The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1905-03-13
THE BUCKETSHoP.


THE BucKETsHoP.
In speaking of collapse of the coe Commission
company the Minneapolis Journal says:
The final chapter in the history of the greatest lille
Ultimate commercial enterprise in the northwest writ
yesterday the story a Minneapolis
bucketship Built from small beginnings and founded
all institutions upon principles, it
to grief all do in time This business served
good played in the finance
Of the country; it served medium promotion
of the spirit of gambling speculation of
the rankest sort. Its downfall is blessing.
Were it only that great many people who iii at
ford to lose have drawn and have
suffered losses might dismiss the without
tended comment for people fools, always
there will be FOOLS it is difficult just the
safeguard them if they upon losing their
money.
But the bucketshop institution a curse. 1t
begins usually, did here a way
has fair patronage and conditions favorable, quick
growth follows. In the Minneapolis the business
marked by rapid extension through the From the
local headquarters there lines of communication to
smaller cities and towns Like gigantic devisn, it
spread it's tentaces over the country and through them
sent the poison that in instances corrupted the
morals and dragged down the commercial honor of
The doctrine quick wealth opposed the
fashioned accumulation, doctrine
of the bucketshop doctrine, demoralizing
teaching.
ethical view bucketshop is wholly The
gambling spirit is ncucated in the minds of people who
have to lose and who have business specu
late Just in proportion the people break from
sound and safe ideas and msled into the belief that
trading in the bucketshop they money rapidly
and easily the shop thrives. respecter age
or condition 1t takes in ALL and rarely gives
thing.
There are, in all grain trading centers firms which
deal in the products of the farm who their part
the handling and marketing of the great crops of the
country. These firms their existence
The production of corn Ooo
bushels of wheat and of variety of other products
that in normal makes the agricultural wealth
the United States approximate 0O0
the who take part in the great work. turn
ing these products into cash. All play
part Some firms give attention others
speculative branch of the grain trade, and
part this business is carried honorably and fairly.
people will speculate there
them in knowing that there firms through which
may trade and back their judgment confidence
that whatever the outcome they will
fairly.
Here then, is where charge unfairness lodges
against the bucketshop man placing trade through
a legitimate dealer knows that his buy sell
Will be executed in the pit trading center of the
change The profit of legitimate commission firm is
the brokerage charged service
The bucketshop makes trades with any
change, but puts all down to himself Hence
when the market moves for enough either offset
the margin the trader deposited bucketshopper
pockets the entire amount 1t highly profitable bust
ness when it comes right, and into go many of
business capacity of high order who might do
thing better, but who give way desire to get
money easily
But there always day of reckoning. Some day
the market direction steadily long time
without reactions heavy enough
and give the the proprietor and then the
etshop has to pay up quit
That the history of the Minneapolis shop which
fourished weed and died in short season
adversely.