The New York herald., 1874-08-05
GAMBLING TN GRAIN.
"king .Jucl<'' and the Corn
Corner.
SCENES ON THE CHICAGO EXCHANGE
Oats One Dollar a Bushel in New York-Ihe
Crop en- Hand ard WHAT the Dealers Say.

merchant as zone who advances his capltai III
ventures which depend on favorable winds"
To-day the spectators in grain both East aud
West-can with as much propriety be termed |
gamblers as the brokers IN Wall street whose
..corners' In stocks have been stigmatlzed as in
famous by the whole press OF the country; but 1t |
is wonderful what difference 1t makes as to |
"whose OK is gored." Dealers in breadstufs and |
cotton buy and sell their .'optons' the same as |
the Wall street men sell "puts and "cals;' |
"corner'' Is made in articles OF food, and there is
scarcely u journalistic ripple on the usual sea
OF trade reports. IL is time the casulstry should
be exposed OF calling one set OF specu-
lators gamblers and another merchants
pursuing legitimate calling. Men who detain
shipments OF produce from the West to make fctl'
tious markets IN the East more dangerous
gamblers than those who buy up certain railway
stocks to make the "snorts'' in them sdueal.
Last week the corner ruling the corn market
eliminated IN Chicago, the ''bus' In the cereals
| coming off victorious. The Chicago papers give
| full accounts OF the exciting scenes upon Chahge
| there and they must have rvalled the doings III
Wall and Broad streets in this city during the
eventul era o, the "Back Friday panic.
For ABOUT SIX weeks combination ruled thc
corn Market regulating prices at pleasure. The
.bullsr comprised Mr.. ''Jack' Sturges-thc jim
Fisk OF the enlerprlse-Mr. Asa Dow ana Mr. u.
Kreigh. Their operations were said to be facilitated
by n Mr., Williams, OF Dubuque, in forwarding gram
IRON the West, and OF Messrs Jesse Hoyt Co.,
OF this city, IN receiving grain transhlppeu East.
New York firms contributed largely money to the
pool but the Speculative Bank OF Montreal. the
Union National and the Cook County National
banks were believed to be directly interested In
the speculations. Il. X. Bruce 4 Co. conducted the
shipping business from Chicago. About the mid
die OF June corn was selling at about sixty-three
huSh /
dty.eight and half cents, OF course inducing
many ..short" sales. There were many nuctua-
tlons between sixty-two and siXty-seven cents
during the month, and many hot contests between
the ..bulls" and "bears' to control the action oil
INSPECTOR harper, Of the elevators. When the ar
rivals, however, were very heavy he declared In
the open board, through the secretary, that no
receipts would be received for registry unless they
the certificate of the Inspector az 'he eieVa'
wa THE GRAIN WAS ACTUALLY IN STORE.
About noon on the eventlul last day OF July, when
the corn had TO be delivered and the options must
be closed, corn was nuctuating between Isl s,xtyuwo
D and siXJy-fve cents; out soon Mr. Jack sturees
rushed into the Exchange, forming an exact par.
aliel oI Phillip Speyers IN the Gold Room on BLACK
Friday" and bid up the price TO eighty cents, con
tnuing to bid that price until the Closing moment,
+ while his brokers' unknown to nearly all dealers
y a few Instances even Sturges defanty bid 81 fol
4 some lots which were sold to hun.
d The Inter- ocean III Its account says:-
nyins about rapidly and MESSENGERS we're hastenns
o i%s S By ns
d mined ts enoedn Me;sr : Lyon 70 iese
With the hi intent tak.ny mosN
p Of Ss
the last A., "as ut approached 'ere was
IT, sssS nlse s of e
s s snsp q @ %aSss
three Tapiay to one Of the a "th side slcy
turn
p sS sSs sesns t Of commerci'
re a'eS THE CROWD ABOUT THE CHAMBER OF COMMERCE,
Iasae WAS even arser n and there waS m@G
s' SssHsmf sesrse trying "a
sroamnE while hs & Y aSy ops wsre sre So 10
but % there an earn desire to
to the the sa sGne S Sat oey %ss %ac nS
ana %aS more confusion specnaiors Man
i, who waited tor the last moment to make their d
,c cATsTT Hna IN. S.rr,SSs rnnswn NV this wa,
IT, ins game. When the afternoon Board Boar eommeneS
E, comparative quiet ruled.
The victory of the spectators in corn in Chcaa
oil has lnstgated movement OF similar M charactt
at was about sixty cents per bushel. on Juiy b. OF
W. crop oats were quoted from ninety cents to OF
Vo dollar A HERALD representative found on II
OF 0mry at the Produce Exchange yesterday th'
a tue principal mover in this advance Is u Wester
49, man. who supposed to own nearly all the 0
IS. oats in the market and. by "A bold move-smils
In to the Chicago cOrner-deermned to possess hin
he sell OF the balance and dictate his own terms
~, tine shorts and the dealers. This has not been
ut dIncut task, as the consumption at this poii
alone Is recKOned at about 0 900 bushels per d0
M and the crop OF OLD oats Ut TINS point Is not es
~ ~ ma ted over those figures.
an an Yet TINS short supply seems almost incredib
eu when we take the amount of stock Oh hand III
u: IN Lunsitu, from the Ne,1 FORK Produce Erc'tdn
az aI Weekly OF July 81. Here are the figureS:-
re The visible supply OF gram, including the stocks
prauarv at the principal points accumulation la
~ and scaboard ports transit on the lakes, the Ne
OF York canals and by rail was, July %. 1874
he In store al cuts Bush. It Store Oats. BY
III New York ........ lLJ07y Peoria. ............. 81
,t Ahiny............ 5tOb Boston ............. a.
| 1853 Toronto. g.
ne
NC Miwnusee... l273 Philadelphia Sjt
'T5 Tolcdo l,6l9 Baltimore
us Detroit............ 4C0 Lake sbipncuts..... 25
Oswcoo o........... 1900 Rail shipments. ll9
81 Louis ... ...,.... 26S9t on n Y canals. 81 :,
Total js7