The New York herald., 1874-08-04
CORNERS"
And Especially That ON Oats--Thc Rage
for Grain Gambling I'm Chicago.

And Especially That ON Oats.-The Rage
for Grain Gambling I'm Chicago.
From the Chicago Tribune August IL
That corn and oats, the staple Of the country,
should vary In price more than twenty-five cents
bushsl in one day without o panic, o famine or
any unusual disturbance In the law OF supply and
dednand is something that the average producer
and consumer will nnd it dif1cult to understand.
1t Is much easier OF comprehension that watered
stocks, manipulated by rings, should be forced up
and down at the pleasure OF the bulls and bears.
But here are breadsIufs, the probable supply OF
which can be readily estimated, as wen as the de-
mand, and. alter these estimates are fairly made
up, the legitimate price can only be materially af
fected by notable revuIsiOns which have not oc-
case. The scenes on the Board or Trade
yesterday are. therefore, the most remark.
the power Of the gambling mania, which in for
mer times once extended to tulips, ana might be
equally extended to turnips. When men want to
Others lose. SO far there ls no particular sympathy
to be expressed for the losers, VINO went into the
bly, been few "innocent" purchasers at tie ex-
agge rated prices ana the 'lnnocent' selere-the
their gram than they would have received If there
had been no corner" This does not excuse the
gambling. and the ultimate effect on the legitimate
buyers and sellers ID just as deleteri0us II the
reverse mad been the case. The corner" happened
to De successful, and some oil The producers have
dearly paid for, under the general law Of cOmpen-
sati0n, IN the results OF an unnatural disturbance
Of our legitimate markets.
There can be no species OF gambling, however,
which ls not tainted with fraud, and the present
instance does not seem TO be an exception to the
rule. IL Ii stated that the managers OF the "cOr-
ner" bought OF and sold to the same men with the
purpose. subsequently carried out. oil making their
delivery so close to the nour Of three, the closing
OF trade, tnat the purchasers would not have time
TO deliver back, and would therefore be obriged to
settle. Henceiorth the Board OF Trade men must
provide themselves with watches having lndepen-
dent second hands, such as the turtles and
jockeys carry. Trading has been reduced to
SO hne a point that quarter OF a minute may
cost q man thousands. The trick was one en-
tirelY worthy OF professional gamb, ers, and we do
not know whether the professional gamblers
on the other side, who were caught by 1t, have
much right to complain; but the general interests
OF CONNIE rcial morality must undoubtedly suffer
from It, The books nave not yet been posted. SO
as to show the money actually made and lost, but
no lallures are reported There will probably be
good many disputes, and there may be Nm appeal
the courts before the 'deai' Is airly closed and
all the money paid over. But, for the present, .he
only conclusion OF any general puolic interest is
that the attempt By the last Legislature to put a
stop TO gamoling on the Board OF Trade was an
abortion or tnat the law passed to that end is not
enforced as II should be.