Twenty Years a Detective in the Wickedest City in the WorldWooldridge, Clifton R. (Clifton Rodman)
History
Twenty Years a Detective in the Wickedest City in the World
Wooldridge, Clifton R. (Clifton Rodman)
Crime -- Illinois -- Chicago; Police -- Illinois -- Chicago
The bucket shop proprietor is ready to make all deals offered in any
commodity that fluctuates in price. He may call himself banker and
broker, or commission merchant, or disguise his business under the
form of an incorporated enterprise or exchange. But he is still a
common gambler. The interest of the proprietor of a bucket shop is at
all times opposed to that of his patrons, as the profits of the shop
are measured by the losses of the patrons.
Bucket shops should not be confounded with the great public markets
of the world, where buyer and seller, producer and consumer, investor
and speculator meet in legitimate trade; for the pretended buying of
millions of bushels of grain in bucket shops will not add a fraction
of a cent to the price of the product of the farm, nor will the
pretended selling of as much increase the supplies of the consumer or
lessen the cost of his loaf a farthing. Nor should they be confounded
with the offices of legitimate brokers which they endeavor to imitate
in appearance.
NAME COINED IN LONDON.
The term "bucket shop," as now applied in the United States, was
first used in the late '70s. It was coined in London fifty years ago,
when it had absolutely no reference to any species of speculation or
gambling. Beer swillers from the East Side (London) went from street
to street with buckets, draining every keg they came across and
picking up cast-off cigar butts. Arriving at a den they gathered for
social amusement around a table and passed the bucket as a loving cup,
each taking a "pull" as it came his way.
In the interval were smoking and rough jokes. The den came to be
called a bucket shop. Later the term was applied, both in England and
the United States, as a byword of reproach to small places where grain
and stock deals were counterfeited.
Yet the bucket shop is a gambling den par excellence, with all the
paraphernalia necessary for the deception of the unsuspecting. One may
place a $10 bet in the bucket shop, pay a commission of 25 per cent to
the "bucket shopper," who may so shuffle the "cards" that the bettor
may have to lose, even after he has won. As an example:
GAME NEATLY FIXED.
Public-domain text, read in full here on John Shaqi.
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