National Republican. (Washington City (D.C.)) 1872-1888, 1879-07-10
THE GRAIN MARKEr-sELLING SHORT

Commodore VANDERBILT and his son-in-
law, CLARK, with coterie of kindred spir-
its, conceived the purpose years ago of
putting the stock Of the Harlem Rail-
road on corner and making three
or four millions out of the operation
in few days; but the thing was not clearly
feasible unless victims could be found who
could be induced to sell short. To effect
this purpose it became necessary TO start q
rOorback in Albany-the Legislature being
then in session-that report would be
made in few days which would render the
road and It's stock fiat and q drug on the
market. This story was made so plausible
through mysterious mods and hints convey
ing the impression that CLARK & SCHELL,
who were there in VANDERBILT's interest
were very desponding, and regarded the en-
terprise as doomed to certain wreck that
the shorts bit fiercely and began to sell for
future delivery at the ruling rates of the
| day. Sales were free, and after q few days
it began TO dawn upon that class that pos
sibly there might be an undeveloped Ethio-
plan in the fence. 1t did not take long to
reveal the fact that the VANDERBILT inter
est was purchasing largely, instead
of unloading their stock. Very
soon the stock began to rise
and it gradually attained fabulous prices
| The shorts became alarmed and began to
settle, and the stock continued, us the ex-
celsior of the Market to soar higher, still
higher, until at the end of ten days, VAN
DERBILT and his party had amasscd their
four millions in profits, and the mOurners
went about the streets" One of these
called upon the gallant Commodore for q
| sympathetic let-up in coming to settle
ment, when he was confronted with the cool
admonition that "no man should sell what
was not his own, and that the selling of
other peoples property was q very tick
lish business" VANDERBILT and CLARK
both died and left their accumulated mil
| lions to be scandalized in disgraceful con =
was profitable though expensive, to the
victims of their well-adjusted and cunning
| ly-bated traps
This circumstance has been called to mind
by recent deal in the Chicago grain mar
llet, which is probably the most gigantic OF
record. Prices of wheat ruled low last au-
tumn under the inspirations of the report
of the Agricultural Bureau, which esti-
mated the crop at 425,0O0,000 bushels. This
prompted the farmers to market their wheat
freely, and the pressure upon the market
gave buyers an opportunity to force down
prices. The bears aided them in this line
by predicting that the price would reach
sixty cents. They began to sell short-iu
other words, to sell for future delivery, with
out having busle in stock. Prices dropped
until in October the market touched seventy,
seven cents. Then the bulls entered the
arena with much activity, with JAMES
KEENE as ring-leader and wheat soon
jumped to eighty-one. He purchased some
six million bushels at prices ranging from
eighty TO eighty-fye cents, which were the
ruling rates until December, and even
through the months Of January and Febru.
ary, and into March, there was no excite
ment in the market, and people began tC
doubt if KEENE was still heavy holder
but the impression prevailed that if lac
was he could not weather the storm with
his load, He then unlOaded 2,300,00C
bushels, and the price for delivery in April
| declined from ninety-three TO eghty-six
and half cents. The market then relapsed
into Il stupid state and remained so for some
time. Under this state of the market KEENE