, 1872-11-11

ascertain, George Armour l. Co. have quietly
bought up in the open market about Il, 1000 bu
Of wheat and 475,000 bu OF corn, these
ahoat against mere wind in the Mum j. Scott
elevators. Had it been generally known that
the firm were in the market to that extent, the
result would probably have been to force prices
up against them several cents per bushel. AS it
Was, they we're able to Ietlre tnls enormous n a:1
quantity OF bogus paper without ripple Of dis
comfort, and can now make statement thnt
will enable their houses to. make fair start with
the grain dealers OF the community.
The recent revelations in regard to the oper-
atoms 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
justified By the facts. The firm Of Mum !
Scott lost large amounts tso1 IN 1859 by sa trsa.
ing themselves to the profitable
business of warehousing grain; and ever since
that time, till recently, they have kited along:
uaog the property Of other people to stave OF OF
their struggles. And it is further fair to say
that their conduct during that interval Was often
Of such q character as to recall the aphorlsm
"Whom the gods will to destroy, they hrss
make mad For instance: there ere Is . the pesI t OF
corner in wheat, which they have SO strenuous
II and SO persistently denied all connection with,
failed through their obstinacy. We have good
grounds for believing that when the price
one firm who formed, with Mum d Scott, the
whole combination, unanimously requested them
to agree to wind up, as it could then have been
done safely and st fair profit. But Munn d
Scott insisted on S1.6o as the limit; ana, IKE
the monkey with the chestnuts, the handful
was too big to be held. The result is already
known to the world, Except the part that Mum
d Scott took therein, which those who suffered
through them have been too masnanlmous to
bruit abroad.
ltmay be permitted now to speak plainly, be-
cause it is perhaps necessary to confidence in
our warehouse system in the future. that 1t
should be known that the Mum 4; Scott ware
houses we're the great sore on that system IN the
past. It is true that other warehousemeu
owned large interests in those elevators.
there is good reason to think that those
other warehousemen would not have counte-
nanced the management for q moment II they
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 lndorsea the
held reEposible therefor by that portion Of an
outraged community who we're cognlZant OF
some Of the facts-none knew all We believe
that the other warehousemen could not nave
consented to act as Mum {, Scott did, and
that they now regret having been mlsled into
giving them tacit Endorsement.
We now have an admirable opportunity for un-
dertaking the reform advocated IN these columns.
The balance sheet of George Armour q Go. Is
made up for to-day; and the stocks of grain will
be taken in several of the other elevators Of the
city at the close of this month--perhaps in all.
Now that the Mum g. Scott difficulty is prac-
tically disposed Of: there is not the same crying
need for the striking of balance-sheet that Tor
merly existed; but SO much OF suspicion 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 m
telligent statement of their present position.
for the avoidance of future trouble, once for all.
Let us have q plain statement Of grain assets
and grain liabilities for each one. It can never
again be SO easily done as now. Ii not made, 1t
will be impossible toproye that our present ware
housemcn are all right to the satisfaction OF
those who know how much they have rendered
themselves responsible for past Wrong-dolng-,
We indicated this morning that there probably
was not. 1927 bu of rejected spring wheat II
the Rock Island elevators On Saturday last, as
reported in the statement OF stocks in store.
It now appears that the proprietors reported the
stock as 3,33449 bu. How that statement grew to
1927 bu is mystery for which they are not
responsible.
bQd1u VI 41d4C, H+Ap w ~AeAA9S w N]t'
THE MARKETS.
The leading produce markets we're moderately
active to-day, and prices Of breadstu1fs averaged
somewhat higher-chiefy as 8 consequence OF
light receipts. The shipping movement was
quiet, shippers not caring to operate, but there
was fair amount of speculative trading.
The only new feature noted in connection with
the grocery market was the development OF q
/ f1rmer feeling in sugars, the Increased frrnness
! being due to the 1c advance established in Now
York Yesterday. Stocks here are now Ii tait
| working order, but rs they cannot be augmented
to sell at former rates, the quotations were to-
day marked up an Hc all around. Coftees, teas,
| and svrups were also firm, the demand being
fairly active, while stocks are moderate: Other
goods in the list ruled quiet and steady. Ihe
| dry goods trade continues dull, with but slight
variation in values. Cotton fabrics are generally
firm. while in Hoollens 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 well sustained all around Coal RENAME
dull, but is exceedingly firm, the late advance
being thoroughly sustained Fish we're quoted
quiet and firm, with the exception o. IA
Inackerel and new whitefsh, both Of which ar
in light supply the market is literally stockea
Dried fruits we're 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 NOR
liberal than on the TIVE or three preceding oay ay
=
concessions of 50c per ten we're freely offered
Hides and leather we're in Light request only
and former rates were only indiherentl
sustained. Oils remain quiet and steady
Lumber was moderately active, and with By bu
material change. Building materials are IN fal
demand, and without change in prices; dealer
continue to receive large orders, but the want
carriage is serious Interruption to business
Cooperage remains quiet, and without esgentis tt
change. We'quote pork barrels at $1:45@l.5o
} lard tierees at 51.75@1.80. Metals and timer
stock we're in fair request at previous priceeE
, Tin plate g quotable at $500. Nails aetlv etrs
} we're in good demand, former price
Being fn .Ih The de demand s1he9 for ,s
, frmer Fine washed woods are said to be scare
this market Broom corn IemainS Se1a dnl an
sumption and shipping account. Seeds wei
quiet; prime clover 1aes f 20 st $780, t@Sth Pn4,
: toes unchanged; choice peachblows are in d
I mand at 5o@55c delivered; s8@45o on tract
! Poultry and game in good request with price
i ruling steady. Apples continue in good shippin
0 and local demand. Cranberries in Light req5e'