, 1870-07-29
FRIDAY, JULY 90. 1870,
HOT GRAIN.

"Ae "Atcu upon, yestordhy, by
several of the proprictors of elevators in
this city, accompanied by two or three of
the Inspectors Of the Board of Trade, who
Represented to rs that the wheat known as
Ne spring, Of the crop OF 1869, in this
city, is NIL. or nearly all, actually hot, or,
as the phrase is, ''out OF condition ;" that
the same kind Of wheat in store ut
Milwaukee is also out Of condition,
although efforts hare been made to
conceal the fact; that every means
known to the warehousemen to prevent
heating. or further heating, has been re-
s.'rtea to, hut with very little effect, in con-
sequence Of the inferior qunlity of the c.op
Of last year; and that it is utterly untrue
iLat the wasehousemon have been buyinc
up their OWL receipts at the reduced prices
consequent upon the revelation that the
grain of this grade has become heated
Taking all these statements as true, VIC
haze to say that, when combination has
hceu made between the railways and the
elevators, by virtue of which the owners Of
grain a7e cot allowed to take cure Of il
themselves aud to prevent it
from heating in their own
way, and at their own risk, the warehouse
men have very little cause to complain of
the suspicious which are aroused BY tho pe-
ziodical cry Of shot corn," which sends
the price of grain down, perhaps, ten cents
per bushel in IN instant OF time, infictiug
losses to tbs amount of hundreds of thou.
Sands Of dollars upon tho osncss of tho
property. If every mnn were allowed to
receive his own grim, without first send.
ang it INTO the heating apparntus at an ex-
Pense Of two cents per bushel,-in other
words, il The business of handling aud
storing grnin were throwfl open to oompe-
tision,-cach elevator would have
its reputation to make or lose
hy the mode in which it should take care
of the property sent into it. Then, if the
grain became heated, the presumption
would be that everything had been done to
Keep 1t IN good condition. No such pre-
sumption exists in case where the owner
OF grain is allowed no option or choice as
to the place whcrn it shall he stored, and
when he is deprived OF his property, or the
control Of it, ny an act OF sheer piracy.
Especially is the presumption aa,ainst tho
warehousemen when the sudden denre-
ciation of the grain affords them an
opportunity to make thousands Of
dollars without any chance of re-
dress to the losers. We will assume
TINT all the prop1ietors Of elevators in Chi
cago are equal, in point of virtue and busi-
ness integrity, to the average of business
men in the community We find them ex-
posed. by the peculiarities of their posi-
tion, to tremendous temptation. They
can make the price Of the chief staples of
cun,me1ce high or low. When the market
is up they can issue more receipts thnn
they have grain in store. When settling time
comes, they ran declare the grain out Of
conditioner, ifthe Inspectors Of the Board
Of Trade declare u few bins out OF
condition, they can ttpost" all the rest
of that grade-and buy up their own re-
ceipts at the reduced pr,ca. This is, IN
plain English, swindling. We do not
charge That it hns ever been practised in
this ma1kat, but We do affirm that such q
temptation ought never to be presented to
any combination of men, and that, when it
is presented, and when the combination are
protected agninst al1 hazard Of loss of busi-
ness by RAILWAY combination even more
Irresponsible than themselves, they must
expect to be regarded with suspicion when
the periodical cry of t'hot corn comes
around.
That more or less Of the grain il. store
here is actual1y hot, we have no doubt If,
Us our elevator men affirm, the grain il
store at Milwaukee, is in substantially the
same condition as it is here, the presump.
ton will be very strong that everything has
been done to prevent heating that was
practicable. It is undoubtedly true that
the crop of last year WAS below the average
i'll mcrchantahlo character, and in
its power to resist extremes oi
Temperature. But, 60 long as the
owners nrc not allowed to tax.
care OF it themselves, when they
desire to do so, they will suspect, and vii
hive right to suspect, that it has beer
tamEered with, however high may be tht
character. or vociferous the protestations
uf tho+e in whose custody it has been placet
without their consent, and in whose hand:
it has become hot. We believe that ii,
law will require the elevntors in ever,
such case, to return as good grain as the,
received, Keeping in view the fact TIM
tEey hnvc no business with it in the frs
rlace; that their net of taking possessio,
of il without the owners consent was
wrongful act, all the consequences of ths
wrongful net are upon them.