, 1873-06-30
HOT CORN,

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HOT CORN.
Wo wish to remind the Hot-Corn Committee
Of tho Board of Trado TINT t1loir report Oh jour-
nalism has not yet beon adopted by tho Board.
If they hayo full and entiro confidence in It's
correctness, 80 fur as they havo gone, they had
better complete 1t by reporting on tho effect of
said poating on tho valuo Of corn in this mar
hot," and then call itup for final disposition.
1t Is burning shame and disgrace tint city
which handles fifty million bushels Of corn por
annum should bo unproyided with tho n,eans Of
taking caro- Of it. It Is not The Tn1nuNE's busi-
MOSS to caro- Of, but, since the Board Of Trade
have done lis the honor to aasumo tint
our opinions nro OF aome consequence, We
notify NIL hot-corn doalors aud their apologiats
and thoir newspaper organs that NO intend to
mako hot corn tho most expensive artic}o That
Gun bo spor,ted out Of IN elevator; until such
limo aB their combined wisdom shall lavo pro-
vidod at least equal appliances for preventing 1t.
or reducing its Losses to minimum, that are
provided in other markets. What Is the spocta-
clio presented to us cry Of hot corn is started.
warolIousoman is playing the ganlo Of "por-
hnrs." porhara tho price Of corn will go dqEn
---porlapa It won't. A panic sets In, Tho price
falls oight or ton cents. Tl1oso who are "short"
Of the article make money. Those who arc
"long" loso it, AL bona ddo holders
lose, and tile farmers, who nro tho largest bona
jfde holders, logo most. Straightway d lot of
Bpeculators rush in and commence buying hot
corn and shipping it to Buffalo to bo cured ut d
supposed cost Of two couts per bushel or less,
and sending it forward to Liverpool at n sup
posed profit of four cent? per bushol or moro.
the virtuo OF tho ayorage warehouseman We
will suppose, for tho aalio Of argument,
that warohousomen are q superior or
dor Of beings, and that all other per-
SONS aro descended in tho Darwinian
fashion from apos. Given, q certain amount Of
discretion in tho superior being as to tho timo
aud circumstances under which hot tcoln shall bo
precipitatod on tho market, with large pile Of
grocnbacks adorniug tho vista hard by. How
many Of tho inferior beings, we beg to inquire,
/
| of nrch . situation auins period uf fur
yoars7 Could any system DO inronted moro
likely to bring lilo Chicago market into dis
| reputo2 30 long aa it prevails, the suspicion Of
foul play will attach wlonoyor hot corn Is posted.
It will bo tho old story Of the boy md tho wolf
| When the wolf actually comes, nobody will
| believe.
Wo believe that THE TRIBUNE has bccn Of
some service to the Doard Of Trado, and to the
community, in past timos, in dealing with such
| warehouse abuses al fa1so bottoms, unregistered
| and uncancoled receipts, unprlnciplod contracta
| between railways and elevators, etc. Most Of
these abuses have been corrected in spite Of tho
warehousomen. The hot-corn abuse romainH to
be dealt with. That hot corn cannot be wholly
and always prevented re admit That 1t eau be
greatly mitigatel, aud tho loBsos resulting from,
| 1t reduced to an inconB!derablo sum, and con-
fined to tho corn actually heated instead Of being
spread over the whole crop, every dealer in the
| article knows. Tint tho speoulating tribe,
whether warohousemon or doad-beats,
layo direct interest in avoiding
| aud Rtayiug Off tho romedioH which would miti-
gate this evil 30 far as it is necessary evil and
reduce it to mathematical instead OF imaginary
proportions, is apparent to tho naked oyo. Thei'
interest il In the widest fluctuations aud the
greatest state Of unoertainty-to the outside
public. Tho regular laying Of golden eggs BY
the great goose Of tho corn market, and tl1t
equitable division thereof constitutes tho public
interest. Cutting her open occasionally and
taking out hor " "innards,' constitutes the gam
bling interest. Against tho possibility of sucl
surgery wo protest, and Hhall continue tt
protest. Whom Mesnrs. Sykes, Raunoy, ant
Dow Anial their report, We hope tt
hayo few words on .his branch Of tho quos
ton; aud, faiiing in that qt1artor, We shall lool
for something in tho next report Of tile Railroad
and Warehouse Commissioners.
In conclusion, VIC repeat whit wo lave previ
ously Baid that tho warehouses Of Flint !
Thompson, Armour, Dole L Co., mud tho Mcasrs
Buckingham, holding moro than thrcc-fourth
OF all the coru in OMoago, are not yot in conyul
BionH, ard havo not contributed anything t.
the conyulsionH Of tho market. Wo also repro
duco the testimony Of Mr.. Hiram Wheeler,
good authority:
don't believe that tho percentage of hot corn thi
year IL mora than the average.
Il @-.---.-=a...-s-.
THE PRESIDENTS SALARY.
Tho popular indignation that lIus boon excite