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BUCKETSHOP

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Originally appearing in Volume V04, Page 721 of the 1911 Encyclopedia Britannica.
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BUCKETSHOP , a See also:

slang See also:financial See also:term for the See also:office or business of an inferior class of stockbroker, who is not a member of an See also:official See also:exchange and conducts speculative operations for his clients, who See also:deposit a margin or See also:cover. The operations consist, as a See also:rule, of a See also:simple See also:bet or See also:wager between the See also:broker and client, no pretence of an actual See also:purchase or See also:sale being attempted. The term is sometimes, though loosely and wrongfully, applied to all stockbrokers who are not members of the recognized See also:local exchange. The origin of the word is See also:American. According to the New See also:English See also:Dictionary it is supposed to have arisen in See also:Chicago. The See also:Board of See also:Trade there forbade dealings in " options " in See also:grain of less than 5000 bushels. An " Open Board of Trade " or unauthorized exchange was opened, for the purpose of small gamblers, in a neighbouring See also:street below the rooms of the Board of Trade. The lift used by members of the Board of Trade would be sent down to bring up from the open Board what was known as a " bucketful " of the smaller speculators, when business was slack.

End of Article: BUCKETSHOP

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