The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-06
s. Corners. :"
AND ESPECIALLY THAT ON oATs-TtE RAGE = in
GRAIN GAMBLING IN CHICAGO.
They are quite 'i'

Avn EspFcIALLY THAT ON 0ATS-THE RAdh + 'i'
GRAIN GAMBLING IN CHICAGO.
From the Chicago Tribune, August lstl
That corn and oats, the staple OF the coun-
try. should vary in price more thah t"eh.y'
five cents busbel 10 one day wllhout
nanic famine. or any unusual disturbance
n the law of supply and demand, Is some
thing that the average producer hio co4.
sumner will fiud it difficult to understand. IL
| is much easier Of comprehension that wa
| tered stocks, manipulated by rings, shonio
be forced up and down at the pressure
of the bulls and hears. but mere
are breadstuff-, the probable supply, OF
| which can be readily estimated, as wen as
The demand, and, after these estimates are
fairly msdc up, the legitimate price can oh1
| nc materially affected by notable re'uls'ol's
which have not occurred or Deen threa.entU
| in the present case. The scenes on tne Doaiu
OF Trade yesterday are, therefore, the mos,
remarkable evidences that could be iurhl,neu
of the mower of the gambling mania, which
In former times once extended 10 tuilps,a anu
might be equally extended to turnips. " hen
men want 70 gamble they find way to 60
i, and some win and others lose. so lar
there is no particular sympathy to be en-
pressed for the losers, who went INTO tbe
"deal" with their eyes open.
There have pro oly been few innocent
nprchasers at the exaggerated prices, and the
.innocent" sellcrs-the farmers have re
cpive6 several cents more for their grain than
they would have received if there had been
no "corncr." This docs not excuse the gain
bling, and the ultimate effect on the legi!!-
mate b,Ivers aud sellers is just as deleterlous
as if the reverse had been the case. The
"corner" happened to be successful, and
some of the producers have enjoyed tenn
rorary benefit which must be dearly paid for.
under the general law Of compensation, IN
the results of an unnatural disturbance OF
our legitimate markets.
There can he no species Of gambling. how
ever, which is not tainted with fraud, and
the present Instance does not seem 10 be an
execution to the rule. II is stated th.t the
managers of the "corner" bought Of and
sold to the same men with the purpose, sub
sequently carried out, CT making their dellr-
cry so close 10 the hour Of 3, the closing oil
trade, that tue purchasers would not have
time TO deliver back, and would therefore
be obliged to settle. Henceforth the Board
of Trade men must provide themselves with
watches having independent second-hanuS,
such as the turtles and jockeys carry. Trad
Ing has been reduced to so fine point that
a quarter of minute may cost man thou
sands.
The trick was one entirely worthy of pro-
fes>ional gamblers, and we do not know
whether the professional gamblers on the
other side, who were caught by it, ba'e
much right to complain; but the general ill.,
terests of commercial morality must un-
doubtedly suffer from it. The book, have
not yet been posted, so as to show the money
actually made and lost, but no failures are
reported. There will probably be a good
many disputes, and there may be an appeal
10 the courts before the "deal" is fairly
closed aud all the money paid over. But,
Tor the present, the only conclusion OF any
general public interest is that the attempt by
the last Legislature to put stop to gambling
on the Board of Trade was an abortion, or
that the law passed to that end is not en-
forced as it should be.