The San Francisco call., 1910-12-18
bucket SHOPS
PLUCK HARVEST

phoned TO other points about the city
A large branch operates in Bush street.
another in OFarreu street and one in
lower Market street Besides these
there are other concerns. outwardly in
dependent. actively engaged in the
business in this city
The system here is similar to that in
use in Chicago and the cities Of the
middle west The methods in vogue
give the patron one chance in 100 and
and bucket shop takes the. other 90
The customer enters the establish
ment and lays his bet. There is no pre-
tense Of share buying. 1t is purely a
case OF gambling on the fluctuations.
AS the quotations come in. the bucket
shop broker shoves ahead those that
make him his profit and hold back those
make him his profit and holds back
those upon which he would lose. He
takes no chances heecing his customer
by the most deliberate of frauds and
then pOcketing "A commission besides.
Just before the fire one Of the local
shops cleaned up 100000. There is
never the slightest chance that the
bucket shop broker can lose He IS
the stakeholder and there is no redress
a. law for violations Of this form of
contract. II by any accident the quo
tatfOns should all go against the bucket
shop. 1T merely closes its doors an
nounces its failure. and pockets all the
money that has been paid in by the
customers.
$40 TRADES POPULAR
At the present time. some Of the local
operators are dunning up handsome
daily profits. They have given their
Offices the appearance of legitimate
brokerage homes. but the whole enter
prise is counterfeit. The bucket brOk-
ers never deal in share Of stock. The
money is merely wa gered on the fuc-
tuation. They can wipe out a customer
at viii
The most popular deal among the 10
cal bucket shops is the $50 trade. The
customer enters the bucket shop. looks
over the huge blackboard where the
quotations are posted and makes his
bet For instance, say he buys" 10
shares Of Southern Pacific at S115 He
puts up his SO as margin Of one
point "a share. IL the stock drops to
SI14.25 the customer is wiped out. The
- cents forms the commission. on
the other hand, he stands to gail moth
ing until the stock has advanced be-
vond Sl1525 The 25 cents is again
figured as the commission.
10 books are kept. numb bered tickets
are given in lieu Of receipts and a
tabulation made on sheets as in book
making on the races.
GAME ALWAYS CROOKED
The bucket shop game is always
crooked. Quotations are falsihed, held
back or frequently substituted out of
their regular order To suit the needs
Of the operator. IT is the favorite prac-
tice TO wipe out the small investors
IN quick time.
Tt sometimes happens that. as in
most bunko Eeales. the new victim 5se
allowed 10 win little at first In order
that he may in the end be swindled Of a
greater sum.
while the forms Of fraud vary, they
are alike in their certainty.
An interesting sidelight was cast on
bucket shop methods recently through
The confession Of a man by the name
of Troy Of the bucket firm OF Tobin.
Troy & CO. Following IS an extract
from TrOy's testimony
The arrangement between us was
that Davis (the agent) was to have half
of an money he brought into the Office
and that Sobin Troy & co. We're TO have
the other half
you mean half Of the profits, don't
vou2' asked the judge.
NO. sir. t mean half Of the money,
replied Troy.
do you mean to say inquired the
Judge. thar if Davis brought a Gus
toner to you who had $4,000 he would
get $4,000 and that you and Iobin
would get the other S5,0902
that's exactly what ! meana said