Daily globe., 1882-09-27
Deacon Hodge on the Reputation of
Speculative Contracts.
CHICAGO LOSING TRADE RAPIDLY.
The TOne.Of Stock SpeculatiOn--Strin-
MH gency in the Money Market.
CHICAGO.
Especial Telegram to the Globe. ]

uOLo Ill uuScuCieu uIlduCldl cOHulIlOu anu
a persistent pressure. to bear stocks and en-
hance the price of money. Coming just
as it does, when mony is needed West to
move the crops, it tends to destroy conf
dence and cripple business. With rates at
five per cent. and money in great demand,
trading in all lines slackened and prices
of commodities were depressed on change
to-day. This was quite noticeable,
decline taking place in
all cereals and in provisions
The latter, however, held up wonderfully
we'll under the circumstances, and par
TALLY recovered on call. Corn suffered
most severely, cash and September taking
a tumble of 81 ac.Wheat also sold a to lie
lower than yesterday. The break in corn
encouraged quite a speculative business,
but not enough to restore confidence or
check the decline. 1t was very weak
market all through the day. The usual
| adverse circumstances combined with the
loss Of confidence produced by the fever
ish condition Of the money market to aid
the bears. The weather was favorable for
maturing, receipts were liberal, and there
was a lack of shipping demand. Foreign
advices were of ana unfavorable tenor, and
New York also noted lower prices. Under
these combined influences there was more
pressure to realize. and it was rumored
that considerable long corn
was closed out The market
opened a trifie lower and
steadily declined with but slight fuctua-
tions, 234c for September, 218c for Octo-
ber, 55sc for November, and &c for seller
the year below the closing figures on
Change yesterday, then rallied trifie and
finally closed at about inside prices for
September and within about X C of inside
prices for the deferred futures. On call
there seemed to be an idea that the de-
cline was great enough for one day and all
options became slightly frmer.
AS the interest in corn
lessens,i that i'll wheat in
creases and the grain begins to take its
proper place at the head. Trading was
slightly more active to-day. The fuctua-
tions were wider, which stimulated specu-
and just shade weaker, and ruled quiet
for some time, but later commenced to
recede, and when the inspection for to o-day
was posted showing very large arrivals,
the pressure to realize increased and
prices declined more rapidly. The weather
is fine and favorable for the movement
of wheat from the interior. Market ad-
vices from other points were again of
an unfavorable tenor. Prices declined
1I@14c from the closing figures on
Change yesterday, and finally closed
about &c lower for September, 1Ic
lower for October, &c lower for Novem-
Der and q lower for seller the year than
the closing figures on change yesterday.
The premium for September
over October amounted to 10c at times to-
day. Yesterday October was about &c
over November, but at the close TO-DAY
November had a little the preference.
Winter wheat was in active demand at
easier prices. Spring was moderately ac-
tive and lower.
Flour held its price with limited offer
ings and light stocks. Some slight ship
ping demand exists.
Oats were active and lower, in sympathy
with corn.
Pork was steady but lower, the decline
experienced, based on yesterdays closing
quotations on change, averaging about
15@ 25c. Trading moderate with the near
deliveries. and January Commanding the
principal attention. Cash was quiet. The
days decline on lard was 15@2O The
trading was a little low, yet the market
commanded considerable attention, and
the trade was watched with more than Or
binary interest. January and March were
the favorite futures. Both of these pro-
ducts improved somewhat later in the day
with irmer feeling all around.
REPUTATION OF CONTRACTS.
]. R. Hobbs, one of the most prominent
men on change, and one of the Oldest
members of the board, has just returned
from the east. The deacon appears to be
in very bad humor, for not only does he
consider the proposed increase of price of
membership foolish, but he is very en-
phatic in denunciation of the reputation
of contracts, which he thinks is running
the board-a subject, by the way, that the
local press is devoting some space and ed
itorial thought to. In response to ques-
tions propounded by a reporter, Mr.. Hobbs
said as follows on this topic:
rs sufficient business coming to the
board to warrant the belief that member
ships will soon be worth any more than at
present?" was asked him.
His prompt reply was: sNo; the great
bulk of the trading on change now is be-
tween members. 1t is grand scalp. This
reputation work is driving all legitimate
trade away, and the board is simply be-
coming gambling place. My business
has fallen off greatly, and am not trying
to recover it,
''Why not?"
Because there is no certainty that con-
tracts will be lived up to. Till within
about year felt proud of being mem
Der of the board of trade. I considered a
contract made there to be as good as gold: /:
but now when trader is dissatisfied he re-
pudiates his contract. So long as rule