Daily globe., 1882-09-11
THE JULY DEAL.
iFTO, THE KICK OF TIFE SHORTS r.
II. EG- 4RDED BIZ BUSINESS MEy,
yhea,, FRI unanimous i'm the Oyinion fRfat
tho Sau. ira cts Should be Enforced-Tae
Deay;n.ss Su bject to the Rules of the
BoartfNTss. L NecisiOn of the Committee OF
Arbitpatissa VI ,held.
lsS,sciaf q lie gram to the Globe. 7

CHICAGO. Sepss m ber 1O.-The fnag de-
csion in the 90 ut roversy between the
longs and the short is, awaited by the gsn-
eral public with 4 g ood deal of interest.
The longs claim a lat contract entered
into on the board o. : tra ae Is just as sacred
as any other contract a. I'd that aside fronD
all qaestions. of nxazr pul alton and allega-~
ton oEscornef', ths pa rtic's to the contract
are bound to honurab ly fulfill its condi-
tions. The shorts, ON the contrary, hold
that every contract mao e on the board of
trade is made qnde1r GER tain rules of that
body, WHICH became "a f act part of the
contract itself They claim in
this specific case ntsSt the longs
wickedly conspired 10 cor1sr the
market IN direct ;op position to-
rules Of th@board Of tra6eG. l'y this action
the shorts allege that the long have them
selves violated the spirit of 81 ,e contract. !
the consequences of their eontE act, and in |
some instances bring suit for damages !
In the visw th3st. the opinions
of representative n1ezp .on this
contested question would be of (
interest, a number lave been Sc Ell and.s
statements of their viewssare given below: {
John w. Doane, the wholesale rrocer,
upon being asked whether he tho, light a j,
board of trade contract was any less bind I
ing than one N Ede elsewhere, said: Seer K
tainly not. A contract made ON the floor !
of the chamber of commerce is jus as
much contracs and just as, binding as
though it had been madesin a private con
ference
''What do you Shink of defaUlting o,n
board of trade contracts !'''
Il think it is all wrong. tits repudi
business man will ever consent to make.
Why, if l sell lot of tea to customer,
for future delivery I consider myself1
bound to deliver thaStea at the price agreed
on, however much tie tea might cost me-"
"Butsuppose you can't geb the tea?'
Il must get hold of it.. IEssmy business +
10 get hold of it. Waen sold; the article =
took the chanees of not. being
able to deliver. Now when my contract
natures, I must fulflEi5 or my reputation !;
as an honest business nan is gone" =
what do you think of the contract in
July wheat?'' i
I think Armour is right. Those parties C
sold short with the expectation either of
forcing him to throw his deal, enabling {
them to cover at a profit, or intending to
default and then call a committee to settle q
the price. :eaArmour held,nls deaN and forced i
the price upon them, and they accordingly
defauIted. f
''But they rendered better quality of r
wheat, they claim" }
''That makes no difference. IF 1 buy
trotting horse, 1 don't want running {
horse put off on me. don't know what
the rules of the board are but I assume c
they do not go so far as to impair the very 6
nature of contract Moreover, after the
shorts have gone to con1nitsee with their
case, they refuse to abide by the decision of !
that committee.
s'What do you think OF committees, any :,
way!"
Il think they are unfortunate. I wish 3
there were no committees" i
''What is your remedy" q
''Hold the shorts strictly to their con-
tracts. It will teach men not to sell rash i
ly an article which thsg do not possess
That is the great bane OF the board of
trade. 1t is this speculation in wind :
this abnormal depression or initiation of ;
prices caused by these gamblers in
margins that robs the producer of half of /
his labor. The remedy of the evil is to S
hold men strictly to their contracts. This
plan carried out every time would make
them think twice before they sell an article {
which they do not possess"
Gen. Anson. Stager, in aesponse to an
injury as to his opinio on the Z
July wheat deal, said that he had just re-
turned from trip through the Northwest
with Gen. Sheridan, and would much pre-
fer to talk about the Yellowstone. He did
not know enough about the. question at
issue to express an intelligent opinion.
In general terms, he thought
a contract ought to be kept. In the pres
NJ a fEyHTE -srttt, IN ~