Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1905-07-04
Mistellaneuus Rsaaing.
BUCKET SHOP GAMBLE.
Most Of the Chances Are Against the
Public.

Il oHeoiiaSi viVV,VVU,VVV III hStitioo'
speculation in grain.
| There are 1000 bucket shops oper.
ating In the United States at thi.
time, their geographical distribution
marked by the boundaries of the
country.
/ For each Of these 1000 shops ar
average Of 800 day gross income Il
necessary to meet its expenses, chic
Of which are for wire and ticker ser.
vice and blackboard writer's.
Thus in order that 1000 Of these
shops may live and remain open, they
must have 800 a day each, which in 6
year Of 800 days means an income OF
$50 100000 annually for office expenses
only. Many Of these bucket shops fai
for lack Of money. while others "fair
in order that they may keep the money
Of the investor, until $100,000.000 q
year as the losses Of the people ir
the illegitimate speculation in grain IL
Hill, Jr.. an expert authority on the
Chicago board OF trade. adds another
500, 100000 a year as tribute which
the gullible pay to the fske "get. rich
quick" and kindred sharper concerns
of the country.
Speculation" an Unmeaning Term.
Yet with this 200,0OO,O0O a year 60
ing into the hopper Of frenzied specu-
lation Of all kinds, Bradstreet's for the
year 1904 showed business failures from
spe eculation as 8 of per cent Of the
total failupes of the country.
Whatever may be Bradstreet's de-
finition Of the word Speculation" as
used In his list, the word to the av-
erage business man who knows where
of he talks Is as unmeaning as any
other In the business dictionary. Sup
pose a man somewhere in a country
town loses money in any speculative
venture anywhere under the sun. II
It Is a few dollars only he may not
speak of It at all. II 1t Is enough to
embarrass him perhaps he may have to
speak. Under these circumstances the
best possible thing to do is to explain
that he lost 1t ION the Chicago board
of trade" II he has no credit at
stake in the matter. and Is sore. he
may yell murder over his losses ION
the board" But hundreds Of such
men have lost their money In bucket
shops, and scores Of them have lost
| Il at poker or some other gambling
game.
"Board of Trade" Falsely Blamed.
Every little while banker some
where goes wrong with funds that are
intrusted to him. ard In the telling OF
the story the Chicago board Of trade
/ Is the secret Of his undoing. One OF
the marked cases Of the kind was that
Of the Aurora banker who defalcated
with $4,000. lost on the board OF
trade" But when the story was run
dowt, 1t was discovered that his money
was lost in a bucket shop in Ham
mond, Ind. which had been driven out
Of Chicago through the efforts Of the
Chicago board.
When $10O,00O.0OO, at a conservative
estimate every year is lost by the
American public In bucket shops, just
the thing that such a shop Is should
be of economic interest and considera-
ton. Within the knowledge Of tens OF
thousands of citizens some acquaint-
ance or person Of whom they have had
personal knowledge has gone broke
in grain speculation. Yet to find q
man who has lost his fortune on the
racetracks or in a gambling den Is
not at all an easy task. Without q
question the gambling losses In the
bucket shop are more serious In con-
sequences the country over than the
losses in any other one kind Of gam
ing, for the reason that the man who
could not afford to have to confess
losses at horse racing or at cards may
retain his character as a business man
to far greater extent by having lost
at little flyer in grain"
Bucket Shop Crooked Gambling.
Yet the bucket shop is a gambling
den par excellence. with all the paTa-
phernalia necessary for the skinning OF
the unsuspecting. One may place
SO bet on the bucket shop, pay q
commission Of 25 per cent to the buck
ct shopper, who may so shuttle the
cards" that the bettor may have tc
lose even after he has won. AS an ex-
ample
The one thing absolutely necessary
to the bucket shop are quotations. new
er from a legitimate board Of trade
but through leased wires. or wire tap
pings, or from some other rake
source. For the instant that the quo
tations" cannot be written upon the
blackboards the betting must cease
The bet of the customer Is that before
certain grain drops off a point
against him. 1t will advance point OF
more In his favor. and the bucket
shopper takes the bet, holding the
stake himself Frequently the bettor
may realize that he has won point
or two, or three, and may insist upon
the bucket shops selling for him. Per-
haps the victim lives at a distance
from the shop and must write or wire
his broker" He wires for the "brok-
err to sell, and perhaps gets mes
sage in reply to the effect that the
market must go much better than
that: that he refuses to sacrifice his
patrons best interests in that way, and
will hold on for the certain rise. In
most cases this patron Is immensely
hattered, until within a few days the
market Is Off again, wiping out not
only his profits but his original mar
gins as we'll
Or IL on a certain day the customer
takes advantage of a rise In the COM
modify BET upon, and insists upon clos
ing out the deal, 1t is most frequently
settled by the bucket shop upon the
lowest figure for the day. Occasion
ally, indeed. where a bucket shop
keeper has allowed one or more GUS
toners to win" considerable figure
from 1t through some untoward turn
In figures, the whole shop closes up
and disappears. leaving the victims no
redress at law for the reason that they
b,,,a Iaft tho roonay Voluntarily in the