, 1873-06-21
THE HOTCORM CASE.

THE HoT-C0RN CASE.
Tho disclosure mado yesterday in rotation to
"hot corn" In oortain bins in ono Of tho Chioa-
20 elevators is so woll calculated to bring tho
credit Of tho city into Disgrace. that immediate
measures should bo takon to prevent repetition
Of such proceeding. Public notioo was givon,
by advertisement in tho papers, that tho corn in !
cortain deBignntod bins In two elevators Of tho |
North Eido warehouse combination WAS |
hot, and that tho contents Of theso !
bins numbered $4,000 bushels. The an
nouncomont had IN instant oflect upon
tho ynluo of tho com In storo and tho corn
| marriott gonorally. Thoro Woro, on tho dny this
advertisement appeared, oycr 100000 bushols
Of corn in atoro in Chicago. Tho depreciation
| Of this stock OF corn Ia now m avnrago of IL
conts bushels, or 90 por cent, equal to tho an
nihilatton of tho whole va1uo OF ovor 100000
b,shols. During tho intorvnl ainoo tint an
nounccmcnt, 100000 bushels, previously ship
ped, has arrived hero, and anothor million hush-
oils has boon purchased, both suffering tho
enormous decline. Tho decline alHo followed
| tho corn il, transit botwoon Chicago aud Now
York. and, to somo oxtont, tho corn at oil points
In tho East. As WHOLE there was probably q
fall Of II conts per bushol on not less than TO-
600 bushols OF corn, equal to the annihila-
tion of value in tho hands OF tho holders Of
s1,1oo0oo.
yyhnt wns tho Justification for thia announce
mont TINT 80 hoavy shook tho market7 Ordi-
narily, when IN announcement Of hot corn Is
made, tho holders Of tho warehouse receipts
haston to soil them at such discount as may bo
demanded. Tic practice has boon for tho ware
housomon, netting through tholr brokers, to buy
up tho receipts for this discroditod corn, aftor
which tho hot corn ceased to oxist. In tho
caso Of ono OF tlteso elevators, howovor, tho
holders Of tho receipts at this timo changed tho
praotico; they presented their receipts for the
23,000 bushols OF corn posted, AZ shot
wnen It appeared thatthere verb only 1,500 busl-
els Of corn in my way affected intho elevator,
and TINT this WIS damaged not moro than q
conts on tho bushel, while all tho rest WIS por-
foctly uound. Tho other discreditcd elevator
= has not got boon hoard from. Now tho ontire
y actual damage sustained by all tho corn in that
!" ELEVATOR did not oxceod $50, and yet the advor-
WAN -O'---
= bushels was hot had tho effect Of robbing
y holdera Of corn to tho oxtont Of 81, 100000 or
- moro.
Tho timo has not bson long since false
Il alarms Of hot corn we're part Of the trado
D. Hot corn was tlon q regular bust
l. noss. On ono occasion, within tho mem.
+ ory Of most Of tho prosont generation, al
u ..xr~ T.. n ,orf,;, %rsa dnr1nrn1 hf
10 hot, and the amount was worry large. Thoro wns
an Immediate sacrifice Of receipts, which tht
u warohouBernon purchased. Tho holdera OF 70
60 copts for amau portion Of tho corn doclarci
u to bo hot concluded to draw their corn out mt
s. ship it, and, when they sent tho vessel to th
DO warehouse, thoro was not corn enough Of IN.
IN kind in the establishment, hot or cold to nleo
+" tho receipts. There had boon no hot corn, ant
os tho trick WAS resortod to to enable tho waro.
10 l1ouBemen to buy up an oyor-issuo Of receipt
l'7 at largo discount.
ne We do not mean to be understood aa intimat
lts ing TINT thore has been anything corrupt or dia
by honest in this transaction. Tho wol-ostablishe
on character Of Mr. Hiram Wheeler, who is 1t th
ltB head Of tho warehouse combination, perhaps G.
IN cludos any presumption Of that kind; but til
nit pooplo beyond tho City, md oven in tho cit!
lg- will fail to distinguish between two casos hay
on many similar fcaturos. And for this roason d
ut instant remedy ehonld DO adopted. It wou1
md havo boon infinitely cheaper for tho Board
rcy Trade to haye purchased oil tho corn in that ol
nc vator and thrownit into tho lake, than avo 1t
raj forth that tho alarm OF hot corn was false, ar
on TINT tho great loss and depreciation in tho mn
J to kot should hnyo fallon upon people who dc
,es. with this city in good faith.
It Il Tint tho condition Of hot corn can bo p1
tho vontod l,y tho employment in warehouses
machinery for tho ventilation, drying, and Glen
no, ing Of the corn from time to time, is coucede
Of Why should it not be adoptcda Why should
Ltor not bo madc compulsory7 Why should not t
her sarohousomon themselves provide 1t, giving
lois thor customers full security against hot col
ton for Which the public will as readily pay as I'll
orl- do for any othor insurance. Wo insist that
, or board OF Trade cannot, in Justice to their O.
by cnsactor, nor in Justice to tho character Of
Int CITY, permit this disgraceful bnsinoss to so
lsl- noticed, nor without strong effort to 2
tho yiao preventive against Its future repotiti
tho It was hoped that tho oaum onco attaching
god tho warohouao business had passed. away
it OF ever; hut this transaction innocent as it n
road be, is calculated to roylyo It with iucroa<
not force in all parts Of tho country.
Wa ==---
and BUTLER IN MASSAoHusETTa.
0 tho Reports from Massachusetts, indicate
r. +ho t1nro ia actunllv M opuositfon to tho Ropl1