The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-01
WALL ST. BETTORS "BROKE":
FRED SCFIUN1M QUITS CAFE
More Doing in Brooklyn Now Says Stakeholder
Who Paid Out $IzS,ooo on Roosevelt and
Handled 81 100000 in Other Wagers

first OF all I'm just going'to lay off for
while-spend lazy summer like a mill
1ionaire, even II I'm not one Then maybe
III settle further up town. UP around the
Forties. where there's something doing"
There are next to no bets on the present
yacht trials. Fred said yesterday. and
, Fred Schumm Is better qualified to speak
on the betting situation than anybody else
In the country. Back In 1908. when the
yacht trials before the last international
yacht race were on the bets passed thick
and fast through Freds hands. And be
II understood that Fred Schumm never
made any money out OF holding vast sums
AS stakeholder, for he never has charged
u commission.
The way ] got to he n betting COM
missioner Of Importance enough 20 have
my picture In the newspapers holding big
stakes" Fred began when asked how he
first had the work wished upon him. was
one night over in my place in Fulton
street. Brooklyn, when Mckinley was rum
ming against Bryan for the second time.
Those were the days! ] guess they're
gone now--for the persent. anyway.
"a man named Xurn walked In and got
into an argument with another man who
used to he Sheriff Of Kings county,
forget his name now. Finally Zurn bet
the ex-Sherin that Mckinley would carry
Kings by ut least $4,000. They bet $4,000
even right Off the bat and handed the
That started It, Before election day that
year was holding over $4,000. Zurn OF
course won his bet.
st25,OOO on Roosevelt.
THE largest sum OF money ever held
was when Roosevelt ran against Parker
In 1904. The odds. l had figured. we're
and to 1 on Roosevelt. You had to
put up a lot of money. you see. to win
little, and so handled more than $4,000
in election bets In that campaign.
The last Mitchell Mccall campaign was
the time to make money II "a man only
I had foresight Something over $4,000
was placed with me In that campaign.
The big chance lay In the fact that at the
start Mccall was the favorite at to 3,
| bot. the betting closed on election day
| with Mitchell the favorite at 10 to ] and
no takers.
The recent polo games Fred Schumm
says. were all that WAS needed to show
| that the Street nowadays has nothing left
| to bet More than 100000 was handed to
| him in bets on the Johnson-Jeffries fight
at Reno. with Jeffries 2 to favorite.
| Last week when Johnson fought Moran
only $4,000 came over Fred's bar TO bet
| at to l on johnson and Fred said he
| was surprised to find that there was even
| that much money In sight.
But ] think things will be more alive
/ when the next yacht races start" he says.
| My odds now are 10 TO I on the American
| boat. The Shamrock followers are taking
all that kind of money in sight. Even ~
early AS this have placed about $4,000
| The present odds in the American pre-
| limnaries are . to that the Resolute
| will be the boat selected to defend the
| cup and I'm now holding 81. 900 on that
Only One Case Of weIchtng.
did you ever have to WEIGH on bet.
| Fred?' somebody asked pleasantly.
Sure" he replied. but only once. Dur
ing the polo games ! got a letter from a
man | know telling me to bet 100 mills
on England. thought he meant 500,
l got the bet for him and he won. But
when / found 100 mills meant 20 cents
| told him to go chase himself. wouldn't
stick a loser on a joke bet like that"