, 1872-11-10

l
the few among them who know how narrowly
the gral,l-trade Of this city escaped partial
collapse, through the energetic conduct Of
George Armour g. Co.
We intimated about q week ago that this firm
found Itself "on the wrong side Of the fence, to
the tune Of We do not care to say how many
thousands Of dollars" in consequence Of having
assumed the liabilities Of Num- 4, Scott. That
item, as at first written, read nearly S49o,-
! o00, but was altered as above, 1T not BENG theh
| deemed judicious to state the amount. There ls
now no harm in stating that, as near as We can
bought up in tic open market about 10000 bu
| Of wheat and 475,000 bu OF corn. these
quantities being nearly the amount Of paper
] ahoat against mere wind in the Munn q Scott
elevators. Had it been generally known that
the firm we're in tie market to that extent, the
! result would probably have been to force prices
| up against them several cents per bushe1. AS it
| was, they we're able to retire this enormous
/ quantity OF bogus paper without ripple of dis
comfort, and can now make statement that
I will enable their houses to make fair start with
the grain dealers Of the community.
The recent revelations in regard to the oper-
ations Of the late firm of Mum & Scott furnish
! q complete answer to the many charges made
during the past few years, that. the frequent
| allegations made in TIE TRIBUNE in regard to
| the workings Of the warehouse system were not
J justified By the facts. Tho firm Of Mum j.
Sset lost 5s6 efs amounts ns;eda il 1861 by yco s
ing themselves to the profitable
| business Of warehousing grain; and ever since
! that time, till recently, they have Eted along,
| using the property Of other people to stave Of
the collapse, which came at last, in spite of all
their struggles. And it is further fair to say
that their conduct during that interval was often
! Of such character as to recall the aphorsm:
| "Whom the gods will to destroy, they first
make mad" For instance: there is the best Of
reason to believe that their last venture the
corner in wheat, which they have so strenuous
ly and SO persistently denied all connection with,
failed through their obstinacy. We have good
! grounds for believing that when the price
touched S1.5O, the other two gentlemen and the
one firm who formed, with Mum g. Scott, the
! whole combination, unanimously requested them
to agree to wind up, as it could then have been
done safely and at fair profit. But Mum d
Scott insisted On s1.G0 as the limit; and, like
was too big to be held. The result is already
known to the world, except tho part that Mum
& Scott took therein, which those who suffered
| through them have been too magnanimous to
| bruit to the world.
| Itmay be permitted now to speak plainly, be-
cause it is perhaps necessary to confidence in
| our warehouse system in the future, that it
! should be known that the Mum l. Scott ware
houses we're the great sore on that system in the
| past. It is true that other warehousemen
owned large interests in those elevators,
| but they were run By Mum s. Scott, and
there is good reason We think that those
| other warehousemen would not have counte-
]
| had understood the true state Of the case. But
| they did not and, unwisely assuming that all
was right, they opposed the efforts made to SO
! improve the system as that fraudulent dealing
| in the property of other people, committed to
| their charge, should be no longer possible. By
taking that attitude they virtually indorsed the
! worst practice Of their coadjutors, and were
held responsible therefor by that portion Of an
! outraged community who were cognizant Of
| some Of the facts-none knew all. We believe
! that the other warehousemen could not have
consented to act US Mum L. Scott did, and
that they now regret having been misled into
giving them tacit Endorsement.
| We now have an admirable opportunity Tor un-
dertaking the reform advocatedin these columns.
The balance sheet of George Armour t. Co. is
| made up for to-day; and the stocks of grain will
be taken in several Of the other elevators Of the
city nt the close Of this neutrality-suspicious. in all.
Now that the Mum & Scott difficulty is prac-
| tcally disposed Of, there is not the Same crying
need for the striking Of balance-sheet that for
! mer1y existed; but so much Of suspense has
been excited in regard to the whole system,
mainly owing to the united stand taken against
! reform in the past that the warehousemen will
find it to be to their own interest to make an in
telGgent statement of their present position
for the avoidance of future trouble, once for all.
Let us haye plain statement Of grain assets
and grain liabilities for each one. It can never
| again be SO easily done as now. and Was never
| more impetatiyely needed # not made, it will
| be impossible to provo that our present ware
0A%4CA&%~&ANA
! those who know how much they have rendered
themselves responsible for past wrong-doing.
| We indicated this morning that there probably
was not 1927 bu Of rejected spring wheat In
reported in the statement of stocks in store.
It now appears that the proprietors reporte the
stock as {, ,349 bu. How that statement grew to
1927 bu is 8 mystery for which they are not
responsible.
E. y Robbins, Esq, q former President Of the
| Board Of Trade, was On Change to-day.
THE MARKETS.
| The leading produce markets were moderately
active to-day and prices of breadstuffs averaged
somewhat higher-chieAy as q consequence Of
Light receipts The shipping %mt was
/ was 3 fair amount of speculative trading.
! The only new feature noted in connection with
| the grocery market Was the development Of 8
hrmer feeling in sugars, the increased hrmness
being due to the ~ advance established in New
| York yesterday. Stocks here are now in fair
working order, but, as they cannot be augmented
to sell at former rates, the quotations were to-
day marked up an Hc al around. Coffees, teas,
and syrups we're also firm, the demand being
I fairly active, while stocks are moderate. Other
| goods in the List ruled quiet and steady. Tho
! dry goods trade continues dull, with but slight
variation in values. Cotton fabrics are generally
| firm, while in woollens there is an easy feeling:
No change was noticeable in the butter and
| cheese markets. 4 moderate amount Of trading
was done in both Of these staples, and former
prices we're ewel1sustaneda all around. Coal remains
[ dull, but is exceedingly firm, the late advance
being thoroughly sustained Fish we're quoted ted
/ quiet and firm, with the exception Of fat
mackerel and new whitehsh, both Of which are
in light supply the market is liberally stocked.
Dried fruits were quiet, with little or no change
! in values. In the hay market an easier feeling
! was manifested. The withdrawal Of Eastern
buyers and the fact that the receipts we're more
| liberal than on the two or three preceding days
Of the week, made holders little anxious, and
| concessions Of SOC per ton we're freely offered.
! Hides and leather were in Light request only,
sustained. Oils remain quiet and steady.
Lumber was moderately active, and with but
| material change. Building materials are in fair
demand, and without change in prices; dealers
cartage is serious interruption to business.
! Cooperage remains quiet, and without essential
| change. We quote pork barrels at $1.45@1.5o;
| lard tierces at $l.75@1.80. Metals and tinners'