, 1877-01-01


bill Of 1hsllnx glych by tho Inland agent oi the
through route ia ~ tecufc document n* can f'c
t'fuetl ny my srnbnard mavnhtc, anh Ki1i CON"
mani tlc largest advance npnn t:!n properly
to obtain q guarantee Ut weight on produce
purhasct In the West, and thus finds nothing
more 10 h. desired iii the modc Of conducting
the Transaction.
prodnce Of the Northwest IN t'le places where IL
Is ra1scil; possessing the ability to hold 1t in The
country TIL wante and the facilities for etoT1nT
!: IN immense quantities within her own l!mHs,
II thai bc deemed most advisable; situated A.
the fncus Of network Of railroads which fnn1s.
ncs all over tho Weat; ami possessed Of capital
sufficient to control tho movement IN every
ssg a' sSn II 70
situation, anil liaA literally forced the merchant
princes Of the Old World to come hitler, a. 10
the greatest primary market In ttc world. it'f
countries. Tho States IN tho Fasas1c coast
(which. in q commercial bense, fprn, another
totntry) 1nt1In, A,sstralla, mil Cil,f,' nave a.!
recently entered the race F1th our O!tl Compel
ttor, Russia; but that ycry tnerease 81 competi;
tion only tc,i.lt 10 enhance the Importance Of
Chicago, by making 1t necessary to s'lspensc, a
lar M 1x,stibtc, witt, tho intermediary ch"Fgee
IN the Atlantic tcue"ar!i, and saye money and
time by concentrating the btlsl'lce6 rs near "
tirst hands ~ possible.
The same arguments apply to the trade OF the
Eastern States, which 1ifc't tobe supplied csehY
from New Ytrk. Nov our bacon goes a1fegtiy
south, and onr corn goes direct tn The New
England consu1ner, witlIuut tlle Intervention Of
the Nov York merchants. II ts tr1ic TINT ING
tendency IL trade with I!rst handH las sent great
been iound to bctfar from, an unmlxed good,
and not few OF thoto who have ~ recently
trhfcti with country points hare T wAhn LEV iew
months past changed back to Chicago. Ihcy
safeguards asauntt the 'tra.le m grain, flour,
rork, ntl1 fncats which are worth more than the
handling charRcsll Though 1t casnot hH doubt,
cd that the Inter might bn materially red9Ssd @
purchasers ot grain at country pnlnts, when tho
sumo would not pass inspection as No. : in
Chicago, Inns been forred to swallow many =
bitter pill during the past twelve months; anu It
Thu vn!u,ne Of out speculative trading In prod
uce continues to increase, bIt Y character aas
undergone an important .S cl'anEe w.th'a tie tie
boar1-of-frade rules intended to prevent cor
ners. prices used to 1uctuate up and down
wildly. Now VIC flaVu comparative stcauiness-
changes st'i, but within narrower limits. II ,Eas
objected to those rules that they threw the
markets entirely into the hands Of the sl!osts,
md would diminish the volume OF our trade ny
lowering tho average Of prices paid here ioF
produce. There 10 no doubt that those raies
have prevented tho range OF quotations from
going 30 high ~ formerly, and therefore Nc do
not now offer thc Temporary tn,iuccn,eats TO
ship arala0clcs OF produce to this city wllic'!
colIapscs that followed those fevcr-hcats OF *
titcticnt have also dropped out, and tic stcadler
course Of quotations lsas induced latger sspccu-
lattyc orders from people who used TO tavest
hut sparIngly for fear Of being ruined. OF
course no merely tentative 1cgislatton can pre-
vent upward and downward movements due to
war news, crop reports, ctc, nor partial
slucexcs incident to the fact that some people
afe extensively long and others 1arsoly short
when those cxcttc1ncntA OCCUR Hence tiers
havo been heavy losses ataA large gains, aud
nov and then operators were unable TO meet
of the Boaf' have ior,Aca an efficient protection
| against tho extortion which WIS not seldom
| pFacttccd under the old order Of things. Thco-
rctIeally, man who has sold n thing ought to
| be obliged to deliver It, hut the nicasurs Ut
dasnagcs for failure to rerform such contract
should neyer be placed 80 high that Il cannot n:
be enforced by IN appcal To tic Courts. The
amended rules of tho Board Of Trade are based
u1gca M ss aeai,st tem n soc after theIr sGoption
| arO now but fcehly heard.
An increase III the voltme OF Our operative
trading has been fostcrcd during the past year
lands nf capitalists. Brink rites Of interest
| hayc Ets,cd very loH, under dearth Of applics
Aons for money to lm uscd III business u"dcs'
takings, and stocks In rntrtsds and 1naniltae'
| turing enterprises haye not Invited Investment.
licnce there tas been good t,ral of money
lying ile except rs 1t could be lnvestcd II, prod
uee; md It has been sent here II The sl,ape g, 81
margins OH wheat. corn. pork, aud lard, In thc
hope Of ut least making enough 10 pay
fair lntcrest on tue Investment. lbla csty has
thus become the grant centre 81 speculative
trac Tor the cJstlru continent, taxing now INC
leading position that was formerly Ae'! ny Ne"
| York. Tho elect Of fhts tFatltng IA not unls to
make money plentiful IN Chicago a. direct
| consequence. but to Nondcf1ulir iostcr tho TX
tent OF the produce movement itsclf. 1t pro
yitics market ~ which pTpperty ean Away always " "
soM without having to walt for tue adyen. OF .
shipping order: 1t Invites thc accumulation
and storage OF farm products III large 4l'antiilcs
here, titus Furnishing reserve oE power that
acts like the ty-~hecl on tho stcan'.tneihc. ant
at otlcc tends to check excessive exciacslcnt nh
TO prevent tnah1tion. u lesoits IN rlHluNie
1toChs le1s "net Ittia rafe.h .'una ~. -. ~ "
ot tie "oru, On tne psac't,!e tnst o.s nnt .,1 =.
10 tlin nlafket iar hsn. Aha, !astly, this ac
cntnn'atlon proslaes ehp!G;tImcnt lot . Iatst
army o. "ofHefs, n aMamioi 10 t,hso tha @ WIZ
cfiy In transfer 10 anat o. t.e m.ole tt,ss spcc
ulRtaYe t!adlng 70 sasttJ NlIpo!tAhh lactot II
Tug gru"tn ANA dc'c'opMchL o1 ous cn!,
II must. however, ~ Aul'tttea tilat tue - u
dcncy VI tle present 9alroat1 Isf'lity ~ 1he n
| Il 10 tisMlfseA the u!tcct ptdnuce tlMc t1 LII