Daily globe., 1882-09-11

HOW THE KICK OF THE SHORTS IS
REG4RDED BY BUSINESS KEN.
They Are Unanimous in the Opinion that
the Contracts Should be f.nforced-The
Dealings Subject to the Rules OF the
Board-Tile Decision of the Committee OF
Arbitration Upheld.



CHICAGO. September 1O.-The final de-
cision in the controversy between the
longs and the shorts is awaited by the gen
eral public with good deal Of interest.
The longs claim that contract entered
into on the board of trade is just as sacred
as any other contract, and that aside from
all questions of manipulation and allega-
ton OF corner, the parties to the contract
are bound to honorably fulfill its condi-
tions. The shorts. on the contrary, hold
that every contract made on the board of
trade is made under certain rules Of that
body, which became In fact q part of the
contract itself. They claim in
this specific case that the longs
wiclledly conspired to corner the
market in direct opposition to
rules of the board of trade. By this action
the shorts allege that the longs have them
selves violated the spirit of the contract.
They therefore asked to be relieved from
the consequences of their contract, and in
some instances bring suit for damages.
IN the view that the opinions
OF representative men on this
contested question would be of
interest, a number have been seen and
statements of their views are given below:
John W. Doane, the, wholesale grocer,
upon being asked whether he thought
board OF trade contract was any less bind
i11g tsan one made elsewhere, said: Ger
.a.nig not. A.coRtract made OF the floor
Of the chamber of commerce is just as
,aucn a contract and just as binding as
though It had been made in a private con-
ference"
what do you think. of defauIting on
board of trade contacts!'
81 think If is aH wrong. tbs q repudi-
alton OF an agreement which no good
business nan will ever consent to make.
Why. if [ sell q lot Of tea to a customer,
for future delivery, l consider myself
bound TO deliver that tea at the price agreed
or, however much the tea might cost me-"
''But suppose you can't get the tea?''
Il must get hold of it. It's my business
30 get hold OF it. When [ sold the article
/ 7 took the chances of not being
able TO deliver. Now when my contract
natures, must fulfill it or my reputation
+ as an ho1iest business man is gone.''
'.What do you think of the contract in
/ July wheet?''
II think Armour is right. Those parties
| sold short Will. the expectation either OF
| forcing him to throw his deal, enabling
! them to cover at a profit, or intending to
! default. and then call committee to settle
! 4l. l,o1I Ic n o7aI
the price upon them, and they accordingly
defaulted.
''But they rendered better quality OF
wheat, they claim"
''That makes no difference. IF [ buy a
trotting horse, I don't want running
horse put off on me. l don't know what
the rules OF the board are, but / assume
they do not go SO far as to impair the very
nature Of a contract. Moreover, after the
shorts have gone to committee with their
case, they refuse to abide by the decision OF
that committee.
What do you think of committees, any
way:"
Il think they are unfortunate. I wish
there were no committees"
"What is your remedyY
Hold the shorts strictly to their CON
tracts. 1t will teach men not to sell rash
ly an article which they do not possess
That is the great bane OF the board OF
trade. It is this speculation in wind
this abnormal depression or imitation of
prices caused by these gamblers in
margins that robs the producer of half OF
his labor. The remedy of the evil is to
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. Arson Stager, in aesponse to an
injury as to his opinio on the
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
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