, 1874-11-22
Ul)e Gb1faDn U3ibune.
sunday Morning, November 22, 1874
WITH SUPPLEMENT.
THE CASE OF ", n. sTURGES.

THE CASE OF ". n. sTURGEs.
We have been favored with series OF publica-
tions coniaining the evidence and the arguments
and statements in the case OF Mr. II. n. 6turges,
who is a1ra;gned before the Board Of Trade
upon several charges Of uncommercih conduct.
TIE facts, as wo understand them, arc that IN
July last Mr. Sturges Was running q corner in
corn that On that occasion several persons and
firms who bad sold to him defau1ted in the
delivery that in several cases the defaulters
clAimed that they were prevented from deliver
ing by Ir. Sturges directly or Indirectly These
cases we're All submitted to the Board Of Arbitra-
tion, which committee d1ed rate at which most
Of the contracts were settled,-all resulting in
profit to Mr. Sturges Of about $500, not in
cluding the loss from delay. etc.
In September, there was another excitement in
co1n- lIr. Sturges WAS a large seller. On the
last d1y Of September the ruling price was ~ to
so cents for cash corn. Mr.. StuTges sold largely
At these p1ices and, though numerous persons
vninly sought to purchase corn for shipment 30
cents, he clain1s to have made other sales st 10,
S5, and 60 cents. He failed to deliver to = num-
ber Of purchasers at tho high prices, but claims
to have delivered the corn sold at the lower
prices. On the 3lst day Of July, while the ruling
prices were & to 68 cents per bushel for co1n,
Mr. Sturges announced purchase by him Of
250,o0 bushels at 80 cents that price beng is
cents above the then market price. and shove
the price at which he had himself sold corn On
that day.
Denton 4 Co., who failed to deliver corn to
Sturges On the 3lst Of July bought for delivery
next day, claimed damages The matter WAS
referred to the Committee Oh Arbitration, who
awarded Denton d Co. damages, which award
was subsequently affirmed by the Committee on
Appesls- Mr. SturSes refuses to abide by this
awa1d.
Certain charges, we're preferred agalust Mr.
sturgea, and investigated by the Board Of Di-
rectors, who. upon the facts and evidence. re-
ported to the full Board Of Trade that Ill. Stur-
gcs had been guilty Of
FHst-Selling large amounts Of ce-n. On Sept. 80,
Tor delivery before O'Clock that day, which he
did not deliver according TO the terms Of his sale
"nl'e s 10 EVENT .nat ne oa oen'e. mncn lasees
1t 1atcr honr than .the .}ove and At fron IN IN IN
cents per .bushel below its actual value and fur
theE that no hes refused to pag OF In any Way &c
.as t 80 -.so'y ~, .ae 1e1ua4 oamaees N
his failure to fulau his contracts. thus 1e.yfnr thu
palues 10 "nom nc mad so'd such PROPERTY without
1n..S ,' e1tp. " 'ae &c@1on o. 'ne ooaro' or inc
S,cond-p.f,i4,,,, n ,d,r.+ 1t, ,,,,a,sx.,..,
tred contracts for the sale by himself Of l.rge quan-
nt!es o. corn SELLERS option during septeber last
~. tn1sras,t y, s,,cr Nt~''4 ~ 7es1''
7'hnd-MAking purchase Of property at fictitious
prices largely above the real rn1ue in the market Of
cnss.r. t.o. ~ ea
maturing conracta and a1so making ,a,Aa or 1,.o.d
aaes Of property at far baov its real wilma IN the
MARKET for the evident purpose Of seeking to avoid
thepaynent Of Just damages to those with whom he
had 1n1!urod and uudlsputed. but rnful011ed. con-
tracts.
...r,,
..,oat.tta. - t,.L - - -. ~ va o'eo " toe
a r,-nbar ~ .rit+., -af,a., >. 49,. 49, oe4 A -
go ~ nan... :, 49, -. ~ ~>'41' >'~' ~"A4o IL LID
- W.
"4' o'o1ee8 tnaKes q general denial Ct the au-
tho1ity Of the Directors tn nresens cbarooo
against him, or Of the Board Of Trade tn trv
him On the charges preferred: he denies III.
binding obligation OF the award. and ipsists
upon trial before the law cou1ts Of ali tba mat
terra He offered considerable testimony as to
the facts of the caee.
Assuming that the transactions CHARGED bv