“Not a bucket-shop!” objected Gilman, aghast at the very name.
“Yes, a bucket-shop. Do you know how they operate? Of course not, merely having played against them. Well, suppose you gamble a thousand bushels of wheat on a two-cent margin, holding for a two-cent advance. What happens to your twenty dollars? The bucket expert takes out his buying commission of one-fourth cent a bushel. A straight broker takes off one-eighth cent, but your man milks you for a nifty little total of two dollars and a half, because you’re a piker. If wheat goes down one and three-fourths cents you lose the other seventeen-fifty, don’t you?”
“Yes,” admitted Gilman.
“If it goes up two cents the man closes the deal and takes out another one-fourth cent a bushel for closing. That’s another two-fifty. You get back thirty-five dollars. Your bucket-shop man is practically betting fifteen dollars of his money against twenty of yours on worse than an even break. Pretty good game for the bucket-shop man, isn’t it? But there’s more. He doesn’t take as much risk as matching pennies on a three-to-four shot. Suppose he has one man betting that wheat will go up and another that it will go down. Each man puts up twenty, and one must lose. The man with the bucket runs no chances, and every time he takes in forty dollars he pays out only thirty-five of it. Twelve and one-half per cent. of all the money that passes through his hands stays there. Moreover, the winner puts his right back into the game, and the loser rakes up more, to win back what he lost. Pretty syrupy, eh? The only trouble with you is that you have been playing this game from the wrong end. Now, you’re going to play it from the inside. I’m going to rent an office to-day. You’re to back me to the extent of three thousand dollars, and we’ll split the profits.”
Gilman’s eyes glistened. He was one who did his thinking by proxy, and reflected enthusiasm with vast ease.
“Do you suppose it would take the three thousand all at once?” he asked with some anxiety.
“No, we won’t need it in a lump,” Wix decided, after some sharp thought over Gilman’s nervousness; “but it must be where we can get all or any part of it at a minute’s notice.”
Gilman drew such an obvious breath of relief that Wix became once more thoughtful; but it was a thoughtfulness that brought with it only hardening of the jaw and steeling of the eyes.