The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-11-27
Bucket Shops

In referring the other day TO Judge l'l-
grams decision IN a case involving s'och
b-oke &c transactions, We endeaSorta5 5 "
uoint out the difference between what y
recognized as legitimate trading IN
stocks and .'huckei shop trading we
showed that a man may buy stocks on
!, ,,arei,lr-th;,t is to say, on the partial
,,av,nent plan and trade as lesttimately
i. ,s IN docs when he buys real estate Tor
4 part cash anu balance on tl!nc. . bue q
puroly bucket shop TRANSACTION IS a a.
very different proposition, as was con-
fcssed by the defendants In the case I'M
dor review. The following report OF the;
case was made in the local columns OF
Tho Times Dispatch: 4
.'rt seems that III April, 1901, the dee
feudants were engaged in the business OF
stock brokers In this city, under the
style of u. Dickinson. G. 3. WOOD was
Y mo IF their Gus toners, and claimed that
on a settlement Of his trades with them
they owed him s60375. The defense was was
I'D that the account was not cor!ec..
a (n) that the New York correspondent OF
Inc firm was liable, and not the firm,
rs that the transactions were not bona
1ide purchases of stock no dealing OF
stock beng contemplated, the real inter-
est of the parties being to settle by on,
derences. according to the rise ana 1ali
4 of the markct--a gambling 1rahsactloii-s
and, therefore, Illegal.
ut was on this point. that the case
Z was mainly fought.
ere is frank confession the part
Of the brokers involved that they were
not engaged in the legitimate business Q
blyng and selling stocks for customers,
but were conducting a gambling estao-
lishment in which there was no actual
4 buying and selling stocks for customers.
broker and customer on the fall or rise
of stocks indicated. There was pre-
tense of purchase. The brokers displayed
New York quotations on their board, and
the .'purcha SER" went through the form
of buying. The brokers' reported that the
stock had been bought; the purchaser"
finally ordered his stock to be sold,
and the brokers then reported that the
sale had bee nmade There was then
10 be a settlement Of the difference be-
tween the price Of the stock at the time
of the alleged purchase" and the price
at the time Of the alleged sale But
In point Of fact 1t was nothing more than
a bet between the brokers and their Gus
toner. the former betting that the stock
would go down and the latter that the
etock would go Up, the amount OF the
4 wager to be determined by the difference
between The market price Of tho stock at
mo time the bet was made and the time
1t was called
- IL. MI !,
purchaser claimed that he had won the
bet and was entitled to winnings of
several hundred dollars. The brokers did
10. deny that they had lost although
1l,ere was some dispute over the amount,
hut pleaded that their debt was q gamb-
ling debt and could not be collected in
law. Judge Ingram charged the jury that
if thev believed from the evidence that
Il although the transaction sued upon was
ostensfbly the actual purchase and sale OF
Z stock the real intention OF the parties to
II 1ile transaction was to speculate upon the
,ise and fall Of prices of said stock, with
out actual delivery. and that the trans
~ action was intended to be closed by the
u rayment Of the difference between the
a purchase price and the market price at
1.-The time 1t was closed then 1t was wa
A .,rrinr or gambling contract, and null and
void In law.
plain case has been made out, Tho
defendants confessed and the judge
charged that this concern was conducting
4 4 sambling Joint in the city of Richmond
vet under the license and protection OF
law. 1t Is disgrace to Richmond thai
such things should be, and we call upor
Inc authorities TO take note and to takt
Il action. We do not mean TO make Wal
upon. legitimate brokers, Wo have al
ready explained that there IS such thlnl
as legitimate stock trading, even al
though the TRANSACTION he on credit ant
no., always for spot cash. But ".
demand on behalf Of the public that tn,
authorities draw the line between legiti
mate brokers and confessed gamblers
is q law against gambling, and 4
Ii Is quite an applica bic 70 bucket-shops'
ms 1t is to faro banks or poker rooms
Section 1916 OF the Code provides tina
u 6"if any person keep or exhibit gamin
table. commonly called faro bank, vince
Il of fortune. knco table. or table OF III
like kind, under any denomination. wleth
er the game or table be played with card.
dice or otherwise. or be a partner or con
ceined In tho interest OF The keeping o
exhibiting ouch table or bank, he sha
s,e confined In jail not less than two q
moro than twelve months, and fined NJ
less than one hundred dollars nor amor
than one thousand dollars"
70 ~
III any person bot or .plas at any suc