Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-02-24
THE BUCKET SHOP BILL.

Judiciary Committee OF the Senate
bill introduced by Senator Lawrence
OF Salt Lake, which, n II becomes
law in due course, will do away with
a growing evil in this State and sup
press a system of gambling that Is ac-
knowledged by those familiar with It's
every phase to be more unfair to the
player or victim, than any reasonably
well-conducted game Of faro, II gam
bling OF any character can be 80 desig-
mated. This proposed measure Is that
entitled, "a Bin for an Act to Prohibit
Bucketshops and Bucketshopping with
IN this State"
We take the position that no lover
Of fair play, no believer I'm the great
business and financial interests OF the
country and no supporter Of legitimate
trade should antagonze this well
meant measure but, on the other hand.
should lend every possible support to
so laudable bill.
Bucketshops and bucketshopplng are
as fur removed from legitimate brok-
erage or exchange dealings MS the
heavens are above the earth, for the
reason that the former are instituted
for the sole purpose of separating the
player from HIS money put up as mar
gins. but In reality representing the
stakes OF the game, while the ex-
changes and boards OF trade Of the
world and their direct connections
were organized for the promotion, OF
the commercial, financial and other
material interests Of the several COM
monwealths. Operations on these ex-
changes and boards Of trade are
hedged about by strict rules. ana the
interests Of those who entrust their
business to regular exchange members
or their correspondents are carefully
safeguarded while the players In tho
bucket-shops are solely at the mercy
of the proprletors Of those associa-
tions.
Bucket shopping Is regarded ms H.
legitimate In every community and
among all classes OF operators. Oper-
ators on bucket shops, or those who
fb' A'HhN ihliiAlihl WIN Int utNltl
character Of the houses know that they
are not buying or selling anything
tangible. but are simply betting that
the market win 20 IN or that the mar
ket viii 90 down. They deal I'm MOTH
Ing but chalk marks posted on the
baokboards Of the shops by the pro.
prietors thereof.
IL matters not which side the player
may desire to take. the bucket-shop
owners are willing TO take the other
end, simply charging the player n com.
mission Of % cents per share ON stocks
and one-eighth OF a cent per bushel on
grains for the privilege of doing tho
guessing, II the victim wishes to buy,
the house accommodates him II he
wishes 10 sell he Is equally accomo-
dated. The commission Us really q blind
10 give some pretence OF legitimacy. but
the fact remains that Tor the player to
win. tho house must lose and for the
house TO win the player must lose The
bucketshop keeper Is not IN the business
TO lose money. lie expects mis- customers
to lose. lie wants them TO lose. They
must lose or the shop goes out Of bust
ness, FOR the bank roll has been ex,
hausted.
A legitimate broker wishes his custo-
mers to make money. for then his busl-
ness Increases and his following en-
larges. II is TO his interest to protect
his customers Ia every manner possible
ana throw around them an the safe
guards at his command. The execution
OF their orders are bona nde ana take
place upon some regularly organized
stock exchange or board of trade. hav-
ing some Influence. at least upon the
real markets OF the world A properly
accredited commission broker is expect
ed to furnish TO his customer The name
o. buyer or seller with whom he has
done business, and the actual price al
which the trade was executed
John Hin, Jr, OF Chicago. general
counsel for the Chicago Board OF Tud6
and an eminent authority on the SUBJ
iect defines a bucketshop as follows;
"a bucketshop is am Office. store. or
other place run osteuslbly as a brok-
ers office, but wherein. under the guse
OF trading. bets are laid on the future
course OF the markets on the exchanges
OF the country. The proprietor dis
Rulses MIS- business 80 that Il appears
exactly similar 90 that OF a legitimate
broker The quotations posted In q
bueketshop are exactly similar to those
posted IN legitimate brokers' Office
but they are displayed for q different