The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1869-08-20
The Grain Speculator.

IHE chicago correspondent OF the New
Orleans Republican writes spicy letter to
that paper on the subject of Chicago grain
dealers, from which We clip the following:
1.-THE grain speculator is rakish-look
ing chap, anywhere from twenty five to
fifty, wears the tightest and most striped
breeches, mounts nobby tile and sports
the gayest necktie out; drives team, very
natty and fast always-(who ever saw a
grain speculator on foot y tools down in
the morning to the Board and tools up
in the evening to hear Molly twank on
the piano; lunches at 'DelmonicO's' and
after dark-let me whisper it very LOWS
seen going into the European with
Molly on his arm-(' another bottle for
No. 6o-or is seen coming down stairs very
late from the neighborhOod of 'Aiken's,'
muttering something about his great lack
of foresight In not 'coppering that there
ace.'
"Whence comes the grain speculator,'
and whittier he goes when he has played
himself out, no mortal man knows. He
appears suddenly, resplendent in jewels
and striped shirts, and like comet dashes
across the horizon of the grain market, and
disappears as rapidly after a short, and
sometime brilliant career, as he came. The
grain speculator' is indeed a wonderful
man. His rooms are magnificent and are
always filled with mirrors and tobacco
smoke. He loves with love that is more
than love, all games of chance, and no one
ever need spoil for bet while the grain
speculator liveth, as he will stake his bot
tom dollar whenever he has one chance in
fifty. He has travelled this wide world DER,
does everything for a living; always has
money and diamond pin, and wouldn't
be simple child of nature for any con-
sideration. He is first seen seated in an
office in the rear of the Chamber of Com
merce, with a wonderful gilt sign an
nouncing to the ignorant public that his
name is Smith, and that he is prepared to
buy any amount of grain, make ruinous
advances, sell and buy on any terms, and
at the shortest notice. By II in the fore
noon he emerges from his Office, and Joins
a group of ten or a dozen other grain
SPECTATORS and talks with an astonishing
volubility of shorts and longs seller
july seller August etc. Pretty soon
Brown comes along. Brown wants to
buy. Smith wants to sell. Smith, by the
way, hasn't bushel of grain in the world
he has only handful in little box on his
office desk. Brown wants 10000 bushels
of wheat on the first day of August at
sixty cents. Smith agrees to deliver co.
900 bushels at that price, and on that day
Bargain closed Smith and Brown, like
two gamecocks about to fight, eye an i'm
aginary grain of corn'-that's the fluctu.
alton of the market-and when the list OF
August comes along, if grain can be
bought at any figure below sixty cents
Smith buys and delivers 10000 bushels
and pockets the difference. Should grain
go up and be worth seventy cents, Smith
don't buy and don't deliver. He only
'busts' (f he has no funds to compromise
with Brown, who takes his chances, tool
and gets put off the Board In plain
English, Smith bets Brown that grain
will be less than sixty cents on August list
and Brown bets it will be more. Heads
1 win; tails, you LOSE"