, 1881-08-21
TIE WILD SPECULATION IN GRAIN.

There has been extraordinary specuIatio
durlngthe past few weeks i'll the grain ma
kets everywhere, but especially i'll Chicago
I Prices have been run up at Il rate almost III
precedentcd in rapidity. Wheat and cor
have been the leading features in the trac
ing, but the craze has extended to nearly al
kinds OF breadstutfs and produce. The eS
| perience Of the past points to all early All
; heavy break. It was just about this date 0
the month nine years ago that what wa
known as the Lyon corner in wheat gay
way. The break in wheat for delivery il
August was more than 10 cents, and the de
cline in price Of wheat for delivery the lex
month (Septembcr) WAS about L. cents pe
bushel, within two days. On tha Afternoon
OF aug. ~ Of that year there was n decline
Of p cents. The highest price touched b,
wheat at that time was about SLIT
per bu5hel, but gold was then worth about
1l5; tie present price Of August wheat is
about S1.35 per bushel OH u gutd basis, OF
very nearly rs high as it was at the period to
which we refer after allowing for deprc-
ciated currency. The experience of that
time Is certainly fair Indication of what
may happen, and heavy break in the mar
ket is undoubtedly anticipated by the pro-
fessionai operators and brokers. If it be
true that the "Cincinnati clique" have un-
loaded the bulk Of their wheat by selling for
September delivery (and the fact that such q
course would give them handsome profit in
their deal is a reason for believing that they
lave done so), then the persons engaged in
that deal will not be SO much Interested in
warding off the anticipated break, and will
certainly not invest their profits III an effort
to avert it.
1t such decline in the market rs is an
tlcipated shall come about within the next
few days universal howl will 20 up against
Chicago and against the Board Of Trade. That
has also been the experience of the past. Tie
tfeeced lambs will bleat pitifully, and the
whole transaction will be denounced as q
fraud and 4 swindle. The fact will be, ncy-
ertheless, that Chicago and the Board of
TRADE will be entirely innocent Of all re-
sponsibillty for tic disaster, and that the
people who may lose their money can prop
erly blame nobody but themselves. 1t NAV
be admitted that there is merit in high prices
for grain In view of the short crops Of both
aign demand is still All unknown quantity,
aud no condition short Of an expected fam
ne would warrant the insane rush for grain
which has pushed up prices for present
md future delivery ut so precipitate
rate Neither the "Cincinnati clique''
Tor any other combination Of operators
could have manipulated the market III this
ashton by themselves. What is known in
3oard-of-Trade slang as "the country.n
which means the outsiders living In Chicago
nd elsewhere, has been buying the stuff ever
ince it reached figure sufficiently high to
ttract general attention. When tile out
iders rush to buy the markets 70 up; when
hey wish to sell the markets 20 down.
tut the old doctrine of fucitis dcsccnsls. |
tc., applies to the Board of Trade operations
$ we'll as to uades. The downward rush is |
lWays more formidable and pcrilous than
le upward rush. The lambs scramble to
ct ahead in the effort to sell, and trample
ach other uuderf0ot in the ensuing con-
lsion. In period of excitement there are
ways great many limited orders.''-
rders to buy at certain figure which seems
~, and to sell at certain figure
hlch seems high. Brokers buy and
IL for n commission. When q NUM-
T of their customers unload, which
ay be depended upon at notable signs
weakening or under limits that have
:en fixed arbitrarily, a stampede is almost