The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1882-11-30

ll,oss Al 3ollsr The tfs0sseiions bssi
hssn u enormous pfopoftsees sos cni, ii
railroad SHARES but ii psodaets such a. pe
tsolessa. wheat snd poss The proceed
ings sr. no better than gamblihg. sipc'
very little ia acssAliy transferred. CO,
dealer merely puts Mp, o. bets TIA, pc
lrolrum gill be Of sach . value q. such |,
date 10 the future and agree. 10 deliver 81
many barrels si thai price. When ,hs
time comes. instead Of delivering the pc
trolean he ressivrs or pays The ainsrcne,
betsecs the actual price sud the price b.
bad put on IL. The sane method is used
in regard 10 wheat pork aud stocks Of all
kinds Sometimes several heavy operator.
combine snd get ap corner. When prices
are earr.si up 10 almost any point they
choose aud the dealers who are not 10 the
pool are made to suffer and many cf them
ere ruined
Tbs sort OF gambling. especially 10
products OF general consumption. ough.
TO be stopped by the strong arm OF the
Law. There should no sale be allowed
without actual delivery To show the
magnitude Of these operations We quote
the following IRON the New York TFibRAs
Of Tuesday;
business is disordered III almost every
important branch by reason of the tolcrs.
ton of methods which tend TO convert le.
gitimsta business into gambling. Suffer.
ing has already fallen upon thousands oil
innocent persons who have had nothing 10
do with speculative dealings. because OF
the disorder which those dealings have
brought upon honest industry and trade.
Not long ago the price ofpetroleum was
suddenly ioreed up@ard froW about "
eents per barrel to Sl.36. The recorded
sales here, at Oil City and at Bradford,
within six successive business days
amounted 10 ll9,OOO, 900 barrels. which Is
more than THE quantity produced by all
the wells within the past five years In
deed. dNring twenty years. end ng with
1878 all tho oil ever produced from all the
veil. in this country was less than the
| quantity sold IN six days. No one can
pretend that system which tolerates, and
in fact encourages such outrageous over
trading IL In any respect necessary for the
prompt marketing OF products or the sat
lshctory supply OF consumers. The nat
uial result of this amazing speculation foi
an advance was collapse. aud prices have
now fallen again to 96 cents per barrel
Thousands OF buyers and brokers have
lost heavily. the export trade has suffered
prices for consumers all over the country
have been unnaturally enhanced, and .
sum OF money ranging from $40. 000 0Ot
upward has been lost in wild specula
ton, for what good endy
The Gales OF cotton ut New York alone
last week amounted to 75l 900 bales. Oh
this vast quantity only l,l62 bales were
for export and Z, 76l for consumption. Nc
one can pretend that it is necessary for the
ready marketing Of this product, or for the
prompt supply OF consumption that this
gigantic speculation should be tolerated
But the mischief extends to ell producers
and consumers and to employers in the
man nfActure throughout this country and
Europe. The gamblers can control the
market without regard to the Legitimate
influences Of supply and demand, because
they can and do buy and sell hundred
bales Of cotton for eacry one that il
actually brought to or sent from this mar.
kat