, 1877-08-12
BOARD OF TRADE hNTl-C0RNER RULES.
tn the Editor Of The Tribttne

CHICAGO, Aug. LIT is PROPOSED to abolish
what are called the anticorner rules upon the
Board of Trade. 4 movement having this Oh
iect in view is already on foot.
It is proposed to remove all barriers, all
restraints, to the unlimited running upon the
BOARD of those damnable pests called cor
ncrs, in order that one or two or ha1f-dozen
men, regardless Of all moral Obligations to their
fellow men, may have an opportunity OF
s.soueezing the 'boys,'' as they term it,-of
playing = gane Of extortion under the sane
ton Of rule or law, OF turning legiti-
matelv the entire business interests OF
the Board upside down from three to
four times year, thereby not only dcranging
and demoralizng all trade Tor the time being
lin fact, you may SAY from January to january,
but carrying complete ruin to very many houses
in good standing who, but for these confidence
operations, would thrive and prosper. And
this is what is called business! high minded
straightforward, honorable, mercantile dealing!
This was the regime in vogue prior to the
adoption Of the antf-corner rules, and it is now
proposed to return to this regtme,- TO give the
members another opportunity Of enjoying this
blessed system Of disqualification and disorder.
Now, will YOU please give those members Of
the Board, who are not III sympathy With this
movement to again turn the Board Of Trade in
to a bunko-shop where confidence games can be
run without let or hindrance, one good, sound,
sensible reason for this proposed abolition Of
these ant{-pest rulesa Please state what call
laws Of the Board. Is the trading Of the
Board at the present time IN such an unhealthy
condition so that it needs doctorfnga Consid-
ering the volume of business transacted, has 1t
ever been healthier than at the present mo-
meuta Was there ever tine, previous to the
rules, when there were SO few failures upon tile
Board as there have been during the past two
years? Could it be possible, with SO large IN
amount Of business as IS being handled upon
to run more smoothly than it now doesa think
YOU will reply very etnphatica1lY to all Of these
auestions--No. Then why, 1 ask, break up the
present order Of things and bring death and de-
stTuction again back upon the Board! Is 1t the
good of the trade which is being sought, OF is it
to crafty tho devilish disposition Of certain men
who arc never satisfied unless tlaey are running
some scheme to Cypress, extort, break down, or
crush out2 Corners are neither more nor less
than confidence games, and the party engineer
ing one occupies the same position to the grain
trade Us the gambler In gaming-shop does
who plays with loaded dice.
There is no way Of suppressing corners SO
long as dealers will sell short and ovsrsell
can do is this: It can lessen their evil
effects. It eau establish the measure Of
damage upon defaulted contracts, upon just
and equitable principles, and not leave it to one
party to contract to establish damage and
claim settlement upon any price he may elect
to bid for al article, when there is none Of the
article in the market to he b6ugnt. II the
buyer OF grain can in this way establish daIs'-
age Of 10 cents, or 90 cents, OF 50 cents per
bushel, be can in the same way establish dam
fact What ridiculous farce to call this man
ner Of establishing damage By the name of
business! This much the Board has done, and
this is all it can do. This tends to make corners
.u4 ~<rStr 1,n%,tr
powers Of c1tortion, aud say this, notwith-
been run upon the Board since the en-
actment OF the anti-corner rules the party
Board, all the damage claimed before submit
ting hts claim to arbitration.
1t is said that corners arc required as kind Of
safcty-valve, as check upon short sellers, as
supporter OF values. What hosh! what twadule!
II values require to be held up py extortionate
proceedings, then it were better to let values
fail. But who does NOT know that property
always has capital to sustain it, Who does not
know that where there is money in an artir|e
there is always capital to invest in it. What is
the trouble with our market to-day2 Is it the
short sellers, is it the lack Of huyers-thr lack
OF men with capital to buy the property who
have confidence fn Its present value
When wheat unl corn advanced in this unarketa
few weeks OF months ago to $1-S0 ami Sl.G2
was not The advance caused by the demand forr
the property icing greater than the supply. Who
but an ass claims that values are governed by
any other influence or law than that of supply
and demand! When Wheat advanced from IS
cents to S1.50, did these men who arc now so
eolicitous over " the good of the trade ~ and
the maintenance OF values, who arc now labor
Ing to re-establisl corners, think that the ad-
vance at that time required check-valTe placed
upon it, q brake TO prevent values going higher
than the demand would carry them! 1t Is sin
gular that men who are so sOlcitonS oyer val
ues declining arc never disturbed over their ad-
kf4r%AS