The Washington herald., 1908-03-24
BUCKET SHOP TRIAL
Exchange Officials Testify
Against Wade & Hedges.
DENY DEALINGS WITH FIRM
Customer RecItes transactions of
Selling to Concern stocks which
He Did Not Own-secret Service
Operator Describes His NegOtia-
lions to Invest in the Business.

Ogden d. Budd, president of the
Consolidated Stock Exchange Of New
York; George w. Ely, secretary of
the New York Stock Exchange. and
Special Secret Service Operative Otto F..
Klinkey were the chief witnesses for
the government in Criminal Court No.
yesterday, in the trial of Percy Wade.
charged with setting up and maintain
ing gaming table by running an al
legged bucket shop"
Wade was jointly indicted with his
partner, Jesse II. Hedges. The latter
secured a severance and a separate
trial
Considerable interest has developed
in the trial Tho courtroom was crowd
ed all day.
After the jury had been selected As
sistant District Attorney Stuart McNa-
mara outlined what the government hoped
to prove. Mcnamara said Il would be
shown that the firm OF Wade & Hedges
had all the paraphernalia OF a stock
broker in their place OF business in the
Ouray Building, and that they took orders
over the counter for the buying and
selling OF stock.
No stock Bought or Sold.
He said it would be shown that the
people who came 70 sell stock. as a
matter Of fact. had none 10 sell. and
the firm did not have any. and merely
desired to wager on the huctuation of the
market Mcnamara said it would be
shown that on certain DAYS more stock
was sold by Wade than there was Off
cial record of on the Consolidated or
New York stock exchanges.
The government expects 20 show +" said
Mcnamara, that Wade had no connec-
ton whatever with the New York Stock
Exchange. or the Consolidated Stock Ex-
change, but they did have a wire with
the Stock, Grain and Provision Company
Of Jersey City, a bucket shop concern.
If we prove these things, they kept
place for the purpose Of gaming. and
were therefore setting up gaming table
Their transactions were merely wagers
on the rise and fan Of the market"
Exchange Officials Testify.
Secretary Ely. of the New York Stock
Exchange. the first witness. testified he
cid not know Wade. and that Wade had
no connection with the New York Stock
Exchange Mr. Ely testified at length
concerning the operation Of the exchange.
and that the rules required actual deliv-
cries Of stock in all cases. He knew
nothing about the Stock. Grain and Pro-
vision Company Of Jersey City
On cross-examination by Attorney
Henry Z. Davis, of counsel for Wade.
Ely emphatically declared there were no
bucket-shop brokers on the New York
Stock Exchange.
President Budd, of the Consolidated
Stock Exchange, testified thar Wade or
Wade & Hedges had no connection with
the exchange Of which he was the head
and that he knew neither When shown
a sheet used by the firm, President Budd
said II was inapplcable 10 the practice
OF his exchange. and not sufficient 10
show regular transaction.
BGdd WAS crOss-eXamined at length by
the attorneys for the defense. and went
into minute details as 10 the procedure
Of the Consolidated Stock Exchange
which. he said, required the actual de-
livery Of stock under all circumstances.
CuSfomar m Cfu,I