Word: bucketshop
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...even football ("neither manly nor Christian") felt his indignant lash. But in 1930, this paragon of virtue, by then long a bishop and according to H. L. Mencken "the most powerful ecclesiastic ever heard of in America," was accused by the elders of his own church of immorality, bucketshop gambling, flour-hoarding (during World War I), adultery, lying and "gross moral turpitude and disregard for the first principles of Christian ethics...
...restricted field of domestic farm staples, however, the Commodity Act hews closer to the general line of securities regulation. Trading sins include manipulation, wash sales, dealing in options, bucketshop operations and routine fraud. Customers have to put up actual margins, something of an innovation for big speculators whose credit is good. One customer's funds may not be used to support another customer's accounts. Floor brokers and commission merchants with a futures business have to register with the Commission. Among the Commission's wide discretionary powers are the right to delay or advance contract settlements...
James Cannon Jr., militant dry, Bishop of the Methodist Episcopal Church, South, was lately revealed to have had extensive stock transactions with a bankrupt Manhattan bucketshop (TIME, July 1). Cannon critics questioned whether such dealings were worthy of a Churchman...
Last week Churchman Cannon was revealed in a new secular role. Investigators into the. affairs of Kable & Co., a bankrupt Manhattan bucketshop,* discovered that, like so many of his fellow countrymen but unlike most churchmen, the Bishop had been playing the stock market...
...been buying securities "on the instalment plan," not gambling. Then he explained that during the last presidential campaign Senator Carter Glass (Va.) telegraphed to him: "For some unexplained reason affidavits have today been placed in my hands relating to alleged stock gambling on margin by you with the late bucketshop firm of Kable & Co. . . . Would you have me promptly deny for you participation in any such transaction? . . ." The Bishop, who said that he first properly "digested and appraised" this ''suggestive skilfully-worded telegram," answered: "Affidavits evidently sent you for purely political purposes to destroy or weaken effect...