New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-24
sCRIBNER.


The article on "ChicagO," with which the
September number opens presents graphic view OF the
social and industrial life Of that wonderful center OF
business and pleasure "NOthing appears more aston
ishng q stranger than the crowded condition OF the
streets iii the business part of the city, and of all the
thorougares leading to it, From early morning until
O'Clock the tide of people is forever moving Al 6p H.
factories workshops, the wholesale and principal re-
tail establishments pour out their living population,
which only fills the horse and omnbuses to over
flowing but peoples the streets with army OF men,
women boys and girls, vending their way in every
direction their homes in all parts OF the widespread
city. The picture of Chicago omnibus is not an exag
geratiOn II may he any day any one OF half
dozen lines in this moving restless and untirng city"
The wholesale business of Chicago in the year 1874
reached the amount OF $500 900 O00 and the manuac
turing industry instead Of being DESTROYED by the fire.
received from 1t fresh impulse The panic was less
severely felt than in most places When the stngency
came and the banks of NewYork and elsewhere had TO
issue certificates for the Chicago IN
less than a week. had overflow Of currency. "The
for this was that while men and peoples may
hoard their money, and buying dry goods and car
pets jewcry and furniture horses and carriages laces
shawls and things this kind, they must have food
In times of distress the who has bread and meat 10
sell the OF the situation. SO. when IN 1873 there
general suspension OF trade, the sale Of bread
stus and provisions in this city interrupted only for
few days. There exchange so the cash had to
como BY every train the express companies brought
hther safes filled with currency until many millions of
dollars left here III payment for provisions and
grain this money went back into the interior and thus
while all the land enduring stringency, the great
food producing country tributary to Chicago had
an abundance Of currency Remttances to our
merchants promptly resumed. country banks were
suffering no privaton, and there stagnatiop."
The process OF cornering," which is prominent ea-
ture in modern commercial civilization, seems TO he IT.
duced to a more scientific system Chicago Than in any
other part Of Christendom perhaps some would
like to know what a corner is Briefly, A, aud c com
bine their and credits 10 make corner in July
They therefore quietly begin in May TO buy TO be de-
vered in July. They gradually buy all the in the
market and Of necessity must buy all that arrives, pay
ing for the latter whatever is demanded. When pur
chase thus made, seller and buyer put up margin
either cash. certificate or deposit AS soon as the
corner becomes known there is effort made TO break
it, The settlement takes place at p m on the last day
OF the month Those who have sold corn To the corner
and have no corn to deliver pay the difference
price which they sold and the ruling price at the
the last day. AS the has thus
purchased sometimes five times much corn as there is
be had amounting 10 millions OF bushels and the
price has advanced ten cents bushe the profit is enor
NOUS As the prices advance. additional margins
CURED Those failing to put up the additional margins,
lose what they have already put up. The antccrner
factions seek TO crowd sales the to exhaust
its capital and credits and render 10 unable TO buy at the
advance prices Thus the corner is compelled 10 send
the country and buy for cash all the In sight,
to prevent having 1t rushed into Chicago at the last
mcnt. These exciting times. Corn at such moment
may be purchased of the for Shipment from six
TO fifteen cents bushe less than 1t II selling for
Change delivery during the month Each time there
a corner there is a crash sometimes Of the men,
and at 0iher times Of the ant-corncr men, The whole
proceedings Of such questionable honesty, that the
Legislature of Illinois has declared the operation Of
corner felony. Is nevertheless still practiced
Corners attempted In wheat. oats barley pork, and
lard and some OF them have been quite successful in
way. IL requires nerve, audacfy, and
money, credit Recently bank here went
into % corner lssuing its certificates Of deposit
for margins the failed and so did the
bank and the certificates have been paid"
Chicago has also a unique character religious center
no place for weakness commonplace In the pulpit
The churches pay good salaries for preachers and
able command them The poor preacher finds himself
out of place None but of intellectual ability
scholar and an orator, hold his In the golden
OF the Lake. The theology OF Chicago
sxacting II must be decided and emphatic. The man
who teaches that eternal fire Ia the certain pun
shments the guilty in the hereafter must so the whole
squire. The fire must he good one, and well kept up.