, 1875-01-01

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I,
pricos. nre7ous to tte 1ast onepinp Of navigation
a,..,,of ,,.,r ,oo,,o l., ~. .n,,t,, T., ..,,ra.t
s1au,eo ,.4,,s Inan5 paop,o ~ ~ souuy ~
A'1le spaso cash IN y NY WIN nao oltnet1o
contonted themselves with ploddlng aIong tho |
dull pathway to commerc,al aaccesn in the coln-
,nnch mora ,uetrouoI,tau IN this respocs during |
TIM ,,aat vear than ever Lcfnrn Itis scarcely tod
much to claim tLat sho has taken ihe lead Of !
Now York in fpecn}at1ve actvit., and compare |
non Of tho receptn eud ebipfnct,tA Of 1874 with |
thosa al 1879 is no eort Of gauge to tho amount
ri int;nrrn innn. Tim rame lusntity Of mop
ertv has chanred hands nenrv trico as often
and TIA aggregate amonpt ri money thNt han
h hnan mi ca'ne an o.s in te nrocess il cuornonr
no treat that one can ecaIcety make cycn All
intelligent 0uees at IT,
Th,s wIdo cxtousion Of tho "traIo in prodnce
| t,as ntnurht ta disad yantaces 1t las deyelorei
t nharD nrsctice. on tho part Of Operators, which
| will cnmuarc win thoro nf Jim Fisk in Ncw
! York NV wears aro. it las kent some Of tlo
markets in continual o7crstra1n Of excitement
sud has caused Tho record OF tho year to fairly
Tor unfat,lr, brist,e With cul1n,..atiny po!,.ta
Which are called "corner4,"
| This haa brought our Board of Trade intn
| prominent noticc.-and causcd It 10 Lp visited
with seye1c ceuhu,e,-o portion of which, at
| leart. HAs not deserved bv it as an ORGANIZATION
however some Of jt4 1netl,berB NAV bo worthy OF
| blame. The Hoard Of Trade IN to t4e commercial
! rant. Itg membera operate fot cljcute outsr}s
much mora than fnr thenYnlyea. Iho 70U 1r ot)U
| trading mcmLgrs Of that Organization do huai-
uess tor probably mot less than 1n,oro people
ont1do. some of them act uhder inrtsrctjone
and many others undoubtedlv regard il as their
duty to do tie very best they eau for their
clients. a. LAWYER rouIJ and DO some things IN
thn ranartv If hrober wbicl, thew would not
think It houorabje 70 do on their own account.
This ia not A GOOD code. but at leaat they are
not tho o1ly claaa WHO act ZIP to it. And il il
| unfortunate for the 14ord|e Of the Board that
I TIC least scrIpulous operator is almost eure to
command tho greatest number Of speculative
| ORDERS Tie outside world IN therefore fully aH
| much responsible for uncommercial enl. luct on
! the Board az Is the Board OF Trade itself.
The eGorta Of tho Board to purge itself Of tho
! most Objectionable members and features haye
| not heetl very euccetaful for reasons which need
| not be detailed here ; aud the legislative power
Of tue Bta1e has been inTokod to prevent corners.
With but poor SUCCESS. Indeed, moro corners
have been run OIL Change during tue Elk months
euce the act to prevent corners '' went into OPP
Grafton" {July i, 1870 than in any previous
| twelve months OF tile history OF tho Board. Tho
tendency to speculate can never DO eradlcated BY
law: still less by rule Of q commercial hoJy tho
r existence OF which largely depends upon tho CT:
3 PRESTON OF that tendency ty, ie membe1t and
!, lnwever, remove 80 Per cent Of the temptation
t to run corner By requiring only that ii q mem:
ber falla 10 fulfill is Contract the specified
time tue party OF the other art shall only DO 81.
!, dnmago he las sustained, Bach damages to be
:. estimated upon tue actual va!uo Of tne property
AZ determined By well hscerta,ued facts and con
:; ditons outside. The rules are now III the handf
n OF Revising Committee, and via pEooaba5 he
, 30 amended At the approaching anuua1 mettans
y OF the lizard.
3. This fact remains. however, tbat chicago
the great cenEe 81 me . tvs"e ,i 81 t
% not lesa By virtue Of her position At tho beau o
y the chain OF lakes than by that other virtue
~ strict business p1obltv which il distinctly
- mnrk Of the great majority Of her produce NOR
er chauts. They are einphhticay honorable ueE
and fain would DO rid Of tue incubus OF the eoa1
u lux spirlts who remind us OF The youth to who1
:. Tic Grecan nago remarked that be would DO
he bad az br..s ai p III Lis f. fsco. sn ' 80 ' m
IT, The freight question, Th'ch has ios 80 Man
~ years bcen ephyntish enigma 10 Chlcag'
c. seems at last to be near receiving satlsfhctot
er solution. The past Beaaon has been very N
III profitable one for lake carriers Of produce, bs
n4 m their condition was o1)Y tho consequence OF
it natural reaction from the eeEere 6t1ingopc3 I
Il tile situation ii former years. 1t is nos prom
- ble that this claRs will soon DO 80 atrai4htent
u agalu as they hare been during 1874. But the
ro lois itself hss been an: tmmenso. Gain
10. tho prodncors, and Il Ia even better
ono Of the elements Of reliet IL the tutut
OF Heretofore the Vest has been heavily taxed
railroad unonopolies in winter, 30 that Tue sa
,lt quantities Of produce to DO moved III the sun
s's nler made water-carrage dear beeauso there ~
~ 70 mitch conretit1on LOT 1releAFioon!; Aus
he lho expenses Of handnug on tno sehpoatn. nue
st. shiftess and cnmbrous system involved tao pa
ing Of another large shee from the LOAF 81 asfs
lQ f+nn, thn prnducrr tn TIM consntncr, Now ii
ia ,nanrinr,nr Of rival routes to tie soaboart, wl
Lo uFeFta1'tanr; Il ,,,,, : = +nto 90 Yor-a q ab,
tv flfal sesnuul' nj enA",t' ~ s"'-o ~ 80 b. -.
~ as poesstle in the great produce movement III
." forced an lmpnlta'3 TlsaicuE ~ NV. 1nsert
e'' ia. ."tna ~ someft'Inp iikn WORKING figure
in thef FAIca 70 tolhototnk i!no "o1Ht Hbus! =!
~ and tho competition Of baltimore, tnAauelPH
le- Boston, rortlaud. aud Montreal. hare necesf
ti- tated divorce OF the !,teraa cnnais IL SeH ao
from the main trunk have reduced charges
ri - N,v W iGtv into a5yocatine mud adjoining
RI, syttem " item of h.ndiing which inda its mpt1
ia "tbc nay they 10 things N Ch
oh ca9o" This ia m important telief.