The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1908-06-25

WASHINGTON, June "a, - The
Postofhce Department, which III 1870
took hand in the efforts OF local
and state authorities to put the
bucketshops out OF business, has now
an accumulated batch OF information
that indicates that the fight is nearly
won. These concerns are being put
out of business in one way and an
other this year very rapidly.
Right under the nose OF the De.
partment one audacious individual,
Percy Wade, continued business until
this Spring, when his doors were shut
BY the District authorities and he
went to Jail for 80 days.
In message to Congress by Presi-
dent Roosevelt, he referred to the
importance of the bucketshop evil.
"The great bulk OF business" he
said, transacted on the exchanges
is not only legitimate, but is ncces.
sary to the working o. our modern
industrial system, and extreme care
would have to be taken not to inter-
fere with this business i'll doing away
with the bucketshop type OF opera.
tions." Because OF the discredit to
legitimate business from the counter
felt concerns, those which deal only
in differences and fluctuations in quo
tations which they steal from the ex-
changes by wire tapping, the eX'
changes have been Jealous in the
fight against them, the Chicago Board
OF Trade having expended hundreds
OF thousands of dollars in assisting
the postal and other authorities in
fighting the bucketshops in the courts
The great asset OF the fraudulent
concerns is in their semblance OF a
real brokerage business-in tele-
graphic apparatus, kept clicking
busily, in blackboards, handsome
furniture and rugs. By shamming the
transactions that are vital to the
farmers and business men OF any
them and lured them into venures
that have no more to do with real
grain and real stocks than a mirage
has to do with real oasis in the
desert. Most OF the defaulters and
others have been found to have lost
their money in bucketshops, although
they have used the phrase lost on
the board OF trade" being unwilling
to be classed as bucketshop patrons.
The cashier OF a national bank at
Aurora, Ill.,, short 100000, lost his
money in bucketsllop in Hammond,
Ind. which had been driven out OF
Chicago, but asserted the money
went "on the board OF trade. Such
cases as this give point to President
Roosevelts words quoted above.
Point is given to his words also by
the fact that an anti-bucketshop law
recently passed in Oklahoma has
driven out of the state the legitimate
brokers as we'll as the bucketshops,
for lack of discriminating provisions
in the law, such as President Roose-
velt called attention to as being nee
essary in wise legislation on the sub
ject.
In Cincinnati recently, thirty-four
indictments against bucketshops
were returned at one time. One OF
these was against firm that con-
troled 170 branches, located in var
ious states, and reported to have an
annual income of $2,000,000 Another
firm was doing business estimated
at 81, 100000 annually, with its wires
from Florida to Salt Lake City, and
boasted that before the next snow
il would have wires to the Pacific
coast. Morehead & Company, a firm
with its manihcation Of wires in Chic
ago and elsewhere, and an extended
wire service, have been forced to
quit. These great leaders OF the frat
ernity practically controlled the entire
business of the United States
The fight is now fairly on, and
every State in the Union is opening
its batteries against these bogus con-
Germs. One of the heaviest blows yet
dealt them was that Of Governor
Folk of Missouri, when he demanded
the enforcement of the State law that
fixes the penalty Of FIVE years in the
penitentiary. Recently, during a
single twelve months, seven States,
Montana, Nebraska, Minnesota, Con-
necticut, Missouri and Alabama pas
sed stringent prohibitory laws against
them.
These court decisions, far-reaching
as they are and valuable as they have