Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1872-06-28

lucky met at Frankfort on the Goth, and
elected Greeley and Brown delegates TO the
Baltimore Convention, and instructed them
to act in the Convention so as to unite ali
elements in opposition to Grants reelection.
The bodies of 7ls Confederate soldiers, dis
inferred at Gettysburg, were reinterred at
the Hollywood Cemetery, in Richmond, Va,
on the Goth, amid impressive and solemn
funeral ceremonies.
The Recent Oat Corner " in Chica-
go.
GOATS 81" was the announcement that
struck across Mr.. p. r. Chandler, last
evening, like a wet blanket. Events that
could neither be foreseen nor guarded
against eliminated yesterday in the break
down of the largest speculative grain OPP
Grafton ever undertaken by a single man
in Chicago. Mr.. Chandler's wealth and
business skill have long made him power
in the grain market of the Northwest. He
has been an able, thoughtful clear head
ed dealer; his advice has often been
sought and esteemed valuable, and it is
believed that, until this time, his ideas
and operations have had reference to the
real rather than the marketable or ficti-
tious value of Western grain. II is un-
necessary to repeat in detail the prelimi-
naries of the operations yesterday. Suffice
it to say that early last month, oats rising
and falling as prices were swayed by ma
tural causes, stood at 35c to 36c. Mr..
Chandler began purchasing, and within
four weeks bought enough to hold two
million bushels, to cram every elevator in
the city, to cucumber every railroad lead
ing hither with grain-laden cars they
could not unload, and force multitude
of country dealers who could get no
transportation, to come in here and settle
with him. From dealers on Change he
received $4,000 for privileges to sell him
before June closed further amount of
| 100000 bushels, and, besides this,
country parties had signed contracts to
deliver him 1, 800, 600 bushels more before
could maintain the blockade, prices
might go up to so, possibly to go cents
! there is no telling how Highland the
squeeze" he would give the "shorts"
who were pledged to deliver to him in
June would be $500, 900, or $500, 900, posi-
| bly, half million. 1t was stake worth
playing for. Mr. Chandler tells his own
story of the causes of the failure. The
whole glittering fabric, reared with such
studious care, crashed down about him
yesterday, and the lesson it teaches of the
| inherent unwholesomeness of such opera
tions cannot be rendered more impressive
by comment. Mr.. Chandler bought and
bought, and kept on buying. He had un-
derated the stock of oats in the country.
He hardly knew how much he had
bought his only safety was in taking
everything that offered. That an article
of merchandise, like oats, should rise
| twelve to fifteen per cent. in ten days, and
remain at that advance in legitimate price
| for a fortnight, without the slightest solid
business reason for it, shows the tre-
mendous pressure brought to bear by this
one bold operator. When the Board of
| Trade chafed under the long-sustained in
| 1ation, Mr.. Chandler met them with smil-
ing GOODNESS, and was ''ready to take all
they could bring at Al cents" He bid
| fair to fleece many of the sheep very close
to skin, and ten days mere and many
would have lost skin and life.
This morning, the oat market opened
at Al cents. In anticipation of the break,
the attendance at the Board was unusually
large. Soon after the opening, it was
noticed that the corner had no one pres
ent to buy. The brokers who had been
buying for Chandler were absent, and
there were no takers. Only two carloads
were got off at Al cents. Evidently, the
bulls had stampeded, and then the hold.
ers of the cash oats tumbled in to sell,
and the market went down with rush.
One jump carried it down from Al to 3S,
and only 5000 bushels changed hands be-
fore prices slid down to 36@37, and found
a temporary level Twenty thousand
bushels were got off at SO. Here, let it
be understood that the transactions up to
this time had been confined to holders of
cash oats, who had no other ground for
their scare except the suspicious absence
of the CORNER" brokers. The privilege"
holders had not yet come in to buy. BY
the rules of the Board they could not
safely do so until o'clock. They were
eager enough to get in when oats declined
to SO. If they could buy at that figure
they could deliver to Chandler under their
privileges" at Al and pocket cents a
bushel. 1t is the rule of the Board that
no member can be compelled to receive
grain during Change hours, i.e.-11 to l.
If they loaded up for him before the pre-,
scribed time, the privilege holders feared
Chandler might get out under the rule
So they held off until the bell in the EX,
change room announced Change hours
ended and then the first privilege
holder struck out for Chandler & Co.'s
rendered 5000 bushels, and demanded Al
cents as per contract. That 5000
bushels was the pioneer of 3,S00,00(
that was waiting behind, and the
privilege. holders watched, palpitating
between hope and fear, and not know
ing what Chandler would do. Would ht
stand up to it or 60 under Had he tho
resources? The suspense was very brief
The 5000 bushels pushed at him as feel
er he declined to take. The news flew
back to the Board that he "would not ac
cept any more grain on his contracts, anC
the privilege holders must take care o.
themselves as best they could" Th'
short interest on Change didn't wait Il
hear any more. Chandler, Pomeroy &
Co. couldn't meet their obligations, anC
the excitement was Intensified. Amid the
most tremendous confusion the voices o
the excited brokers could be heard offer
ing their grain lower and lower Every
body instantly strove to sell, desiring Il
get rid of his oats before they tumbleC
too deep. Men who had bought in at 81
at the regular afternoon Board, in thu
vain belief that they had sure thing
ON selling to Chandler at forty-one, anC
! so pocket five cents bushel, we're Ih,
first to take water. Things went dowI
with run. The price landed plump OF
thirty-one IN moments time, decline o
ten cents since morning. Only 25,00I
bushels went off at that figure even, and
in the widespread CONSERVATION and dis
may, no effort could suffice to give ton,
to the market. So, amid swearing anC
wrangling, and exclamations of scoop
ed" "busted," "back up your hearsss,
etc, the angry shorts dispersed to thei
offices. Black Friday" on Change wa
ended. The litter and debris that strev
the street will probably be cleared up to
day, and then we can count the Victims
Chicago Inter ocean, June 10,
The chief Secretary of Australia ex
poets to greatly extend the commerce o
that country, especially with the Unite,