, 1881-10-09
CINCINNATI "sQUEALERSn

. |
G CINCINNATI "sQUEA1ERs."
f One Harper, who lives It'll Cincinnati, and
i, | who has recently achieved some notoEety in
: that city and III Chicago as n gambler in
: grain, is represented BY Il Cincinnati news
, paper rs saying to one OF its reporters that he
founl lie and his associates had fallen Into
the hands Of a gang OF thieves" in Chicago.
Harper said this i'll paiiation of his refusal
to pay his losses incurred in Il futile attempt
to beat down prices on the Chicago market.
| 1T order that the Cincinnati people may not
plead Ignorance of the transactions Of Harper
and the other Cincinnati gamblers who came
to Chicago, the history OF their operations
may be briefly retod.
Harper a1ld other Cincinnati men came to
Chicago to run 4 corner in August wheat.
They succeeded, with the aid Of Il short crop
and an insane outside rush to buy, which
precipitatcd the rise in prices. and they
carried away with them between 81, 000, ,o00
ant! S3o00,0o0. A1essrs Preston E AlclIenry
| were the principal brokers for the Cincinnati
clique, collected the money from the Chicago
losers, and paid it over to Harper and his
| Companions. Harper and the Others then
/ concluded that the Success OF the August
| corner WIS entirely due to their manipuIa-'
tious, ;11ta that they could run down prices Us
| successfully. rs they had run them up. They
became Il bears" and sold for future delivery
several millions OF bushels Of wheat which
they didn't own. The prices refused to go
down at the bidding Of the Cincinnati clique,
| and Harper and the others lost about the
same amount of money which they had
previously won. But, after escaping with
| their winnings, they refused to pay their
losses. That is the whole IF the story. 1
Now let It's see who ought to be called va
gang of thieves" Afcssrs. Preston & Nc
Henry were the principal Chicago brokers in
the transactions in which Harper and the
others lost their money, as they had been in
the transactions in which the Cincinnati men |
had won their money. The Chicago losers |
in the first place paid their losses promptly, /
and 1lessrs. Preston Il Mcflenry paid over
the money to the Cincinnati winners. But |
when Harper and his associates lost they re-
fused to pay. The brokers we're standing
between them and the Chicago buyers, and
Harper and the other defaulters saddicd
their losses upon these brokers, who were |
thus obliged to pay out all their
own money, go into suspension, and
throw the remainder Of the losses upon
other Chicago brokers. It was rascaly
transaction, for which the Cincinnati galn-
blers were responsible, and in which the CHI
cago brokers were the victims. Moreover,
the Cincinnati operators won their money
by cornering the market-an operation in |
violation Of law and morals. But In the
September deal, in which the Cincinnati I
operators lost the money which they refuse !
to pay, there was no corner and no organ
lied effort to "beat' the Cincinnati crowd.
The Cincinnati operators played the part of
sharpers all the way through-frst, BIZ com- |
binins to ''beaE" the Chicago operators, and,
by ''sQuealing" when they made
losses subsequently in the regular course of :
trade.
Cincinnati ought to be ashamed Of such =
citizens as Harper, but it does not seem to be.
In fact Cincinnati ought properly to be held ! b
responsible for the scuryy conduct which :
,as been exposed, because its merchants | 6
:ould not be guilty Of such conduct if it =
we're rightfully condemned by popular senti- Q
nent. In the first place. public opinion in y
Cincinnati ought to have condemned the =
transactions BY combination in 0
which Harper and others engaged. In the !,
|ext placc, having condoned such questiona- "
lie operations, public opinion in that city a a
ught to compel the Harper gang to pay Il
heir losses. But the Cincinnati newspapers e.
loated over the success Of Cincinnati gain c.
lers, and were especially iubiiant because
hey had beaten the Chicago Board of Trade. =,
Fc have hot noticed IL single effort, however, - -
} shame theseGincnnati gamblers into pay-
Il their losses i'll the unsuccessful operations S
d tile newspapers of that city seem to be ~ ~
tterly indifferent to the outrageous swlndle th
II Chicago brokers, who are innocent parties OF OF
nd are forced into bankruptcy by tile de- in
|nlt of Harper and other Cincinnati gam ue u
ers. Heads win and tails you losc,' is er
tile theory OF Cincinnati galn- 81
Ing. - If we win we shall exact tile money t..
id carry it off to Cincinnati, and If we lose / ce
G wont pay" is the basis of Cincinnati ri, fh
'crations. It is well that Chicago merchants VT
III commission men, and hemerchants and te,t,;
ncn Of other cities, should ro<
lderstand the gage OF Cincinnati probity ,ms
commercial affairs in order that they NAV sui
reaftcr protect themselves accordingly. it,