The Washington herald., 1908-03-27
WADE ON The STAND
Stock Broker Denies "Bucket
Shop" Charge.
GOVERNMENTS CASE CLOSED
Attorney Laskey, for the Defense,
Says Proof VIII Be shown that His
Client Conducted Only a Legitimate
BusinesS-Never Dealt with His
Customers on n Gambling Wager.

Ihe government finished its case in
chief yesterday in the trial Of Percy
Wade. of Wade & Hedges on trial on an
indictment which charges him with vio-
lating the anti-gambling laws OF the Dis
trict Of Columbia by conducting an al
legged bucket shop
When court convened. District Attorney
Baker informed Justice Barnard that the
diately Attorney John z. Laskey. who.
with Attorney Henry E. Davis. represents
Mr.. Wade. made his opening statement
10 the jury.
The opening statement was followed by
the testimony Of George r. Lee. and he
was followed by Mr.. Wade. who was on
the stand when the case went over until
Monday morning.
Opening for the Defense.
In his opening statement, Attorney
Laskey said it would be shown that Mr.
Wade was conducting a legitimate stock
brokerage business, and dealt with the
Stock. Grain and Provision Company. Of
Jersey City. a concern. he stated. having
a capital Of S2o00O0 and a surplus OF a
ike amount This company, Mr.. Laskey
said. il would be shown, had, in 1897. ac-
tually delivered stocks In various parts
OF the country 70 the extent of Sl0O00,Oo0
Mr.. Laskey claimed that No transaction
such as alleged in the indictment had
been proved. and that Wade had neGer
dealt with a customer on a gambling
wager as 10 the fluctuations Of stock
quotations. and was only interested TO the
extent Of his commission on the purchase
OF sale ordered.
Bucket shop" Defined.
The term bucket shop. said NJ. Las
key in the course Of his remarks. origi-
mated in the gran market OF Chicago,
where tens Of thousands of bushels OF
grain were bought or sold az one time.
Small investors. he said. were advised
20 take their business TO other houses
where they might buy "a bucketful' OF
/ grain.
I George r. Lee. when called 10 the stand.
| contradicted the testimony Of Secret Sev-
I ice Operative Klinkie. who testified upon
I behalf OF the government. Monday. Mr..
/ Lee said he was present when a con-
Yersation occurred. and he denied that
/ Wade told Klinde that he tWade). con-
Quoted a bucket shop. and that he did
not care what the business was called,
as long as he got the money.
Wade Takes the stand.
/ M Wade followed Lee on the stand
and stated that he had lived in this city
Tor ten years. and had conducted a stock
/ brokerage business for four years. He
paid a license OF 800 per annum. he said,
as a stock broker Mr.. Wade described
/ his business at length. and stated that
\ ne had a contract with the Stock, Grain
and Provision Company By the terms OF
(which the latter agreed TO deliver to
/ him any stock contracted for on three
days notice. and he operated under this
! agreement. he said. until last August.
He said that he never had an under
standing with his customers that the
[ transactions had with them We're 10 be
mere Wagers on the fluctuations on the
market prices received over the ticker in
his Noffce. In response 10 a question by
Justice Barnard. Mr.. Wade said he could
recall only Two or three times when he
had delivered stock 10 customers. and
that he could remember no occasion when
he had received stock from a customer,
but he explained this by stating that no
demand had been made upon him for the
stock by his correspondent
Mr.. Wade VIII continue on the stand
Monday. when he viii be cross-vAai,r...,,s.
by District Attorney Baker and Assistant
District Attorney Stuart Mcnamara
Holland Incident Closed.
At the District attorneys Office 1t was
stated yesterday that the incident in
which President Holland, Of the Stock
Grain and Provision Company. and Will
lam Z. Bishop. an investigator employed
by the New York stock Exchange hg-
ured at the close Of proceedings wednes-
day. when Holland accused Bishop Of be-
ing a blackmailer, and the latter re
torted by giving Holland the lie was
closed so far as the government was con-
cerned. When the matter had been called
70 the attention OF the court, Mr. Holland
apologized. stating that he had been mus
understood.
Notwithstanding the incident took place
after the Wade trial was laid aside TO
proceed with other business. the state
ment made by Bishop and the explana-
ton made by Holland appears in the
official stenographic report Of the Wade