine and the Venezuelan question
The Minneapolis journal., 1902-04-05

we can endeavor to do without those
things that jar on us. II the power of as
socation is strong within us and we hesi-
tate to burn them, we can at least pack
the evidences Of our anna teurish efforts
away in the merciful attic. We need not
fear bare spaces upon our walls or on
our floors. There is restfulness, sense
Of repose, when the eye is not wearied
by the accumulation of a variety Of small
objects, an ease in moving through
room, with no fear of tottering bric-a-
brac or entangling draperies.'
Mrs. Little commended strongly the
Japanese idea Of house furnishing, with
simplicity for its keynote, saying: when
all but the essential furnishings Of a room
The Minneapolis journal., 1902-04-05

although the directors have been handi-
capped by a lack Of legal support in the
present statutes. The telegraph compan-
les have been involved in the legal battle
and it has been a bitter fight all through.
A Trap for the Unwnry.
The effect Of the bucketshops upon the
general morals of the community is bad.
1t cannot be otherwise than bad. buck
etshop at it's best, conducted in the most
orderly manner, and even assuming that
1t is conducted with comparative honesty,
Is trap for the unwary. The worst part
Of 1t Is that it assumes aflliation with the
grain trade, and many misguided people
are led into patronizing it through this
very reason, 1t encourages the small
wage Garner, nine times out Of ten in
absolute ignorance ofeeven the elementary
principles of financial or commercial life,
to try chance In the hope that he can
make money quickly. It is bad in every
way.
A good bucket shop or one free from
evil effect is difficult to imagine. Even il
they were conducted on lines of compare
tive honesty the chances are infinitely
against the man who patronizes them,
while in the average shop the quotations
are sifted through a man who can manipu-
late them at will, and how much of
chance the victim has can be imagined.
One day last week a man looked in
through curiosity at a bucket shop about
town. He was told by az attendant anx-
ious to explain to him how he could make
money easily; that the figures checked on
the board represented the changes in the,
price of May wheat in Minneapolis. While
he looked the market suddenly broke to
68Ac. Two or three Of the habitues tore
up their memoranda. They were carry
ing wheat that they had supposedly
bought at higher price and the sud-
den break wiped them out. AS matter
of fact May wheat had not sold lower than
69Ac in Minneapolis for months.
The past two years have seen the COM
ing of several new bucket shops into Min
neapolis. It is in times of great pros
perity. when the people have money, that
they flourish most. But a battle royal is
being waged against them, and 1t is be-
| lieved that before long they will have to
give way before the mandates of the
courts. Charles M. Harrington.
The Minneapolis journal., 1902-04-05
A JOURNALIST STATESMAN


and handled both subjects in his dis
patches in manner that attracted no
little attention throughout England.
His ambition always has been to travel
and to write, and in college he devoted
large part of his time to studying Ian
guages, with the result that he now
speaks and writes six. He started on the
Pail Mall Gazette and remained on it's
staff for four years when he became pos
sessed of means of transportation to any
part Of the world in the shape Of a snug
little fortune to which. he fell heir. He
first went to Egypt, whence he seut back
many an entertaining magazine article,
and then hied him to Japan-his expert
ences in the orient resulting In two
books, 1.-THE Real Japan" and People
and Politics Of the Far East"
Then he returned to England to join the
staff of the Daily Chronicle and soon after
The Minneapolis journal., 1902-04-05
A HISTORIC KINGS STONE
A THOUSAND YEARS AGO THE FIRST EDWARD


tion chair in Westminster Abbey. The
stone of Scone was the crowning place Of
the Scotch kings, and was brought from
Scotland to England, but the carefully
cherished fragment, of rock at Kingston
played its part in the coronation of the
Saxon monarchs who followed Alfred the
Great.
Fighting, writing and building ships
seem to have kept Alfred too busy to have
an official coronation. but his son. Edward
the Elder, was crowned at Kingston in
902, just one thousand years before the
coming coronation Of Edward VII. who
claims lineage from this rough Saxon.
Kingston happened to be chosen because
it was the site Of Edwards camp. The
new sovereign received his crown stand
ing on the stone-which archaeologists
suppose to have been a fragment of some
The Minneapolis journal., 1902-04-05

F .
fell in love with and married a bright
English girl named Mende Muriel Dowte.
She is as fond Of wandering and writing
as her husband is and won her first celeb
rity by touring the most dangerous part
of Europe dressed in male garb, and writ
ing a lively account of it which she called
"A Girl in the Carpathians. One OF the
most successful novels Of last winter was
hers. 1t was called Love and His Mask.
Mr.. Norman has toured Russia, Korea,
Siam and the Malay peninsula, and been
in every state Of the union except six.
He succeeded Harold Frederic as London
correspondent of the New York Times in
1899 and was elected to parliament as
liberal in 1900. Since then he has almost
forsaken London as place of residence,
having set uD an attractive country home
where he and his versatile wife may turn
out their "copy" In peace and comfort.
The Minneapolis journal., 1902-04-05

are removed, exquisite cleanliness can be
attained at a minimum output of man
agement and muscle. Comfort and rest
radiate from such a center"
The discussions of all Of the papers
were crisp, practical and to the point.
The evening meeting was followed by a
short informal Reception in the church
parlors at which light refreshments were
served. This gave the delegates an op
portunity of meeting the members of the
hostess club personally. The admirable
arrangements were made under the direc-
tion Of Mrs. Fowler, president Of the club,
and Mrs. w. N Merrick, chairman OF the
local committee.
Martha Scott Anderson.
The Minneapolis journal., 1902-04-05

Of the Duke of Savoy are in almost per-
feet condition and have needed only per-
feet cleaning.
In the course of recent Investigation
and researches in the castle, discoveries
have been made Of the bases of columns
that once must have supported immense
arches Of thirteenth century pattern.
The castle contained complete set OF
the rare medieval wrought-iron hearth
!, furniture, including a turn-spit, and to
this has been added some especially we'll
carved furniture of the fifteenth to the
seventeenth century.
The most popular portion of the castle
with tourists Is the historic dungeon, on
the walls of which thousands of names
have been written. Among them are those
Of Lord Byron, George Sand and Victor
Hugo
The Minneapolis journal., 1902-04-05
HISTORIC CHLLLON CASTLE

sidering its age, is in surprisingly good
condition. 1t is known to have existed as
prison in the eighth century, and
Amadeus ", Duke of Savoy, who rebuilt
it in 1888, made the same use Of it..
Byron found the inspiration for his
Prisoner of Chillon' In the story of Boni-
ward, prisoner of state who during the
fourteenth century endured six years con-
fnement in the chateau.
The castle has been restored only where
it has been absolutely necessary. The
wall and ceiling paintings Of the famous
Hall of Justice and Torture Chamber have
been repaired, but those in the chamber
The Minneapolis journal., 1902-04-05
Correspondence of. The Journal.

London, March 22.-There are to be
some uncommonly interesting ceremonies
in the town Of Kingston on Thames next
May when the historic city will give itself
up to celebrating the thousandth ami
versary Of the first real coronation in
England.
These ceremonies will all center about
the city's most treasured possession, the
old Kings Stone, from which the place
takes It's name. The famous stone. which
now stands in the center Of the market
place surrounded by an iron fence, is
more closely associated with the coro-
nation of English sovereigns than the far
famed Stone Of Scone, though the latter
now forms part of the official corona
The Minneapolis journal., 1902-04-05
Of The Journal.

London, March 22.-All the fuss over the
attitude of England and Germany toward
the United States during the Spanish war
was due principally to one young and new
member Of parliament, who, looking about
for chance to get forward, struck on a
lucky question which drew from Viscount
Cranborne, under secretary Of foreign af-
fairs, an official statement to the effect
that England had headed off plan for
Intervention on the part Of the other
powers. The name of Henry Norman was
In the papers of five nations the next
morning. The bearor Of the name has
been attracting some attention in the
house of commons ever since, and it is
expected that he will cut out an impor-
tant place for himself in British politics.
Henry Norman has the right to be called
cosmopolitan if anybody has, for in
The Minneapolis journal., 1902-04-05
How did the bucket-shop originate?
How does it operate?
Why do regular traders condemn it?
Is it wrong in principle or only in practice2

At the request of The Journal these questions answered
to-day by Charles M Harrington president of the Mime
apos Chamber of Commerce Those not familiar with market
and phraseoogy will find his article Illuminating and
timely view of suits brought against bucket shops in Min
neapois and elsewhere by the Chicago Board Of Trade
The Minneapolis journal., 1902-04-05
Correspondence of The Journal.

Correspondence of The Journal.
London, March 22.-Chillon Castle, the
ancient and picturesque chateau which
stands in the shadow of the Alps on the
shore Of Lake Geneva, and around which
Byron wrote one of his finest poems, is
about to be turned into an historical
museum.
The fine old monument, which is a little
over a mile and half from fashionable
Montreux, and which is visited every sea-
son by hundreds Of tourists, has been
carefully looked after for a good many
years by the Swiss government and, con-
The Minneapolis journal., 1902-04-05
A HEARTLEss SUGGESTION.
Brooklyn Life.

BrOOKIyn- -Llle. :
She-We are getting up some tableaux for
the benefit Of the church, and our pastor is
to be the heather executioner-will you?
Please do.
He-Why not get one of the trustees?
She-Oh it would never do to have it too
realistic,
The Minneapolis journal., 1902-04-05

Backache is almost Immediately relieved
by wearing one of Carter's Smart Weed
and Bellndpnna Backache Plasters. Try
one and be free from pain. Price Is cents.
The Minneapolis journal., 1902-04-05
DRAWBACKS, INDEED.
Chicago News.

81 Chicago News
''What are the drawbacks of winter?"
asked the visiting trustee in the village
school, and every pupil responded:
Mustard plasters, sir.
The Minneapolis journal., 1902-04-05
500 Line Homeseekers, Rates.

Very low one way and round trip rates
to points IN Minnesota, the Dakotas, Al
iberta, British Columbia and the Pacific
coast. For particulars apply to ticket
|ofRce, 119 South Third street.
The Minneapolis journal., 1902-04-05
BETWEEN FRIENDS.
Chicago New

Enpeck-I understand your wife is i'll. !.
Meeker-Yes; she hasn't spoken word
for three days.
Enpeck-Goo You always were lucky
dog. :
The Minneapolis journal., 1902-04-05
LET THE OTHER WOMAN GOSSIP.
Washington Star.

washington Staf.
Conservation of Energy-You say you
never gossip?
Never" answered Miss Cayenne.
when l feel disposed to hear my neigh
bors discussed I merely mention name
and proceed to listen.''