, 1869-08-12

position Of the msjo1itg ef members II reference
10 II T. corner question.
The opponents Of the ruie urge thai It tend. tc
oreE.tpscuIatlor, By holding OFT the hope that q
great 1'se IN salueS may be proven to 10 the result
/ 6t cGFbtf within The meaning Of the rule, Rn.l
| that IL tendA 10 undermine the sense Of oolya-
! ton 10 iul1l q contract nate for future time
We do ret ErGalu the rule ns The lest thai could
l have tcen adopted to secure the end aimed a.,
but Ii IL Certainly not open 70 the objections EfSe
| hga:nrt 1t. Tie Eple DOES not prohibit any one
| frum coTnertrg the Eartet, or from rcaptns
BENEFIT from the transaction; 1t simply provides
| sku!Ext pndne eIfottlan when any man or CON-
ntpatlon bayc nueceeded IN obtaining control of
nj the gram cf particular kind In the market,
uEu Ut The saDr time hold contracts which they
atll AnoW cannot be Oiled except by "ssttle-
neEL'' The effect Of the rule II In arch case 70
,aAe ont OF the cornertng party the pow.r to be at
o.ee 5Ea.e, jury aud e1ecul'oues, b. giving 10 the
lizard The right 10 determine Whit shall be the
neHtute u damages
We admit thar il operations on the door Of our
EIchaLge Eere limited to the Legitimate order OF
1Aes, Il ~utll Le Lest TO tnterposo ressf1ctons
OF fh!s kind, the, Use and fiji OF prices would
then te entirely governed By tne laxs OF supply
AID ceaaId. So, TOO, II the esn Of fai.are should
fall tuly Oh thuse Tho venture beyond thrr depth
iu tot1 selling, there should then be no rest1tc-
sicr. tErectalls II The losers could always be made
kp Ea@A AAts Gutt4t t4Aliel}s l4G 44S5 Il u0t con-
flied to ihla cass; In TACT, It does not laJ upon
tteC1 Ut al, unless in exceptional casea
The great mischief wrought By tte corner opes-
atfoEs, which Rule l3 was intended 10 condoe With
IL uAnoE tInlt-, Is that It lntt.fereJ Vita the
general course Of Hade, md thus lnnlcs4 iu.s on
the xhole community. Take the corner On wheat
Of last Jea. Ia ttse cts5 as an example. For a fen
weeks prices were torced up By the operation, aud
Ibt*e It the county holdefs who hai the gooa
fIa7I IJTR, NIL ali
But few Of them dit this, a. they saw prices Goa.
t!nGc to Est, and they held on IN hupes OF q
tu!tter advance. Comparatively ltt,le wheat
can G IN hcre, and the shipping Increment from
this point was virtually stopped because the ship
ptEs could not operate in the face OF a ces,aln
1tss, as the Eastern markets refused to advance
With the Chicago market. Meanwhile the people
Of the East supplied themselves else Hhere aud
The English dealc1s called on the farmers OF the
European continent to MI their tns for them.
Presently the corner had ceased to work. and
prices fell aul continued to drop under tue pres
snte OF grain iron the coan1ry. But the
ordinary consumption had already BEEN ntoyIdcu
or clseR here. and the consequence WAS
that when Chicago holders became willing to sell |
III reasonable price, theJ found that their grain
was not Haotcd. Then prices fell still lower and
t~acecd figure scarcely paralleied tn any rear
"i;h'n the memory Of the present generation,
This loss fell larseIy On the pro1ucers WHO, for
every bushe on which they had been able to real
re III advancc Of &c, we're Obliged to Sell ten |
tuslt Ii at corresponding losa- SGrely they we're
Doi tht gainer!.
NJ tthe1 did the men who engineered the corner |
nuke money. They found themselves with q |
large iuaut1tr OF Eraln On haau which they we're
Obliged 10 teIi out Ut heavy loss, aud founh
slso tEat very many of their contracts could nor |
lie ''seitled.'' The tnoEe honest portion Of the
members Eaid theIr tosses Others who hal all tn |
Tin end nothing TO lose, failed to come 10 lime
nLd thus the only ohes who Gid not lose were
thee ~ho belonged 10 thr genus Properly dcs-
:,Latc,! as 4sCaIrss.'
II MIS- Tor the purpose Of preventing repett-
Lob OF such experiences that lsuie II Was adopt
cd; not to interfere alth The regular cpcrse Of
t;a.r, hut rather 10 rrcTent 1t tFum betu1 inter-
tered With. II tue EoarI OF Trade can secure ,hts
'pt be:ter BY the adopiou Of sotue othtr rule we
f.ttt to tce II done, but We do einphasIcal5 nrp-
.cs' against encouraging mode OF dealing which
shall throw the power Into the hand. Of ihc uu-
strubnlons, and place homes. men II their nerrv, [
Tie following kilograms we're received on
'Clatge to-da3:
-Four INACTIVE, tl:Cc, at 81 ~ I.1u. Wueat |
Iniet, unsettcd; No. =, fl.G3,a l.Ga. torn u1liet
tT4 I1s a. 1, 9.l1 G1 ~ =, ~ 9sss A. unsst't at ss
nrn, ut s.-l:ss1.ls. Gold, 1saA..
r,orr caso- a, G., ca'sit.:. !: t,.,,
"'4t sooS's ~ gu i"oAtt- hHcF-S0. = at ]
H. ifiA; soil u: sl-osa LTD: new Iuliana Htn-
,sr ai sl.to. Torn auiet scarce, al sl14ai.iy,
tals nominal. at ~. &c: new nj sc. PORK uoml-
lat. Lad nIutef, III as. essic-
i'rFFALn, August II.
Gvlcrali! lnactIse: nouluaIIy 81 Is for wpea,.
Ei.a ior es'En: and * tor oats Etccsnls-
AEIcAt. ltu, W. tu: coru. :j,.aA bu; ult-, i.u3p
,t1- sh:EluchtS-Waeai. l3J. .lUe hl: curu, tJpy
a. ti':4!H II storc Monda. Wheat lsi,,uOJ uu:
:e''' o'e ea; oats l*E" ~ Efs;s'.s, ~
Wheat q let, i!rn; St- |. si.oa; So. :, 8 !45i.
|'.eeftts, =. $50 tu' shipments. 6.'-*' bu.
.IfEEP. III, .tuc1iHt II.
1s I'll European corn. ens. Fork, iuaA Lard. 7ts.
LAiKh-l:zn +. N.
iIfadstClS Qnlrt. lAtJ, s35. Hest uaca3prett
LATER
" The "ofen noard," No. . s;rny whcat sold
u o'erale extent, bIt prices we're q tribe high
1-'te market closing nj IL, seller August, and
l.sse. 1.5;1., -el!cr September; Nn rtd !. luxr
Did at 81. =, Seller August, The corn market was
It tet, No. closing At oasc scl!cr !aas hau ol
iueLst, and SC, seller August aid Srpletubet.
'ais sold nj S:i1c, cash. aud 1Oa;c .el!er August
OF No. In slure. In the evening, No. . sprluc
wheat closed at Sta, seller August; AID No, 2
'uFu ut 9lc, seller Last half Of this uIonth. M |
,:nvcIEent In lake fre,ghs.
TIE bog market Enie.1 4EEet, au1 on common |
It'd medium grades prices were weak, and NJ ,tr
lote ltte lsc I; 1Uu "a lower. Sales wrrt confined
,0 head 1T range Of u :AGs II. - the outside
tr eAttu- Neef cattle were In Yuol demand, and
he harket was steady and Grm at yesterdays
Ece.. Sa]es were Effected at range Of Ra,.ha
10 Etr !p1GI1or 10 Choice |
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