New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-07-12
A CORNER IN OPIUM.

Nsw-yoRK CAPITALISTS BUYING Up THE WORLDS
sToCK-CoYDITIoN OF THE TRADE IN THIS DRUG.
combination was formed early last Spring by
certain New-Yorl capitalists to control the stock
of SMYRNA OPIUM which was said to he very
small. The annual consumption is on an average
nearly 5000 chests, chest containing about
$50 pounds. The entire stock was reported
at that time 10 be considerably less than q
wears supply and from careful observers at Smyrna
il was learned that the coming crop would be eX-
ceedingly small. Dutih & Co., importers, of No.
45 Exchangc-place. have been In the business III
this city for nearly halt century. They were
formerly agents of the Turkish Government. which
used to enjoy monopoly OF the opium traffic Barry
& Co. of Smyrna the correspondents of the New-York
house predicted that the crop this year would not
exceed 1000 chests. This information was commu
nicated 10 a few wealthy Wall Street capitalists,
who at once gave orders TO buy UP all the opium
that could be obtained. They now hold
more than One-half of the entire amount
of Opium in the markets of the world. The guam
THY outside of the incoming crop does not exceed
5000 chests OF fine quality, and III addition. per
il Is admitted that the combination now
holds in this city alone over 1,oOO
chests %ho and S 0nUs be new @F cTop % %b
+ lust arriving at Smyrna is beiDg bought up by the
agents OF the combination. The price has advanced
from about II to FG 80 in bond aud the members OF
the combination are confident Of much higher
prices. Even importing druggists who are not be-
lieyed to have an interest III the combination, al
mt that if tire present crop should fail below 2.5OO
chests there must be large increase IN the price
Mir. McKesson, OF McKesscn & Robbins, No. 81
FultoIi-st said yesterday that be doubted the
accuracy Of the estimates % the present crop. II
was last beng gathered, and there had
been hardly any arrivals at Smyrna. Still
the crop would be much less than usual,
and If it should not exceed 2oOO ci' SIS
il was probable that the price would advance.
There will be many fluctuations. however, before
the como nation wi make a large proht,' Mr. SIC
KessOn continued. The market Is very duli now,
and prices are weak" "1he weak spot IN the
opium speculation said W A. Gellatly, OF W. II.
Scmefielin & Co.. Me- 40 WIlham-st.. the fatally
weak spot III the speculation, is the character
OF the men interested IN the cOmoIna-
ton. As rule, Wall Street Spectators are
eager for quick ventures and before the comDlna-
ton shall have realized their expectations they
may become tired OF the delay. Any attempt 10 I'M
loa, would break the market. l have 10 doubt,
however that present prices viii be advanced, and
fire information possessed by the combination has
proved so far wonderfully accurate
The extraordinary frosts in SIN rna In March
marked the beginning of the speculation. Heavy
so late in the had never been known before,
and they entirely DESTROYED the Winter paintings.
A wealthy railroad officer in Na-st. was the iirst
10 seize the opportunity offered by this calamity
to speculate in OPIUM ana naturally ms
friends were informed OF the chance. lie cOmbl-
n1rion was accidental bat 1t has constantly grown
nntll il now comprises some large banking houses
in this city, London and Smyrna. The names OF the
persons interested IN the venture have Oeen Kept
secret, but the real head OF u IS wen hHoWh' ne
ports have been circulated at various times
tlat James il. keene was a member OF
the company, Wien the combination
was first formed an interest was offered o hr.
Kecne but IT was declined. He was tod that 10
would not require $5.OO0.000 TO "corner opium.
lie Is said TO have replied that not even
$50 O0O 600 would /" corner wheat.
That the futne price of opium depends almost
wholly upon the wi OF few spectators Is gener-
aily admitted 10y persons engaged Va the
the price will hardly aft ct the consump-
ton. 10 a small extent manufacturers may
supply it's place with PERSIAN ana Last lDdIai
dru but in spite Of all their efforts the demand
for sm, RIA opium viii remain probably about the
same