Word: bucket-shop
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...truth--that answers a question unasked since the dawn of literature: What is a mortgage bond? The answer in Bombardiers (Random House; 319 pages; $22) seems to be: That which the selling of makes your teeth itch. The first sentence of Po Bronson's desperate, funny, booklong rant at bucket-shop marketing of financial chaos neatly pelletizes his entire volume: "It was a filthy profession, but the money was addicting, and one addiction led to another, and they were all going to hell...
...Curb traders grew richer (many made fortunes during World War I), they built, a building in 1921 on Trinity Place, got rid of "bucket-shop" brokers, and became a respectable proving ground for new securities. Though the same security cannot be listed on the Curb and the Stock Exchange at the same time, many a security proved its worth on the "Little Board" of the Curb before it moved on to the "Big Board." And many a small business finds the less exacting requirements of the Curb better adapted to its needs...
Patter & Protests. Ever since 1934, when the Securities & Exchange Commission clamped down on razzle-dazzle bucket-shop operations in the U.S., more & more high-pressure share-pushers have hung out their shingles in Ontario, where securities legislation is liberal. Well aware that war wages have burned new holes in many pockets, these "wheedle whackers" have lately stepped up their blitz...
...Democracy had been led into the camp of Mammon, was the pleasant effect of party affluence itself. Even more potent was last summer's disclosure that "Raskobism's" loudest foe, Bishop James Cannon Jr., of the Methodist-Episcopal Church, South, was himself messily involved with a Manhattan bucket-shop (TIME, July 1). At a South Georgia Methodist conference last week the Rev. Bascom Anthony of Thomasville, got a resolution adopted to reduce the tenure of service of Methodist Bishops from life to four years. Cried Mr. Anthony: "The church occasionally elects a misfit as a Bishop. Without mentioning...
...Church, South, who could speak for a vast rural constituency, had declared stock trading on thin margin was not gambling, was therefore not immoral. One reason for his vigorous declaration in behalf of Wall Street stock business was that he himself had been caught playing the market through a bucket-shop firm, now closed...