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 one thing absolutely necessary to the bucket shop are quotations,
never from a legitimate board of trade, but through leased wires, or
wire tappings, or from some other fake source. For the instant that
the "quotations" cannot be written upon the blackboards the betting
must cease. The bet of the customer is that before a certain grain
drops off a point against him, it will advance a point or more in
his favor, and the bucket shopper takes the bet, holding the stake
himself. Frequently the bettor may realize that he has won a point, or
two, or three, and may insist upon the bucket shop selling for him.
Perhaps the victim lives at a distance from the shop and must write or
wire his "broker." He wires for the "broker" to sell, and perhaps gets
a message in reply to the effect that the market must go much better
than that; that he refuses to sacrifice his patron's best interests in
that way, and will hold on for the certain rise. In most cases this
patron is immensely flattered, until within a few days the market is
"off" again, wiping out not only his profits, but his original margins
as well.
HOW THE SUCKERS ARE SKINNED.
Or if on a certain day the customer takes advantage of a rise in the
commodity bet upon, and insists upon closing out the deal, it is most
frequently settled by the bucket shop upon the lowest figure for the
day. Occasionally, indeed, where a bucket shop keeper has allowed one
or more customers to "win" a considerable figure from it through some
untoward turn in figures, the whole shop closes up and disappears,
leaving the victims no redress at law for the reason that they have
left the money voluntarily in the hands of the sharpers. Occasionally
the country branch office of one of these central bucket shops may
clean out a town of its currency until the scarcity of money in the
place may demoralize the every-day business of the town.
That the man who tries to beat the bucket shop has an impossible task
in front of him in investigating the $10 bet, the commonest in the
shop. The man with the bill steps up to the window and asks to buy ten
shares of American Sugar at $110 a share, paying 25 per cent out of
the $10 as commission. Then, counting that the bucket shop might be
as nearly straight as such an institution can be, remember that the
decline of Sugar three-quarters of a point will wipe out the bettor's
$10, while for him to win another $10, Sugar will have to advance to
$111.25. In short, the customer is betting against a proposition which
will lose him $10 if Sugar declines 75 cents, while to win $10 it must
advance $1.25, in either case the bucket shop holding his money and
taking 25 cents in tolls.
OTHER "FAKES" "BOOST" THE GAME.
Public-domain text, read in full here on John Shaqi.
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