BUCKET SHOPS.

Dominion, Volume 3, Issue 783, 5 April 1910, Page 5

BUCKET SHOPS.

RAID m THE UNITED STATES. By Telegranh-Preess Assooiation-OowriEht New York, April 3. The Federal authorities raided 250 bucket shops in various cities, of the United States, and arrested thirty principals,. including five- reputed millionaires. . '

The federal action is based 011 a law prohibiting bucket-shops in the Federal district of Columbia, whero 250 had their head offices.

["Bucket shop" is a slang term used in tho United States and applied to outsido brokers—men who are not members of tho Stock Exchange, and who are, therefore, at liberty to advertiso in all newspapers. Somo of theso men may do a respectable business; but in that case it must be done through the Stock Exchange, and thereforo at tho cost of two commissioners. As a rule, however, the business done at theso "shops" is of tho mere "punting" order. A man stakes his £5 or J!10 on the price of a given security, bets that it will go up or that it will go down, and gains or loses according as ho is right or wrong. Tho bucket shop-keeper runs the racket of the bargain, and pays np or, instead of 1 paying, levants or pockets the money, according as tho bettor wins or loses j